
	June 30, 2026				December 31, 2025
	Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)
U.S. government securities	$	—	$	—	$	9,237	$	(4)
Residential agency mortgage-backed securities	4,826,434		(11,281)		5,307,849		9,011
Municipal securities	83,079		84		39,233		10

Other trading securities	43,475		25		36,426		(25)
Total trading securities	$	4,952,988	$	(11,172)	$	5,392,745	$	8,992


	June 30, 2026
	Amortized		Carrying		Fair		Gross Unrealized
	Cost		Value1		Value		Gain		Loss
Municipal securities	$	36,856	$	36,856	$	37,304	$	512	$	(64)
Mortgage-backed securities:
Residential agency	1,626,268		1,558,327		1,414,665		60		(143,722)
Commercial agency	17,258		16,662		16,189		—		(473)
Other debt securities	15,513		15,513		14,848		—		(665)
Total investment securities	1,695,895		1,627,358		1,483,006		572		(144,924)
Allowance for credit losses	(77)		(77)		—		—		—
Investment securities, net of allowance	$	1,695,818	$	1,627,281	$	1,483,006	$	572	$	(144,924)

1 Carrying value includes $69 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.


	December 31, 2025
	Amortized		Carrying		Fair		Gross Unrealized
	Cost		Value1		Value		Gain		Loss
Municipal securities	$	88,215	$	88,215	$	89,343	$	1,218	$	(90)
Mortgage-backed securities:
Residential agency	1,746,715		1,664,175		1,541,608		91		(122,658)
Commercial agency	17,257		16,516		16,186		—		(330)
Other debt securities	15,538		15,538		14,868		—		(670)
Total investment securities	1,867,725		1,784,444		1,662,005		1,309		(123,748)
Allowance for credit losses	(202)		(202)		—		—		—
Investment securities, net of allowance	$	1,867,523	$	1,784,242	$	1,662,005	$	1,309	$	(123,748)

1 Carrying value includes $83 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.

The amortized cost and fair values of investment securities at June 30, 2026, by contractual maturity, are as shown in the following table (dollars in thousands):


	Less than One Year		One to Five Years		Six to Ten Years		Over Ten Years		Total		Weighted Average Maturity1
Fixed maturity debt securities:
Carrying value	$	15,047	$	42,433	$	11,551	$	—	$	69,031	2.52
Fair value	15,149		42,315		10,877		—		68,341
Residential mortgage-backed securities:
Carrying value2									$	1,558,327
Fair value									1,414,665
Total investment securities:
Carrying value									$	1,627,358
Fair value									1,483,006

1Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.


	June 30, 2026
	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investment:
Municipal securities	5	$	—	$	—	$	3,631	$	64	$	3,631	$	64
Mortgage-backed securities:
Residential agency	115	1,413		32		1,412,281		143,690		1,413,694		143,722
Commercial agency	2	—		—		16,189		473		16,189		473
Other debt securities	1	—		—		9,335		665		9,335		665
Total investment securities	123	$	1,413	$	32	$	1,441,436	$	144,892	$	1,442,849	$	144,924


	December 31, 2025
	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investment:
Municipal securities	8	$	6,566	$	8	$	3,613	$	82	$	10,179	$	90
Mortgage-backed securities:
Residential agency	115	—		—		1,540,535		122,658		1,540,535		122,658
Commercial agency	2	—		—		16,186		330		16,186		330
Other debt securities	2	—		—		9,355		670		9,355		670
Total investment securities	127	$	6,566	$	8	$	1,569,689	$	123,740	$	1,576,255	$	123,748


	June 30, 2026
	Amortized		Fair		Gross Unrealized
	Cost		Value		Gain		Loss
U.S. Treasury	$	1,000	$	989	$	—	$	(11)
Municipal securities	116,831		112,845		—		(3,986)
Mortgage-backed securities:
Residential agency	10,247,618		10,129,404		46,193		(164,407)
Residential non-agency	708,561		686,050		9,525		(32,036)
Commercial agency	2,764,728		2,653,019		3,235		(114,944)
Other debt securities	500		473		—		(27)
Total available-for-sale securities	$	13,839,238	$	13,582,780	$	58,953	$	(315,411)


