
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
	(In thousands)
March 31, 2026


Agency bond securities	$	179,227	$	—	$	(22,819)	$	156,408
Agency mortgage-backed securities	2,653,604		2,362		(217,914)		2,438,052
Municipal bonds	28,132		—		(5,609)		22,523
Asset-backed securities	354,192		96		(1,317)		352,971
Total investment securities	$	3,215,155	$	2,458	$	(247,659)	$	2,969,954

December 31, 2025



Agency bond securities	$	179,227	$	—	$	(22,252)	$	156,975
Agency mortgage-backed securities	2,145,925		1,392		(212,399)		1,934,918
Municipal bonds	28,137		—		(5,581)		22,556
Asset-backed securities	354,510		86		(1,202)		353,394
Total investment securities	$	2,707,799	$	1,478	$	(241,434)	$	2,467,843


	Less than 12 months				12 months or more				Total fair value		Total unrealized loss
	Fair value		Unrealized loss		Fair value		Unrealized loss
	(In thousands)
March 31, 2026

Agency bond securities	$	—	$	—	$	156,408	$	(22,819)	$	156,408	$	(22,819)
Agency mortgage-backed securities	871,309		(2,839)		1,040,496		(215,075)		1,911,805		(217,914)
Municipal bonds	—		—		22,522		(5,609)		22,522		(5,609)
Asset-backed securities	305,878		(1,317)		—		—		305,878		(1,317)
Total investment securities	$	1,177,187	$	(4,156)	$	1,219,426	$	(243,503)	$	2,396,613	$	(247,659)

December 31, 2025


Agency bond securities	$	—	$	—	$	156,975	$	(22,252)	$	156,975	$	(22,252)
Agency mortgage-backed securities	504,676		(1,764)		1,049,422		(210,635)		1,554,098		(212,399)
Municipal bonds	—		—		22,556		(5,581)		22,556		(5,581)
Asset-backed securities	321,811		(1,202)		—		—		321,811		(1,202)
Total investment securities	$	826,487	$	(2,966)	$	1,228,953	$	(238,468)	$	2,055,440	$	(241,434)

Our investments generally consist of highly rated securities, substantially all of which are directly or indirectly backed by the U.S. federal government, as our investment policy restricts our investments to highly liquid, low credit risk assets. As such, we have not recorded any credit-related impairment loss during the three months ended March 31, 2026 or 2025 on our available-for-sale investment securities. Unrealized losses as of March 31, 2026 and December 31, 2025 are the result of increases in interest rates relative to when they were purchased as a portion of our investment portfolio is comprised of fixed rate securities. The underlying securities within our investment portfolio that were in an unrealized loss position as of March 31, 2026 and December 31, 2025 was due to the timing of our investment purchases, as a significant portion of our investments were purchased prior to increases in interest rates by the Federal Reserve, and general volatility in market conditions.

Except as disclosed below, we do not currently intend to sell our remaining investments, and we have determined that it is more likely than not that we will not be required to sell our investments before recovery of their amortized cost bases, which may be at maturity.

In April 2025, we sold certain available-for-sale securities in order to reposition the proceeds into higher yielding assets. As a result, we recorded a realized loss of approximately $24.5 million during the three months ended March 31, 2025 because we no longer had the intent to hold the securities until recovery of their amortized cost bases. The losses were reflected as a component of other income and expense, net on our consolidated statement of operations.


	Amortized cost		Fair value
	(In thousands)

Due after one year through five years	$	139,227	$	124,660
Due after five years through ten years	40,000		31,748
Due after ten years	28,132		22,523
Mortgage and asset-backed securities	3,007,796		2,791,023
Total investment securities	$	3,215,155	$	2,969,954