UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
10-K
☒
ANNUAL REPORT PURSUANT TO SECTION 30 OF THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2025
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from_______________________to_______________________
Commission File No.
811-00002
AMERIPRISE CERTIFICATE COMPANY
(Exact name of registrant as specified in its charter)
Delaware
 
41-6009975
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1099 Ameriprise Financial Center
Minneapolis
Minnesota
55474
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code:
(612)
671-3131
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
 
Name of each exchange on which registered
Common Stock (par value $10 per share)NoneNone
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐
No
☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes
☐
No
☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  
Yes
☒
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
☐
Accelerated Filer
☐
Non-accelerated Filer
☒
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report.
☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
Yes
☐
No
☒


Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
Class
 
Outstanding at February 19, 2026
Common Stock (par value $10 per share)
150,000 shares
All outstanding shares of the registrant are directly owned by Ameriprise Financial, Inc.
THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS I(1)(a) AND (b) OF FORM 10-K AND IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT.


AMERIPRISE CERTIFICATE COMPANY
FORM 10-K
INDEX
F-1


Index
Ameriprise Certificate Company
PART I
Item 1. Business
Overview
Ameriprise Certificate Company (“ACC”) was incorporated on October 28, 1977 under the laws of Delaware. Ameriprise Financial, Inc. (“Ameriprise Financial”, collectively with its subsidiaries and affiliates, “we”, “us” and “our”), a Delaware corporation, owns 100% of the outstanding voting securities of ACC. Ameriprise Financial and its predecessor companies have a more than 130-year history of providing solutions to help clients confidently achieve their financial objectives.
ACC is registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and is in the business of issuing face-amount investment certificates. Face-amount certificates issued by ACC entitle the certificate owner to receive at maturity a stated amount of money and interest or credits declared from time to time by ACC, at its discretion. ACC’s certificates are distributed and sold solely by Ameriprise Financial Services, LLC (“AFS”), an affiliate of ACC and its network of more than 10,000 financial advisors. AFS is registered as a broker-dealer in all 50 states, the District of Columbia and Puerto Rico.
To ACC’s knowledge, ACC is the largest issuer of face-amount certificates in the United States. However, ACC’s certificate products compete with many other banking and investment products offered by banks, savings and loan associations, asset managers, broker-dealers and others, which may be viewed by potential clients as offering a comparable or superior combination of safety and return on investment. In particular, some of ACC’s products are designed to be competitive with the types of investments offered by banks and thrifts. Since ACC’s face-amount certificates are securities, their offer and sale are subject to regulation under federal and state securities laws. ACC’s certificates are backed by ACC’s qualified assets on deposit and are not insured by any governmental agency or other entity.
ACC’s future profitability is dependent upon changes in the economic, credit and equity environments, as well as the competitive environment.
Products
As of the date of this report, ACC offered the following three types of certificate products to the public:
1.    Ameriprise Cash Reserve Certificate
•Single payment certificate that permits additional payments and on which ACC guarantees interest rates in advance for a three-month term.
•Currently sold without a sales charge.
•Available as qualified investments for IRAs, 401(k) plans, and other qualified retirement plans.
•Current policy is to re-evaluate the certificate product interest crediting rates weekly to respond to marketplace changes.
•ACC refers to an independent index or source to set the rates for new sales and must set the rates for an initial purchase of the certificate within a specified range of the rate from such index or source. For renewals, ACC uses such rates as an indication of the competitors’ rates, but is not required to set rates within a specified range.
•Non-Jumbo Deposit National Rates for three-month CDs as published by the Federal Deposit Insurance Corporation (“FDIC”) are used as the guide in setting rates.
•Competes with popular short-term investment and savings vehicles such as certificates of deposit, savings accounts, and money market mutual funds that offer comparable yields, liquidity and safety of principal.
•Twenty year maturity.
2.    Ameriprise Flexible Savings Certificate
•Single payment certificate that permits a limited amount of additional payments and on which ACC guarantees interest rates in advance for a term of three, six, seven, nine, twelve, thirteen, eighteen, twenty-four, thirty or thirty-six months, and potentially other terms, at ACC’s option.
•Currently sold without a sales charge.
•Currently premature surrenders incur surrender charges.
•Available as qualified investments for IRAs, 401(k) plans, and other qualified retirement plans.
•Current policy is to re-evaluate the certificate product interest crediting rates weekly to respond to marketplace changes.
•ACC refers to an independent index or source to set the rates for new sales and must set the rates for an initial purchase of the certificate within a specified range of the rate from such index or source. For renewals, ACC uses such rates as an indication of the competitors’ rates, but is not required to set rates within a specified range.
•Non-Jumbo Deposit National Rates as published by the FDIC are used as the guide in setting rates.
•Competes with popular short-term investment vehicles such as certificates of deposit, money market certificates, and money market mutual funds that offer comparable yields, liquidity and safety of principal.
•Twenty year maturity.
        1
Index
Ameriprise Certificate Company
3.    Ameriprise Installment Certificate
•Installment payment certificate that declares interest rates in advance for a three-month period.
•Currently sold without a sales charge.
•Currently premature surrenders incur surrender charges.
•Available as qualified investments for IRAs, 401(k) plans, and other qualified retirement plans.
•Current policy is to re-evaluate the certificate product interest crediting rates weekly to respond to marketplace changes.
•As of the date of this report, ACC has set a fixed rate of 4.41% for new sales.
•Intended to help clients save systematically and may compete with passbook savings and Negotiable Order of Withdrawal (“NOW”) accounts.
•Ten year maturity.
ACC periodically makes changes to the products offered. Effective April 1, 2020, the Ameriprise Step-Up Rate Certificate was closed to new sales and effective August 18, 2023, the Ameriprise Stock Market Certificate was closed to new sales and add-on payments.
Within the specified maturity periods, most certificates have interest crediting rate terms ranging from three to 48 months. Interest crediting rates are subject to change and certificate product owners can surrender their certificates without penalty at maturity; however, the Cash Reserve Certificate is a fully liquid product and can be surrendered at any time without penalty. Currently offered ACC certificates (listed above), as well as certain certificates previously issued by ACC (not listed above), contain renewal features which enable certificate owners to renew their certificate term until certificate maturity. Accordingly, certificate products that are currently outstanding in their renewal periods or are exercised for renewal in the future are, and continue to be, liabilities of ACC until their redemption or maturity, whether or not such certificates are available for new sales. ACC guarantees the return of principal, as well as interest once it has been credited, less any penalties that apply, for each of the certificates offered.
Distribution and Marketing Channels
ACC’s certificates are offered solely by AFS and sold pursuant to a distribution agreement which is subject to annual review and approval by ACC’s Board of Directors, including a majority of the directors who are not “interested persons” of AFS or ACC as that term is defined in the 1940 Act. The distribution agreement provides for the payment of distribution fees to AFS for services provided. The distribution agreement with AFS can be terminated by either party on sixty days’ written notice.
Asset Management
ACC has retained Columbia Management Investment Advisers, LLC (“CMIA”), an affiliate of ACC, to manage ACC’s investment portfolio under an investment management agreement, which is subject to annual review and approval by ACC’s Board of Directors, including a majority of the directors who are not “interested persons” of AFS, CMIA or ACC. This investment management agreement with CMIA can be terminated by either party on sixty days’ written notice.
Regulation
ACC is required to maintain cash and “qualified assets” meeting the standards of Section 28(b) of the 1940 Act, as modified by an exemptive order of the Securities and Exchange Commission (“SEC”). The amortized cost of such investments must be at least equal to ACC’s net liabilities on all outstanding face-amount certificates plus $250,000. ACC’s qualified assets consist of cash and cash equivalents, residential and commercial mortgage backed securities, asset backed securities, syndicated loans, commercial mortgage loans, U.S. government and government agency obligations, state and municipal obligations, corporate debt securities, equity index options and other securities meeting specified standards. So long as ACC wishes to rely on the SEC order, as a condition to the order, ACC has agreed to maintain an amount of unappropriated retained earnings and capital equal to at least 5% of certificate reserves (less outstanding certificate loans). To the extent that payment of a dividend would decrease the capital ratio below the required 5%, payment of a dividend would be restricted. In determining compliance with this condition, qualified assets are valued in accordance with the provisions of Minnesota Statutes where such provisions are applicable.
ACC has also entered into a written understanding with the Minnesota Department of Commerce (Banking Division) that ACC will maintain capital equal to at least 5% of the assets of ACC (less outstanding certificate loans). To the extent that payment of a dividend would decrease this ratio below the required 5%, payment of a dividend would be restricted. When computing its capital for these purposes, ACC values its assets on the basis of statutory accounting for insurance companies rather than U.S. generally accepted accounting principles (“GAAP”). ACC is subject to examination and supervision by the Minnesota Department of Commerce (Banking Division) and the SEC.
Following conversion in 2019 of ACC’s affiliate Ameriprise National Trust Bank to Ameriprise Bank, FSB (“Ameriprise Bank”), a federal savings bank, Ameriprise Financial continued to be subject to ongoing supervision by the Board of Governors for the Federal Reserve System (“FRB”). FRB regulation and supervisory oversight of Ameriprise Financial includes examinations, regular financial reporting, and prudential standards, such as capital, liquidity, risk management and parameters for business conduct and internal governance. In order to maintain Ameriprise Financial’s permission under applicable bank holding company laws and regulations to engage in business activities other than banking or activities closely related to banking, each of Ameriprise Financial and Ameriprise Bank, as Ameriprise Financial’s sole insured depository institution subsidiary, must remain “well-capitalized” and “well-managed” under applicable federal banking regulations, and Ameriprise Bank must receive at least a “satisfactory” rating in its most recent
        2
Index
Ameriprise Certificate Company
examination under the Community Reinvestment Act. Failure to meet one or more of certain requirements and regulations would mean, depending on the requirements not met and any agreement then reached with the FRB, that until cured Ameriprise Financial (and therefore ACC) could not undertake new activities, continue certain activities, or make certain acquisitions. As a subsidiary of Ameriprise Financial, ACC is (absent exclusion or exemption) required to comply with investment limitations on its portfolio and other limitations under applicable banking laws, including what is commonly referred to as the Volcker Rule.
Item 1A. Risk Factors
ACC’s operations and financial results are subject to various risks and uncertainties, including those described below, that could have a material adverse effect on ACC’s business, financial condition or results of operations. We believe that the following information identifies the material factors affecting ACC based on the information we currently know. However, the risks and uncertainties ACC faces are not limited to those described below. Additional risks and uncertainties which are not presently known or which are currently believed to be immaterial may also adversely affect ACC’s business.
Market Risks
ACC’s financial condition and results of operations may be adversely affected by market fluctuations and by economic, political and other factors.
ACC’s financial condition and results of operations may be materially affected by market fluctuations and by economic and other factors (whether actual or perceived). Such factors, which can be global, regional, national or local in nature, include: (i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values and other market indices and drivers; (ii) geopolitical strain, terrorism and armed conflicts; (iii) political dynamics or elections and social, economic and market conditions; (iv) the availability and cost of capital; (v) global health emergencies; (vi) technological changes and events; (vii) U.S. and foreign government regulatory, fiscal and tax policies; (viii) U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities; (ix) the availability and cost of credit and hedge markets; (x) periods of elevated inflation; (xi) natural disasters such as weather catastrophes; and (xii) other factors affecting investor sentiment and confidence in the financial markets. These factors also may have an impact on ACC’s ability to achieve its strategic objectives.
ACC’s financial condition and results of operations are affected by the “spread,” or the difference between the returns ACC earns on the investments that support its product obligations and the amounts that ACC must pay certificate holders.
Downturns and volatility in markets have had, and may in the future have, an adverse effect on the financial condition and results of operations of ACC. Market downturns and volatility may cause, and have caused, potential new purchasers of ACC’s products to refrain from purchasing or to purchase fewer ACC certificate products. Additionally, downturns and volatility in financial markets can have, and have had, an adverse effect on the performance of ACC’s investment portfolio.
Changes in interest rates may affect ACC’s financial condition and results of operations.
ACC’s investment products are sensitive to interest rate fluctuations and ACC’s future costs associated with such variations may differ from its historical results of operations. As market interest rates increase, ACC may offer higher crediting rates on existing face-amount certificates to remain competitive with other products in the market. Because yields on invested assets may not increase as quickly as current interest rates, ACC may have to accept a lower spread and thus lower profitability or face a decline in sales and greater loss of existing certificates. In addition, increases in market interest rates may cause increased certificate surrenders or changes in demands of certificate products as certificate holders seek to shift assets to products with perceived higher returns. This process may lead to an earlier than expected outflow of cash from ACC’s business. Also, increases in market interest rates may result in extension of certain cash flows from structured mortgage assets. Certificate withdrawals and surrenders may also require investment assets to be sold at a time when the prices of those assets are lower because of the increase in market interest rates, which may result in realized investment losses to be realized in ACC’s results of operations. If higher market interest rates lead to inflows into interest sensitive face-amount certificates or other changes in product behavior, ACC’s capital requirements may increase as well. Increases in crediting rates, as well as surrenders and withdrawals, could have an adverse effect on ACC’s financial condition and results of operations.
If there is a return to a period of prolonged low interest rates, ACC’s spread may be reduced or could become negative primarily because ACC may adjust the interest rates it credits on most of the products downward only at limited, pre-established intervals. Interest rate fluctuations also could have an adverse effect on the results of ACC’s investment portfolio. During periods of declining market interest rates or stagnancy of low interest rates, the interest ACC receives on variable interest rate investments decreases. In addition, during those periods, ACC is forced to reinvest the cash it receives as interest or return of principal on its investments in lower-yielding high-grade instruments or in lower-credit instruments to maintain comparable returns. Issuers of certain callable fixed income securities also may decide to prepay their obligations in order to borrow at lower market rates which increase the risk that ACC may have to reinvest the cash proceeds of these securities in lower-yielding or lower-credit instruments. Offsetting some of these risks is the fact that a significant portion of certificate balances do not have a minimum guaranteed interest crediting rate.
For additional information regarding the sensitivity of the fixed income securities in ACC’s investment portfolio to interest rate fluctuations, see Part II, Item 7A of this Annual Report on Form 10-K —“Quantitative and Qualitative Disclosures About Market Risk.”
        3
Index
Ameriprise Certificate Company
Business Risks
Intense competition and new technologies could negatively affect ACC’s ability to maintain or increase its market share and profitability.
ACC’s business operates in an intensely competitive industry segment. ACC competes based on a number of factors including name recognition, service, interest rates, product features and perceived financial strength. ACC’s competitors include broker-dealers, banks, asset managers and other financial institutions. ACC’s business faces competitors that have greater market share, offer a broader range of products, greater investments in technology and analytics or have greater financial resources. Furthermore, new and existing competitors may be better able to address trends, structural changes, or movement of assets resulting from new technologies, including Generative AI and blockchain, or adapt to industry changes or in response to the uncertain regulatory environment in the U.S. and around the world.
ACC’s affiliated distributor may be unable to attract and retain key talent.
ACC is dependent on the financial advisors of AFS for all of the sales of its certificate products. A significant number of such financial advisors operate as independent contractors under a franchise agreement with AFS. The market for financial advisors is exceptionally competitive, and there can be no assurance that AFS will be successful in its efforts to maintain its current network of financial advisors or to recruit and retain new advisors to its network. If AFS is unable to attract and retain quality financial advisors, fewer advisors would be available to sell ACC’s certificate products and ACC’s financial condition and results of operations could be materially adversely affected.
The determination of the amount of allowances taken on certain loans and investments is subject to management’s evaluation and judgment and could materially impact ACC’s results of operations or financial position.
The determination of the amount of allowances varies by investment type and is based upon ACC’s periodic evaluation and assessment of inherent and known risks associated with the respective asset class.
Management uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. The determination of the amount of allowances on loans is based upon the asset’s expected life, considering past events, current conditions and reasonable and supportable economic forecasts. Such evaluations and assessments are revised as conditions change and new information becomes available. Historical trends may not be indicative of future impairments or allowances.
Some of ACC’s investments are relatively illiquid, and ACC may have difficulty selling these investments.
ACC invests a portion of its assets in privately placed fixed income securities and commercial mortgage loans, which are relatively illiquid. ACC’s investment manager periodically reviews ACC’s private placement investment using adopted standards to categorize the investment as liquid or illiquid. As of December 31, 2025, commercial mortgage loans and private placement fixed income securities that have been categorized as illiquid represented approximately 1% of the carrying value of ACC’s investment portfolio. If ACC requires significant amounts of cash on short notice in excess of its normal cash requirements, ACC may have difficulty selling these investment in a timely manner or be forced to sell them for an amount less than it would otherwise have been able to realize, or both, which could have an adverse effect on ACC’s financial condition and results of operations.
Failure of ACC’s service providers to perform their responsibilities could adversely affect ACC’s business.
ACC’s business operations, including investment management, transfer agent, custody and distribution services, are performed by affiliated service providers, or in some cases their subcontractors, pursuant to formal contracts. The failure of a service provider to fulfill its responsibilities could have an adverse effect on ACC’s financial condition and results of operations that could be material.
If the counterparties to the derivative instruments ACC uses to hedge certain certificate liabilities default, ACC may be exposed to risks it had sought to mitigate, which could adversely affect ACC’s financial condition and results of operations.
ACC uses derivative instruments to hedge certain certificate liabilities. ACC enters into a variety of derivative instruments with a number of counterparties. If ACC’s counterparties become insolvent or fail to honor their obligations under the contracts governing such instruments, ACC’s hedges of the related risk may be ineffective. That failure could have a material adverse effect on ACC’s financial condition and results of operations. The risk of counterparty default may increase during periods of capital market volatility.
If ACC’s reserves for future certificate redemptions and maturities are inadequate, ACC may be required to increase its reserve liabilities, which could adversely affect ACC’s results of operations and financial condition.
Investment certificates may be purchased either with a lump-sum payment or by installment payments. Certificate product owners are entitled to receive, at maturity, a definite sum of money. Payments from certificate owners are credited to investment certificate reserves. Investment certificate reserves accumulate interest at specified percentage rates as declared by ACC. Reserves are also maintained for advance payments made by certificate owners, accrued interest thereon, and for additional credits in excess of minimum guaranteed rates and accrued interest thereon. On certificates allowing for the deduction of a surrender charge, the cash surrender values may be less than accumulated investment certificate reserves prior to maturity dates. Cash surrender values on
        4
Index
Ameriprise Certificate Company
certificates allowing for no surrender charge are equal to certificate reserves. The payment distribution, reserve accumulation rates, cash surrender values, reserve values and other matters are governed by the 1940 Act.
Certain certificates offer a return based on the relative change in a stock market index. The certificates with an equity-based return contain embedded derivatives, which are carried at fair value within Certificate reserves. The fair values of these embedded derivatives incorporate current market data inputs. Changes in fair value are reflected in Provision for certificate reserves.
ACC monitors its reserve levels continually. If ACC concluded its reserves were insufficient to cover actual or expected redemptions or maturities, ACC would be required to increase its reserves and incur charges for the period in which it makes the determination. Such a determination could adversely affect ACC’s financial condition and results of operations.
Operations Risks
A failure to protect the reputation of ACC or its affiliates could adversely affect the business of ACC.
The ability of ACC to market and sell its products is highly dependent upon external perceptions of ACC’s and its affiliates’ level of service, business practices and financial condition. Damage to the reputation of ACC or its affiliates could cause significant harm to the business and prospects of ACC. Reputational damage may arise from numerous sources, including litigation or regulatory actions, failing to deliver minimum standards of service and quality, compliance failures, any perceived or actual weaknesses in ACC’s financial strength or liquidity, clients’ or potential clients’ perceived failure of how ACC addresses certain political, environmental, social or governance topics, technological breakdowns, cybersecurity attacks, or other security breaches (including attempted breaches, breaches impacting ACC’s vendors or their subcontractors or inadvertent disclosures) resulting in system unavailability, improper disclosure or loss of data integrity relating to client information, unethical or improper behavior and the misconduct or error of employees of its affiliates, AFS’s advisors and counterparties. Additionally, a failure to develop new products and services, or successfully manage associated operational risks, could harm ACC’s reputation and potentially expose ACC to additional costs, or negative public relations or social media campaigns. ACC is also subject to deepfake threats that use artificial intelligence (“AI”) to digitally alter images, video or audio to make it appear as though someone said or did something that could cause damage to ACC’s reputation. Any negative incidents can quickly erode trust and confidence, particularly if they result in adverse mainstream and social media publicity, governmental audits or investigations or litigation. Adverse developments with respect to the financial industry may also, by association, negatively impact ACC’s reputation or result in greater regulatory or legislative scrutiny or litigation against ACC.
Misconduct by employees of ACC’s affiliates may be difficult to detect and deter and may damage ACC’s reputation. This can include improper use of their authorized access to sensitive information. Misconduct or errors by employees of ACC’s affiliates, AFS’s advisors or counterparties could result in violations of law, regulatory sanctions and/or serious reputational or financial harm. Misconduct or mistakes can occur in ACC’s business. ACC and its affiliates cannot always prevent misconduct of employees of ACC’s affiliates, and the precautions its affiliates take to prevent and detect this activity may not be effective in all cases. Preventing and detecting misconduct among ACC’s affiliates franchisee advisors presents additional challenges in that they control their own technology environment on a day-to-day basis and could have an adverse effect on ACC’s business. ACC’s reputation depends on its continued identification of and mitigation against conflicts of interest. ACC has procedures and controls that are designed to identify, address and appropriately disclose perceived conflicts of interest, though ACC’s reputation could be damaged if ACC fails, or appears to fail, to address conflicts of interest appropriately.
The direct and indirect effects of climate change could adversely affect ACC’s business and operations, both directly and as a result of impacts on ACC’s clients, counterparties and entities whose securities it holds.
ACC operates in many regions and communities where ACC’s business, and the activities of ACC’s clients and counterparties, could be adversely affected by climate change. Climate change may increase the severity and frequency of weather-related catastrophes, or adversely affect ACC’s investment portfolio or investor sentiment. This includes the potential for an increase in the frequency and severity of weather-related disasters and pandemics. In addition, climate change regulation may affect the prospects of companies and other entities whose securities ACC’s holds, or ACC’s willingness to continue to hold their securities. Climate change may also influence investor sentiment with respect to ACC and investments in ACC’s portfolio. Climate risks can also arise from the inconsistencies and conflicts in the manner in which climate policy, disclosure requirements and financial regulation is implemented in the many regions where ACC operates, including initiatives to apply and enforce policy and regulation with extraterritorial effect. Transition risks may arise from societal adjustment to a lower-carbon economy, such as changes in public policy, adoption of new technologies or changes in consumer preferences towards low-carbon goods and services. These risks could also be influenced by changes in the physical climate. Overall, ACC cannot predict or estimate the long-term impacts from climate change or related regulation.
ACC’s operational systems and networks (as well as those of third parties) are subject to evolving cybersecurity or other technological risks, which could result in the disclosure of confidential information, loss of ACC’s proprietary information, damage to ACC’s reputation, additional costs to ACC, regulatory penalties and other adverse impacts.
The business of ACC and its affiliates is reliant upon internal and third-party-controlled, -developed and -operated software (which includes open source software), technology systems and networks to process, transmit and store information, including current, potential and former clients’, advisors’ personal information, as well as proprietary information, and to conduct many business
        5
Index
Ameriprise Certificate Company
activities and transactions. Maintaining the security and integrity of the software, information and these systems and networks, and appropriately responding to any cybersecurity and privacy incidents (including attempts to attack or access ACC’s network), is critical to the success of ACC’s business operations, including ACC’s reputation, to the retention of AFS’s advisors and clients, and to the protection of ACC’s proprietary information and clients’ personal information.
ACC and its affiliates rely on the third parties with whom it does business to identify and remediate software and other vulnerabilities in the assets and systems they use to run their business before they can be exploited by bad actors, but the third parties cannot always do so. For example, zero-day vulnerabilities in software and other technology solutions are immediately exploitable by bad actors as occasionally happens with certain of ACC’s affiliates’ vendors in the industry. ACC and its affiliates routinely face attacks and seek to address evolving threats of which we become aware. ACC and its affiliates have been able to identify, protect, detect, respond to and recover from these attacks to date without a material loss of client financial assets or information through the use of ongoing internal and external threat monitoring and by making continual adjustments to ACC’s security and incident response capabilities.
Employees of ACC’s affiliates, as well as service providers and clients, have also been threatened by, among others, phishing, vishing, and spear phishing scams, social engineering attacks (such as direct voice contact and any technology or communication mechanism to contact a person), account takeovers, introductions of malware, attempts at electronic break-ins, and the submission of fraudulent payment requests. The number of threats and events has increased substantially every year, which is expected to continue, particularly as the use of AI makes these attempts look more legitimate and is leveraged to improve their effectiveness. Attempted or successful breaches or interference by third parties or by insiders that may occur in the future could have a material adverse impact on ACC’s business, reputation, financial condition or results of operations.
On a corporate basis, various laws and regulations, and in some cases contractual obligations, require ACC’s affiliates to establish and maintain corporate policies and technical and operational measures designed to protect sensitive client, contractor and vendor information, and to respond to cybersecurity incidents in certain ways and timeframes. ACC’s affiliates have established policies and implemented such technical and operational measures and have in place policies that require AFS’s service providers and franchisee advisors, each of which control locally their own technology operations, to do the same. The hybrid work environment among ACC’s affiliates’ employees adds complexity to monitoring and processing procedures. Changes in ACC’s business or technological advancements may also require corresponding changes in ACC’s systems, networks and data security and response measures. While accessing ACC and its affiliates products and services, ACC’s clients may use computers and other devices that sit outside of ACC and its affiliates security control environment. In addition, the ever-increasing reliance on technology systems and networks and the occurrence and potential adverse impact of attacks on such systems and networks, both generally and in the financial services industry, have enhanced government and regulatory scrutiny of the measures taken by companies to protect against cybersecurity threats and report incidents they suffer. As these threats, and government and regulatory oversight of associated risks, continue to evolve, ACC may be required to expend significant additional resources (both direct financial resources and indirect costs like people) to enhance or expand upon the technical and operational security and response measures ACC and its affiliates currently maintain. These regulator-driven changes may adversely impact the client experience by, for example, requiring multiple or new means of verifying the identity of a client before they can interact with ACC.
Despite the measures ACC has taken and may in the future take to address and mitigate cybersecurity, privacy and technology risks, ACC cannot be certain that ACC and its affiliates systems and networks, or those used by its vendors, will not be subject to successful attacks, breaches or interference. Nor can ACC guarantee that AFS franchise advisors will comply with ACC and its affiliates policies and procedures in this regard, that clients will engage in safe and secure online practices or that vendors will effectively deploy and maintain the security measures and protocols that ACC and its affiliates impose. Furthermore, human error occurs from time to time and such mistakes can lead to the inadvertent disclosure of sensitive information. ACC and its affiliates have a vendor management process, but at times, ACC and its affiliates’ software or service providers could push through updates that are not fully disclosed to us (or tested by them) and that could alter the control posture of their products. Any such event may result in operational disruptions, as well as unauthorized access to or the disclosure or loss, of ACC’s proprietary information or ACC’s affiliates’ client, employee, vendor or advisor personal information, which in turn may result in legal claims, regulatory scrutiny and liability, reputational damage, the incurrence of costs to respond to, eliminate, or mitigate further exposure, the loss of clients or AFS advisors, or other damage to ACC’s business. While ACC and its affiliates maintain cyber liability insurance that provides both third-party liability and first-party liability coverages, it may not protect ACC against all cybersecurity- and privacy-related losses. Furthermore, ACC may be subject to indemnification costs and liability to third parties if ACC breaches any confidentiality or security obligations regarding vendor data or for losses related to the data. In addition, the trend toward broad consumer and general-public notification of such incidents, including those where ACC and its affiliates’ vendors are the party being breached, could exacerbate the harm to ACC’s business, reputation, financial condition or results of operations in the event of a breach. Even if ACC and its affiliates successfully protect ACC’s technology infrastructure and the confidentiality of sensitive data and conduct appropriate incident response, ACC may incur significant expenses in connection with ACC’s responses to any such attacks, as well as the adoption, implementation and maintenance of appropriate security measures. In addition, ACC and its affiliates’ regulators may seek to hold ACC’s affiliate responsible for the acts, mistakes or omissions of vendors or AFS franchise advisors even where they procure and control much of the physical office space and technology infrastructure they use to operate their businesses locally.
        6
Index
Ameriprise Certificate Company
Protection from system interruptions and operating errors is important to ACC’s business. If ACC experiences a sustained interruption to ACC’s telecommunications or data processing systems, or other failure in operational execution, it could harm ACC’s business.
Operating errors and system or network interruptions could delay and disrupt ACC’s operations. Interruptions could be caused by mistake, malfeasance or other operational failures by service provider staff or ACC’s affiliates’ employee error or malfeasance, interference by third parties, including hackers, ACC’s implementation of new technology, maintenance of existing technology or natural disasters, each of which may impact ACC’s ability to run its systems or encounter varying downtime. Though ACC plans for resiliency in its systems and test these capabilities, it could face additional downtime or data loss if its plans do not work as expected during a real event. ACC’s financial, accounting, human resources, data processing or other operating systems and facilities may fail to operate or report data properly, experience connectivity disruptions or otherwise become disabled as a result of events that are wholly or partially beyond ACC’s control, adversely affecting ACC’s ability to process transactions or provide products and services to clients (some of which have regulatory required response times).
ACC and its affiliates rely on third-party service providers and vendors for certain communications, technology and business functions and other services, and ACC and its affiliates face the risk of their operational failure (including, without limitation, loss of staff due to widespread illness, failure caused by an inaccuracy, untimeliness or other deficiency in data reporting), technical or security failures, termination or capacity constraints of any of the third-party service providers that ACC or its affiliates use to facilitate or are component providers to ACC’s activities. Any such failure, termination or constraint or flawed execution or response could adversely impact ACC’s ability to effect transactions, service clients, manage exposure to risk, or otherwise achieve desired outcomes.
Risk management policies and procedures may not be fully effective in identifying or mitigating risk exposure in all market environments, products, vendors or against all types of risk, including ACC’s affiliates’ financial advisor misconduct.
ACC’s policies and procedures to identify, monitor and manage risks may not be fully effective in mitigating ACC’s risk exposure in all market environments or against all types of risk. Many of ACC’s methods of managing risk and the associated exposures are based upon observed historical market behavior or statistics based on historical models. Experience may not emerge as expected and during periods of market volatility or due to unforeseen events, the historically derived experience and correlations may not be valid. As a result, these methods may not predict future exposures accurately, which could be significantly greater than what ACC’s models indicate. Further, some controls are manual and are subject to inherent limitations. This could cause ACC to incur investment losses or cause ACC’s hedging and other risk management strategies to be ineffective. Other risk management methods depend upon the evaluation of information regarding markets, clients, catastrophe occurrence or other matters that are publicly available or otherwise accessible to ACC, which may not always be accurate, complete, up-to-date or properly evaluated.
ACC’s financial performance also requires ACC to develop, effectively manage, and market new or existing products and services that appropriately anticipate or respond to changes in the industry and evolving client demands. The development and introduction of new products and services require continued innovative effort and may require significant time, resources, and ongoing support. Further, avoiding introducing or encouraging certain new products (such as cryptocurrency) creates the risk of losing assets or new flows to competitors who encourage or support these products. Substantial risk and uncertainties are associated with the introduction and ongoing maintenance of new products and services, including the implementation of new and appropriate operational controls and procedures, shifting and sometimes contradictory client and market preferences, the introduction of competing products or services and compliance with regulatory requirements.
AI (including Generative AI) presents many benefits in terms of operating efficiency, but also certain risks that ACC needs to seek to mitigate through its strategic and risk management policies, such as reliance on information that may be inaccurate or unfairly discriminatory results. ACC and its vendors, along with developers of AI solutions, rely on third‑party and commercial AI technologies that could introduce risks that are not anticipated by existing governance, vendor risk management and model oversight frameworks. Failure to adequately mitigate such risks at the design or development stage could lead to problems when AI technologies are deployed. A growing patchwork of state AI laws with differing definitions, obligations and compliance expectations may require adjustments to ACC’s processes, documentation and oversight of third‑party technology, and how it manages AI use in its business. At the same time, more prescriptive frameworks in certain jurisdictions—such as the European Union—include detailed governance, transparency and reporting expectations that may not align with expectations or requirements elsewhere, increasing operational complexity.
Management of operational, legal and regulatory risks requires, among other things, policies and procedures to record properly and verify a large number of transactions and events, and these policies and procedures may not be fully effective in mitigating ACC’s risk exposure in all market environments or against all types of risk, including those associated with ACC’s or its affiliates’ key vendors. Insurance and other traditional risk-shifting tools may be held by or available to ACC in order to manage certain exposures, but they are subject to terms such as deductibles, coinsurance, limits and policy exclusions, as well as risk of counterparty denial of coverage, default or insolvency.
The occurrence of natural or man-made disasters and catastrophes could adversely affect the results of operations and financial condition of ACC.
