The following tables provide a summary of the amortized cost and fair values of the available-for-sale securities and held-to-maturity securities at September 30, 2026 and December 31, 2025 (in thousands):


	September 30, 2026
	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Fair Value
Available-for-sale securities
U.S. government agency securities	$	2,465	$	—	$	(63	)	$	2,402
State and municipal securities		2,325		—		(34	)		2,291
Mortgage-backed securities:
Agency		1,347,530		6		(146,987	)		1,200,549
Commercial		1,269		—		(26	)		1,243
Non-agency		126		—		(2	)		124
Corporate fixed income securities		274,977		—		(30,976	)		244,001
Asset-backed securities		62,068		215		(145	)		62,138
Total available-for-sale securities	$	1,690,760	$	221	$	(178,233	)	$	1,512,748
Held-to-maturity securities (2)
Asset-backed securities	$	6,512,020	$	5,945	$	(257	)	$	6,517,708


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Fair Value
Available-for-sale securities
U.S. government agency securities	$	2,440	$	6	$	(65	)	$	2,381
State and municipal securities		2,325		1		—			2,326
Mortgage-backed securities:
Agency		1,181,888		4,652		(85,128	)		1,101,412
Commercial		2,136		—		(23	)		2,113
Non-agency		156		—		(4	)		152
Corporate fixed income securities		400,053		94		(24,397	)		375,750
Asset-backed securities		109,591		108		(443	)		109,256
Total available-for-sale securities	$	1,698,589	$	4,861	$	(110,060	)	$	1,593,390
Held-to-maturity securities (2)
Asset-backed securities	$	6,549,054	$	18,943	$	(2,513	)	$	6,565,484

(1)

Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income.

(2)

Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements.

We are required to evaluate our available-for-sale and held-to-maturity debt securities for any expected losses with recognition of an allowance for credit losses, when applicable. At September 30, 2026, we did not have an allowance for credit losses recorded on our investment portfolio.

Accrued interest receivable for our investment portfolio at September 30, 2026 and December 31, 2025 was $83.4 million and $84.1 million, respectively, and is reported in other assets in the consolidated statements of financial condition. We do not include reserves for interest receivable in the measurement of the allowance for credit losses.

There were no sales of available-for-sale securities during the three and nine months ended September 30, 2026 and 2025.

The table below summarizes the amortized cost and fair values of our securities by contractual maturity at September 30, 2026 and December 31, 2025 (in thousands). Expected maturities may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	September 30, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities
Within one year	$	12,090	$	11,976	$	104,503	$	103,686
After one year through three years		29,533		28,172		38,192		36,763
After three years through five years		248,087		217,832		105,181		98,421
After five years through ten years		75,217		69,026		260,454		241,770
After ten years		1,325,833		1,185,742		1,190,259		1,112,750
Total available-for-sale securities	$	1,690,760	$	1,512,748	$	1,698,589	$	1,593,390
Held-to-maturity securities
After three years through five years		97,337		97,371		157,770		157,868
After five years through ten years		472,405		472,731		1,494,530		1,495,893
After ten years		5,942,278		5,947,606		4,896,754		4,911,723
Total held-to-maturity securities	$	6,512,020	$	6,517,708	$	6,549,054	$	6,565,484

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2026, are as follows (in thousands):


	Within 1 Year		1-5 Years		5-10 Years		After 10 Years		Total
Available-for-sale securities
U.S. government agency securities	$	—	$	2,402	$	—	$	—	$	2,402
State and municipal securities		—		2,291		—		—		2,291
Mortgage-backed securities:
Agency		2		14,269		63,917		1,122,361		1,200,549
Commercial		—		—		—		1,243		1,243
Non-agency		—		—		124		—		124
Corporate fixed income securities		11,974		227,042		4,985		—		244,001
Asset-backed securities		—		—		—		62,138		62,138
Total available-for-sale securities	$	11,976	$	246,004	$	69,026	$	1,185,742	$	1,512,748
Held-to-maturity securities
Asset-backed securities	$	—	$	97,337	$	472,405	$	5,942,278	$	6,512,020

At September 30, 2026 and December 31, 2025, securities of $1.2 billion and $880.5 million, respectively, were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. At September 30, 2026 and December 31, 2025, securities of $3.8 billion and $3.3 billion, respectively, were pledged with the Federal Reserve discount window.

The following tables show the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at September 30, 2026 and December 31, 2025 (in thousands):


	September 30, 2026
	Less than 12 months					12 months or more					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Available-for-sale securities
U.S. government agency securities	$	(2	)	$	480	$	(61	)	$	1,922	$	(63	)	$	2,402
State and municipal securities		(34	)		2,291		—			—		(34	)		2,291
Mortgage-backed securities:
Agency		(35,868	)		688,671		(111,119	)		510,687		(146,987	)		1,199,358
Commercial		—			—		(26	)		1,243		(26	)		1,243
Non-agency		—			—		(2	)		124		(2	)		124
Corporate fixed income securities		(1,615	)		17,719		(29,361	)		226,282		(30,976	)		244,001
Asset-backed securities							(145	)		25,667		(145	)		25,667
Total available-for-sale securities	$	(37,519	)	$	709,161	$	(140,714	)	$	765,925	$	(178,233	)	$	1,475,086

At September 30, 2026, the amortized cost of 232 securities classified as available for sale exceeded their fair value by $178.2 million, of which $140.7 million related to investment securities that had been in a loss position for 12 months or longer. These unrealized losses are primarily driven by changes in interest rates and market spreads subsequent to purchase and are not indicative of credit deterioration. The total fair value of these investments at September 30, 2026, was $1.5 billion, which was 97.5% of our available-for-sale portfolio.


	December 31, 2025
	Less than 12 months					12 months or more					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Available-for-sale securities
U.S. government agency securities	$	—		$	—	$	(65	)	$	1,905	$	(65	)	$	1,905
Mortgage-backed securities:
Agency		(178	)		132,279		(84,950	)		599,689		(85,128	)		731,968
Commercial		—			—		(23	)		2,113		(23	)		2,113
Non-agency		—			—		(4	)		152		(4	)		152
Corporate fixed income securities		(1,201	)		23,252		(23,196	)		333,905		(24,397	)		357,157
Asset-backed securities		—			—		(443	)		61,717		(443	)		61,717
Total available-for-sale securities	$	(1,379	)	$	155,531	$	(108,681	)	$	999,481	$	(110,060	)	$	1,155,012

At December 31, 2025, the amortized cost of 204 securities classified as available for sale exceeded their fair value by $110.1 million, of which $108.7 million related to investment securities that had been in a loss position for 12 months or longer. The total fair value of these investments at December 31, 2025, was $1.2 billion, which was 72.5% of our available-for-sale portfolio.

The Company uses ratings assigned by nationally recognized rating agencies, which primarily includes S&P, Moody’s, and Fitch Ratings Inc., as the primary credit quality indicator for its investment portfolio. Each security is evaluated at least quarterly. The indicators represent the rating for debt securities, as of the date presented, based on the most recent assessment performed.

At September 30, 2026, approximately 94% of our available-for-sale securities were backed by the United States government or rated A or higher by nationally recognized rating agencies.