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Securities Held-To-Maturity | 3 Months Ended
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Mar. 31, 2026
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity [Abstract] |
Securities Held-to-Maturity | Securities Held-to-Maturity Agency Private Label Certificates (“APL certificates”). In connection with our Private Label securitizations, we retain the most subordinate class of the APL certificates in satisfaction of credit risk retention requirements. At March 31, 2026, we held APL certificates with an initial face value of $192.8 million, which were purchased at a discount for $119.0 million. These certificates are collateralized by 5-year to 10-year fixed rate first mortgage loans on multifamily properties, bear interest at an initial weighted average variable rate of 3.94% and have an estimated weighted average remaining maturity of 5.1 years. The weighted average effective interest rate was 8.84% at both March 31, 2026 and December 31, 2025, including the accretion of a portion of the discount deemed collectible. Approximately $63.6 million is estimated to mature in one to five years and $129.2 million is estimated to mature in five to ten years. Agency B Piece Bonds. At March 31, 2026, we held 49%, or $106.2 million initial face value, of seven Freddie Mac SBL program B Piece bonds, which were previously purchased at a discount for $74.7 million, and sold the remaining 51% to a third party. These securities are collateralized by a pool of multifamily mortgage loans, had an initial weighted average variable rate of 3.74% and have an estimated weighted average remaining maturity of 11.9 years. The weighted average effective interest rate was 2.32% and 2.00% at March 31, 2026 and December 31, 2025, respectively, including the accretion of a portion of the discount deemed collectible. Approximately $32.7 million is estimated to mature after ten years. A summary of our securities held-to-maturity is as follows ($ in thousands):
| Face Value |  | Net Carrying Value |  | Unrealized Gain (Loss) |  | Estimated Fair Value |  | Allowance for Credit Losses
March 31, 2026 |  |  |  |  |  |  |  |  |
APL certificates | $ | 192,791 |  |  | $ | 142,427 |  |  | $ | (15,817) |  |  | $ | 126,610 |  |  | $ | 1,473 |
B Piece bonds | 32,670 |  |  | 13,042 |  |  | 9,585 |  |  | 22,627 |  |  | 13,652 |
Total | $ | 225,461 |  |  | $ | 155,469 |  |  | $ | (6,232) |  |  | $ | 149,237 |  |  | $ | 15,125 |
December 31, 2025 |  |  |  |  |  |  |  |  |
APL certificates | $ | 192,791 |  |  | $ | 140,682 |  |  | $ | (15,143) |  |  | $ | 125,539 |  |  | $ | 1,664 |
B Piece bonds | 36,730 |  |  | 15,405 |  |  | 9,203 |  |  | 24,608 |  |  | 15,349 |
Total | $ | 229,521 |  |  | $ | 156,087 |  |  | $ | (5,940) |  |  | $ | 150,147 |  |  | $ | 17,013 |
A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows ($ in thousands):
| Three Months Ended March 31, 2026 |  |
| APL Certificates |  | B Piece Bonds |  | Total |  |  |  |  |  |
Beginning balance | $ | 1,664 |  |  | $ | 15,349 |  |  | $ | 17,013 |  |  |  |  |  |  |
Provision for credit loss expense/(reversal) | (191) |  |  | 2,400 |  |  | 2,209 |  |  |  |  |  |  |
Charge-offs | — |  |  | (4,097) |  |  | (4,097) |  |  |  |  |  |  |
Ending balance | $ | 1,473 |  |  | $ | 13,652 |  |  | $ | 15,125 |  |  |  |  |  |  |
| Three Months Ended March 31, 2025 |  |
Beginning balance | $ | 1,658 |  |  | $ | 9,188 |  |  | $ | 10,846 |  |  |  |  |  |  |
Provision for credit loss expense/(reversal) | 1 |  |  | (80) |  |  | (79) |  |  |  |  |  |  |
Ending balance | $ | 1,659 |  |  | $ | 9,108 |  |  | $ | 10,767 |  |  |  |  |  |  |
The allowance for credit losses on our held-to-maturity securities consists of (1) a general reserve estimated on a collective basis by major security type and was based on a reasonable and supportable forecast period and a historical loss reversion for similar securities, and (2) a specific reserve for underlying loans that are probable of loss. At March 31, 2026, securities held-to-maturity with a carrying value of $12.2 million (before specific allowances of $10.5 million) were on non-accrual status. We continue to accrue interest on all other securities that remain current. We recorded interest income (including the amortization of discount) related to these investments of $3.7 million, for both the three months ended March 31, 2026 and 2025.

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