The occurrence of natural disasters and catastrophes, including earthquakes, hurricanes, floods, tornadoes, fires, blackouts, severe winter weather, explosions, pandemic disease and global health emergencies and man-made disasters, including acts of terrorism,
        7
Index
Ameriprise Certificate Company
riots, civil unrest including large-scale protests, insurrections and military actions, could adversely affect the results of operations or financial condition of ACC. Such disasters and catastrophes may impact ACC directly by damaging its facilities, preventing service providers or employees of its affiliates from performing their roles or otherwise disturbing its ordinary business operations. These impacts could be particularly severe to the extent they affect access to physical facilities or the physical well-being of large numbers of employees of ACC’s affiliates, ACC’s computer-based data processing, transmission, storage and retrieval systems and destroy or release valuable data. Such disasters and catastrophes may also impact ACC indirectly by changing the condition and behaviors of its clients, business counterparties and regulators, as well as by causing declines or volatility in the economic and financial markets, which could in turn have an adverse effect on ACC’s investment portfolio.
ACC cannot predict the impact that changing climate conditions may have on the frequency and severity of natural disasters or on overall economic stability and sustainability. As such, ACC cannot be sure that its actions to identify and mitigate the risks associated with such disasters and catastrophes will be effective.
Legal, Regulatory and Tax Risks
ACC’s business is regulated and changes in legislation or regulation may reduce ACC’s profitability and limit its growth.
ACC operates in a regulated industry. As a registered investment company, ACC must observe certain governance, disclosure, record-keeping, marketing, privacy, data protection and other operating requirements. Various regulatory and governmental bodies have the authority to review ACC’s products and business practices and to bring regulatory or other legal actions against ACC if, in their view, ACC’s practices are improper. Any enforcement actions, investigations or other proceedings brought against ACC or its directors or employees of its affiliates by its regulators may result in fines, injunctions or other disciplinary actions that could harm ACC’s reputation or impact ACC’s results of operations. Further, any future legislation or changes to the laws and regulations applicable to ACC’s business such as possible changes brought about by any U.S. Department of Labor applicable regulation as well as state and other fiduciary rules, the SEC best interest standards, or similar standards such as the Certified Financial Planner Board standards pertaining to the fiduciary status of investment advice providers to retirement investors (primarily account holders in 401(k) plans and IRAs and other types of Employee Retirement Income Security Act of 1974, as amended (“ERISA”) clients) and related issues. Each of these has a potential impact regarding how ERISA investment advice fiduciaries and others can provide products manufactured by affiliates to, or engage in certain principal transactions with, retirement investors, including incremental requirements, costs and risks that may be imposed on ACC as a result of such changes, may affect the operations and financial condition of ACC. In addition, after the conversion of Ameriprise Bank into a federal savings bank, Ameriprise Financial became subject to ongoing supervision by the FRB. As a subsidiary of Ameriprise Financial, ACC is (absent exclusion or exemption) required to comply with certain limits on its activity, including investment limitations on its portfolio and other limitations under applicable banking laws. Failure to meet one or more of certain requirements and regulations would mean, depending on the violation and any agreement then reached with the FRB, Ameriprise Financial (and therefore ACC) could not undertake new activities, continue certain activities, or make certain acquisitions until such violation is cured.
ACC’s business is subject to comprehensive legal requirements concerning the use and protection of personal information, including client information, from a multitude of different functional regulators and law enforcement bodies. This regulatory framework is rapidly changing through an ever-increasing patchwork of state laws and regulation (such as the California Consumer Privacy Act and the California Privacy Rights Act). Further developments could negatively impact ACC’s business and operations.
Changes in corporate tax laws and regulations and changes in the interpretation of such laws and regulations, as well as adverse determinations regarding the application of such laws and regulations, could adversely affect ACC’s earnings.
ACC is subject to the income tax laws of the U.S., its states and municipalities. ACC makes judgments and interpretations about the application of these inherently complex tax laws when determining the provision for income taxes and also makes estimates about when in the future certain items affect taxable income in the various tax jurisdictions. In addition, changes to the Internal Revenue Code, administrative rulings or court decisions could increase ACC’s provision for income taxes and reduce ACC’s earnings. Furthermore, guidance issued by the U.S. Department of Treasury and others has been critical to the application and impact of new laws and in avoiding unintended impacts from legislation. The jurisdictions ACC operates in may not always provide clear guidance that is responsive to industry questions and concerns. If guidance is unclear, it could increase ACC’s taxes or create a potential for disagreement about interpretation of the tax code.
Many of the products that ACC or Ameriprise Financial and its affiliates offer or on which these businesses are based receive favorable treatment under current income or estate tax law. Changes in current income or estate tax law could reduce or eliminate the tax advantages of certain of Ameriprise Financial’s products and thus make such products or ACC’s products less attractive to clients or cause a change in client demand and activity.
Changes in and the adoption of accounting standards could have a material impact on ACC’s financial statements.
ACC’s accounting policies provide a standard for how it records and reports its financial condition and results of operations. ACC prepares its financial statements in accordance with U.S. generally accepted accounting principles. It is possible that accounting changes could have a material effect on ACC’s financial condition and results of operations. The Financial Accounting Standards Board, the SEC and other regulators often change the financial accounting and reporting standards governing the preparation of
        8
Index
Ameriprise Certificate Company
ACC’s financial statements. These changes are difficult to predict and could impose additional governance, internal control and disclosure demands. In some cases, ACC could be required to apply a new or revised standard retrospectively, resulting in restating prior period financial statements.
Item 1B. Unresolved Staff Comments
Not applicable as ACC is not an accelerated filer, a large accelerated filer or a well-known seasoned issuer.
Item 1C. Cybersecurity
Risk Management and Strategy
Cybersecurity is a key part of our business and client experience and is integrated into our enterprise risk management processes and policies. We maintain written policies, processes and procedures that seek to identify, protect, detect, respond to, and recover from known and emerging cybersecurity risks. Our program includes consuming threat intelligence and ongoing monitoring of known external threats. We also have operating policies and procedures designed to comply with applicable requirements in jurisdictions we operate in globally. Our policies and procedures are regularly reviewed and internally assessed to enhance our corporate security capabilities. We make ongoing investments in our technology infrastructure to support cybersecurity efforts and support reliability and the user experience. We offer clients and affiliated advisors a variety of options to help secure their information, including requiring multi-factor authentication and the use of secure messaging sites. We provide our affiliated advisors with ongoing security training and periodically test their skills and understanding with various cybersecurity exercises.
We remain vigilant against cybersecurity risks as part of operating our business. Our cybersecurity team is led by experienced staff, including our Chief Information Officer, who has been with the company in various technology positions since 2002. Previously, he worked for other companies holding senior delivery and architecture roles and holds both a bachelor’s degree in engineering and an MBA. Our Chief Information Security Officer has over 30 years of broad IT experience, with expertise in Information Security. His background also includes systems design and development, and he has expertise in database administration and database platforms across both mainframe and distributed platforms. Prior to joining the company, he worked as a consultant and a developer at other companies. Our risk management approach involves a matrixed structure of leaders who bring various levels of cybersecurity and technology expertise to their areas of risk management. Our technology team relies on their enterprise-wide colleagues’ expertise when needed to plan, respond, and mitigate incidents, as needed.
We conduct regular vulnerability scanning and related remediation activities for our applications and systems. We have documented expectations for the patching and updating of our software environment and set similar expectations for our affiliated financial advisors and third-party service providers where they retain control of their environment. Our cybersecurity approach supports both business continuity and risk mitigation. Should an incident occur, we have plans in place that are designed to mitigate the impact to our operations while we respond and recover, if necessary. We run a global security operations center that continuously monitors our networks and systems and is prepared to contact the appropriate teams to respond to an incident should one occur. Depending on the incident, the response group may include participation from a wide variety of groups across the enterprise. We conduct regular exercises to verify that our business continuity plans are capable of recovering our operating capabilities in line with our business needs and expectations. In addition, our global privacy team provides oversight and support to business and staff groups in conducting annual risk assessments regarding the secure handling of personally identifiable information.
Additionally, as part of our formal procurement and vendor management process, we ask our third-party service providers to have and maintain cybersecurity programs that are consistent with our legal and regulatory obligations, and we review cybersecurity risk assessments of those third-party service providers who provide key technology and services. For third-party service providers that do go through our formal procurement process and vendor risk management assessment, our Enterprise Third-Party Risk Management team assigns tiers. The tiers are based on a combination of criteria, including the services provided and the information to which they have access, to focus the most detailed reviews and the most frequent assessments on highest tiered third-party service providers, while also maintaining an appropriate level of review and monitoring on lower tiers. Some third-party service providers who enter into contracts with us outside of the formal procurement process may still be subject to providing information about their security programs based on services performed.
Our Enterprise Third-Party Risk Management Office provides oversight and support to the business teams as end-users of the third-party service providers’ goods and services, while also providing a conduit through which oversight can be conducted by our management and Board of Directors. When a third-party service provider is off-boarded through our procurement and third-party risk management process, they are subject to an off-boarding review when the relationship ends that is designed to obtain the return or destruction of our information. Our Enterprise Third-Party Risk Management Office provides risk assessment reporting to business teams, internal risk management committees and our executive leadership. The reporting structure supports an effective design of the program, provides transparency, and drives regulatory compliance. Third-party service providers that participate in the delivery of services to us, as well as their fourth-parties, are also generally expected to have and maintain cybersecurity defenses, so long as they participate in the delivery of services to us to help protect our systems and our clients from incursions through third-party services’ systems. Should one of our third-party service providers suffer a breach in their or their fourth-party systems, we rely on them to inform us and work with us to protect our systems, remediate breaches, and mitigate the impact to our clients and our technology.
        9
Index
Ameriprise Certificate Company
Governance
Strong ongoing governance practices and policies support our cybersecurity program. The Board of Directors and the Audit Committee are central to the oversight of the Company’s cybersecurity risk management program operated by senior management. In addition to the Board of Directors receiving annual cybersecurity updates, the Audit Committee discusses with management, the General Auditor, and others the company’s enterprise-wide risk assessment and risk management processes. These updates to the Board of Directors and Audit Committee include a review of prevailing material risks and exposures, including cybersecurity and data protection threats and risks, the actions taken to address these threats and mitigate these risks, and the design and effectiveness of our processes and controls in light of evolving market, business, regulatory, and other conditions. These processes and information sharing enable the Board of Directors, the Audit Committee, and our management team to remain informed and aligned about our approach to cybersecurity risk, and the monitoring of these risks and incidents, as appropriate. Our executive Vice President of Technology and Chief Information Officer, our Chief Information Security Officer, our Chief Risk Officer and other officers regularly review with our Board of Directors and the Audit Committee topics such as the following: the cyber threat landscape, including evolving trends such as the use of Generative AI in cyber threats; the design, effectiveness and ongoing enhancement of our capabilities to identify, protect, detect, respond to and recover from cyber threats and events; and any incidents that merit discussion.
During 2025, the Board of Directors reviewed and received reports on our identity theft prevention and privacy programs, including the following topics: emerging risks, identity theft threats, experience and trends; the effectiveness of existing controls and planned enhancements to controls; and key areas of focus for the identity theft and privacy programs.
Item 2. Properties
ACC occupies office space in Minneapolis, Minnesota, which is owned by Ameriprise Financial or a subsidiary thereof.
Item 3. Legal Proceedings
For a discussion of any material legal proceedings, see Note 12 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference.
Item 4. Mine Safety Disclosures
Not applicable.
        10
Ameriprise Certificate Company
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
All of the Ameriprise Certificate Company (“ACC”) outstanding common stock is owned by Ameriprise Financial, Inc. (“Ameriprise Financial”). There is no established public trading market for ACC’s common stock.
Frequency and amount of capital transactions with Ameriprise Financial during the past two years were: 
Dividends to Ameriprise FinancialReturn of Capital to Ameriprise FinancialReceipt of Capital from Ameriprise Financial
(in millions)
Year Ended December 31, 2025
March 27, 2025
$44.2 $13.8 $— 
June 30, 2025
22.9 37.1 — 
September 29, 2025
26.8 61.2 — 
December 29, 2025
25.8 34.2 — 
Total
$119.7 $146.3 $— 
Year Ended December 31, 2024
March 27, 2024
$37.0 $— $— 
June 27, 2024
55.0 — — 
September 26, 2024
63.0 — — 
December 27, 2024
70.0 — — 
Total$225.0 $— $— 
Restriction on ACC’s present or future ability to pay dividends to Ameriprise Financial:
•Appropriated retained earnings resulting from the pre-declaration of additional credits to ACC’s certificate product owners are not available for the payment of dividends by ACC. In addition, ACC will discontinue issuance of certificates subject to the pre-declaration of additional credits and will make no further pre-declaration as to outstanding certificates if at any time the calculation of ACC’s capital and unappropriated retained earnings should be less than 5% of certificate reserves (less outstanding certificate loans).
Item 6. [Reserved]
        11
Index
Ameriprise Certificate Company
Item 7. Management’s Narrative Analysis
The following information should be read in conjunction with Ameriprise Certificate Company’s (“ACC’s”) Consolidated Financial Statements and Notes included elsewhere in this report. The following discussion may contain forward-looking statements that reflect ACC’s plans, estimates and beliefs. Actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below under “Forward-Looking Statements” and elsewhere in this Annual Report on Form 10-K, particularly in Part 1 - Item 1A - “Risk Factors.”
ACC is a wholly owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial”). ACC is registered as an investment company under the Investment Company Act of 1940 and is in the business of issuing face-amount investment certificates. Face-amount investment certificates issued by ACC entitle the certificate owner to receive at maturity a stated amount of money and interest or credits declared from time to time by ACC, at its discretion. The certificates issued by ACC are not insured by any government agency. ACC’s certificates are sold primarily by Ameriprise Financial Services, LLC (“AFS”), an affiliate of ACC. AFS is registered as a broker-dealer in all 50 states, the District of Columbia and Puerto Rico. ACC’s investment portfolio is managed by Columbia Management Investment Advisers, LLC (“CMIA”), a wholly owned subsidiary of Ameriprise Financial.
Management’s narrative analysis of the results of operations is presented in lieu of Management’s Discussion and Analysis of financial condition and results of operations, pursuant to General Instructions I(2)(a) of Form 10-K.
Current Macroeconomic Environment
ACC operates its business in the broader context of the macroeconomic forces around it, including the global and U.S. economies, changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, pandemics, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments. Financial markets and macroeconomic conditions have had and will continue to have a significant impact on ACC’s operating and performance results. ACC’s success may be affected by the factors discussed in Part 1 - Item 1A “Risk Factors” in this report and other factors as discussed herein.
Recent Accounting Pronouncements and Significant Accounting Policies
For information regarding recent accounting pronouncements and their expected impact on ACC’s future results of operations or financial condition and significant accounting policies, see Note 1 to ACC’s Consolidated Financial Statements beginning on page F-9 of this Annual Report on Form 10-K.
Results of Operations
ACC’s net income is derived primarily from the after-tax yield on investments and realized investment gains (losses), less investment expenses and interest credited on certificate reserve liabilities. Net income trends occur largely due to changes in returns on ACC’s investment portfolio, from realization of investment gains (losses) and from changes in interest credited to certificate products. ACC follows U.S. generally accepted accounting principles (“GAAP”).
Net income decreased $8.6 million, or 8%, for 2025 compared to the prior year primarily due to lower investment income, partially offset by lower net provision for certificate reserves and lower investment expenses along with net realized gains on investments in the current year compared to net realized losses on investments in the prior year. Client deposits decreased $3.0 billion from the prior year to $8.2 billion. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past eight quarters.
Investment income decreased $220.9 million, or 30%, for 2025 compared to the prior year primarily reflecting lower average investment balances and a decrease in the average invested asset yield, driven by lower average short-term interest rates. Interest-bearing assets include $7.7 billion of Available-for-Sale securities, $0.8 billion of cash and cash equivalents, and $0.1 billion of loans and other assets. The ACC investment portfolio securities are mostly rated AA+ and primarily consist of structured assets and government bonds, of which 40% were floating rate and approximately 19% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of December 31, 2025. The duration of ACC investments was 1.4 years as of December 31, 2025 compared to 1.1 years as of December 31, 2024.
Investment expenses decreased $12.3 million, or 22%, for 2025 compared to the prior year due to volume-driven decreases in distribution, investment advisory, and transfer agent fees.
Net provision for certificate reserves decreased $193.3 million, or 35%, for 2025 compared to the prior year primarily due to lower average certificate balances as well as lower average client crediting rates. The average certificate reserve balance for ACC was $9.8 billion for 2025 compared to $12.5 billion for the prior year with the average crediting rate of 3.64% for 2025 compared to 4.42% for 2024.
Net realized gain (loss) on investments before income taxes increased $8.0 million for 2025 compared to the prior year primarily due to net realized gains on Available-for-Sale securities of $4.5 million for 2025 compared to net realized losses of $2.6 million in the prior year. Net realized gains in the current year were primarily related to gains on calls of asset backed securities. Realized losses in the prior year were primarily related to an allowance for credit losses on a downgraded commercial mortgage backed security.
        12
Index
Ameriprise Certificate Company
The effective tax rate was 23.6% for 2025 compared to 21.3% for the prior year. See Note 11 to the Consolidated Financial Statements for additional discussion on income taxes.
Fair Value Measurements
ACC reports certain assets and liabilities at fair value; specifically derivatives, embedded derivatives, and most investments and cash equivalents. Fair value assumes the exchange of assets or liabilities occurs in orderly transactions and is not the result of a forced liquidation or distressed sale. ACC includes actual market prices, or observable inputs, in its fair value measurements to the extent available. Broker quotes are obtained when quotes from pricing services are not available. ACC validates prices obtained from third parties through a variety of means such as: price variance analysis, subsequent sales testing, stale price review, price comparison across pricing vendors and due diligence reviews of vendors. See Note 8 to ACC’s Consolidated Financial Statements for additional information regarding ACC’s fair value measurements.
Forward-Looking Statements
This report contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” “on track,” “project,” “continue,” “able to remain,” “resume,” “deliver,” “develop,” “evolve,” “drive,” “enable,” “flexibility,” “scenario,” “case”, “appear”, “expand” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, which could cause actual results, performance or achievements to differ materially from expected results, performance or achievements. These statements are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, those factors, risks and uncertainties described in Part 1 - Item 1A - “Risk Factors” and elsewhere in this Annual Report on Form 10-K. ACC’s future results of operations and financial condition, as well as any forward-looking statements contained in this report, are made only as of the date hereof. ACC undertakes no obligation to update or revise any forward-looking statements.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
ACC has three principal components of market risk: interest rate risk, equity price risk and credit risk. Interest rate risk results from investing in assets that are somewhat longer and reset less frequently than the liabilities they support. ACC manages interest rate risk through the use of a variety of tools that from time to time include derivative instruments, such as interest rate swaps, caps and floors, which change the interest rate characteristics of client liabilities or investment assets. Due to certain provisions for certificates being impacted by the value of equity indices, from time to time ACC enters into risk management strategies that may include the use of equity derivative instruments, such as equity options, to mitigate ACC’s exposure to volatility in the equity markets.
Ameriprise Financial’s Financial Risk Management Committee (“FRMC”), which is comprised of senior managers, holds regularly scheduled meetings to review models projecting various interest rate scenarios and risk/return measures and their effect on various portfolios managed by Columbia Management Investment Advisers, LLC (“CMIA”), a wholly owned subsidiary of Ameriprise Financial, including that of ACC. ACC’s Board of Directors has delegated the responsibilities of the Investment Committee of ACC to the FRMC. FRMC’s objectives are to structure ACC’s portfolio of investment securities based upon the type and behavior of the certificates in the certificate reserve liabilities, to achieve targeted levels of profitability within defined risk parameters and to meet certificate contractual obligations.
ACC primarily invests in structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities and asset backed securities), U.S. government and agency obligations, corporate debt securities, and commercial mortgages to provide its certificate owners with a competitive rate of return on their certificates while managing risk. These investments provide ACC with a historically dependable and targeted margin between the interest rate earned on investments and the interest rate credited to certificate owners’ accounts. ACC does not invest in securities to generate short-term trading profits for its own account.
To evaluate interest rate and equity price risk, ACC performs sensitivity testing which measures the impact on pretax income from the sources listed below for a 12-month period following a hypothetical 100 basis point increase in interest rates or a hypothetical 10% decline in equity prices. The interest rate risk test assumes a sudden 100 basis point parallel shift in the yield curve, with rates then staying at those levels for the next 12 months. The equity price risk test assumes a sudden 10% drop in equity prices, with equity prices then staying at those levels for the next 12 months. In estimating the values of stock market certificates, ACC assumes no change in implied market volatility despite the 10% drop in equity prices.
        13
Index
Ameriprise Certificate Company
The following tables present ACC’s estimate of the impact on pretax income from the above defined hypothetical market movements as of December 31, 2025:
Equity Price Decline 10%Equity Price Exposure to Pretax Income
Before Hedge ImpactHedge ImpactNet Impact
 (in thousands)
Certificates$696 $(660)$36 
 Interest Rate Increase 100 Basis PointsInterest Rate Exposure to Pretax Income
Before Hedge ImpactHedge ImpactNet Impact
 (in thousands)
Certificates$(2,052)$— $(2,052)
Actual results could and likely will differ materially from those illustrated above as they are based on a number of estimates and assumptions. For example, the illustration above includes assuming that implied market volatility does not change when equity prices fall by 10% and that the 100 basis point increase in interest rates is a parallel shift of the yield curve. Furthermore, ACC has not tried to anticipate changes in client preferences for different types of assets or other changes in client behavior, nor has ACC tried to anticipate all strategic actions management might take to increase revenues or reduce expenses in these scenarios.
The selection of a 100 basis point interest rate increase as well as a 10% equity price decline should not be construed as a prediction of future market events. Impacts of larger or smaller changes in interest rates or equity prices will not be proportional to those shown for a 100 basis point increase in interest rates or a 10% decline in equity prices.
ACC has interest rate risk from its Flexible Savings Certificates and other fixed rate certificates. These products are investment certificates generally ranging in amounts from $1 thousand to $2 million with interest crediting rate terms ranging from three to 36 months. ACC guarantees an interest rate to the holders of these products. Payments collected from clients are primarily invested in fixed income securities to fund the client credited rate with the spread between the rate earned from investments and the rate credited to clients recorded as earned income. Client liabilities and investment assets generally differ as it relates to basis, repricing or maturity characteristics. Rates credited to clients generally reset at shorter intervals than the yield on underlying investments. This exposure is not currently hedged although ACC monitors its investment strategy and makes modifications based on changing liabilities and the expected interest rate environment. ACC also has interest rate risk from its Step-Up Rate Certificates, which was not material as of December 31, 2025. ACC had $8.1 billion in reserves included in Certificate reserves as of December 31, 2025 to cover the liabilities associated with these products.
ACC has equity price risk from its Stock Market Certificates. Stock Market Certificates are purchased for amounts generally from $1 thousand to $2 million for terms of 52, 104 or 156 weeks, which can be extended to a maximum of 15 years depending on the term. For each term the certificate holder can choose to participate 100% in any percentage increase in the S&P 500® Index up to a maximum return or choose partial participation in any increase in the S&P 500® Index plus a fixed rate of interest guaranteed in advance. If partial participation is selected, the total of equity-linked return and guaranteed rate of interest cannot exceed the maximum return. ACC had $86.0 million in reserves included in Certificate reserves as of December 31, 2025 to cover the liabilities associated with these products. Effective August 18, 2023, the Stock Market Certificate product was closed to new sales and add-on payments. The equity-linked return to investors creates equity price risk exposure. ACC seeks to minimize this exposure with purchased futures and call spreads that replicate what ACC must credit to client accounts. This risk continues to be fully hedged. Stock Market Certificates have interest rate risk as changes in interest rates affect the fair value of the payout to be made to the certificate holder. This risk is not currently hedged and was immaterial as of December 31, 2025.
Credit Risk
ACC is exposed to credit risk within its investment portfolio, including its loan portfolio, and through derivative counterparties. Credit risk relates to the uncertainty of an obligor’s continued ability to make timely payments in accordance with the contractual terms of the financial instrument or contract. ACC considers its total potential credit exposure to each counterparty and its affiliates to ensure compliance with pre-established credit guidelines at the time it enters into a transaction which would potentially increase ACC’s credit risk. These guidelines and oversight of credit risk are managed through ACC’s comprehensive enterprise risk management program that includes members of senior management.
ACC manages the risk of credit-related losses in the event of nonperformance by counterparties by applying disciplined fundamental credit analysis and underwriting standards, prudently limiting exposures to lower-quality, higher-yielding investments, and diversifying exposures by issuer, industry, region and underlying investment type. ACC remains exposed to occasional adverse cyclical economic downturns during which default rates may be significantly higher than the long-term historical average used in pricing.
ACC manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting arrangements that provide for a single net payment to be
        14
Index
Ameriprise Certificate Company
made by one counterparty to another at each due date and upon termination. Generally, ACC’s current credit exposure on over-the-counter derivative contracts is limited to a derivative counterparty’s net positive fair value of derivative contracts after taking into consideration the existence of netting arrangements and any collateral received. This exposure is monitored and managed to an acceptable threshold level.
Item 8. Financial Statements and Supplementary Data
See Index to Consolidated Financial Statements and Schedules on page F-1 hereof.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Disclosure Controls and Procedures
ACC maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) designed to provide reasonable assurance that the information required to be reported in the Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in and pursuant to U.S. Securities and Exchange Commission (“SEC”) regulations, including controls and procedures designed to ensure that this information is accumulated and communicated to ACC’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding the required disclosure. It should be noted that, because of inherent limitations, ACC’s disclosure controls and procedures, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the disclosure controls and procedures are met.
ACC’s management, under the supervision and with the participation of its principal executive officer and principal financial officer, evaluated the effectiveness of ACC’s disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, ACC’s principal executive officer and principal financial officer have concluded that ACC’s disclosure controls and procedures were effective at a reasonable level of assurance as of December 31, 2025.
Changes in Internal Control over Financial Reporting
There have not been any changes in ACC’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter of the year to which this report relates that have materially affected, or are reasonably likely to materially affect, ACC’s internal control over financial reporting.
Item 9B. Other Information
None.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
None.
PART III
Item 10. Directors, Executive Officers and Corporate Governance
Item omitted pursuant to General Instructions (I)(2)(c) of Form 10-K.
Item 11. Executive Compensation
Item omitted pursuant to General Instructions (I)(2)(c) of Form 10-K.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item omitted pursuant to General Instructions (I)(2)(c) of Form 10-K.
Item 13. Certain Relationships and Related Transactions, and Director Independence
Item omitted pursuant to General Instructions (I)(2)(c) of Form 10-K.
Item 14. Principal Accountant Fees and Services
The Board of Directors of ACC, at the recommendation of its Audit Committee, appointed PricewaterhouseCoopers LLP (“PwC”) as an independent registered public accounting firm to audit the Consolidated Financial Statements of ACC for the years ended December 31, 2025 and 2024.
Audit Fees
The aggregate fees billed or to be billed by PwC for each of the last two years for professional services rendered for the audit of ACC’s annual Consolidated Financial Statements and services that were provided in connection with statutory and regulatory filings were $122,000 and $128,000 for 2025 and 2024, respectively.
        15
Index
Ameriprise Certificate Company
Audit-Related Fees, Tax Fees, All Other Fees
ACC was not billed by PwC for any fees for audit-related fees, tax fees or any other fees for 2025 or 2024.
Policy on Pre-Approval of Services Provided by Independent Registered Public Accountants
Pursuant to the requirements of the Sarbanes-Oxley Act of 2002, the terms of the engagement of PwC are subject to the specific pre-approval of the Audit and Risk Committee of Ameriprise Financial. All audit and permitted non-audit services to be performed by PwC for ACC require pre-approval by the Audit and Risk Committee of Ameriprise Financial in accordance with pre-approval procedures established by the Audit and Risk Committee of Ameriprise Financial. The procedures require all proposed engagements of PwC for services to ACC of any kind to be directed to the General Auditor of Ameriprise Financial and then submitted for approval to the Audit and Risk Committee of Ameriprise Financial prior to the beginning of any services.
In addition, the charter of ACC’s Audit Committee requires pre-approval of any engagement, including the fees and other compensation, of PwC (1) to provide any services to ACC and prohibits the performance of certain specified non-audit services, and (2) to provide any non-audit services to Ameriprise Financial or any affiliate of Ameriprise Financial that controls, is controlled by, or under common control with Ameriprise Financial if the engagement relates directly to the operations and financial reporting of ACC. Certain exceptions apply to the pre-approval requirement.
In both 2025 and 2024, 100% of the services provided by PwC for ACC were pre-approved by the Audit and Risk Committee of Ameriprise Financial and the Audit Committee of ACC.
        16
Index
Ameriprise Certificate Company
PART IV
Item 15. Exhibits and Financial Statement Schedules
(a) 1.
Financial Statements:
See Index to Consolidated Financial Statements and Schedules on page F-1 hereof.
2.
Consolidated Financial Statement Schedules:
See Index to Consolidated Financial Statements and Schedules on page F-1 hereof.
3.
Exhibits:
The following exhibits are filed as part of this Annual Report or, where indicated, were already filed and are hereby incorporated by reference:
Exhibit
Description
Amended and Restated Certificate of Incorporation of American Express Certificate Company, dated August 1, 2005, filed electronically on or about March 10, 2006 as Exhibit 3(a) to Registrant’s Form 10-K is incorporated by reference.
By-Laws of Ameriprise Certificate Company, filed electronically on or about November 5, 2010 as Exhibit 3(b) to Registrant’s Form 10-Q, are incorporated herein by reference.
Amended and Restated Investment Advisory and Services Agreement, dated December 1, 2018, between Registrant and Columbia Management Investment Advisers, LLC filed electronically on or about February 27, 2019 as Exhibit 10(a) to Registrant’s Form 10-K is incorporated by reference.
Distribution Agreement, dated December 31, 2006, between Registrant and Ameriprise Financial Services, LLC (formerly Ameriprise Financial Services, Inc.) filed electronically on or about February 26, 2007 as Exhibit 1 to Post-Effective Amendment No. 35 to Registration Statement No. 2-95577 for Ameriprise Flexible Savings Certificate is incorporated herein by reference.
Amendment to the Distribution Agreement, dated May 28, 2025, between Registrant and Ameriprise Financial Services, LLC, effective June 1, 2025, filed electronically on or about August 5, 2025 as Exhibit 10(c) to Registrant’s Form 10-Q is incorporated by reference.
Depository and Custodial Agreement, dated December 31, 2006, between Registrant and Ameriprise Trust Company, filed electronically on or about February 26, 2007 as Exhibit 10(c) to Post-Effective Amendment No. 35 to Registration Statement No. 2-95577 for Ameriprise Flexible Savings Certificate is incorporated herein by reference.
Amendment to the Depositary and Custodial Agreement, dated June 17, 2025, between Registrant and Ameriprise Trust Company, filed on or about August 5, 2025 as Exhibit 10(e) to Registrant’s Form 10-Q, is incorporated herein by reference.
Transfer Agent Agreement, dated December 31, 2006 between Registrant and Columbia Management Investment Services Corp. (formerly RiverSource Client Service Corporation), filed electronically on or about February 26, 2007 as Exhibit 10(e) to Post-Effective Amendment No. 35 to Registration Statement No. 2-95577 for Ameriprise Flexible Savings Certificate is incorporated herein by reference.
First Amendment to Transfer Agent Agreement, dated January 1, 2013 between Registrant and Columbia Management Investment Services Corp. (formerly RiverSource Client Service Corporation), filed electronically on or about February 27, 2013 as Exhibit 10(d) to Registrant’s Form 10-K is incorporated herein by reference.
Second Amendment to Transfer Agent Agreement, dated January 1, 2017, between Registrant and Columbia Management Investment Services Corp. (formerly RiverSource Client Service Corporation), filed electronically on or about February 23, 2017 as Exhibit 10(d) to Registrant’s Form 10-K is incorporated by reference.
Administration and Services Agreement, dated October 1, 2005, between Columbia Management Investment Advisers, LLC (formerly RiverSource Investments, LLC) and Ameriprise Financial, Inc. filed electronically on or about March 10, 2006 as Exhibit 10(s) to Registrant’s Form 10-K is incorporated by reference.
Capital Support Agreement by and between Ameriprise Financial, Inc. and Ameriprise Certificate Company, dated as of March 2, 2009, filed electronically on or about March 3, 2009 as Exhibit 10(f) to Registrant’s Form 10-K is incorporated by reference.
First Amendment to Capital Support Agreement by and between Ameriprise Financial, Inc. and Ameriprise Certificate Company, effective April 30, 2014, filed electronically on or about May 5, 2014 as Exhibit 10(f)i to Registrant’s Form 10-Q, is incorporated herein by reference.
Amended and Restated Federal Income Tax Sharing Agreement between or among Ameriprise Financial, Inc. and certain subsidiaries, including Ameriprise Certificate Company, effective January 1, 2023 filed as Exhibit 10(a) to Form 10-Q on August 6, 2024, is incorporated by reference.
        17
Index
Ameriprise Certificate Company
Exhibit
Description
State Income Tax Sharing Agreement between or among Ameriprise Financial, Inc. and certain subsidiaries, including the Registrant, effective December 10, 2013 filed electronically on or about February 23, 2018 as Exhibit 10(m) to Registrant’s Form 10-K is incorporated by reference.
Agreement between Ameriprise Bank, FSB and Ameriprise Certificate Company (certain Ameriprise Rewards Fulfillment Services), dated December 1, 2022 filed electronically on or about February 23, 2023 as Exhibit 10(n) to Registrant’s Form 10-K is incorporated by reference.
Agreement between Ameriprise Financial, Inc. and Ameriprise Certificate Company (certain legacy Ameriprise Rewards Fulfillment Services), dated December 1, 2019 filed electronically on or about February 26, 2020 as Exhibit 10(o) to Registrant’s Form 10-K is incorporated by reference.
Code of Ethics under Rule 17j-1 for Ameriprise Certificate Company effective May 21, 2014, filed electronically on or about February 27, 2019 as Exhibit 14(a) to Registrant’s Form 10-K is incorporated by reference.
Code of Ethics adopted under Rule 17j-1 for Registrant’s investment adviser, dated September 2025.
Code of Ethics under Rule 17j-1 for Registrant’s underwriter, as revised January 1, 2026.
Directors’ Power of Attorney, dated November 12, 2025.
Certification of Abu M. Arif, Chief Executive Officer, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
Certification of Thomas Nickerson, Chief Financial Officer, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
Certification of Abu M. Arif, Chief Executive Officer and Thomas Nickerson, Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
* Filed electronically herewith.
Item 16. Form 10-K Summary
None.
        18
Index
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMERIPRISE CERTIFICATE COMPANY
Registrant

