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Available-for-Sale and Held-to-Maturity Securities (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Available for Sale Securities and Held to Maturity Securities

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, 2025 and December 31, 2024 (in thousands):

 

 

September 30, 2025

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains (1)

 

 

Gross
Unrealized
Losses (1)

 

 

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

2,432

 

 

$

6

 

 

$

(77

)

 

$

2,361

 

State and municipal securities

 

 

2,350

 

 

 

1

 

 

 

—

 

 

 

2,351

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

1,239,648

 

 

 

3,662

 

 

 

(90,350

)

 

 

1,152,960

 

Commercial

 

 

11,097

 

 

 

—

 

 

 

(121

)

 

 

10,976

 

Non-agency

 

 

164

 

 

 

—

 

 

 

(6

)

 

 

158

 

Corporate fixed income securities

 

 

433,163

 

 

 

35

 

 

 

(25,846

)

 

 

407,352

 

Asset-backed securities

 

 

113,204

 

 

 

63

 

 

 

(789

)

 

 

112,478

 

 

 

$

1,802,058

 

 

$

3,767

 

 

$

(117,189

)

 

$

1,688,636

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

6,458,002

 

 

$

21,706

 

 

$

(2,690

)

 

$

6,477,018

 

 

 

 

December 31, 2024

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains (1)

 

 

Gross
Unrealized
Losses (1)

 

 

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

2,407

 

 

$

—

 

 

$

(141

)

 

$

2,266

 

State and municipal securities

 

 

2,350

 

 

 

—

 

 

 

(1

)

 

 

2,349

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

1,045,344

 

 

 

334

 

 

 

(124,115

)

 

 

921,563

 

Commercial

 

 

69,430

 

 

 

—

 

 

 

(1,474

)

 

 

67,956

 

Non-agency

 

 

206

 

 

 

—

 

 

 

(7

)

 

 

199

 

Corporate fixed income securities

 

 

507,824

 

 

 

—

 

 

 

(43,832

)

 

 

463,992

 

Asset-backed securities

 

 

127,148

 

 

 

202

 

 

 

(1,077

)

 

 

126,273

 

 

 

$

1,754,709

 

 

$

536

 

 

$

(170,647

)

 

$

1,584,598

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

6,524,954

 

 

$

26,498

 

 

$

(3,805

)

 

$

6,547,647

 

(1)
Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss.
(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.
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturity

The table below summarizes the amortized cost and fair values of our securities by contractual maturity at September 30, 2025 and December 31, 2024 (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, 2025

 

 

December 31, 2024

 

 

 

Amortized
Cost

 

 

Fair Value

 

 

Amortized
Cost

 

 

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

104,690

 

 

$

103,267

 

 

$

78,491

 

 

$

78,080

 

After one year through three years

 

 

38,242

 

 

 

36,718

 

 

 

143,648

 

 

 

137,049

 

After three years through five years

 

 

80,949

 

 

 

74,248

 

 

 

—

 

 

 

—

 

After five years through ten years

 

 

317,431

 

 

 

297,508

 

 

 

395,884

 

 

 

352,736

 

After ten years

 

 

1,260,746

 

 

 

1,176,895

 

 

 

1,136,686

 

 

 

1,016,733

 

 

 

$

1,802,058

 

 

$

1,688,636

 

 

$

1,754,709

 

 

$

1,584,598

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

After three years through five years

 

 

174,986

 

 

 

174,964

 

 

 

91,184

 

 

 

91,238

 

After five years through ten years

 

 

1,714,752

 

 

 

1,717,145

 

 

 

3,063,278

 

 

 

3,075,645

 

After ten years

 

 

4,568,264

 

 

 

4,584,909

 

 

 

3,370,492

 

 

 

3,380,764

 

 

 

$

6,458,002

 

 

$

6,477,018

 

 

$

6,524,954

 

 

$

6,547,647

 
Schedule of Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2025, 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

 

$

—

 

 

$

2,361

 

 

$

—

 

 

$

—

 

 

$

2,361

 

State and municipal securities

 

 

—

 

 

 

2,351

 

 

 

—

 

 

 

—

 

 

 

2,351

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

—

 

 

 

4,963

 

 

 

74,563

 

 

 

1,073,434

 

 

 

1,152,960

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,976

 

 

 

10,976

 

Non-agency

 

 

—

 

 

 

—

 

 

 

158

 

 

 

—

 

 

 

158

 

Corporate fixed income securities

 

 

103,267

 

 

 

101,291

 

 

 

197,759

 

 

 

5,035

 

 

 

407,352

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

25,028

 

 

 

87,450

 

 

 

112,478

 

 

 

$

103,267

 

 

$

110,966

 

 

$

297,508

 

 

$

1,176,895

 

 

$

1,688,636

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

—

 

 

$

174,986

 

 

$

1,714,752

 

 

$

4,568,264

 

 

$

6,458,002

 
Schedule of Gross Unrealized Losses and Estimated Fair Value by Length of Time

The following table shows 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, 2025 (in thousands):

 

 

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

 

$

—

 

 

$

—

 

 

$

(77

)

 

$

1,889

 

 

$

(77

)

 

$

1,889

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

(1,014

)

 

 

232,197

 

 

 

(89,336

)

 

 

621,946

 

 

 

(90,350

)

 

 

854,143

 

Commercial

 

 

—

 

 

 

—

 

 

 

(121

)

 

 

10,976

 

 

 

(121

)

 

 

10,976

 

Non-agency

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

158

 

 

 

(6

)

 

 

158

 

Corporate fixed income securities

 

 

(64

)

 

 

9,935

 

 

 

(25,782

)

 

 

382,382

 

 

 

(25,846

)

 

 

392,317

 

Asset-backed securities

 

 

(25

)

 

 

11,556

 

 

 

(764

)

 

 

68,859

 

 

 

(789

)

 

 

80,415

 

 

 

$

(1,103

)

 

$

253,688

 

 

$

(116,086

)

 

$

1,086,210

 

 

$

(117,189

)

 

$

1,339,898

 

 
Schedule of Amortized Cost of Held-to-Maturity Securities by Credit Quality Indicator

The following table shows the amortized cost of our held-to-maturity securities by credit quality indicator at September 30, 2025 (in thousands):

 

 

AAA

 

 

AA

 

 

C

 

 

Total

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

3,623,839

 

 

$

2,833,964

 

 

$

199

 

 

$

6,458,002