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Investment Securities
 6 Months Ended
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 CostAccrued InterestGross 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 securities3,409,844 8,328 10,375 (21,484)3,407,063 
Corporate bonds93 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 securities2,335,501 5,095 15,362 (1,352)2,354,606 
Corporate bonds184 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 
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(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 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
June 30, 2026
U.S. Treasury securities$519,542 $(5,196)$— $— $519,542 $(5,196)
Agency mortgage-backed securities1,821,495 (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 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2025
U.S. Treasury securities$49,962 $(465)$— $— $49,962 $(465)
Agency mortgage-backed securities202,845 (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 $(2,044)
The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity:
Due Within One YearDue After One Year Through Five YearsDue After Five Years Through Ten YearsDue After Ten YearsTotal
June 30, 2026
Investments in AFS debt securities—Amortized cost:
U.S. Treasury securities$—$148,886$417,729$—$566,615 
Agency mortgage-backed securities846,46936,4493,326,9183,409,844 
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 securities846,34236,0483,316,3373,398,735
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
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(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.