Date:
February 19, 2026
By
/s/ Abu M. Arif
Abu M. Arif
Director, President and Chief Executive Officer
(Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacity and on the dates indicated.
Date:
February 19, 2026
By
/s/ Abu M. Arif
Abu M. Arif
Director, President and Chief Executive Officer
(Principal Executive Officer)
Date:
February 19, 2026
By
/s/ Thomas A. Nickerson
 Thomas A. Nickerson
Vice President and Chief Financial Officer
(Principal Financial Officer)
Date:
February 19, 2026
By
/s/ Michael S. Mattox
Michael S. Mattox
Vice President, Controller and Chief Accounting Officer
Date:
February 19, 2026
By
/s/ Ronald L. Guzior*
Ronald L. Guzior
Director
Date:
February 19, 2026
By
/s/ Karen M. Bohn*
Karen M. Bohn
Director
Date:
February 19, 2026
By
/s/ Lorna P. Gleason*
Lorna P. Gleason
Director
Date:
February 19, 2026
By
/s/ Robert J. McReavy*
Robert J. McReavy
Director
*By
/s/ Abu M. Arif
Abu M. Arif
* Executed by Abu M. Arif pursuant to a Power of Attorney, dated November 12, 2025, filed electronically herewith as Exhibit 24 to the Registrant’s Form 10-K.
        19
Index
Ameriprise Certificate Company
Index to Consolidated Financial Statements and Schedules
Consolidated Financial Statements:
Page
Part I. Financial Information
F-2
F-3
F-4
F-5
F-7
F-8
F-9
F-9
F-13
F-14
F-17
F-19
F-20
F-21
F-23
F-28
F-29
F-30
F-31
Part II. Consolidated Financial Schedules
I. Investments in Securities of Unaffiliated Issuers — December 31, 2025 and 2024
F-32
III. Mortgage Loans on Real Estate and Interest Earned on Mortgages — Years Ended December 31, 2025, 2024 and 2023
F-69
V. Qualified Assets on Deposit — December 31, 2025 and 2024
F-76
VI. Certificate Reserves — Years Ended December 31, 2025, 2024 and 2023
F-77
VII. Valuation and Qualifying Accounts — Years Ended December 31, 2025, 2024 and 2023
F-95

