Investment Securities

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Our available-for-sale investment securities were as follows:


	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
	(In thousands)
December 31, 2025



Agency bond securities	$	179,227	$	—	$	(22,252)	$	156,975
Agency mortgage-backed securities	2,145,925		1,392		(212,399)		1,934,918
Municipal bonds	28,137		—		(5,581)		22,556
Asset-backed securities	354,510		86		(1,202)		353,394
Total investment securities	$	2,707,799	$	1,478	$	(241,434)	$	2,467,843

December 31, 2024
Corporate bonds	$	10,000	$	—	$	(110)	$	9,890



Agency bond securities	240,628		—		(38,132)		202,496
Agency mortgage-backed securities	2,121,037		3		(323,467)		1,797,573
Municipal bonds	29,116		—		(6,273)		22,843

Total investment securities	$	2,400,781	$	3	$	(367,982)	$	2,032,802

As of December 31, 2025 and 2024, the gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows:


	Less than 12 months				12 months or more				Total fair value		Total unrealized loss
	Fair value		Unrealized loss		Fair value		Unrealized loss
	(In thousands)
December 31, 2025


Agency bond securities	$	—	$	—	$	156,975	$	(22,252)	$	156,975	$	(22,252)
Agency mortgage-backed securities	504,676		(1,764)		1,049,422		(210,635)		1,554,098		(212,399)
Municipal bonds	—		—		22,556		(5,581)		22,556		(5,581)
Asset-backed securities	321,811		(1,202)		—		—		321,811		(1,202)
Total investment securities	$	826,487	$	(2,966)	$	1,228,953	$	(238,468)	$	2,055,440	$	(241,434)

December 31, 2024
Corporate bonds	$	—	$	—	$	9,890	$	(110)	$	9,890	$	(110)


Agency bond securities	—		—		202,496		(38,132)		202,496		(38,132)
Agency mortgage-backed securities	15,311		(937)		1,781,301		(322,530)		1,796,612		(323,467)
Municipal bonds	—		—		22,843		(6,273)		22,843		(6,273)

Total investment securities	$	15,311	$	(937)	$	2,016,530	$	(367,045)	$	2,031,841	$	(367,982)

Our investments generally consist of highly rated securities, substantially all of which are directly or indirectly backed by the U.S. federal government, as our investment policy restricts our investments to highly liquid, low credit risk assets. As such, we have not recorded any significant credit-related impairment losses during the years ended December 31, 2025, 2024 or 2023 on our available-for-sale investment securities. Unrealized losses as of December 31, 2025 and 2024 are the result of increases in interest rates relative to when they were purchased as a portion of our investment portfolio is comprised of fixed rate securities. Substantially all of the underlying securities within our investment portfolio were in an unrealized loss position as of December 31, 2025 and 2024 due to the timing of our investment purchases, as a significant portion of our investments were purchased prior to increases in interest rates by the Federal Reserve, and general volatility in market conditions.

Except as disclosed below, we do not currently intend to sell our remaining investments, and we have determined that it is more likely than not that we will not be required to sell our investments before recovery of their amortized cost bases, which may be at maturity.

Note 4—Investment Securities (continued)

In April 2025, we sold certain available-for-sale securities in order to reposition the proceeds into higher yielding assets. As a result, we recorded a realized loss of $24.8 million upon final settlement of the securities sold. Realized losses are reflected as a component of other expense, net on our consolidated statement of operations for the year ended December 31, 2025.

As of December 31, 2025, the contractual maturities of our available-for-sale investment securities were as follows:


	Amortized cost		Fair value
	(In thousands)

Due after one year through five years	$	139,227	$	125,038
Due after five years through ten years	40,000		31,937
Due after ten years	28,137		22,556
Mortgage and asset-backed securities	2,500,435		2,288,312
Total investment securities	$	2,707,799	$	2,467,843

The expected payments on mortgage-backed and asset-backed securities may not coincide with their contractual maturities because the issuers have the right to call or prepay certain obligations.