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Investment Securities | 3 Months Ended
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Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Our available-for-sale investment securities were as follows:
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
| (In thousands)
March 31, 2026 |
Agency bond securities | $ | 179,227 |  |  | $ | — |  |  | $ | (22,819) |  |  | $ | 156,408 |
Agency mortgage-backed securities | 2,653,604 |  |  | 2,362 |  |  | (217,914) |  |  | 2,438,052 |
Municipal bonds | 28,132 |  |  | — |  |  | (5,609) |  |  | 22,523 |
Asset-backed securities | 354,192 |  |  | 96 |  |  | (1,317) |  |  | 352,971 |
Total investment securities | $ | 3,215,155 |  |  | $ | 2,458 |  |  | $ | (247,659) |  |  | $ | 2,969,954 |
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 |
Note 4—Investment Securities (continued) As of March 31, 2026 and December 31, 2025, 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)
March 31, 2026 |
Agency bond securities | $ | — |  |  | $ | — |  |  | $ | 156,408 |  |  | $ | (22,819) |  |  | $ | 156,408 |  |  | $ | (22,819) |
Agency mortgage-backed securities | 871,309 |  |  | (2,839) |  |  | 1,040,496 |  |  | (215,075) |  |  | 1,911,805 |  |  | (217,914) |
Municipal bonds | — |  |  | — |  |  | 22,522 |  |  | (5,609) |  |  | 22,522 |  |  | (5,609) |
Asset-backed securities | 305,878 |  |  | (1,317) |  |  | — |  |  | — |  |  | 305,878 |  |  | (1,317) |
Total investment securities | $ | 1,177,187 |  |  | $ | (4,156) |  |  | $ | 1,219,426 |  |  | $ | (243,503) |  |  | $ | 2,396,613 |  |  | $ | (247,659) |
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) |
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 credit-related impairment loss during the three months ended March 31, 2026 or 2025 on our available-for-sale investment securities. Unrealized losses as of March 31, 2026 and December 31, 2025 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. The underlying securities within our investment portfolio that were in an unrealized loss position as of March 31, 2026 and December 31, 2025 was 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. 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 approximately $24.5 million during the three months ended March 31, 2025 because we no longer had the intent to hold the securities until recovery of their amortized cost bases. The losses were reflected as a component of other income and expense, net on our consolidated statement of operations. As of March 31, 2026, 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 |  |  | $ | 124,660 |
Due after five years through ten years | 40,000 |  |  | 31,748 |
Due after ten years | 28,132 |  |  | 22,523 |
Mortgage and asset-backed securities | 3,007,796 |  |  | 2,791,023 |
Total investment securities | $ | 3,215,155 |  |  | $ | 2,969,954 |
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. See Note 2 — Summary of Significant Accounting Policies.

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