All other Schedules required by Article 6 of Regulation S-X are not required under the related instructions or are inapplicable and therefore have been omitted.

        F-1
Index
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholder of Ameriprise Certificate Company
Opinion on the Financial Statements
We have audited the consolidated financial statements, including the related notes and financial statement schedules, of Ameriprise Certificate Company and its subsidiary (the “Company”) as listed in the accompanying index (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers and the application of alternative auditing procedures where securities purchased had not been received. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Valuation of Level 2 Available-for-Sale Securities
As described in Notes 1, 3, and 8 to the consolidated financial statements, available-for-sale securities are carried at fair value. As of December 31, 2025, the total fair value of available-for-sale securities was $7,706 million, which includes $6,348 million of level 2 securities. Level 2 securities include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations and other securities. The fair value of level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes.
The principal considerations for our determination that performing procedures relating to the valuation of level 2 available-for-sale securities is a critical audit matter are (i) a high degree of auditor subjectivity and effort in performing procedures and evaluating audit evidence related to the valuation and (ii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of level 2 available-for-sale securities. These procedures also included, among others (i) developing an independent range of prices for the securities by obtaining independent pricing from third party vendors, when available, and comparing the independent range of prices to management’s estimates to evaluate the reasonableness of management’s estimate, (ii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of management’s estimate by developing an independent range of prices for a sample of securities using independently determined assumptions related to available market inputs and comparing the independent range of prices to management’s estimate, and (iii) testing the completeness and accuracy of data provided by management.
/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
February 19, 2026
We have served as the Company’s auditor since 2010.
F-2
Index
Ameriprise Certificate Company
Consolidated Statements of Operations
Years Ended December 31,
2025
2024
2023
(in thousands)
Investment Income:  
Interest income:
Available-for-Sale securities$486,576 $689,576 $587,230 
Commercial mortgage loans and syndicated loans7,682 9,731 10,613 
Cash and cash equivalents28,814 44,766 62,184 
Certificate loans2 1 3 
Other(74)(206)83 
Total investment income523,000 743,868 660,113 
Investment Expenses:
Ameriprise Financial and affiliated company fees:
Distribution10,968 18,390 18,501 
Investment advisory and services22,037 25,284 27,819 
Transfer agent8,656 9,518 10,344 
Depository77 88 88 
Other618 1,327 681 
Total investment expenses42,356 54,607 57,433 
Net investment income before provision for certificate reserves and income taxes480,644 689,261 602,680 
Provision for Certificate Reserves:
According to the terms of the certificates:
Provision for certificate reserves259 398 424 
Interest on additional credits— — 1 
Additional credits/interest authorized by ACC358,362 551,986 467,934 
Total provision for certificate reserves before reserve recoveries358,621 552,384 468,359 
Reserve recoveries from terminations prior to maturity(1,329)(1,755)(1,961)
Net provision for certificate reserves357,292 550,629 466,398 
Net investment income before income taxes123,352 138,632 136,282 
Income tax expense29,235 29,549 33,520 
Net investment income, after-tax94,117 109,083 102,762 
Net realized gain (loss) on investments:
Securities of unaffiliated issuers before income taxes4,562 (3,472)(817)
Income tax expense (benefit)958 (729)(172)
Net realized gain (loss) on investments, after-tax3,604 (2,743)(645)
Net income$97,721 $106,340 $102,117 
See Notes to Consolidated Financial Statements.
F-3
Index
Ameriprise Certificate Company
Consolidated Statements of Comprehensive Income
Years Ended December 31,
2025
2024
2023
(in thousands)
Net income
$97,721 $106,340 $102,117 
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period35,490 28,539 42,061 
Reclassification of net (gains) losses on securities included in net income(3,516)2,018 197 
Total other comprehensive income (loss), net of tax
31,974 30,557 42,258 
Total comprehensive income (loss)
$129,695 $136,897 $144,375 
See Notes to Consolidated Financial Statements.
F-4
Index
Ameriprise Certificate Company
Consolidated Balance Sheets
December 31,
2025
2024
(in thousands, except share data)
ASSETS
  
Qualified Assets
Investments in unaffiliated issuers:
Cash and cash equivalents$775,589 $823,843 
Available-for-Sale securities:
Fixed maturities, at fair value (amortized cost: 2025, $7,725,367; 2024, $11,022,239; allowance for credit losses: 2025, $3,432; 2024, $3,669)
7,705,871 10,960,489 
Commercial mortgage loans and syndicated loans, at amortized cost (fair value: 2025, $144,429; 2024, $148,635; allowance for credit losses: 2025, $487; 2024, $709)
143,525 150,377 
Certificate loans – secured by certificate reserves, at cost, which approximates fair value29 41 
Total investments8,625,014 11,934,750 
Receivables:
 
Dividends and interest23,277 34,321 
Receivables from brokers, dealers and clearing organizations920 2,653 
Other receivables374 331 
Total receivables24,571 37,305 
Derivative assets
9,400 12,858 
Total qualified assets8,658,985 11,984,913 
Other Assets:
 
Deferred taxes, net8,344 15,854 
Taxes receivable from parent— 677 
Due from related party31 — 
Prepaid expenses30 29 
Total other assets8,405 16,560 
Total assets$8,667,390 $12,001,473 
See Notes to Consolidated Financial Statements.



F-5
Index
Ameriprise Certificate Company
Consolidated Balance Sheets (continued)
December 31,
2025
2024
(in thousands, except share data)
LIABILITIES AND SHAREHOLDER’S EQUITY
  
Liabilities
  
Certificate reserves:
  
Reserves to mature - installment certificates$11,158 $11,384 
Reserves to mature - fully paid certificates8,128,196 11,177,402 
Additional credits and accrued interest14,087 23,226 
Due to unlocated certificate holders1,134 662 
Total certificate reserves8,154,575 11,212,674 
Accounts payable and accrued liabilities:
 
Due to related party9,138 18,087 
Taxes payable to parent2,516 24 
Payables to brokers, dealers and clearing organizations213 118,384 
Total accounts payable and accrued liabilities11,867 136,495 
Derivative liabilities
7,317 9,213 
Other liabilities
28,681 41,836 
Total liabilities8,202,440 11,400,218 
Shareholder’s Equity
 
Common shares ($10 par value, 150,000 shares authorized and issued)
1,500 1,500 
Additional paid-in capital
465,819 612,167 
Retained earnings:
Appropriated for pre-declared additional credits and interest46 2,635 
Appropriated for additional interest on advance payments15 15 
Unappropriated8,126 27,468 
Accumulated other comprehensive income (loss), net of tax
(10,556)(42,530)
Total shareholder’s equity464,950 601,255 
Total liabilities and shareholder’s equity$8,667,390 $12,001,473 
See Notes to Consolidated Financial Statements.
F-6
Index
Ameriprise Certificate Company
Consolidated Statements of Shareholder’s Equity
Number of Outstanding SharesCommon SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss), Net of TaxTotal
Appropriated for Pre-Declared Additional Credits and InterestAppropriated for Additional Interest on Advance PaymentsUnappropriated
(in thousands, except share data)
Balance at January 1, 2023
150,000 $1,500 $481,667 $15,960 $15 $30,686 $(115,345)$414,483 
 Net income
— — — — — 102,117 — 102,117 
 Other comprehensive income (loss), net of tax
— — — — — — 42,258 42,258 
Transfers between appropriated and unappropriated, net
— — — 11,071 — (11,071)— — 
Capital contribution from parent
— — 130,500 — — — — 130,500 
Balance at December 31, 2023
150,000 1,500 612,167 27,031 15 121,732 (73,087)689,358 
 Net income
— — — — — 106,340 — 106,340 
 Other comprehensive income (loss), net of tax
— — — — — — 30,557 30,557 
Transfers between appropriated and unappropriated, net
— — — (24,396)— 24,396 — — 
Dividend to parent
— — — — — (225,000)— (225,000)
Balance at December 31, 2024
150,000 1,500 612,167 2,635 15 27,468 (42,530)601,255 
 Net income
— — — — — 97,721 — 97,721 
 Other comprehensive income (loss), net of tax
— — — — — — 31,974 31,974 
Transfers between appropriated and unappropriated, net
— — — (2,589)— 2,589 — — 
Dividend to parent
— — — — — (119,652)— (119,652)
Return of capital to parent
— — (146,348)— — — — (146,348)
Balance at December 31, 2025
150,000 $1,500 $465,819 $46 $15 $8,126 $(10,556)$464,950 
See Notes to Consolidated Financial Statements.
F-7
Index
Ameriprise Certificate Company
Consolidated Statements of Cash Flows
Years Ended December 31,
2025
2024
2023
(in thousands)
Cash Flows from Operating Activities
Net income$97,721 $106,340 $102,117 
Adjustments to reconcile net income to net cash provided by (used in) operating activities: 
Amortization of premiums, accretion of discounts, net(92,205)(157,576)(135,331)
Deferred income tax expense (benefit)(1,703)(5,942)4,781 
Net realized (gain) loss on Available-for-Sale securities(4,214)(1,115)249 
Other net realized (gain) loss111 183 558 
Provision for credit losses(459)4,404 10 
Changes in operating assets and liabilities: 
Dividends and interest receivable93,654 150,872 49,170 
Certificate reserves, net(7,808)(5,230)20,994 
Taxes payable to/receivable from parent, net3,169 2,592 (8,953)
Derivatives, net of collateral(64)1,208 (612)
Other liabilities(3,822)(2,326)13,531 
Other receivables(43)198 (458)
Due to/from related party, net
(1,409)(3,746)1,639 
Other, net(34)(71)(115)
Net cash provided by (used in) operating activities82,894 89,791 47,580 
Cash Flows from Investing Activities
Available-for-Sale securities: 
Sales927,361 — 113,185 
Maturities, redemptions and calls8,841,159 9,785,964 5,314,949 
Purchases(6,574,378)(7,532,483)(10,048,894)
Commercial mortgage loans and syndicated loans: 
Sales, maturities and repayments27,446 41,832 48,619 
Purchases and fundings(20,392)(9,726)(28,337)
Certificate loans, net12 (7)38 
Net cash provided by (used in) investing activities3,201,208 2,285,580 (4,600,440)
Cash Flows from Financing Activities
 
Payments from certificate holders and other additions3,064,173 4,959,529 11,193,104 
Certificate maturities and cash surrenders(6,130,529)(7,199,120)(7,038,549)
Capital contribution from parent
— — 130,500 
Dividend to parent(119,652)(225,000)— 
Return of capital to parent(146,348)— — 
Net cash provided by (used in) financing activities(3,332,356)(2,464,591)4,285,055 
Net increase (decrease) in cash and cash equivalents(48,254)(89,220)(267,805)
Cash and cash equivalents at beginning of period823,843 913,063 1,180,868 
Cash and cash equivalents at end of period$775,589 $823,843 $913,063 
Supplemental disclosures including non-cash transactions: 
Cash paid for interest$367,911 $560,224 $451,689 
See Notes to Consolidated Financial Statements.
F-8
Index
Ameriprise Certificate Company

