v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Under applicable accounting guidance, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
We determine the fair values of our financial instruments based on the fair value hierarchy established under applicable accounting guidance, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs used to measure fair value.
For more information regarding the fair value hierarchy and how we measure fair value, see Note 2–Summary of Significant Accounting Policies to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2025.
As of March 31, 2026 and December 31, 2025, our assets carried at fair value on a recurring basis were as follows:
Level 1Level 2Level 3Total Fair Value
March 31, 2026(In thousands)
Assets
Investment securities:
Agency bond securities$— $156,408 $— $156,408 
Agency mortgage-backed securities— 2,438,052 — 2,438,052 
Municipal bonds— 22,523 — 22,523 
Asset-backed securities— 352,971 — 352,971 
Total assets$— $2,969,954 $— $2,969,954 
December 31, 2025
Assets
Investment securities:
Agency bond securities$— $156,975 $— $156,975 
Agency mortgage-backed securities— 1,934,918 — 1,934,918 
Municipal bonds— 22,556 — 22,556 
Asset-backed securities— 353,394 — 353,394 
Total assets$— $2,467,843 $— $2,467,843 
We based the fair value of our fixed income securities held as of March 31, 2026 and December 31, 2025 on quoted prices in active markets for similar assets. We had no transfers between Level 1, Level 2 or Level 3 assets or liabilities during the three months ended March 31, 2026 or 2025.