The Company’s investments in debt securities primarily consist of mortgage-backed securities (“MBS”). The following tables present granular information such as amortized cost, allowance for credit losses and approximate fair values of all debt securities available for sale:


	June 30, 2026
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Estimated Fair Value
(in thousands)			Gains		Losses
U.S. Government agency and sponsored enterprise residential MBS	$	2,129,642	$	7,481	$	(37,265)	$	—	$	2,099,858
U.S. Treasury Securities (1)	219,055		$	—	(102)		—		218,953
U.S. Government agency and sponsored enterprise commercial MBS	148,925		750		(2,882)		—		146,793
U.S. Government agency and sponsored enterprise obligations	83,125		—		(1,136)		—		81,989
Municipal Bonds (2)	1,732		—		(69)		—		1,663



Total debt securities available for sale (3)	$	2,582,479	$	8,231	$	(41,454)	$	—	$	2,549,256

(3)Excludes accrued interest receivable of $9.9 million as of June 30, 2026, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in the three and six month periods ended June 30, 2026.


	December 31, 2025
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Estimated Fair Value
(in thousands)			Gains		Losses
U.S. Government agency and sponsored enterprise residential MBS	$	1,824,499	$	20,675	$	(20,664)	$	—	$	1,824,510
U.S. Government agency and sponsored enterprise commercial MBS	153,746		1,016		(2,513)		—		152,249
U.S. Government agency and sponsored enterprise obligations	46,112		3		(660)		—		45,455
Municipal Bonds (1)	1,732		—		(63)		—		1,669
U.S. Treasury Securities	999		1		—		—		1,000
Total debt securities available for sale (2)	$	2,027,088	$	21,695	$	(23,900)	$	—	$	2,024,883

(2)Excludes accrued interest receivable of $8.1 million as of December 31, 2025, which is included as part of other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in 2025.


	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2026			2026
Proceeds from sales, redemptions and calls of debt securities available for sale	$	20,443		$	135,499

Gross realized gains	353			835
Gross realized losses	—			—
Realized gains, net	$	353		$	835

The Company’s investment in debt securities available for sale with unrealized losses aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below:


	June 30, 2026
	Less Than 12 Months			12 Months or More			Total
(in thousands, except securities count)	Number of Securities	Estimated Fair Value		Unrealized Loss		Number of Securities	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
U.S. Government agency and sponsored enterprise residential MBS	188	$	834,059	$	(13,071)	249	$	358,248	$	(24,194)	$	1,192,307	$	(37,265)

U.S. Government agency and sponsored enterprise commercial MBS	9	38,296		(394)		27	56,289		(2,488)		94,585		(2,882)
U.S. Government agency and sponsored enterprise obligations	15	71,412		(908)		40	10,483		(228)		81,895		(1,136)
Municipal bonds	1	356		(4)		2	1,307		(65)		1,663		(69)

U.S. Treasury Securities	6	218,953		(102)		—	—		—		218,953		(102)

	219	$	1,163,076	$	(14,479)	318	$	426,327	$	(26,975)	$	1,589,403	$	(41,454)


	December 31, 2025
	Less Than 12 Months					12 Months or More					Total
(in thousands, except securities count)	Number of Securities	Estimated Fair Value		Unrealized Loss		Number of Securities	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss

U.S. Government agency and sponsored enterprise residential MBS	40	$	98,114	$	(197)	275	$	444,110	$	(20,467)	$	542,224	$	(20,664)
U.S. Government agency and sponsored enterprise commercial MBS	2	8,900		(56)		30	69,498		(2,457)		78,398		(2,513)
U.S. Government agency and sponsored enterprise obligations	7	33,417		(407)		42	11,757		(253)		45,174		(660)
Municipal Bonds	—	—		—		3	1,669		(63)		1,669		(63)
	49	$	140,431	$	(660)	350	$	527,034	$	(23,240)	$	667,465	$	(23,900)

At June 30, 2026 and December 31, 2025, the Company held certain debt securities issued or guaranteed by the U.S. government and U.S. government-sponsored entities and agencies. In addition, as of June 30, 2026 and December 31, 2025, the Company held U.S. Treasury securities, which have an explicit government guarantee. The Company does not intend to sell impaired debt securities in these categories, if any, and it is more likely than not that it will not be required to sell those securities before their anticipated recovery. The Company evaluates these securities for credit losses by reviewing current market conditions, the extent and nature of changes in fair value, credit ratings, default and delinquency rates and current analysts’ evaluations. The Company believes the decline in fair value on certain of these debt securities is attributable to changes in interest rates and investment securities markets, generally, and not credit quality. As a result, the Company did not record an Allowance for Credit Losses, or ACL, on these securities as of June 30, 2026 and December 31, 2025.


	Available for Sale
(in thousands)	Amortized Cost		Estimated Fair Value
Within 1 year	$	198,892	$	198,847
After 1 year through 5 years	49,493		48,935
After 5 years through 10 years	92,476		90,738
After 10 years	2,241,618		2,210,736

	$	2,582,479	$	2,549,256

Actual maturities of debt securities available for sale may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. Debt securities maturing within one year primarily include U.S. Treasury bills with contractual maturities of more than 90 days and up to one year.

As of June 30, 2026 and December 31, 2025, the Company had an equity security with readily available fair value not held for trading with an original cost and fair value of $2.5 million, respectively. These equity securities have no stated maturities. There were no significant unrealized gains and losses related to these equity securities in the three and six month periods ended June 30, 2026 and 2025.

As of June 30, 2026 and December 31, 2025, the Company had $49.1 million and $62.7 million, respectively, in securities pledged as collateral. These securities were pledged to secure public funds, advances from the Federal Home Loan Bank and for other purposes as permitted by law.