Notes to Consolidated Financial Statements
1. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Nature of Business
Ameriprise Certificate Company (“ACC”) is a wholly owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial” or the “Parent”). ACC is registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”) and is in the business of issuing face-amount investment certificates. Face-amount certificates issued by ACC entitle the certificate owner to receive at maturity a stated amount of money and interest or credits declared from time to time by ACC, at its discretion. The certificates issued by ACC are not insured by any government agency or other entity. ACC’s certificates are distributed and sold solely by Ameriprise Financial Services, LLC (“AFS”), an affiliate of ACC. AFS is registered as a broker-dealer in all 50 states, the District of Columbia and Puerto Rico.
As of December 31, 2025, ACC offered three types of certificate products to the public. Effective August 18, 2023, stock market certificates (“SMC”) were closed to new sales. ACC is impacted by significant changes in interest rates as interest crediting rates on certificate products generally reset at shorter intervals than the change in the yield on ACC’s investment portfolio. The specified maturities of most of ACC’s certificate products range from ten to twenty years. Within that maturity period, most certificates have interest crediting rate terms ranging from three to 48 months. Interest crediting rates are subject to change and certificate product owners can surrender their certificates without penalty at maturity; however, the Cash Reserve Certificate is a fully liquid product and can be surrendered at any time without penalty. In addition, two types of certificate products (neither are currently sold) have interest tied, in whole or in part, to a broad-based stock market index. In general, ACC’s certificate products are available as qualified investments for Individual Retirement Accounts, 401(k) plans and other qualified retirement plans.
ACC evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions requiring recognition or disclosure were identified.
ACC’s operations constitute a single operating segment, and therefore a single reportable segment, as the chief operating decision maker (“CODM”) manages the business activities using information of ACC as a whole. As its CODM, ACC’s President and Chief Executive Officer utilizes the Consolidated Statements of Operations and its net income metric to allocate resources and assess performance of ACC. The accounting policies used to measure the profit and loss of the segment are the same as those described within this footnote.
Basis of Financial Statement Presentation
The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications of prior period amounts have been made to conform with the current presentation. ACC uses the consolidation method of accounting for its wholly owned subsidiary, Investors Syndicate Development Corp.
Amounts Based on Estimates and Assumptions
Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among the more significant are those that relate to investment securities valuation and the recognition of credit losses or impairments, and income taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ.
Interest Income
Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and updated future payment assumptions and a catch-up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively. Realized gains and losses on sales of securities are recognized using the specific identification method on a trade date basis.
Cash and Cash Equivalents
Cash equivalents include highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less.
Available-for-Sale Securities
Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in accumulated other comprehensive income (loss) (“AOCI”), net of income taxes. Available-for-Sale securities are recorded within Investments in unaffiliated issuers. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Operations upon disposition of the securities.
Available-for-Sale securities are impaired when the fair value of an investment is less than its amortized cost. When an Available-for-Sale security is impaired, ACC first assesses whether or not: (i) it has the intent to sell the security (i.e., made a decision to sell) or (ii)
        F-9
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
it is more likely than not that ACC will be required to sell the security before its anticipated recovery. If either of these conditions exist, ACC recognizes an impairment by reducing the book value of the security for the difference between the investment’s amortized cost and its fair value with a corresponding charge to earnings. Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income (“OCI”), while subsequent decreases in fair value would continue to be recorded as reductions of book value with a charge to earnings.
For securities that do not meet the above criteria, ACC determines whether the decrease in fair value is due to a credit loss or due to other factors. The amount of impairment due to credit-related factors, if any, is recognized as an allowance for credit losses with a related charge to Net realized gain (loss) on investments. The allowance for credit losses is limited to the amount by which the security’s amortized cost basis exceeds its fair value. The amount of the impairment related to other factors is recognized in OCI.
Factors ACC considers in determining whether declines in the fair value of fixed maturity securities are due to credit-related factors include: (i) the extent to which the market value is below amortized cost; (ii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer; and (iii) market events that could impact credit ratings, economic and business climate, litigation and government actions, and similar external business factors.
If through subsequent evaluation there is a sustained increase in cash flows expected, both the allowance and related charge to earnings may be reversed to reflect the increase in expected principal and interest payments.
In order to determine the amount of the credit loss component for corporate debt securities, a best estimate of the present value of cash flows expected to be collected discounted at the security’s effective interest rate is compared to the amortized cost basis of the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and ACC’s position in the debtor’s overall capital structure. When assessing potential credit-related impairments for structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities and asset backed securities), ACC also considers credit-related factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections.
Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for Available-for-Sale securities. Accrued interest on Available-for-Sale securities is recorded as earned in Receivables. Available-for-Sale securities are generally placed on nonaccrual status when the accrued balance becomes 90 days past due or earlier based on management’s evaluation of the facts and circumstances of each security under review. All previously accrued interest is reversed through Investment income.
Financing Receivables
Commercial Loans
Commercial loans include commercial mortgage loans and syndicated loans and are recorded at amortized cost less the allowance for credit losses. Commercial mortgage loans and syndicated loans are recorded within Investments in unaffiliated issuers. Commercial mortgage loans are loans on commercial properties that are originated by ACC. Syndicated loans represent ACC’s investment in loan syndications originated by unrelated third parties.
Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on commercial mortgage loans and syndicated loans is recorded in Investment income.
Allowance for Credit Losses
The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected over the asset’s expected life, considering past events, current conditions and reasonable and supportable forecasts of future economic conditions. Estimates of expected credit losses consider both historical charge-off and recovery experience as well as current economic conditions and management’s expectation of future charge-off and recovery levels. Expected losses related to risks other than credit risk are excluded from the allowance for credit losses. The allowance for credit losses is measured and recorded upon initial recognition of the loan, regardless of whether it is originated or purchased.
Commercial Loans
The allowance for credit losses for commercial mortgage loans and syndicated loans utilizes a probability of default and loss severity approach to estimate lifetime expected credit losses. Actual historical default and loss severity data for each type of commercial loan is adjusted for current conditions and reasonable and supportable forecasts of future economic conditions to develop the probability of default and loss severity assumptions that are applied to the amortized cost basis of the loans over the expected life of each portfolio. The allowance for credit losses on commercial mortgage loans and syndicated loans is recorded through provisions charged to Net realized gain (loss) on investments and is reduced/increased by net charge-offs/recoveries.
Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value (“LTV”) ratios, and occupancy rates, along with reasonable and supportable forecasts of economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change. While ACC may attribute portions of the
F-10
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.
Certificate Loans
Certificate loans are recorded within Investments in unaffiliated issuers. When originated, the loan balances do not exceed the cash surrender value of the underlying products. As there is minimal risk of loss related to certificate loans, there is no allowance for credit losses.
Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on certificate loans is recorded in Investment income.
See Note 4 for additional information on financing receivables.
Nonaccrual Loans
Commercial mortgage loans and syndicated loans are placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for commercial mortgage loans and syndicated loans.
Loan Modifications
A loan is modified when ACC makes certain concessionary modifications to contractual terms such as principal forgiveness, interest rate reductions, other-than-insignificant payment delays, and/or term extensions in an attempt to make the loan more affordable to a borrower experiencing financial difficulties. Generally, performance prior to the modification or significant events that coincide with the modification are considered in assessing whether the borrower can meet the new terms which may result in the loan being returned to accrual status at the time of the modification or after a performance period. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status.
Charge-off and Foreclosure
Charge-offs are recorded when ACC concludes that all or a portion of the commercial mortgage loan or syndicated loan is uncollectible. Factors used by ACC to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on property type and geographic location. Factors used by ACC to determine whether all amounts due on syndicated loans will be collected, include but are not limited to, the borrower’s financial condition, industry outlook, and internal risk ratings based on rating agency data and internal analyst expectations.
If it is determined that foreclosure on a commercial mortgage loan is probable and the fair value is less than the current loan balance, expected credit losses are measured as the difference between the amortized cost basis of the asset and fair value less estimated costs to sell, if applicable. Upon foreclosure, the commercial mortgage loan and related allowance are reversed, and the foreclosed property is recorded as real estate owned.
Certificate Reserves
Investment certificates may be purchased either with a lump-sum payment or by installment payments. Certificate product owners are entitled to receive, at maturity, a definite sum of money. Payments from certificate owners are credited to Certificate reserves. Investment certificate reserves accumulate interest at specified percentage rates as declared by ACC. Reserves also are maintained for advance payments made by certificate owners, accrued interest thereon, and for additional credits in excess of minimum guaranteed rates and accrued interest thereon. On certificates allowing for the deduction of a surrender charge, the cash surrender values may be less than accumulated investment certificate reserves prior to maturity dates. Cash surrender values on certificates allowing for no surrender charge are equal to certificate reserves. The payment distribution, reserve accumulation rates, cash surrender values, reserve values and other matters are governed by the 1940 Act.
Certain certificates offer a return based on the relative change in a stock market index. The certificates with an equity-based return contain embedded derivatives, which are carried at fair value within Certificate reserves. The fair values of these embedded derivatives incorporate current market data inputs. Changes in fair value are reflected within Provision for certificate reserves.
Derivatives and Hedging Activities
Derivative instruments, consisting of options and futures contracts, if any, are recorded at fair value on the Consolidated Balance Sheets. ACC’s policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. The accounting for the change in the fair value of a derivative instrument depends on its intended use and the resulting hedge designation, if any. For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings.
F-11
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Due From Related Party
The balance in Due from related party includes the amounts due from its affiliated broker-dealer, AFS, related to sales of investment certificates.
Other Liabilities
Other liabilities primarily include unpaid certificate maturities and cash surrenders to certificate holders.
Income Taxes
ACC’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. ACC provides for income taxes on a separate return basis, except that, under an agreement between Ameriprise Financial and ACC, tax benefits are recognized for losses to the extent they can be used in the consolidated return. It is the policy of Ameriprise Financial that it will reimburse its subsidiaries for any tax benefits recorded. The controlled group for which ACC is a member is an applicable corporation with regard to the corporate alternative minimum tax (“CAMT”) and is therefore required to compute the CAMT. In accordance with the tax sharing agreement, Ameriprise Financial will be liable for any CAMT liability and expense.
ACC’s provision for income taxes represents the net amount of income taxes that ACC expects to pay or to receive from various taxing jurisdictions in connection with its operations. ACC provides for income taxes based on amounts that ACC believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items.
In connection with the provision for income taxes, the Consolidated Financial Statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes.
ACC is required to establish a valuation allowance for any portion of the deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established, and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. See Note 11 for additional information on ACC’s valuation allowance.
Recent Accounting Pronouncements
Adoption of New Accounting Standards
Income Taxes – Improvements to Income Tax Disclosures
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024. ACC elected retrospective application and adopted the standard on January 1, 2025. The adoption of the standard did not have an impact on ACC’s consolidated results of operations and financial condition as the standard is disclosure-related only.
Future Adoption of New Accounting Standards
Expenses – Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, requiring public business entities to disclose disaggregated information about certain income statement expense line items. The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis. The standard is to be applied prospectively and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. ACC is assessing changes to disclosures resulting from the standard. The adoption of the standard will not have an impact on ACC’s consolidated results of operations and financial condition as the standard is disclosure-related only.
Financial Instruments – Measurement of Credit Losses for Accounts Receivable and Contract Assets
In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows all entities to apply a practical expedient when estimating expected credit losses that assumes current conditions as of the balance sheet date will remain unchanged over the asset’s remaining life. The standard is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those years. The adoption of the standard will not have an impact on ACC’s consolidated results of operations and financial condition.
Financial Instruments – Credit Losses: Purchased Loans
In November 2025, the FASB issued ASU 2025‑08, Purchased Loans, which amends the accounting for certain acquired seasoned loans to require recognizing them at their purchase price plus an allowance for expected credit losses (referred to as the gross-up
F-12
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
method). The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively. ACC is evaluating the impact of this standard on its consolidated results of operations and financial condition.

Derivatives and Hedging – Hedge Accounting Improvements
In November 2025, the FASB issued ASU 2025‑09, Hedge Accounting Improvements, to make targeted changes within the hedge accounting model. The updates primarily relate to cash flow hedges and certain fair value and net investment hedges. The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively. ACC is evaluating the impact of this standard on its consolidated results of operations and financial condition.

Interim Reporting – Narrow-Scope Improvements
In December 2025, the FASB issued ASU 2025‑11, Narrow-Scope Improvements, which enhances the navigability of the required interim disclosures and clarifies when that guidance applies. The ASU addresses the form and content of interim financial statements and notes prepared in accordance with GAAP, adds lists of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and may be applied prospectively or retrospectively. The adoption of the standard will not have an impact on ACC’s consolidated results of operations and financial condition as the standard is disclosure-related only.
2. Deposit of Assets and Maintenance of Qualified Assets
Under the provisions of its certificates and the 1940 Act, ACC was required to have cash and “qualified assets” (as defined in Section 28(b) of the 1940 Act, as modified by an exemptive order of the SEC). Qualified Assets are valued in accordance with such provisions of Minnesota Statutes as are applicable to investments of life insurance companies. These values are the same as financial statement carrying values, except for debt securities classified as Available-for-Sale and all marketable equity securities, which are carried at fair value in the Consolidated Financial Statements but are valued at either amortized cost, market value or par value based on the state requirements for qualified asset and deposit maintenance purposes. The categories of Qualified Assets are consistent with the categories of total qualified assets as presented on the Consolidated Balance Sheets.
Ameriprise Trust Company (“ATC”) is the Custodian for ACC. ATC has appointed JPMorgan Chase Bank, N.A. as its subcustodian. See Note 7 for information on related party transactions. Pursuant to provisions of the Depository and Custodial Agreement and the requirements of various states, certain of the Qualified Assets are held as Assets on Deposit with either ATC or the states. Assets on Deposit are comprised of cash equivalents, Available-for-Sale debt securities, commercial mortgage loans and syndicated loans.
Required Deposits, Qualified Assets, and Assets on Deposit of ACC were as follows:
 
December 31,
2025
2024
(in thousands)
Required Deposits
$8,156,057 $11,215,313 
Qualified Assets (1)
$8,674,835 $11,924,609 
Assets on Deposit:
Cash equivalents
$770,800 $802,385 
Available-for-Sale securities
7,725,371 11,022,237 
Commercial mortgage loans and syndicated loans
143,525 150,377 
Total Assets on Deposit
$8,639,696 $11,974,999 
(1) Reduced by payables to brokers, dealers and clearing organizations related to securities purchased.
F-13
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
3. Investments
Investments in unaffiliated issuers were as follows:
December 31,
2025
2024
(in thousands)
Available-for-Sale securities: Fixed maturities, at fair value (allowance for credit losses: 2025, $3,432; 2024, $3,669; amortized cost: 2025, $7,725,367; 2024, $11,022,239)
$7,705,871 $10,960,489 
Commercial mortgage loans and syndicated loans, at cost (allowance for credit losses: 2025, $487; 2024, $709; fair value: 2025, $144,429; 2024, $148,635)
143,525 150,377 
Certificate loans — secured by certificate reserves, at cost, which approximates fair value
29 41 
Total
$7,849,425 $11,110,907 
Available-for-Sale securities distributed by type were as follows:
Description of Securities
December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair
Value
 (in thousands)
Corporate debt securities
$155,680 $395 $— $— $156,075 
Residential mortgage backed securities
5,056,881 31,746 (45,262)— 5,043,365 
Commercial mortgage backed securities
333,534 778 (7,233)(3,432)323,647 
Asset backed securities
723,155 2,594 (24)— 725,725 
U.S. government and agency obligations
1,456,117 946 (4)— 1,457,059 
Total
$7,725,367 $36,459 $(52,523)$(3,432)$7,705,871 
Description of Securities
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair
Value
 (in thousands)
Corporate debt securities
$648,415 $1,488 $(25)$— $649,878 
Residential mortgage backed securities
4,791,475 20,340 (83,512)— 4,728,303 
Commercial mortgage backed securities
1,451,843 6,125 (13,693)(3,669)1,440,606 
Asset backed securities
1,542,013 9,411 (74)— 1,551,350 
State and municipal obligations
1,000 — (24)— 976 
U.S. government and agency obligations
2,587,493 1,889 (6)— 2,589,376 
Total
$11,022,239 $39,253 $(97,334)$(3,669)$10,960,489 
As of December 31, 2025 and 2024, accrued interest of $21.3 million and $33.6 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.
As of December 31, 2025 and 2024, fixed maturity securities comprised approximately 89% and 92%, respectively, of ACC’s total investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). ACC uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, as is the case for many private placement securities, ACC may utilize ratings from other NRSROs or rate the securities internally. As of December 31, 2025 and 2024, $66 thousand and $11.3 million, respectively, worth of securities were internally rated by Columbia Management Investment Advisers, LLC (“CMIA”), an affiliate of ACC.
F-14
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
A summary of fixed maturity securities by rating was as follows:
Ratings
December 31, 2025
December 31, 2024
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in thousands, except percentages)
AAA
$4,737,646 $4,736,453 61 %$6,804,159 $6,774,959 62 %
AA
2,705,433 2,695,407 35 3,391,016 3,365,011 31 
A
57,446 56,810 1 208,762 205,938 2 
BBB
199,020 197,428 3 604,577 604,676 5 
Below investment grade
25,822 19,773 — 13,725 9,905 — 
Total fixed maturities
$7,725,367 $7,705,871 100 %$11,022,239 $10,960,489 100 %
As of December 31, 2025 and 2024, approximately 95% and 93% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively. As of December 31, 2025, ACC had six issuers with holdings totaling $291.9 million that individually were between 10% and 11% of total shareholder’s equity. As of December 31, 2024, ACC had three issuers with holdings totaling $252.0 million that individually were between 10% and 16% of total shareholder’s equity. There were no other holdings of any other issuer greater than 10% of total shareholder’s equity as of both December 31, 2025 and 2024.
The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position:
Description of Securities
December 31, 2025
Less than 12 Months
12 Months or More
Total
Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses
(in thousands, except number of securities)
Residential mortgage backed securities
9 
$
57,319 
$
(128)
229 
$
1,631,079 
$
(45,134)
238 
$
1,688,398 
$
(45,262)
Commercial mortgage backed securities
3 
54,128 
(266)
9 
168,287 
(6,967)
12 
222,415 
(7,233)
Asset backed securities
2 
40,980 
(21)
3 
2,578 
(3)
5 
43,558 
(24)
U.S. government and agency obligations
3 
59,726 
(4)
— 
— 
— 
3 
59,726 
(4)
Total
17 
$
212,153 
$
(419)
241 
$
1,801,944 
$
(52,104)
258 
$
2,014,097 
$
(52,523)
Description of Securities
December 31, 2024
Less than 12 Months
12 Months or More
Total
Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses
(in thousands, except number of securities)
Corporate debt securities
6 
$
52,483 
$
(16)
2 
$
14,454 
$
(9)
8 
$
66,937 
$
(25)
Residential mortgage backed securities
34 
697,028 
(3,578)
248 
2,076,153 
(79,934)
282 
2,773,181 
(83,512)
Commercial mortgage backed securities
3 
65,859 
(120)
46 
564,586 
(13,573)
49 
630,445 
(13,693)
Asset backed securities
1 
34,994 
(6)
4 
7,730 
(68)
5 
42,724 
(74)
State and municipal obligations
— 
— 
— 
1 
976 
(24)
1 
976 
(24)
U.S. government and agency obligations
1 
99,979 
(6)
— 
— 
— 
1 
99,979 
(6)
Total
45 
$
950,343 
$
(3,726)
301 
$
2,663,899 
$
(93,608)
346 
$
3,614,242 
$
(97,334)
As part of ACC’s ongoing monitoring process, management determined that the decrease in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2025 is primarily attributable to interest rate movements, a lower amortized cost basis of investments and the tightening of credit spreads. As of December 31, 2025, ACC did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. ACC does not intend to sell these securities and does not believe that it is more likely than not
F-15
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
that ACC will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of December 31, 2025 and 2024, approximately 94% and 96%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.
As of December 31, 2025 and 2024, the allowance for credit losses on Available-for-Sale securities was $3.4 million and $3.6 million, respectively. ACC established this allowance during the year ended December 31, 2024 and it is related to one downgraded commercial mortgage backed security.
The change in net unrealized gains (losses) on securities in OCI includes two components, net of tax: (i) unrealized gains (losses) that arose from changes in the fair value of securities that were held during the period and (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses.
The following table presents a rollforward of the net unrealized gains (losses) on Available-for-Sale securities included in AOCI:
 Net Unrealized
Gains (Losses) on Securities		Deferred
Income Tax		Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Gains 
(Losses) on Securities
(in thousands)
Balance at January 1, 2023
$(154,094)$38,749 $(115,345)
Net unrealized gains (losses) on securities arising during the period (1)
55,519 (13,458)42,061 
Reclassification of net (gains) losses on securities included in net income (2)
249 (52)197 
Balance at December 31, 2023
(98,326)25,239 (73,087)
Net unrealized gains (losses) on securities arising during the period (1)
37,691 (9,152)28,539 
Reclassification of net (gains) losses on securities included in net income (2)
2,554 (536)2,018 
Balance at December 31, 2024
(58,081)15,551 (42,530)
Net unrealized gains (losses) on securities arising during the period (1)
46,468 (10,978)35,490 
Reclassification of net (gains) losses on securities included in net income (2)
(4,451)935 (3,516)
Balance at December 31, 2025
$(16,064)$5,508 $(10,556)
(1) Net unrealized gains (losses) on securities arising during the period include impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.
(2) Reclassification amounts are reported in Net realized gain (loss) on investments before income taxes.
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net realized gain (loss) on investments before income taxes were as follows:
 Years Ended December 31,
2025
2024
2023
(in thousands)
Gross realized investment gains
$7,633 $1,124 $314 
Gross realized investment losses
(3,419)(9)(563)
Credit reversals (losses)
237 (3,669)— 
Total
$4,451 $(2,554)$(249)
Available-for-Sale securities by contractual maturity as of December 31, 2025 were as follows:
 Amortized CostFair Value
(in thousands)
Due within one year
$1,611,493 $1,612,824 
Due after one year through five years
203 209 
Due after five years through 10 years
101 101 
 
