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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-sale 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 |
Schedule of Available-for-sale Securities, Unrealized Loss Position | 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) |
Schedule of Maturity Dates for Available-for-Sale Investment Securities | 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 |

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