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Investment Securities | 6 Months Ended
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Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Investment Securities |
Note 6. Investment Securities
The following table presents our investments in AFS debt securities:
|  | Amortized Cost |  | Accrued Interest |  | Gross Unrealized Gains |  | Gross Unrealized Losses(1) |  | Fair Value
June 30, 2026 |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 566,615 |  |  | $ | 7,579 |  |  | $ | 558 |  |  | $ | (5,196) |  |  | $ | 569,556 |
Agency mortgage-backed securities |  | 3,409,844 |  |  | 8,328 |  |  | 10,375 |  |  | (21,484) |  |  | 3,407,063 |
Corporate bonds |  | 93 |  |  | 1 |  |  | — |  |  | (1) |  |  | 93 |
Asset-backed bonds(2) |  | 12,421 |  |  | 54 |  |  | — |  |  | (34) |  |  | 12,441 |
Residual investments(2) |  | 3,394 |  |  | 27 |  |  | — |  |  | (87) |  |  | 3,334 |
Other(3) |  | 954 |  |  | 8 |  |  | — |  |  | (139) |  |  | 823 |
Total investments in AFS debt securities |  | $ | 3,993,321 |  |  | $ | 15,997 |  |  | $ | 10,933 |  |  | $ | (26,941) |  |  | $ | 3,993,310 |
December 31, 2025 |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 74,540 |  |  | $ | 1,115 |  |  | $ | 166 |  |  | $ | (465) |  |  | $ | 75,356 |
Agency mortgage-backed securities |  | 2,335,501 |  |  | 5,095 |  |  | 15,362 |  |  | (1,352) |  |  | 2,354,606 |
Corporate bonds |  | 184 |  |  | 3 |  |  | — |  |  | (2) |  |  | 185 |
Asset-backed bonds(2) |  | 19,626 |  |  | 83 |  |  | — |  |  | (6) |  |  | 19,703 |
Residual investments(2) |  | 3,825 |  |  | 38 |  |  | — |  |  | (93) |  |  | 3,770 |
Other(3) |  | 951 |  |  | 8 |  |  | — |  |  | (126) |  |  | 833 |
Total investments in AFS debt securities |  | $ | 2,434,627 |  |  | $ | 6,342 |  |  | $ | 15,528 |  |  | $ | (2,044) |  |  | $ | 2,454,453 |
_____________________ (1) As of June 30, 2026 and December 31, 2025, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) approximately 100% and 99% of the amortized cost basis of our investments as of June 30, 2026 and December 31, 2025, respectively, was composed of U.S. Treasury securities and agency mortgage-backed securities, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis. (2) These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary, classified as AFS debt securities. See Note 7. Securitization and Variable Interest Entities for additional information. (3) Includes state municipal bond securities. The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2026 and December 31, 2025.
|  | Less than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 519,542 |  |  | $ | (5,196) |  |  | $ | — |  |  | $ | — |  |  | $ | 519,542 |  |  | $ | (5,196) |
Agency mortgage-backed securities |  | 1,821,495 |  |  | (20,571) |  |  | 14,242 |  |  | (913) |  |  | 1,835,737 |  |  | (21,484) |
Corporate bonds |  | — |  |  | — |  |  | 93 |  |  | (1) |  |  | 93 |  |  | (1) |
Asset-backed bonds |  | 12,441 |  |  | (34) |  |  | — |  |  | — |  |  | 12,441 |  |  | (34) |
Residual investments |  | 3,335 |  |  | (87) |  |  | — |  |  | — |  |  | 3,335 |  |  | (87) |
Other |  | — |  |  | — |  |  | 823 |  |  | (139) |  |  | 823 |  |  | (139) |
Total investments in AFS debt securities |  | $ | 2,356,813 |  |  | $ | (25,888) |  |  | $ | 15,158 |  |  | $ | (1,053) |  |  | $ | 2,371,971 |  |  | $ | (26,941) |
|  | Less than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 49,962 |  |  | $ | (465) |  |  | $ | — |  |  | $ | — |  |  | $ | 49,962 |  |  | $ | (465) |
Agency mortgage-backed securities |  | 202,845 |  |  | (497) |  |  | 19,661 |  |  | (855) |  |  | 222,506 |  |  | (1,352) |
Corporate bonds |  | — |  |  | — |  |  | 185 |  |  | (2) |  |  | 185 |  |  | (2) |
Asset-backed bonds |  | 19,703 |  |  | (6) |  |  | — |  |  | — |  |  | 19,703 |  |  | (6) |
Residual investments |  | 3,770 |  |  | (93) |  |  | — |  |  | — |  |  | 3,770 |  |  | (93) |
Other |  | — |  |  | — |  |  | 834 |  |  | (126) |  |  | 834 |  |  | (126) |
Total investments in AFS debt securities |  | $ | 276,280 |  |  | $ | (1,061) |  |  | $ | 20,680 |  |  | $ | (983) |  |  | $ | 296,960 |  |  | $ | (2,044) |
The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity:
|  | Due Within One Year |  | Due After One Year Through Five Years |  | Due After Five Years Through Ten Years |  | Due After Ten Years |  | Total
June 30, 2026 |  |  |  |  |  |  |  |  |  |
Investments in AFS debt securities—Amortized cost: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | — |  | $ | 148,886 |  | $ | 417,729 |  | $ | — |  | $ | 566,615 |
Agency mortgage-backed securities |  | 8 |  | 46,469 |  | 36,449 |  | 3,326,918 |  | 3,409,844 |
Corporate bonds |  | — |  | 93 |  | — |  | — |  | 93 |
Asset-backed bonds |  | — |  | — |  | 12,421 |  | — |  | 12,421 |
Residual investments |  | — |  | — |  | 3,394 |  | — |  | 3,394 |
Other |  | — |  | — |  | 954 |  | — |  | 954 |
Total investments in AFS debt securities |  | $ | 8 |  | $ | 195,448 |  | $ | 470,947 |  | $ | 3,326,918 |  | $ | 3,993,321
Weighted average yield for investments in AFS debt securities(1) |  | 0.95 | % |  | 4.03 | % |  | 4.21 | % |  | 4.62 | % |  | 4.55%
Investments in AFS debt securities—Fair value(2): |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | — |  | $ | 147,111 |  | $ | 414,866 |  | $ | — |  | $ | 561,977
Agency mortgage-backed securities |  | 8 |  | 46,342 |  | 36,048 |  | 3,316,337 |  | 3,398,735
Corporate bonds |  | — |  | 92 |  | — |  | — |  | 92
Asset-backed bonds |  | — |  | — |  | 12,387 |  | — |  | 12,387
Residual investments |  | — |  | — |  | 3,307 |  | — |  | 3,307
Other |  | — |  | — |  | 815 |  | — |  | 815
Total investments in AFS debt securities |  | $ | 8 |  | $ | 193,545 |  | $ | 467,423 |  | $ | 3,316,337 |  | $ | 3,977,313
_____________________ (1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security. (2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $16.0 million as of June 30, 2026. Gross realized gains and losses on our investments in AFS debt securities were immaterial during the three months ended June 30, 2026, and $8,433 and $698, respectively, during the six months ended June 30, 2026. Gross realized gains and losses on our investments in AFS debt securities were $2,893 and $134, respectively, during the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2026 and 2025, there were no transfers between classifications of our investments in AFS debt securities. See Note 10. Equity for unrealized gains and losses on our investments in AFS debt securities and amounts reclassified out of AOCI.

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