1,611,797 1,613,134 
Residential mortgage backed securities
5,056,881 5,043,365 
Commercial mortgage backed securities
333,534 323,647 
Asset backed securities
723,155 725,725 
Total
$7,725,367 $7,705,871 
F-16
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.
4. Financing Receivables
Financing receivables are comprised of commercial loans and certificate loans. See Note 1 for information regarding ACC’s accounting policies related to financing receivables and the allowance for loan losses.
Allowance for Credit Losses
The following table presents a rollforward of the allowance for credit losses:
 Commercial Loans
(in thousands)
Balance at January 1, 2023
$1,472 
Provisions
10 
Charge-offs
(149)
Balance at December 31, 2023
1,333 
Provisions
735 
Charge-offs
(1,359)
Balance at December 31, 2024
709 
Provisions
(222)
Balance at December 31, 2025
$487 
As of December 31, 2025 and 2024, accrued interest on commercial loans was $730 thousand and $762 thousand, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.
Purchases and Sales
During the years ended December 31, 2025, 2024 and 2023, ACC purchased $4.1 million, $4.2 million and $19.4 million, respectively, of syndicated loans, and sold $2.0 million, $4.2 million and $3.6 million, respectively, of syndicated loans.
ACC has not acquired any loans with deteriorated credit quality as of the acquisition date.
Credit Quality Information
There were no nonperforming loans as of both December 31, 2025 and 2024.
Commercial Loans
Commercial Mortgage Loans
ACC reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.
Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. There were no commercial mortgage loans which management has assigned its highest risk rating as of both December 31, 2025 and 2024. Loans with the highest risk rating represent distressed loans which ACC has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both December 31, 2025 and 2024.
The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:
December 31, 2025
Loan-to-Value Ratio
2025
2024202320222021PriorTotal
(in thousands)
> 100%$— $— $— $— $— $— $— 
80% - 100%— — — — — 3,040 3,040 
60% - 80%8,946 2,541 — 5,248 — 3,910 20,645 
40% - 60%1,382 — 4,000 — — 11,150 16,532 
< 40%5,764 2,843 3,611 1,169 8,108 39,893 61,388 
Total$16,092 $5,384 $7,611 $6,417 $8,108 $57,993 $101,605 
F-17
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
December 31, 2024
Loan-to-Value Ratio
2024
2023202220212020PriorTotal
(in thousands)
> 100%$— $— $— $— $— $— $— 
80% - 100%— — — — — — — 
60% - 80%2,576 4,000 5,336 — — 8,738 20,650 
40% - 60%— — — 1,620 3,874 10,727 16,221 
< 40%2,881 3,644 1,327 7,558 3,000 39,946 58,356 
Total$5,457 $7,644 $6,663 $9,178 $6,874 $59,411 $95,227 
Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type.
In addition, ACC reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
 LoansPercentage
December 31,December 31,
2025
2024
2025
2024
(in thousands) 
East North Central$6,385 $7,306 6 %8 %
East South Central7,252 5,068 7 5 
Middle Atlantic13,574 14,540 13 15 
Mountain11,189 8,366 11 9 
New England12,943 6,066 13 6 
Pacific29,407 30,598 29 32 
South Atlantic11,596 12,513 11 13 
West North Central1,649 2,549 2 3 
West South Central7,610 8,221 8 9 
Total$101,605 $95,227 100 %100 %
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
 LoansPercentage
December 31,December 31,
2025
2024
2025
2024
(in thousands) 
Apartments$42,844 $28,980 42 %30 %
Industrial20,159 24,515 20 26 
Mixed use9,003 9,592 9 10 
Office9,801 10,530 10 11 
Retail11,566 13,090 11 14 
Other8,232 8,520 8 9 
Total$101,605 $95,227 100 %100 %
Syndicated Loans
The investment in syndicated loans as of December 31, 2025 and 2024 was $42.4 million and $55.9 million, respectively. ACC’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both December 31, 2025 and 2024. ACC assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality.
F-18
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
December 31, 2025
Internal Risk Rating
2025
2024202320222021PriorTotal
(in thousands)
Risk 5$— $— $— $— $— $— $— 
Risk 4— — 75 — — 813 888 
Risk 33,189 913 836 — — — 4,938 
Risk 24,294 9,014 1,839 — 1,468 1,506 18,121 
Risk 15,647 8,239 4,574 — — — 18,460 
Total$13,130 $18,166 $7,324 $— $1,468 $2,319 $42,407 
December 31, 2024
Internal Risk Rating
2024
2023202220212020PriorTotal
(in thousands)
Risk 5$— $— $— $— $— $— $— 
Risk 4— 144 — — — 1,914 2,058 
Risk 3904 872 — 3,592 610 1,346 7,324 
Risk 219,450 4,015 — 1,499 419 2,789 28,172 
Risk 110,779 4,875 — 1,289 1,362 — 18,305 
Total$31,133 $9,906 $— $6,380 $2,391 $6,049 $55,859 
Certificate Loans
Certificate loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to certificate loans, ACC does not record an allowance for credit losses.
5. Certificate Reserves
Reserves maintained on outstanding certificates have been computed in accordance with the provisions of the certificates and Section 28 of the 1940 Act. The average rates of accumulation on certificate reserves were as follows:
 
December 31, 2025
Reserve Balance
Average Gross Accumulation Rates (3)
Average Additional Credit Rates (4)
(in thousands, except percentages)
Reserves to mature - installment certificates:
   
With guaranteed rates$823 3.01 %0.01 %
Without guaranteed rates (1)
10,335 3.30 %3.30 %
Reserves to mature - fully paid certificates:
With guaranteed rates753 3.51 %0.01 %
Without guaranteed rates (1)
8,047,998 3.29 %3.29 %
Equity indexed (2)
79,445 N/AN/A
Additional credits and accrued interest:
With guaranteed rates— 3.49 %— 
Without guaranteed rates (1)
14,087 N/AN/A
Due to unlocated certificate holders1,134 N/AN/A
Total$8,154,575   
F-19
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
 
December 31, 2024
Reserve Balance
Average Gross Accumulation Rates (3)
Average Additional Credit Rates (4)
(in thousands, except percentages)
Reserves to mature - installment certificates:
   
With guaranteed rates$1,116 3.01 %0.01 %
Without guaranteed rates (1)
10,268 3.85 %3.85 %
Reserves to mature - fully paid certificates:
With guaranteed rates1,023 3.51 %0.01 %
Without guaranteed rates (1)
11,062,079 4.05 %4.05 %
Equity indexed (2)
114,300 N/AN/A
Additional credits and accrued interest:
With guaranteed rates1 3.50 %— 
Without guaranteed rates (1)
23,225 N/AN/A
Due to unlocated certificate holders662 N/AN/A
Total$11,212,674   
N/A Not Applicable
(1) There is no minimum rate of accrual on these reserves. Interest is declared periodically, quarterly, or annually in accordance with the terms of the separate series of certificates.
(2) Ameriprise Stock Market Certificate and Ameriprise Market Strategy Certificate enable the certificate owner to participate in any relative rise in a major stock market index up to a cap without risking loss of principal. The certificates have market participation terms of 52, 104 or 156 weeks and may continue for up to 15 years. The reserve balances on these certificates as of December 31, 2025 and 2024 were $86.0 million and $124.1 million, respectively.
(3) The average gross accumulation rate is the additional credit rate plus the guaranteed minimum rate, if applicable, based on the weighted average reserves as of December 31, 2025 and 2024.
(4) The average additional credit rate is the declared interest rate in excess of the guaranteed minimum rate, if applicable, based on the weighted average reserves as of December 31, 2025 and 2024.
On certain series of single payment certificates, additional interest is pre-declared for periods greater than one year. The retained earnings appropriated for the pre-declared additional interest as of December 31, 2025 and 2024 was $46 thousand and $2.6 million, respectively, which reflects the difference between certificate reserves on these series, calculated on a statutory basis, and the reserves maintained per books.
The carrying amounts of net certificate reserves consisted of the following:
December 31,
2025
2024
(in thousands)
Reserves with terms of one year or less
$7,845,491 $10,807,955 
Other
309,084 404,719 
Total certificate reserves8,154,575 11,212,674 
Unapplied certificate transactions
12,635 21,164 
Certificate loans and accrued interest
(30)(41)
Total$8,167,180 $11,233,797 
6. Regulation and Dividend Restrictions
ACC is required to maintain cash and “qualified assets” meeting the standards of Section 28(b) of the 1940 Act, as modified by an exemptive order of the SEC. The amortized cost of such investments must be at least equal to ACC’s net liabilities on all outstanding face-amount certificates plus $250,000. ACC’s qualified assets consist of cash and cash equivalents, residential and commercial mortgage backed securities, asset backed securities, syndicated loans, commercial mortgage loans, U.S. government and government agency obligations, state and municipal obligations, corporate debt securities, derivative assets and other securities meeting specified standards. So long as ACC wishes to rely on the SEC order, as a condition to the order, ACC has agreed to maintain an amount of unappropriated retained earnings and capital equal to at least 5% of certificate reserves (less outstanding certificate loans). To the extent that payment of a dividend would decrease the capital ratio below the required 5%, payment of a dividend would be restricted. In determining compliance with this condition, qualified assets are valued in accordance with the provisions of Minnesota Statutes where such provisions are applicable.
ACC has also entered into a written understanding with the Minnesota Department of Commerce that ACC will maintain capital equal to at least 5% of the assets of ACC (less outstanding certificate loans). To the extent that payment of a dividend would decrease this
F-20
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
ratio below the required 5%, payment of a dividend would be restricted. When computing its capital for these purposes, ACC values its assets on the basis of statutory accounting for insurance companies rather than GAAP. ACC is subject to examination and supervision by the Minnesota Department of Commerce (Banking Division) and the SEC. ACC was in compliance with the capital requirements of the SEC and the Minnesota Department of Commerce during the years ended December 31, 2025, 2024 and 2023.
Ameriprise Financial and ACC entered into a Capital Support Agreement on March 2, 2009, pursuant to which Ameriprise Financial agrees to commit such capital to ACC as is necessary to satisfy applicable minimum capital requirements. Effective April 30, 2014, this agreement was amended to revise the maximum commitment to $50.0 million. For the years ended December 31, 2025, 2024 and 2023, Ameriprise Financial did not infuse any additional capital into ACC under this agreement.
7. Related Party Transactions
Distribution Services
Distribution fees payable to AFS on sales of ACC’s certificates are based upon terms of agreements giving AFS the right to distribute the certificates covered under the agreements. The agreements provide for payment of fees over a period of time.
The following is a general description of the basis for determining distribution fees for ACC’s products:
•Ameriprise Cash Reserve Certificates have contractual distribution fee rates of 0.025% of the initial payment on the issue date of the certificate and 0.025% of the certificate’s reserve at the beginning of the second and subsequent quarters from issue date.
•Ameriprise Flexible Savings Certificates have contractual distribution fee rates of 0.025% of the initial investment amount on the first day of the certificate’s term and 0.025% of the certificate’s reserve at the beginning of the second and subsequent quarters from issue date or at the end of the renewal grace period when the renewal corresponds with the quarterly reserve payment for all terms except seven and thirteen months. For seven month terms, Ameriprise Flexible Savings Certificates have contractual distribution fee rates of 0.025% of the initial investment amount on the first day of the certificate’s term, 0.025% of the certificate’s reserve at the beginning of the second quarter from issue date and 0.008% of the certificate’s reserve at the beginning of the last month of the certificate term. For thirteen month terms, Ameriprise Flexible Savings Certificates have contractual distribution fee rates of 0.025% of the initial investment amount on the first day of the certificate’s term, 0.025% of the certificate’s reserve at the beginning of the second, third and fourth quarters from issue date and 0.008% of the certificate’s reserve at the beginning of the last month of the certificate term.
•Ameriprise Stock Market Certificates have contractual distribution fee rates of 0.10%, 0.20% and 0.30% for the 52, 104 and 156 week terms, respectively, of each payment made prior to the beginning of the first certificate’s participation term and of the certificate’s reserve at the beginning of each subsequent participation term.
•Ameriprise Market Strategy Certificates have contractual distribution fee rates of 0.10% of the certificate’s reserve at the beginning of each participation term.
•Ameriprise Installment Certificates have contractual distribution fee rates of 0.25% of all payments received on or after issue of the certificate until the certificate’s maturity date.
•Ameriprise Step-Up Rate Certificates have contractual distribution fee rates of 0.025% of the initial investment amount on the first day of the certificate’s term and 0.025% of the certificate’s reserve at the beginning of the second and subsequent quarters from issue date or at the end of the renewal grace period when the renewal corresponds with the quarterly reserve payment.
Investment Advisory and Services
CMIA provides investment advice, operational support and other administrative services to ACC. The agreement provides for a graduated scale of fees equal on an annual basis to 0.35% on the first $250 million of net invested assets of ACC (as defined in the agreement), 0.30% on the next $250 million, 0.25% on the next $500 million and 0.20% on the amount in excess of $1 billion. The fee is payable monthly in an amount equal to one-twelfth of each of the percentages set forth above.
The fee paid to CMIA for managing and servicing syndicated loans, which are excluded from the computation of net invested assets above, is equal to 0.35%. The fee is payable monthly and is equal to one-twelfth of 0.35%, computed each month on the basis of the loans amortized cost less the allowance for loan losses and payable for loans purchased as of the close of business on the last full business day of the preceding month.
Transfer Agent Fees
The basis of computing transfer agent fees paid or payable to Columbia Management Investment Services Corp. (“CMIS”) is under a Transfer Agent Agreement to maintain certificate owner accounts and records. ACC pays CMIS a monthly fee of one-twelfth of $30.00 per certificate account for this service in addition to certain out-of-pocket expenses.
Depository Fees
ATC has an agreement with a subcustodian to provide depository services for ACC’s assets. The depository fees paid to ATC are asset-based with additional charges for transactional custody fees charged by the subcustodian.
F-21
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
ACC’s fees payable for distribution, investment advisory, transfer agent and depository services are included in Due to related party. The fees ACC incurred for these services are included in Ameriprise Financial and affiliated company fees.
Dividends and Contributions
ACC received cash contributions of $130.5 million from Ameriprise Financial during the year ended December 31, 2023. ACC received these contributions to maintain compliance with capital requirements and these contributions were outside of the Capital Support Agreement between Ameriprise Financial and ACC. See Note 6 for additional information on the Capital Support Agreement.
ACC paid dividends of $119.7 million and $225.0 million to Ameriprise Financial during the years ended December 31, 2025 and 2024, respectively.
ACC returned contributed capital of $146.3 million to Ameriprise Financial during the year ended December 31, 2025. The payments to Ameriprise Financial were recognized as a reduction of additional paid-in capital as it was in excess of the amount of unappropriated retained earnings available to be paid as a dividend.
F-22
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
8. Fair Values of Assets and Liabilities
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.
Valuation Hierarchy
ACC categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by ACC’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.
The three levels of the fair value hierarchy are defined as follows:
Level 1    Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2    Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3    Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis:
 
December 31, 2025
Level 1Level 2Level 3Total
(in thousands)
Assets    
Cash equivalents$489,419 $281,381 $— $770,800 
Available-for-Sale securities: 
Corporate debt securities— 156,072 3 156,075 
Residential mortgage backed securities— 5,043,365 — 5,043,365 
Commercial mortgage backed securities— 323,647 — 323,647 
Asset backed securities— 725,725 — 725,725 
U.S. government and agency obligations1,357,841 99,218 — 1,457,059 
Total Available-for-Sale securities1,357,841 6,348,027 3 7,705,871 
Equity derivative contracts— 9,400 — 9,400 
Total derivative assets
— 9,400 — 9,400 
Total assets at fair value
$1,847,260 $6,638,808 $3 $8,486,071 
Liabilities    
Stock market certificate embedded derivatives$— $4,493 $— $4,493 
Equity derivative contracts21 7,296 — 7,317 
Total derivative liabilities
21 7,296 — 7,317 
Total liabilities at fair value
$21 $11,789 $— $11,810 
F-23
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
 
December 31, 2024
Level 1Level 2Level 3Total
(in thousands)
Assets    
Cash equivalents$— $802,385 $— $802,385 
Available-for-Sale securities: 
Corporate debt securities— 638,624 11,254 649,878 
Residential mortgage backed securities— 4,728,303 — 4,728,303 
Commercial mortgage backed securities— 1,440,606 — 1,440,606 
Asset backed securities— 1,501,350 50,000 1,551,350 
State and municipal obligations— 976 — 976 
U.S. government and agency obligations2,589,376 — — 2,589,376 
Total Available-for-Sale securities2,589,376 8,309,859 61,254 10,960,489 
Equity derivative contracts— 12,858 — 12,858 
Total derivative assets
— 12,858 — 12,858 
Total assets at fair value
$2,589,376 $9,125,102 $61,254 $11,775,732 
Liabilities    
Stock market certificate embedded derivatives$— $7,250 $— $7,250 
Equity derivative contracts12 9,201 — 9,213 
Total derivative liabilities
12 9,201 — 9,213 
Total liabilities at fair value
$12 $16,451 $— $16,463 
The following tables provide a summary of changes in Level 3 assets measured at fair value on a recurring basis:
 Available-for-Sale Securities
Corporate Debt SecuritiesAsset Backed SecuritiesTotal
(in thousands)
Balance at January 1, 2025
$11,254 $50,000 $61,254 
Total gains (losses) included in:
Net income203 — 203 (1)
Other comprehensive income (loss)(54)— (54)
Settlements(11,400)(22,941)(34,341)
Transfers out of Level 3— (27,059)(27,059)
Balance at December 31, 2025
$3 $— $3 
F-24
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
 
Available-for-Sale Securities
Corporate Debt Securities
Asset Backed Securities
Total
(in thousands)
Balance at January 1, 2024
$17,854 $— $17,854 
Total gains (losses) included in:
Net income368 — 368 (1)
Other comprehensive income (loss)32 — 32 
Purchases— 50,000 50,000 
Settlements(7,000)— (7,000)
Balance at December 31, 2024
$11,254 $50,000 $61,254 
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2024
$334 $— $334 (1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2024
$(46)$— $(46)
 
Available-for-Sale Securities
Corporate Debt Securities
Asset Backed Securities
Total
(in thousands)
Balance at January 1, 2023
$9,653 $4,891 $14,544 
Total gains (losses) included in:
Net income148 183 331 (1)
Other comprehensive income (loss)234 (74)160 
Purchases15,851 — 15,851 
Settlements(8,032)(5,000)(13,032)
Balance at December 31, 2023
$17,854 $— $17,854 
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2023
$106 $— $106 (1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023
$182 $— $182 
(1) Included in Investment income.
Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote.
The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by ACC or reasonably available to ACC of Level 3 assets:
 
December 31, 2025
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(in thousands)
Corporate debt securities (private placements) (1)
$— 
Discounted cash flow
Yield/spread to U.S. Treasuries
—%—%
December 31, 2024
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(in thousands)
Corporate debt securities (private placements) (1)
$11,251 
Discounted cash flow
Yield/spread to U.S. Treasuries
1.0%1.0%
(1) Level 3 measurements not included in the tables above of $3 thousand as of both December 31, 2025 and 2024 are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to ACC.
F-25
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.
Uncertainty of Fair Value Measurements
Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities in isolation would have resulted in a significantly lower (higher) fair value measurement.
Determination of Fair Value
ACC uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. ACC’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. ACC’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, ACC maximizes the use of observable inputs and minimizes the use of unobservable inputs.
The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.
Assets
Cash Equivalents
Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also classified as Level 1. ACC’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.
Available-for-Sale Securities
When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.
Level 1 securities include U.S. Treasuries.
Level 2 securities include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations, and U.S. government and agency obligations. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes.
Level 3 securities include certain corporate bonds and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to ACC. ACC’s privately placed corporate bonds are typically based on a single non-binding broker quote.
Management is responsible for the fair values recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. ACC reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. ACC also performs subsequent transaction testing. ACC performs annual due diligence of third-party pricing services. ACC’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. ACC also considers the results of its exception reporting controls and any resulting price challenges that arise.
Derivatives
The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both December 31, 2025 and 2024. See Note 9 and Note 10 for further information on the credit risk of derivative instruments and related collateral.
Liabilities
Stock Market Certificate Embedded Derivatives
ACC uses Black-Scholes models to determine the fair value of the embedded derivative liability associated with the provisions of its SMC. The inputs to these calculations are primarily market observable and include interest rates, volatilities and equity index levels. As a result, these measurements are classified as Level 2.
F-26
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Derivatives
Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include options. ACC’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both December 31, 2025 and 2024. See Note 9 and Note 10 for further information on the credit risk of derivative instruments and related collateral.
Fair Value on a Nonrecurring Basis
During the reporting periods, there were no material assets or liabilities measured at fair value on a nonrecurring basis.
Assets and Liabilities Not Reported at Fair Value
The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:
 
December 31, 2025
Carrying 
Value		Fair Value
Level 1Level 2Level 3Total
(in thousands)
Financial Assets
     
Syndicated loans$42,201 $— $41,409 $941 $42,350 
Commercial mortgage loans101,324 — — 102,079 102,079 
Certificate loans29 — 29 — 29 
Financial Liabilities
     
Certificate reserves$8,150,082 $— $— $8,127,852 $8,127,852 
 
December 31, 2024
Carrying 
Value		Fair Value
Level 1Level 2Level 3Total
(in thousands)
Financial Assets
     
Syndicated loans$55,498 $— $55,292 $395 $55,687 
Commercial mortgage loans94,879 — — 92,948 92,948 
Certificate loans41 — 41 — 41 
Financial Liabilities
Certificate reserves$11,205,424 $— $— $11,183,366 $11,183,366 
See Note 4 for additional information on syndicated, commercial mortgage and certificate loans. Certificate reserves represent customer deposits for fixed rate certificates and SMC.
F-27
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
9. Offsetting Assets and Liabilities
Certain derivative instruments are eligible for offset in the Consolidated Balance Sheets. ACC’s derivative instruments are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. ACC’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.
The following tables present the gross and net information about ACC’s assets subject to master netting arrangements:
 