	December 31, 2025
	Amortized		Fair		Gross Unrealized
	Cost		Value		Gain		Loss
U.S. Treasury	$	1,001	$	980	$	—	$	(21)
Municipal securities	190,917		184,273		—		(6,644)
Mortgage-backed securities:
Residential agency	9,593,919		9,598,627		121,838		(117,130)
Residential non-agency	712,126		696,028		11,774		(27,872)
Commercial agency	3,240,728		3,126,244		7,622		(122,106)
Other debt securities	500		473		—		(27)
Total available-for-sale securities	$	13,739,191	$	13,606,625	$	141,234	$	(273,800)

The amortized cost and fair values of AFS securities at June 30, 2026, by contractual maturity, are as shown in the following table (dollars in thousands):


	Less than One Year		One to Five Years		Six to Ten Years		Over Ten Years		Total		Weighted Average Maturity1
Fixed maturity debt securities:
Amortized cost	$	297,391	$	1,922,586	$	249,043	$	414,039	$	2,883,059	4.76
Fair value	294,662		1,822,969		242,010		407,685		2,767,326
Residential mortgage-backed securities:
Amortized cost2									$	10,956,179
Fair value									10,815,454
Total available-for-sale securities:
Amortized cost									$	13,839,238
Fair value									13,582,780

1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.

Sales of AFS securities resulted in gains and losses as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Proceeds	$	268,479	$	—	$	268,479	$	—
Gross realized gains	250		—		250		—
Gross realized losses	(4,895)		—		(4,895)		—
Related federal and state income tax expense (benefit)	(1,098)		—		(1,098)		—

The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit, and for other purposes, as required by law, was $11.7 billion at June 30, 2026 and $11.5 billion at December 31, 2025. The secured parties do not have the right to sell or repledge these securities.


	June 30, 2026
	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Available-for-sale:
U.S. Treasury	1	$	—	$	—	$	989	$	11	$	989	$	11
Municipal securities	53	1,016		1		108,174		3,985		109,190		3,986
Mortgage-backed securities:
Residential agency	782	3,692,663		41,680		1,846,318		122,727		5,538,981		164,407
Residential non-agency	43	197,299		2,502		345,533		29,534		542,832		32,036
Commercial agency	181	211,282		1,726		2,109,094		113,218		2,320,376		114,944
Other debt securities	1	—		—		473		27		473		27
Total available-for-sale securities	1,061	$	4,102,260	$	45,909	$	4,410,581	$	269,502	$	8,512,841	$	315,411


	December 31, 2025
	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Available-for-sale:
U.S. Treasury	1	$	—	$	—	$	980	$	21	$	980	$	21
Municipal securities	86	1,028		2		180,696		6,642		181,724		6,644
Mortgage-backed securities:
Residential agency	584	741,581		2,373		2,333,685		114,757		3,075,266		117,130
Residential non-agency	31	27,957		16		413,783		27,856		441,740		27,872
Commercial agency	195	48,588		88		2,553,027		122,018		2,601,615		122,106
Other debt securities	1	—		—		473		27		473		27
Total available-for-sale securities	898	$	819,154	$	2,479	$	5,482,644	$	271,321	$	6,301,798	$	273,800

Based on evaluations of impaired securities as of June 30, 2026, the Company does not intend to sell any impaired AFS debt securities before fair value recovers to the current amortized cost, and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity.

Fair value option securities represent securities which the Company has elected to carry at fair value and are separately identified on the Consolidated Balance Sheets. Changes in the fair value are recognized in earnings as they occur. Certain residential mortgage-backed securities and commercial mortgage-backed securities issued by U.S. government agencies and derivative contracts are held as an economic hedge of the MSR.


	June 30, 2026				December 31, 2025
	Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)


Residential agency mortgage-backed securities	$	16,150	$	(1,047)	$	102,096	$	(556)
Commercial agency mortgage-backed securities	12,311		(203)		—		—

Total fair value option securities	$	28,461	$	(1,250)	$	102,096	$	(556)