| Company's Borrowings |
The following table summarizes the Company’s other borrowings by type: | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | (in millions) | | Short-Term: | | | | | | | | | | | | | | | | FHLB advances | | $ | 4,700 | | | $ | 3,800 | | | | | | | | | | | | | Secured borrowings | | 57 | | | 48 | | | Total short-term borrowings | | $ | 4,757 | | | $ | 3,848 | | | Long-Term: | | | | | | FHLB advances | | $ | 1,100 | | | $ | 1,000 | | | | | | | | Credit linked notes, net | | 379 | | | 392 | | | Total long-term borrowings | | $ | 1,479 | | | $ | 1,392 | | | | | | | | Total other borrowings | | $ | 6,236 | | | $ | 5,240 | |
The Company's outstanding long-term FHLB advances are detailed in the tables below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Issuance Date | | Maturity Date | | Interest Rate | | Principal | | | | | | | | | (in millions) | | FHLB advance | | April 30, 2026 | | July 30, 2027 | | SOFR + 0.38% | | $ | 700 | | | FHLB advance | | May 29, 2026 | | August 31, 2027 | | SOFR + 0.38% | | 200 | | | FHLB advance | | June 30, 2026 | | September 30, 2027 | | SOFR + 0.43% | | 200 | | | Total | | | | | | | | $ | 1,100 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Description | | Issuance Date | | Maturity Date | | Interest Rate | | Principal | | | | | | | | | (in millions) | | FHLB advance | | October 30, 2025 | | February 1, 2027 | | SOFR + 0.38% | | $ | 500 | | | FHLB advance | | November 26. 2025 | | February 26, 2027 | | SOFR + 0.36% | | 500 | | | Total | | | | | | | | $ | 1,000 | |
The Company's outstanding credit linked note issuances are detailed in the tables below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Issuance Date | | Maturity Date | | | | Weighted Average Interest Rate | | | | Principal | | Unamortized Debt Issuance Costs | | | | | | | | | | | | | (in millions) | | Residential mortgage loans (1) | | December 12, 2022 | | October 25, 2052 | | | | SOFR + 7.80% | | | | $ | 77 | | | $ | 2 | | | Residential mortgage loans (2) | | June 30, 2022 | | April 25, 2052 | | | | SOFR + 6.00% | | | | 155 | | | 3 | | | Residential mortgage loans (3) | | December 29, 2021 | | July 25, 2059 | | | | SOFR + 4.67% | | | | 161 | | | 2 | | | Total | | | | | | | | | | | | $ | 393 | | | $ | 7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Description | | Issuance Date | | Maturity Date | | | | Weighted Average Interest Rate | | | | Principal | | Unamortized Debt Issuance Costs | | | | | | | | | | | | | (in millions) | | Residential mortgage loans (1) | | December 12, 2022 | | October 25, 2052 | | | | SOFR + 7.80% | | | | $ | 80 | | | $ | 2 | | | Residential mortgage loans (2) | | June 30, 2022 | | April 25, 2052 | | | | SOFR + 6.00% | | | | 160 | | | 3 | | | Residential mortgage loans (3) | | December 29, 2021 | | July 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% on a reference pool balance of $1.5 billion and $1.6 billion as of June 30, 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% on a reference pool balance of $3.1 billion and $3.2 billion as of June 30, 2026 and December 31, 2025, respectively. (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% on a reference pool balance of $3.2 billion and $3.3 billion as of June 30, 2026 and December 31, 2025, respectively. The Company's subordinated debt issuances are detailed in the tables below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Issuance Date | | Maturity Date | | Interest Rate | | Principal | | Unamortized Debt Issuance Costs | | | | | | | | | (in millions) | | WAL fixed-to-variable-rate (1) | | June 2021 | | June 15, 2031 | | 3M SOFR + 2.25% | | $ | 600 | | | $ | 4 | | | WAB fixed-to-variable-rate (2) | | November 2025 | | November 15, 2035 | | 6.54% | | 400 | | | 4 | | | Total | | | | | | | | $ | 1,000 | | | $ | 8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Description | | Issuance Date | | Maturity Date | | Interest Rate | | Principal | | Unamortized Debt Issuance Costs | | | | | | | | | (in millions) | | WAL fixed-to-variable-rate (1) | | June 2021 | | June 15, 2031 | | 3.00% | | $ | 600 | | | $ | 4 | | | WAB fixed-to-variable-rate (2) | | November 2025 | | November 15, 2035 | | 6.54% | | 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 had a fixed interest rate of 3.00%. The notes converted 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.
|