December 31, 2025
Gross
Amounts of
Recognized Assets		Gross Amounts
Offset in the
Consolidated
Balance Sheets		Amounts of Assets Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the Consolidated Balance SheetsNet Amount
Financial Instruments (1)
Cash Collateral
(in thousands)
Derivatives:
OTC$9,400 $— $9,400 $(7,296)$(2,104)$— 
Total$9,400 $— $9,400 $(7,296)$(2,104)$— 
 
December 31, 2024
Gross
Amounts of
Recognized Assets		Gross Amounts
Offset in the
Consolidated
Balance Sheets		Amounts of Assets Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the Consolidated Balance SheetsNet Amount
Financial Instruments (1)
Cash Collateral
(in thousands)
Derivatives:
OTC$12,858 $— $12,858 $(9,201)$(3,657)$— 
Total$12,858 $— $12,858 $(9,201)$(3,657)$— 
(1) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
The following tables present the gross and net information about ACC’s liabilities subject to master netting agreements:
 
December 31, 2025
Gross
Amounts of
Recognized Liabilities		Gross Amounts
Offset in the
Consolidated
Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the Consolidated Balance SheetsNet Amount
Financial Instruments (1)
Cash Collateral
(in thousands)
Derivatives:
OTC$7,296 $— $7,296 $(7,296)$— $— 
Exchange-traded21 — 21 — — 21 
Total$7,317 $— $7,317 $(7,296)$— $21 
 
December 31, 2024
Gross
Amounts of
Recognized Liabilities		Gross Amounts
Offset in the
Consolidated
Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the Consolidated Balance SheetsNet Amount
Financial Instruments (1)
Cash Collateral
(in thousands)
Derivatives:
OTC$9,201 $— $9,201 $(9,201)$— $— 
Exchange-traded12 — 12 — — 12 
Total$9,213 $— $9,213 $(9,201)$— $12 
(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash collateral. The actual collateral may be greater than amounts presented in the tables.
When the fair value of collateral accepted by ACC is less than the amount due to ACC, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, ACC monitors collateral values regularly and requires additional
F-28
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
collateral when necessary. When the value of collateral pledged by ACC declines, it may be required to post additional collateral.
Freestanding derivative instruments are reflected in Derivative assets and Derivative liabilities. Cash collateral accepted by ACC is reflected in Other liabilities. See Note 10 for additional disclosures related to ACC’s derivative instruments.
10. Derivatives and Hedging Activities
Derivative instruments enable ACC to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity and interest rate indices or prices. ACC primarily enters into derivative agreements for risk management purposes related to ACC’s products.
ACC uses derivatives as economic hedges of equity risk related to SMC. ACC does not designate any derivatives for hedge accounting. The following table presents the notional value and the gross fair value of derivative instruments, including embedded derivatives:
December 31, 2025
December 31, 2024
NotionalGross Fair ValueNotionalGross Fair Value
AssetsLiabilitiesAssetsLiabilities
(in thousands)
Derivatives not designated as hedging instruments
Equity contracts (1)
$94,755 $9,400 $7,317 $146,765 $12,858 $9,213 
Embedded derivatives
Stock market certificates (2)
N/A— 4,493 N/A— 7,250 
Total derivatives
$94,755 $9,400 $11,810 $146,765 $12,858 $16,463 
N/A Not applicable
(1) The gross fair value of equity contracts is included in Derivative assets and Derivative liabilities.
(2) The gross fair value of SMC embedded derivatives is included in Certificate reserves.
See Note 8 for additional information regarding ACC’s fair value measurement of derivative instruments.
As of December 31, 2025 and 2024, investment securities with a fair value of $1.2 million and $367 thousand, respectively, were pledged to meet contractual obligations under derivative contracts.
The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:
Derivatives not designated as
hedging instruments		Location of Gain (Loss) on
Derivatives Recognized in Income		Amount of Gain (Loss) on Derivatives Recognized in Income
Years Ended December 31,
2025
2024
2023
 (in thousands)
Equity contracts
Stock market certificates
Net provision for certificate reserves
$1,483 $2,610 $4,324 
Stock market certificates embedded derivatives
Net provision for certificate reserves
(1,076)(2,346)(5,046)
Total$407 $264 $(722)
Ameriprise SMC offer a return based upon the relative change in a major stock market index between the beginning and end of the certificate’s term. The SMC product contains an embedded derivative. The equity based return of the certificate must be separated from the host contract and accounted for as a derivative instrument. As a result of fluctuations in equity markets and the corresponding changes in value of the embedded derivative, the amount of expenses incurred by ACC related to the SMC product will positively or negatively impact reported earnings. As a means of hedging its obligations under the provisions for these certificates, ACC purchases and writes call options on the S&P 500® Index. ACC views this strategy as a prudent management of equity market sensitivity, such that earnings are not exposed to undue risk presented by changes in equity market levels. ACC also purchases futures on the S&P 500® Index to economically hedge its obligations. The futures are marked-to-market daily and exchange traded, exposing ACC to minimal counterparty risk.
Credit Risk
Credit risk associated with ACC’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, ACC has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 9 for additional information on ACC’s credit exposure related to derivative assets.
F-29
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
11. Income Taxes
The components of income tax provision were as follows:
 Years Ended December 31,
2025
2024
2023
(in thousands)
Current income tax   
Federal$27,401 $30,422 $24,615 
State and local4,495 4,340 3,952 
Total current income tax31,896 34,762 28,567 
Deferred income tax 
Federal(1,424)(5,016)4,027 
State and local(279)(926)754 
Total deferred income tax(1,703)(5,942)4,781 
Total income tax provision$30,193 $28,820 $33,348 
The principal reasons that the aggregate income tax provision is different from that computed by using the U.S. statutory rate of 21% were as follows:
 Years Ended December 31,
2025
2024
2023
Amount
Percentage
Amount
Percentage
Amount
Percentage
(in thousands, except percentages)
U.S. federal statutory tax rate
$26,862 21.0 %$28,384 21.0%$28,448 21.0%
State and local income taxes, net of federal income tax effect (1)
3,183 2.5 2,697 2.03,718 2.7
Changes in unrecognized tax benefits
148 0.1 (2,261)(1.7)1,182 0.9
Effective tax rate
$30,193 23.6 %$28,820 21.3 %$33,348 24.6 %
(1) State taxes in Minnesota, California, and New York made up the majority (greater than 50 percent) of the tax effect in this category for 2025, 2024, and 2023.
Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2025 and 2024. The significant components of ACC’s deferred income tax assets, which are included in Other Assets: Deferred taxes, net, were as follows:
 December 31,
2025
2024
(in thousands)
Deferred income tax assets
Investments including net unrealized on Available-for-Sale securities
$3,797 $9,746 
Certificate reserves3,654 6,108 
Indirect effect of unrecognized tax benefits including interest
893 — 
Total deferred income tax assets$8,344 $15,854 
Based on analysis of ACC’s tax position, management believes it is more likely than not that ACC’s results of future operations and implementation of tax planning strategies will generate sufficient taxable income to enable ACC to utilize all of the deferred tax assets. Accordingly, no valuation allowance for deferred tax assets has been established as of both December 31, 2025 and 2024.
A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:
 
2025
2024
2023
(in thousands)
Balance at January 1$3,323 $5,522 $4,342 
Additions for tax positions related to the current year
933 907 1,179 
Additions for tax positions of prior years— — 230 
Reductions for tax positions of prior years(630)(635)— 
Reductions due to lapse of statutes of limitations
(235)(2,471)(229)
Balance at December 31$3,391 $3,323 $5,522 
F-30
Index
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
If recognized, approximately $2.7 million, $2.6 million and $4.4 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2025, 2024 and 2023, respectively, would affect the effective tax rate.
ACC recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. ACC recognized a net increase of $118 thousand, a net decrease of $524 thousand and a net increase of $249 thousand, in interest and penalties for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, ACC had a payable of $755 thousand and $503 thousand, respectively, related to accrued interest and penalties.
ACC files its federal income tax return as part of the consolidated income tax return of Ameriprise Financial in the U.S. federal jurisdiction. ACC files as a separate entity and as part of unitary or combined returns with Ameriprise Financial, Inc. and other affiliates in various state jurisdictions. The federal statutes of limitations are closed on years through 2018, except for two issues for 2016 which were claimed on an amended return. During the second quarter of 2025, the Internal Revenue Service (“IRS”) finalized the audit of Ameriprise Financial’s U.S. income tax returns for tax years 2019 and 2020, except for one issue for 2020, which remains open. The IRS is currently auditing Ameriprise Financial’s U.S. income tax returns for 2021 through 2023. The state income tax returns of Ameriprise Financial or its subsidiaries, including ACC, are currently under examination by various jurisdictions for years ranging from 2018 through 2023.
The legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted on July 4, 2025. The corporate tax law changes resulting from the OBBBA did not have an impact to ACC’s consolidated financial statements for the year ended December 31, 2025 and, based on current guidance, ACC does not expect to record any material impacts in the future.
Income taxes paid were as follows:
 202520242023
(in thousands)
Income taxes paid, net $28,594 $34,304 $36,818 
   Federal
24,930 29,993 31,321 
State and local
3,664 4,311 5,497 
12. Commitments and Contingencies
Commitments
ACC’s commercial mortgage loan funding commitments were $5.0 million and nil as of December 31, 2025 and 2024, respectively.
Contingencies
The level of regulatory activity in the financial services industry remains elevated. From time to time, ACC receives requests for information from, and/or has been subject to examination by, both the SEC and the Minnesota Department of Commerce concerning its business activities and practices.
ACC may in the normal course of business be a party to legal proceedings which include regulatory inquiries, arbitration or litigation, including class actions, concerning matters arising in connection with the conduct of its activities. ACC cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. ACC believes that it is not a party to, nor are any of its properties the subject of, any pending legal, regulatory or arbitration proceedings that are reasonably likely to have a material adverse effect on ACC’s results of operations, financial condition or liquidity. Notwithstanding the foregoing, it is possible that the outcome of any such legal, arbitration or regulatory proceedings could have a material impact on ACC’s results of operations, financial condition or liquidity in any particular reporting period as the proceedings are resolved.
F-31
 
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers
December 31, 2025    
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)

CASH EQUIVALENTS
MONEY MARKET FUNDS
DREYFUS GOVERNMENT CASH MANAGEMENT$21,435 $21,435 $21,435 
WESTERN ASST INSTL GOVERNMENT MONEY MARKET FUND99,177 99,177 99,177 
MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS51,039 51,039 51,039 
INVESCO GOVERNMENT MONEY MARKET FUND25,876 25,876 25,876 
ALLSPRING GOVERNMENT MONEY MARKET FUND202,044 202,044 202,044 
TOTAL MONEY MARKET FUNDS399,571 399,571 
GOVERNMENT BOND
FEDERAL HOME LOAN BANKS 2/20/2026—10,000 9,949 9,949 
FEDERAL HOME LOAN MORTGAGE CORPORATION2/11/2026—10,000 9,958 9,958 
FEDERAL HOME LOAN MORTGAGE CORPORATION2/27/2026—10,000 9,943 9,943 
FEDERAL HOME LOAN MORTGAGE CORPORATION3/6/2026—10,000 9,936 9,936 
FEDERAL NATIONAL MORTGAGE ASSOCIATION3/13/2026—10,000 9,929 9,929 
UNITED STATES TREASURY 1/2/2026—20,000 19,998 19,998 
UNITED STATES TREASURY 1/22/2026—70,000 69,851 69,851 
TOTAL GOVERNMENT BOND139,564 139,564 
COMMERCIAL PAPER
ARIZONA PUBLIC SERVICE COMPANY 1/2/2026—40,000 39,996 39,996 
CATERPILLAR FINANCIAL SERVICES 1/5/2026—20,000 19,990 19,990 
ENERGY TRANSFER LP 1/2/2026—100,000 99,990 99,990 
EVERSOURCE ENERGY 1/8/2026—4,800 4,796 4,796 
FISERV INC 1/2/2026—23,000 22,998 22,998 
JM SMUCKER COMPANY1/2/2026—7,000 6,999 6,999 
PUBLIC SERVICE COMPANY OF COLORADO1/2/2026—32,000 31,997 31,997 
SYSCO CORPORATION1/2/2026—4,900 4,899 4,899 
TOTAL COMMERCIAL PAPER231,665 231,665 
TOTAL CASH EQUIVALENTS770,800 770,800 
EQUITY SECURITIES
CONGLOMERATES/DIVERSIFIED MFG
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC120 — — 
TOTAL CONGLOMERATES/DIVERSIFIED MFG— — 
TOTAL EQUITY SECURITIES— — 
FIXED MATURITIES
U.S. GOVERNMENT AND AGENCY OBLIGATIONS
UNITED STATES TREASURY BILL1/15/2026—85,000 84,859 84,890 
UNITED STATES TREASURY BILL1/29/2026—75,000 74,752 74,801 
UNITED STATES TREASURY BILL2/5/2026—75,000 74,707 74,749 
UNITED STATES TREASURY BILL2/12/2026—60,000 59,718 59,755 
UNITED STATES TREASURY BILL2/19/2026—60,000 59,673 59,716 
UNITED STATES TREASURY BILL2/26/2026—60,000 59,628 59,672 
UNITED STATES TREASURY BILL3/5/2026—60,000 59,581 59,635 
UNITED STATES TREASURY BILL3/12/2026—60,000 59,550 59,596 
UNITED STATES TREASURY BILL3/19/2026—60,000 59,509 59,555 
F-32
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
UNITED STATES TREASURY BILL3/26/2026—75,000 74,344 74,392 
UNITED STATES TREASURY BILL4/2/2026—20,000 19,813 19,822 
UNITED STATES TREASURY BILL4/9/2026—20,000 19,799 19,810 
UNITED STATES TREASURY BILL4/16/2026—60,000 59,343 59,389 
UNITED STATES TREASURY BILL4/23/2026—60,000 59,305 59,351 
UNITED STATES TREASURY BILL4/30/2026—60,000 59,264 59,310 
UNITED STATES TREASURY BILL5/7/2026—60,000 59,215 59,269 
UNITED STATES TREASURY BILL5/14/2026—60,000 59,173 59,228 
UNITED STATES TREASURY BILL5/21/2026—60,000 59,126 59,189 
UNITED STATES TREASURY BILL5/28/2026—60,000 59,096 59,148 
UNITED STATES TREASURY BILL6/4/2026—60,000 59,060 59,111 
UNITED STATES TREASURY BILL6/11/2026—60,000 59,033 59,071 
UNITED STATES TREASURY BILL6/18/2026—60,000 59,014 59,026 
UNITED STATES TREASURY BILL6/25/2026—60,000 58,974 58,989 
UNITED STATES TREASURY BOND8/15/20264.37557 56 57 
UNITED STATES TREASURY BOND11/15/20285.250200 203 209 
UNITED STATES TREASURY BOND8/15/20354.250100 101 101 
FEDERAL HOME LOAN BANKS 4/1/2026—40,000 39,631 39,629 
FEDERAL HOME LOAN BANKS 4/10/2026—40,000 39,592 39,593 
FEDERAL NATIONAL MORTGAGE ASSOCIATION1/2/2026—20,000 19,998 19,996 
TOTAL U. S. GOVERNMENT AND AGENCY OBLIGATIONS1,456,117 1,457,059 

