Investment Securities (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Investments in Debt Securities |
The following table presents our investments in AFS debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Accrued Interest | | Gross Unrealized Gains | | Gross Unrealized Losses(1) | | Fair Value | | March 31, 2026 | | | | | | | | | | | | U.S. Treasury securities | | $ | 221,857 | | | $ | 1,026 | | | $ | 205 | | | $ | (1,500) | | | $ | 221,588 | | | Agency mortgage-backed securities | | 2,801,325 | | | 7,205 | | | 8,014 | | | (10,132) | | | 2,806,412 | | | Corporate bonds | | 184 | | | 3 | | | — | | | (3) | | | 184 | | Asset-backed bonds(2) | | 15,919 | | | 68 | | | — | | | (62) | | | 15,925 | | Residual investments(2) | | 3,537 | | | 32 | | | — | | | (143) | | | 3,426 | | Other(3) | | 952 | | | 4 | | | — | | | (131) | | | 825 | | | Total investments in AFS debt securities | | $ | 3,043,774 | | | $ | 8,338 | | | $ | 8,219 | | | $ | (11,971) | | | $ | 3,048,360 | | | December 31, 2025 | | | | | | | | | | | | U.S. Treasury securities | | $ | 74,540 | | | $ | 1,115 | | | $ | 166 | | | $ | (465) | | | $ | 75,356 | | | Agency mortgage-backed securities | | 2,335,501 | | | 5,095 | | | 15,362 | | | (1,352) | | | 2,354,606 | | | Corporate bonds | | 184 | | | 3 | | | — | | | (2) | | | 185 | | Asset-backed bonds(2) | | 19,626 | | | 83 | | | — | | | (6) | | | 19,703 | | Residual investments(2) | | 3,825 | | | 38 | | | — | | | (93) | | | 3,770 | | Other(3) | | 951 | | | 8 | | | — | | | (126) | | | 833 | | | Total investments in AFS debt securities | | $ | 2,434,627 | | | $ | 6,342 | | | $ | 15,528 | | | $ | (2,044) | | | $ | 2,454,453 | |
_____________________ (1) As of March 31, 2026 and December 31, 2025, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 99% and 99% of the amortized cost basis of our investments as of March 31, 2026 and December 31, 2025, respectively, was composed of U.S. Treasury securities and agency mortgage-backed securities, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis. (2) These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary, classified as AFS debt securities. See Note 6. Securitization and Variable Interest Entities for additional information. (3) Includes state municipal bond securities.
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| Schedule of Investment Securities in Gross Unrealized Loss Position |
The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | March 31, 2026 | | | | | | | | | | | | | | U.S. Treasury securities | | $ | 172,113 | | | $ | (1,500) | | | $ | — | | | $ | — | | | $ | 172,113 | | | $ | (1,500) | | | Agency mortgage-backed securities | | 1,502,676 | | | (9,309) | | | 11,971 | | | (823) | | | 1,514,647 | | | (10,132) | | | Corporate bonds | | — | | | — | | | 184 | | | (3) | | | 184 | | | (3) | | Asset-backed bonds | | 15,925 | | | (62) | | | — | | | — | | | 15,925 | | | (62) | | Residual investments | | 3,426 | | | (143) | | | — | | | — | | | 3,426 | | | (143) | | | Other | | — | | | — | | | 825 | | | (131) | | | 825 | | | (131) | | | Total investments in AFS debt securities | | $ | 1,694,140 | | | $ | (11,014) | | | $ | 12,980 | | | $ | (957) | | | $ | 1,707,120 | | | $ | (11,971) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | December 31, 2025 | | | | | | | | | | | | | | U.S. Treasury securities | | $ | 49,962 | | | $ | (465) | | | $ | — | | | $ | — | | | $ | 49,962 | | | $ | (465) | | | Agency mortgage-backed securities | | 202,845 | | | (497) | | | 19,661 | | | (855) | | | 222,506 | | | (1,352) | | | Corporate bonds | | — | | | — | | | 185 | | | (2) | | | 185 | | | (2) | | Asset-backed bonds | | 19,703 | | | (6) | | | — | | | — | | | 19,703 | | | (6) | | Residual investments | | 3,770 | | | (93) | | | — | | | — | | | 3,770 | | | (93) | | | Other | | — | | | — | | | 834 | | | (126) | | | 834 | | | (126) | | | Total investments in AFS debt securities | | $ | 276,280 | | | $ | (1,061) | | | $ | 20,680 | | | $ | (983) | | | $ | 296,960 | | | $ | (2,044) | |
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| Schedule of Investments by Contractual Maturity |
The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Due Within One Year | | Due After One Year Through Five Years | | Due After Five Years Through Ten Years | | Due After Ten Years | | Total | March 31, 2026 | | | | | | | | | | | | Investments in AFS debt securities—Amortized cost: | | | | | | | | | | | | U.S. Treasury securities | | $ | — | | $ | 49,337 | | $ | 172,520 | | $ | — | | $ | 221,857 | | | Agency mortgage-backed securities | | — | | 46,516 | | 20,058 | | 2,734,751 | | 2,801,325 | | | Corporate bonds | | — | | 184 | | — | | — | | 184 | | Asset-backed bonds | | — | | — | | 15,919 | | — | | 15,919 | | Residual investments | | — | | — | | 3,537 | | — | | 3,537 | | | Other | | — | | — | | 952 | | — | | 952 | | | Total investments in AFS debt securities | | $ | — | | $ | 96,037 | | $ | 212,986 | | $ | 2,734,751 | | $ | 3,043,774 | Weighted average yield for investments in AFS debt securities(1) | | — | % | | 4.07 | % | | 3.98 | % | | 4.53 | % | | 4.49% | | | | | | | | | | | | Investments in AFS debt securities—Fair value(2): | | | | | | | | | | | | U.S. Treasury securities | | $ | — | | $ | 49,032 | | $ | 171,530 | | $ | — | | $ | 220,562 | | Agency mortgage-backed securities | | — | | 46,636 | | 19,831 | | 2,732,740 | | 2,799,207 | | Corporate bonds | | — | | 181 | | — | | — | | 181 | Asset-backed bonds | | — | | — | | 15,857 | | — | | 15,857 | Residual investments | | — | | — | | 3,394 | | — | | 3,394 | | Other | | — | | — | | 821 | | — | | 821 | | Total investments in AFS debt securities | | $ | — | | $ | 95,849 | | $ | 211,433 | | $ | 2,732,740 | | $ | 3,040,022 |
_____________________ (1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security. (2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $8,338 as of March 31, 2026.
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