v3.26.1
Securities Available for Sale
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and fair value of available for sale (AFS) securities were as follows:
June 30, 2026Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses
Allowance
for Credit Losses
Fair
Value
Senior asset-backed securities related to Structured Program transactions(1)
$3,390,657 $8,791 $(5,394)$— $3,394,054 
Other asset-backed securities related to Structured Program transactions(2)
266,096 186 (4,481)(3,981)257,820 
U.S. agency residential mortgage-backed securities277,218 235 (34,078)— 243,375 
U.S. agency securities81,467 — (11,185)— 70,282 
Mortgage-backed securities59,188 16 (5,398)— 53,806 
Municipal securities3,205 — (527)— 2,678 
Other securities
25,195 — (449)— 24,746 
Total securities available for sale
$4,103,026 $9,228 $(61,512)$(3,981)$4,046,761 
December 31, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses
Allowance
for Credit Losses
Fair
Value
Senior asset-backed securities related to Structured Program transactions(1)
$3,065,885 $26,525 $— $— $3,092,410 
Other asset-backed securities related to Structured Program transactions(2)
224,802 28 (1,367)(4,093)219,370 
U.S. agency residential mortgage-backed securities267,853 504 (32,296)— 236,061 
U.S. agency securities84,464 — (10,602)— 73,862 
Mortgage-backed securities60,423 135 (4,961)— 55,597 
Municipal securities3,215 — (609)— 2,606 
Other securities
27,138 45 (380)— 26,803 
Total securities available for sale
$3,733,780 $27,237 $(50,215)$(4,093)$3,706,709 
(1)    Excludes the basis adjustment for securities previously designated in fair value hedges under the portfolio layer method. See “Note 7. Derivative Instruments and Hedging Activities” for additional information.
(2)    As of June 30, 2026 and December 31, 2025, $226.7 million and $200.0 million, respectively, of the other asset-backed securities related to Structured Program transactions at fair value are subject to restrictions on transfer pursuant to the Company’s obligations as a “sponsor” under the U.S. Risk Retention Rules.
A summary of AFS securities with unrealized losses, aggregated by period of continuous unrealized loss, is as follows:
Less than
12 months		12 months
or longer		Total
June 30, 2026Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Senior asset-backed securities related to Structured Program transactions$1,662,202 $(5,394)$— $— $1,662,202 $(5,394)
U.S. agency residential mortgage-backed securities57,131 (1,041)172,276 (33,037)229,407 (34,078)
Other asset-backed securities related to Structured Program transactions158,040 (2,926)44,543 (1,555)202,583 (4,481)
U.S. agency securities— — 70,282 (11,185)70,282 (11,185)
Mortgage-backed securities21,519 (260)30,184 (5,138)51,703 (5,398)
Municipal securities— — 2,678 (527)2,678 (527)
Other securities
5,928 (64)8,338 (385)14,266 (449)
Total securities with unrealized losses$1,904,820 $(9,685)$328,301 $(51,827)$2,233,121 $(61,512)
Less than
12 months		12 months
or longer		Total
December 31, 2025Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. agency residential mortgage-backed securities$20,017 $(266)$181,150 $(32,030)$201,167 $(32,296)
Other asset-backed securities related to Structured Program transactions95,494 (1,034)23,719 (333)119,213 (1,367)
U.S. agency securities— — 73,862 (10,602)73,862 (10,602)
Mortgage-backed securities1,874 (5)36,167 (4,956)38,041 (4,961)
Municipal securities— — 2,606 (609)2,606 (609)
Other securities
1,610 (10)9,544 (370)11,154 (380)
Total securities with unrealized losses$118,995 $(1,315)$327,048 $(48,900)$446,043 $(50,215)

The majority of unrealized losses as of both June 30, 2026 and December 31, 2025 were related to U.S. agency-backed securities and mortgage-backed securities. Management considers these securities to be of the highest credit quality and rating given the guarantee of principal and interest by certain U.S. government agencies or government-sponsored agencies. Most of the remaining securities in an unrealized loss position in the Company’s AFS investment portfolio at June 30, 2026 were rated investment grade. Substantially all of these unrealized losses were caused by prior increases in interest rates. Additionally, the Company does not intend to sell the securities in loss positions, nor is it more likely than not that it will be required to sell the securities prior to recovery of the amortized cost basis. For a description of management’s quarterly evaluation of AFS securities in an unrealized loss position, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in our Annual Report.
The following table presents the activity in the allowance for credit losses (ACL) for AFS securities, by security type:

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Other asset-backed securities related to Structured Program transactions:
Allowance for credit losses, beginning of period
$3,816 $4,848 $4,093 $3,527 
Credit loss expense (benefit) for securities available for sale165 (819)(112)502 
Allowance for credit losses, end of period
$3,981 $4,029 $3,981 $4,029 
The contractual maturities of AFS securities were as follows:
June 30, 2026Amortized CostFair Value
Weighted-
average
Yield(1)
Due within 1 year:
U.S. agency securities$3,000 $2,978 
Total due within 1 year3,000 2,978 3.00 %
Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions3,390,657 3,394,054 
Other asset-backed securities related to Structured Program transactions266,096 257,820 
Mortgage-backed securities2,517 2,370 
U.S. agency securities1,850 1,790 
Municipal securities
457 431 
U.S. agency residential mortgage-backed securities101 97 
Other securities10,430 10,430 
Total due after 1 year through 5 years3,672,108 3,666,992 5.98 %
Due after 5 years through 10 years:
U.S. agency securities39,464 34,844 
U.S. agency residential mortgage-backed securities2,355 2,265 
Mortgage-backed securities863 760 
Municipal securities153 141 
Other securities
8,148 8,061 
Total due after 5 years through 10 years50,983 46,071 3.44 %
Due after 10 years:
U.S. agency residential mortgage-backed securities274,762 241,013 
Mortgage-backed securities55,808 50,676 
U.S. agency securities37,153 30,670 
Municipal securities2,595 2,106 
Other securities
6,617 6,255 
Total due after 10 years376,935 330,720 3.15 %
Total securities available for sale$4,103,026 $4,046,761 5.67 %
(1)    The weighted-average yield is computed using the average month-end amortized cost during the six months ended June 30, 2026.

There were no sales of AFS securities during the second quarters and first halves of 2026 and 2025.