v3.26.1
Qualifying Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Company's Borrowings
The following table summarizes the Company’s other borrowings by type: 
March 31, 2026December 31, 2025
(in millions)
Short-Term:
FHLB advances$4,500 $3,800 
Secured borrowings24 48 
Total short-term borrowings$4,524 $3,848 
Long-Term:
FHLB advances$700 $1,000 
Credit linked notes, net386 392 
Total long-term borrowings$1,086 $1,392 
Total other borrowings$5,610 $5,240 
The Company's outstanding long-term FHLB advances are detailed in the tables below:
March 31, 2026
DescriptionIssuance DateMaturity DateInterest RatePrincipal
(in millions)
FHLB advanceJanuary 30, 2026April 30, 2027
SOFR + 0.37%
$700 
Total$700 
December 31, 2025
DescriptionIssuance DateMaturity DateInterest RatePrincipal
(in millions)
FHLB advanceOctober 30, 2025February 1, 2027
SOFR + 0.38%
$500 
FHLB advanceNovember 26. 2025February 26, 2027
SOFR + 0.36%
500 
Total$1,000 
The Company's outstanding credit linked note issuances are detailed in the tables below:
March 31, 2026
DescriptionIssuance DateMaturity DateInterest RatePrincipalUnamortized Debt Issuance Costs
(in millions)
Residential mortgage loans (1)December 12, 2022October 25, 2052
SOFR + 7.80%
$79 $2 
Residential mortgage loans (2)June 30, 2022April 25, 2052
SOFR + 6.00%
157 3 
Residential mortgage loans (3)December 29, 2021July 25, 2059
SOFR + 4.67%
165 2 
Total$401 $7 
December 31, 2025
DescriptionIssuance DateMaturity DateInterest RatePrincipalUnamortized Debt Issuance Costs
(in millions)
Residential mortgage loans (1)December 12, 2022October 25, 2052
SOFR + 7.80%
$80 $2 
Residential mortgage loans (2)June 30, 2022April 25, 2052
SOFR + 6.00%
160 3 
Residential mortgage loans (3)December 29, 2021July 25, 2059
SOFR + 4.67%
167 2 
Total$407 $7 
(1)    There are multiple classes of these notes, each with an interest rate of one-month SOFR plus a spread that ranges from 2.25% to 11.00% (or, a weighted average spread of 7.80%) on a reference pool balance of $1.5 billion and $1.6 billion as of March 31, 2026 and December 31, 2025, respectively.
(2)    There are multiple classes of these notes, each with an interest rate of one-month SOFR plus a spread that ranges from 2.25% to 15.00% (or, a weighted average spread of 6.00%) on a reference pool balance of $3.2 billion as of March 31, 2026 and December 31, 2025.
(3)    There are six classes of these notes, each with an interest rate of one-month SOFR plus a spread that ranges from 3.15% to 8.50% (or, a weighted average spread of 4.67%) on a reference pool balance of $3.2 billion and $3.3 billion as of March 31, 2026 and December 31, 2025, respectively.
The Company's subordinated debt issuances are detailed in the tables below:
March 31, 2026
DescriptionIssuance DateMaturity DateInterest RatePrincipalUnamortized Debt Issuance Costs
(in millions)
WAL fixed-to-variable-rate (1)June 2021June 15, 20313.00 %$600 $4 
WAB fixed-to-variable-rate (2)November 2025November 15, 20356.54 %400 4 
Total$1,000 $8 
December 31, 2025
DescriptionIssuance DateMaturity DateInterest RatePrincipalUnamortized Debt Issuance Costs
(in millions)
WAL fixed-to-variable-rate (1)June 2021June 15, 20313.00 %$600 $4 
WAB fixed-to-variable-rate (2)November 2025November 15, 20356.54 %400 4 
Total$1,000 $8 
(1)    Notes are redeemable, in whole or in part, beginning on June 15, 2026 at their principal amount plus accrued and unpaid interest and has a fixed interest rate of 3.00%. The notes also convert to a variable rate of three-month SOFR plus 225 basis points on this date.
(2)    Notes are redeemable, in whole but not in part, on or after November 15, 2030 and in whole or in part, on or after August 15, 2035, at their principal amount plus accrued and unpaid interest. The notes have a fixed interest rate of approximately 6.54% through November 14, 2030 and then convert to a fixed rate per annum equal to the U.S. Treasury Rate for a five-year maturity plus 285 basis points.