RESIDENTIAL MORTGAGE BACKED SECURITIES
AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
FREDDIE MAC G164855/1/20333.0003,678 3,658 3,595 
FREDDIE MAC 1N14745/1/20376.51025 26 26 
FREDDIE MAC 1H25206/1/20356.353661 691 688 
FREDDIE MAC 1Q15406/1/20406.6441,245 1,321 1,288 
FREDDIE MAC 1Q151511/1/20386.5262,873 3,012 2,967 
FREDDIE MAC 1Q15725/1/20386.5272,117 2,216 2,203 
FREDDIE MAC 1Q15488/1/20386.5311,063 1,111 1,106 
FREDDIE MAC 8489224/1/20376.527945 995 982 
FREDDIE MAC 8484162/1/20416.8251,573 1,636 1,646 
FREDDIE MAC 8485309/1/20396.596629 661 655 
FREDDIE MAC 8492818/1/20376.3151,028 1,084 1,072 
FREDDIE MAC J325188/1/20303.0002,078 2,114 2,048 
FREDDIE MAC SB075210/1/20374.5007,895 7,746 7,931 
FREDDIE MAC SB81555/1/20373.00020,806 20,285 20,014 
FREDDIE MAC SB819110/1/20374.50022,267 21,829 22,308 
FREDDIE MAC SB819712/1/20374.00021,797 21,414 21,521 
FREDDIE MAC FR SB82163/1/20384.5006,001 5,932 6,012 
FREDDIE MAC STRIP FHS_4029/25/20534.97421,965 21,962 22,058 
FREDDIE MAC FR Q008859/1/20374.00011,801 11,620 11,673 
FREDDIE MAC ARM 7808459/1/20336.37526 25 26 
FREDDIE MAC ARM 7805145/1/20336.42643 43 44 
FREDDIE MAC ARM 7809039/1/20336.37529 29 30 
FREDDIE MAC 7818848/1/20346.334115 115 117 
FREDDIE MAC F4-20328 2/15/20384.7791,326 1,326 1,314 
FREDDIE MAC F2-20350 9/15/20404.7796,947 6,936 6,859 
FANNIE MAE ARM 1907263/1/20335.82812 13 13 
F-33
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FANNIE MAE 12-1334/25/20424.2392,226 2,220 2,177 
FANNIE MAE 13-2 KF1/25/20374.1692,144 2,140 2,109 
FANNIE MAE FA-2013-1 2/25/20434.3393,160 3,170 3,104 
FANNIE MAE FA-2015-4 2/25/20454.4891,217 1,217 1,191 
FANNIE MAE AF-2015-22C 4/25/20454.4893,941 3,927 3,858 
FANNIE MAE AF-2015-42 6/25/20554.4692,916 2,901 2,895 
FANNIE MAE KF-2015-27 5/25/20454.2892,539 2,533 2,516 
FANNIE MAE DF-2015-38 6/25/20554.4494,854 4,823 4,803 
FANNIE MAE FA-2015-55 8/25/20554.4891,975 1,967 1,969 
FANNIE MAE_15-507/25/20454.4895,340 5,333 5,290 
FANNIE MAE_15-93 8/25/20454.3391,304 1,301 1,291 
FANNIE MAE FW-2015-84 11/25/20454.4893,725 3,720 3,647 
FANNIE MAE AF-2015-91 12/25/20454.5093,420 3,404 3,454 
FANNIE MAE 16-22/25/20564.6191,186 1,184 1,177 
FANNIE MAE_16-11 3/25/20464.6892,379 2,381 2,372 
FANNIE MAE AF-2016-11 3/25/20464.6391,614 1,611 1,608 
FANNIE MAE AF-2016-87 11/25/20464.5392,148 2,146 2,132 
FANNIE MAE WF-2016-68 10/25/20464.5891,253 1,254 1,243 
FANNIE MAE_17-82/25/20474.38920,074 20,074 19,890 
FANNIE MAE FT-2016-84 11/25/20464.4894,729 4,771 4,667 
FANNIE MAE AF-2016-88 12/25/20464.5791,684 1,684 1,670 
FANNIE MAE FL-2017-4 2/25/20474.5892,533 2,533 2,522 
FANNIE MAE DF-2017-16 3/25/20474.5591,179 1,183 1,169 
FANNIE MAE FC-2017-51 7/25/20474.33911,469 11,502 11,246 
FANNIE MAE FC-2018-73 10/25/20484.28914,642 14,603 14,334 
FANNIE MAE AF-2018-87 12/25/20484.4396,401 6,373 6,334 
FANNIE MAE_CF-2019-33 7/25/20494.4598,873 8,889 8,712 
FANNIE MAE F-2019-31 7/25/20494.43914,043 14,036 13,759 
FANNIE MAE FC-2019-7612/25/20494.4896,928 6,926 6,807 
FANNIE MAE_FA-2020-47 7/25/20504.38921,664 21,664 21,292 
FANNIE MAE 22-339/25/20384.27412,756 12,756 12,597 
FREDDIE MAC FR SB82167/25/20524.27412,189 12,169 11,985 
FREDDIE MAC FR Q008857/25/20524.27427,077 27,056 26,776 
FANNIE MAE 22-43 FB7/25/20524.47426,901 26,939 26,705 
FANNIE MAE_23-195/25/20534.52437,078 37,078 36,990 
FANNIE MAE 22-6610/25/20524.42416,984 17,002 16,799 
FANNIE MAE 23-36 8/25/20534.72420,363 20,363 20,388 
FANNIE MAE FB-2024-87B12/25/20544.97472,051 71,983 72,278 
FANNIE MAE FA-2025-12C3/25/20555.27457,416 57,464 57,780 
FREDDIE MAC FD-203928 9/15/20414.5188,524 8,580 8,444 
FREDDIE MAC 4159 FD1/15/20434.4481,754 1,759 1,740 
FREDDIE MAC 4248 5/15/20414.5483,196 3,200 3,175 
FREDDIE MAC FD-204301 7/15/20374.4982,694 2,708 2,673 
FREDDIE MAC GF-204367 3/15/20374.7793,738 3,730 3,693 
FREDDIE MAC 4363 2014 FA9/15/20414.799835 836 824 
FREDDIE MAC 4448 5/15/20404.6431,795 1,785 1,772 
FREDDIE MAC LF-204475 4/15/20404.633693 692 680 
FREDDIE MAC FB-204495 11/15/20384.6733,003 2,988 2,939 
FREDDIE MAC WF-204491 8/15/20394.6431,260 1,258 1,243 
FREDDIE MAC FL-204523 8/15/20384.6731,901 1,889 1,855 
F-34
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FREDDIE MAC FA-204547 9/15/20404.8791,741 1,738 1,734 
FREDDIE MAC KF-204560 7/15/20404.8733,045 3,038 3,083 
FREDDIE MAC AF-204559 3/15/20424.8232,226 2,217 2,207 
FREDDIE MAC_459510/15/20374.9791,803 1,803 1,791 
FREDDIE MAC AF-204615 10/15/20384.7791,116 1,112 1,101 
FANNIE MAE AF-204620 11/15/20424.7631,965 1,960 1,945 
FANNIE MAE FA-204624 12/15/20384.7736,253 6,234 6,197 
FANNIE MAE GF-204639 3/15/20364.8794,914 4,899 4,872 
FREDDIE MAC WF-204681 8/15/20334.6736,610 6,600 6,530 
FREDDIE MAC WF-204697 6/15/20384.7794,670 4,666 4,611 
FREDDIE MAC AF-204774 7/15/20424.6232,109 2,105 2,078 
FREDDIE MAC WF-204730 8/15/20384.67310,042 9,992 9,912 
FREDDIE MAC FA-204822 5/15/20354.34816,453 16,451 16,293 
FREDDIE MAC_JF-204981 6/25/20504.38911,385 11,385 11,149 
FREDDIE MAC 49816/25/20504.38926,783 26,945 26,224 
FANNIE MAE_YF-204979 6/25/20504.43914,366 14,379 14,152 
FREDDIE MAC_5080 3/25/20514.09412,078 12,078 11,120 
FREDDIE MAC 52588/25/20524.37433,705 33,705 33,406 
FREDDIE MAC_22-527811/25/20524.67461,354 61,355 60,565 
FREDDIE MAC FD-535911/25/20535.37424,630 24,630 24,990 
FREDDIE MAC FE-535110/25/20535.07434,186 34,186 34,528 
FREDDIE MAC FA-536212/25/20535.09436,308 36,308 36,608 
FREDDIE MAC FB-536812/25/20535.32420,158 20,155 20,439 
FREDDIE MAC FB-53691/25/20545.07455,344 55,367 55,711 
FREDDIE MAC FD-53691/25/20544.77426,069 26,069 26,137 
FREDDIE MAC FC-5430A7/25/20545.07453,923 54,037 54,121 
FREDDIE MAC NF-547812/25/20545.17436,377 36,461 36,585 
FREDDIE MAC FM-55082/25/20555.02442,701 42,701 42,923 
FREDDIE MAC AF-20-3133/25/20555.02459,722 59,723 59,808 
FREDDIE MAC CF-2055113/25/20555.22483,833 83,834 84,104 
FREDDIE MAC EF-2055113/25/20555.02456,007 56,009 56,180 
FREDDIE MAC F-20-3133/25/20555.22483,833 83,834 84,104 
FREDDIE MAC GF-2055113/25/20555.02469,116 69,118 69,186 
FANNIE MAE ARM 5457866/1/20326.165106 106 108 
FANNIE MAE HYBRID ARM 5660745/1/20316.408104 104 106 
FANNIE MAE 49156/1/20316.16061 61 62 
FANNIE MAE ARM 6202931/1/20325.90017 17 17 
FANNIE MAE AL10371/1/20376.283795 835 822 
FANNIE MAE AL226910/1/20406.430703 743 733 
FANNIE MAE AL39359/1/20376.4061,407 1,473 1,459 
FANNIE MAE AL39612/1/20396.387557 585 572 
FANNIE MAE AL41103/1/20376.189835 871 868 
FANNIE MAE AL41009/1/20366.3101,174 1,225 1,217 
FANNIE MAE AL41142/1/20396.592598 631 625 
FANNIE MAE AO87468/1/20272.500812 817 802 
FANNIE MAE AS45072/1/20303.0001,981 2,009 1,950 
FANNIE MAE AS48784/1/20303.0002,690 2,729 2,649 
FANNIE MAE ARM 6516298/1/20326.3101 1 1 
FANNIE MAE ARM 6556468/1/20326.46546 46 47 
FANNIE MAE ARM 6557988/1/20326.229117 117 119 
F-35
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FANNIE MAE ARM 6613499/1/20326.27051 51 52 
FANNIE MAE ARM 66475010/1/20326.11342 42 43 
FANNIE MAE ARM 67073111/1/20325.66536 36 36 
FANNIE MAE ARM 67077911/1/20325.735166 166 168 
FANNIE MAE ARM 67089012/1/20325.66551 51 51 
FANNIE MAE ARM 67091212/1/20325.66520 20 21 
FANNIE MAE 06-36 GF5/25/20364.2891,575 1,581 1,559 
FANNIE MAE 07-6 2/25/20374.4392,984 2,988 2,961 
FANNIE MAE 07-46 FB5/25/20374.359294 294 291 
FREDDIE MAC 2A-AOT-7610/25/20375.2032,849 2,890 2,618 
FANNIE MAE 09-101 12/25/20394.8293,292 3,336 3,315 
FANNIE MAE 09-107 FL2/25/20384.836935 939 929 
FANNIE MAE FK-2010-123 11/25/20404.4393,266 3,292 3,234 
FANNIE MAE ARM 7227799/1/20336.03830 30 30 
FANNIE MAE 7255586/1/20346.33423 22 23 
FANNIE MAE 7257197/1/20335.75860 59 60 
FANNIE MAE 7256947/1/20345.81348 48 49 
FANNIE MAE ARM 7335258/1/20336.168171 166 175 
FANNIE MAE 73503410/1/20346.263793 825 818 
FANNIE MAE 7357027/1/20356.434459 470 473 
FANNIE MAE ARM 7391949/1/20336.254106 106 109 
FANNIE MAE ARM 74325610/1/20336.35942 41 43 
FANNIE MAE ARM 74385611/1/20335.93516 16 16 
FANNIE MAE ARM 75887312/1/20335.98213 12 13 
FANNIE MAE 79478710/1/20346.29522 22 22 
FANNIE MAE 79973311/1/20345.95972 72 73 
FANNIE MAE 80191710/1/20346.385124 124 127 
FANNIE MAE 8013379/1/20346.216522 544 535 
FANNIE MAE 8045619/1/20346.22875 75 78 
FANNIE MAE 8072191/1/20356.214225 226 232 
FANNIE MAE 8095322/1/20356.643113 113 116 
FANNIE MAE 8345528/1/20356.70546 46 47 
FANNIE MAE BE56221/1/20322.5006,219 6,245 6,018 
FANNIE MAE BK09337/1/20333.5002,192 2,211 2,167 
FANNIE MAE BT19392/1/20372.0006,737 6,691 6,238 
FANNIE MAE CA12652/1/20333.0005,205 5,183 5,084 
FANNIE MAE CA22838/1/20333.5002,338 2,334 2,311 
FANNIE MAE FM924711/1/20362.0005,171 5,278 4,787 
FANNIE MAE FS29409/1/20374.5008,706 8,521 8,717 
FANNIE MAE 8894856/1/20366.308609 617 627 
FANNIE MAE 9226744/1/20366.668213 217 221 
FANNIE MAE 9684381/1/20385.905129 135 133 
FANNIE MAE 9955489/1/20356.237361 367 372 
FANNIE MAE 99560411/1/20356.461669 698 696 
FANNIE MAE 9956148/1/20375.50092 97 93 
FANNIE MAE AB52305/1/20272.500412 413 407 
FANNIE MAE MA11448/1/20272.500378 381 374 
FANNIE MAE MA33916/1/20333.0003,101 3,077 3,026 
FANNIE MAE MA46978/1/20424.00013,739 13,764 13,516 
FANNIE MAE 49152/1/20385.0005,498 5,498 5,576 
F-36
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FANNIE MAE AD09014/1/20406.307416 440 434 
FANNIE MAE AE055912/1/20346.193770 798 796 
FANNIE MAE AE05668/1/20356.459608 632 632 
GINNIE MAE II 0825737/20/20405.3751,145 1,181 1,167 
GINNIE MAE II 0825817/20/20405.3751,446 1,537 1,474 
GINNIE MAE II 0826028/20/20405.3752,569 2,734 2,620 
GINNIE MAE II 08243112/20/20394.750997 1,032 1,023 
GINNIE MAE II 0824641/20/20405.625347 370 354 
GINNIE MAE II 0824973/20/20405.625745 786 759 
GINNIE MAE II 0827101/20/20415.625674 698 686 
GINNIE MAE II 0827944/20/20415.6251,260 1,336 1,286 
GINNIE MAE FC-2009-8 2/16/20394.7654,007 4,098 4,035 
GINNIE MAE FB-2013-1512/20/20404.1965,589 5,612 5,523 
GINNIE MAE FA-2014-43 3/20/20444.2464,788 4,792 4,727 
GINNIE MAE AF-2014-94 11/20/20414.4371,120 1,121 1,096 
GINNIE MAE AF-2015-18 2/20/20404.1782,221 2,222 2,203 
GINNIE MAE LF-2015-82 4/20/20414.2871,596 1,596 1,574 
GINNIE MAE FA-2016-115 8/20/20464.24610,815 10,873 10,632 
GINNIE MAE MF-2016-1088/20/20464.330332 330 324 
GINNIE MAE FC-2018-67 5/20/20484.1463,377 3,380 3,294 
GINNIE MAE 18-665/20/20484.0962,487 2,487 2,449 
GINNIE MAE 18-16812/20/20484.2469,588 9,590 9,398 
GINNIE MAE 19-14311/20/20494.2969,327 9,358 9,195 
GINNIE MAE AF-2020-36 3/20/20504.29620,182 20,211 19,735 
GINNIE MAE 22-181/20/20524.11818,216 18,185 17,446 
GINNIE MAE 22-20712/20/20524.43831,469 31,469 31,325 
GINNIE MAE 22-19711/20/20524.61824,191 24,191 24,100 
GINNIE MAE_22-19711/20/20524.61841,593 41,525 41,461 
GINNIE MAE 22-21312/20/20524.43826,440 26,440 26,332 
GINNIE MAE 22-996/20/20524.46831,586 31,622 31,245 
GINNIE MAE 22-1378/20/20524.36819,176 19,165 18,740 
GINNIE MAE_23-192/20/20534.56851,696 51,698 51,590 
GINNIE MAE_23-71/20/20534.51837,371 37,387 37,271 
GINNIE MAE_23-71/20/20534.51826,361 26,379 26,293 
GINNIE MAE_23-212/20/20534.5687,184 7,184 7,169 
GINNIE MAE_23-202/20/20534.41823,327 23,293 23,218 
GINNIE MAE_23-202/20/20534.41849,991 49,982 49,758 
GINNIE MAE_23-544/20/20534.51826,580 26,580 26,512 
GINNIE MAE_23-564/20/20534.51813,423 13,423 13,392 
GINNIE MAE 22-1689/20/20524.41855,280 55,280 54,529 
GINNIE MAE_23-685/20/20534.46856,333 56,345 55,934 
GINNIE MAE_23-826/20/20534.66812,869 12,869 12,873 
GINNIE MAE_23-836/20/20534.81873,829 72,689 73,823 
GINNIE MAE_23-1158/20/20534.81819,975 19,975 19,992 
GINNIE MAE_23-1118/20/20534.71818,506 18,513 18,524 
GINNIE MAE_23-1156/20/20534.91836,694 36,694 36,865 
GINNIE MAE_23-1499/20/20634.96819,521 19,521 19,609 
GINNIE MAE_23-15110/20/20534.96835,632 35,632 35,793 
GINNIE MAE_23-15210/20/20535.16811,717 11,717 11,815 
GINNIE MAE_23-136 9/20/20534.91821,878 21,878 21,963 
F-37
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
GINNIE MAE_23-18412/20/20534.41837,850 37,332 37,674 
TOTAL AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
2,523,581 2,514,663 
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
A&D MORTGAGE TRUST 2025-NQM1 A 6/25/20705.79043,234 43,211 43,719 
A&D MTG TR ADMT_23-NQM37/25/20686.7338,705 8,694 8,766 
A&D MTG TR ADMT_23-NQM49/25/20687.47233,939 33,904 34,427 
A&D MTG TR ADMT_23-NQM511/25/20687.04928,386 28,362 28,762 
A&D MTG TR ADMT_24-NQM37/25/20696.45137,431 37,386 38,018 
A&D MTG TR ADMT_24-NQM48/25/20695.46421,501 21,481 21,636 
A&D MTG TR ADMT_24-NQM511/25/20695.69916,782 16,770 16,926 
ACRA TRUST ACRA_24-NQM110/25/20645.60836,559 36,525 36,887 
ADJUSTABLE RATE MORTGAGE TRUST ARMT_04-22/25/20355.5137 7 7 
ANGEL OAK MORTGAGE TRUST AOMT_20-21/26/20652.5311,082 1,090 1,033 
ANGEL OAK MORTGAGE TRUST AOMT_20-34/25/20651.6912,260 2,258 2,160 
ANGEL OAK MORTGAGE TRUST AOMT_20-55/25/20651.3731,804 1,803 1,737 
ANGEL OAK MORTGAGE TRUST AOMT_21-811/25/20661.8207,757 7,755 7,029 
ANGEL OAK MORTGAGE TRUST AOMT_22-112/25/20662.88120,615 20,608 19,643 
ANGEL OAK MORTGAGE TRUST AOMT_24-118/25/20695.70015,987 15,976 16,167 
ANGEL OAK MORTGAGE TRUST AOMT_24-1210/25/20695.65331,241 31,209 31,566 
ANGEL OAK MORTGAGE TRUST AOMT_24-75/25/20695.62127,590 27,609 27,857 
ANGEL OAK MORTGAGE TRUST AOMT_24-85/27/20695.33826,121 26,105 26,300 
ANGEL OAK MORTGAGE TRUST AOMT_25-11/25/20705.69034,872 34,839 35,232 
ANGEL OAK MORTGAGE TRUST AOMT_25-22/25/20705.63722,396 22,382 22,610 
ANGEL OAK MORTGAGE TRUST AOMT_25-HB12/25/20555.67410,532 10,532 10,532 
APS RESECURITIZATION TRUST APS_16-311/27/20466.0961,120 1,120 2,714 
APS RESECURITIZATION TRUST APS_16-311/27/20666.096— — — 
ARROYO MORTGAGE TRUST ARRW_19-11/25/20493.8052,627 2,623 2,605 
ARROYO MORTGAGE TRUST ARRW_19-310/25/20482.9621,969 1,967 1,902 
BANK OF AMERICA MORTGAGE SECURITIES BOAMS_04-E6/25/20345.641391 389 374 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_20-RPL15/26/20592.5003,306 3,315 3,261 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_22-NQM19/25/20613.62613,199 13,183 13,133 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_24-NQM112/1/20635.94318,865 18,835 19,032 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_24-NQM22/25/20646.28516,711 16,683 16,920 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_24-NQM33/25/20646.19129,612 29,567 29,996 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_24-NQM68/1/20645.40914,129 14,110 14,241 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_25-NQM211/25/20645.67829,181 29,160 29,506 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_25-NQM33/25/20655.57336,730 36,697 37,062 
BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-27/25/20492.8791,792 1,790 1,770 
BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-311/25/20593.724383 382 381 
CHASE MORTGAGE FINANCE CORPORATION CHASE_07-A12/25/20376.653272 270 273 
CHNGE MORTGAGE TRUST CHNGE_23-13/25/20587.0656,500 6,484 6,491 
CHNGE MORTGAGE TRUST CHNGE_23-26/25/20586.52514,537 14,507 14,567 
CHNGE MORTGAGE TRUST CHNGE_23-37/25/20587.1008,173 8,159 8,218 
CIM TRUST CIM_25-I110/25/20695.65530,317 30,297 30,705 
CITIGROUP MORTGAGE LOAN TRUST INC CMLTI_15-RP2 CMLTI_15-PS19/25/20423.750756 759 734 
COLT FUNDING LLC COLT_20-2R10/26/20651.3252,747 2,745 2,615 
COLT FUNDING LLC COLT_21-612/25/20661.90713,209 13,204 12,306 
COLT FUNDING LLC COLT_24-INV25/25/20696.42111,033 11,022 11,206 
F-38
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
COLT FUNDING LLC COLT_24-INV45/25/20695.60718,715 18,699 18,915 
COLT MORTGAGE LOAN TRUST COLT_22-112/27/20662.28415,076 15,070 13,950 
COLT MORTGAGE LOAN TRUST COLT_22-22/25/20672.99410,097 10,094 9,738 
COLT MORTGAGE LOAN TRUST COLT_23-27/25/20686.59612,811 12,794 12,886 
COLT MORTGAGE LOAN TRUST COLT_24-12/25/20695.8357,531 7,518 7,592 
COLT MORTGAGE LOAN TRUST COLT_24-24/25/20696.12514,146 14,125 14,322 
COLT MORTGAGE LOAN TRUST COLT_24-36/25/20696.39325,317 25,286 25,709 
COLT MORTGAGE LOAN TRUST COLT_24-47/25/20695.94920,147 20,120 20,387 
COLT MORTGAGE LOAN TRUST COLT_24-58/25/20695.12337,156 37,117 37,267 
COLT MORTGAGE LOAN TRUST COLT_24-611/25/20695.39027,394 27,367 27,573 
COLT MORTGAGE LOAN TRUST COLT_24-712/26/20695.53829,033 29,007 29,296 
COLT MORTGAGE LOAN TRUST COLT_25-33/25/20705.35221,075 21,048 21,236 
COLT MORTGAGE LOAN TRUST COLT_25-44/25/20705.79412,691 12,754 12,873 
COLT MORTGAGE LOAN TRUST COLT_25-55/25/20705.53632,217 32,193 32,519 
COUNTRYWIDE HOME LOANS CWHL_03-461/19/20345.770533 542 523 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-FHA14/25/20473.2506,671 6,711 6,163 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL17/25/20572.7503,197 3,192 3,133 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL38/1/20574.00012,103 12,414 11,453 
CREDIT SUISSE MORTGAGE TRUST CSMC_19-AFC17/25/20493.5733,847 3,842 3,723 
CREDIT SUISSE MORTGAGE TRUST CSMC_19-NQM110/25/20593.656269 268 267 
CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH11/25/20672.8709,171 9,165 8,996 
CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH25/25/20674.54713,132 13,126 13,068 
CROSS MORTGAGE TRUST CROSS_23-H211/25/20687.13525,371 25,333 25,712 
CROSS MORTGAGE TRUST CROSS_24-H24/25/20696.09318,071 18,048 18,280 
CROSS MORTGAGE TRUST CROSS_24-H36/25/20696.27213,320 13,303 13,510 
CROSS MORTGAGE TRUST CROSS_24-H47/25/20696.14712,005 11,985 12,180 
CROSS MORTGAGE TRUST CROSS_24-H58/26/20695.8547,006 6,997 7,091 
CROSS MORTGAGE TRUST CROSS_25-H12/25/20705.73516,686 16,667 16,877 
CROSS MORTGAGE TRUST CROSS_25-H34/25/20705.88325,309 25,269 25,685 
CSMC TRUST CSMC_21-NQM810/25/20662.84118,645 18,639 17,259 
DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_22-11/25/20672.20514,428 14,418 13,406 
DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_24-17/25/20695.73534,671 34,650 35,016 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_19-211/25/20592.7392,138 2,136 2,108 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_22-11/25/20672.20616,585 16,580 14,801 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_24-INV210/25/20695.03512,913 12,906 12,940 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_24-NQM111/25/20695.70833,071 33,040 33,466 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_25-INV13/25/20705.62613,377 13,369 13,509 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_25-NQM11/25/20705.66820,899 20,875 21,104 
FIRST HORIZON ALTERNATIVE MORTGAGE SECURITIES FHAMS_04-AA410/25/20345.11879 80 78 
GCAT GCAT_24-NQM26/25/20596.08522,192 22,157 22,507 
GCAT_19-NQM311/25/20592.6861,530 1,528 1,511 
GCAT_22-HX112/27/20662.88511,685 11,679 11,019 
GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR28/19/20344.74097 97 89 
GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR28/19/20344.15688 88 82 
GS MORTGAGE SECURITIES TRUST GSMBS_18-RPL110/25/20573.7502,980 2,961 2,946 
GSR MORTGAGE LOAN TRUST GSR_05-AR11/25/20356.980353 353 345 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-14/19/20345.77848 48 47 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-101/19/20355.03168 68 63 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-46/19/20345.11220 20 19 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-68/19/20346.61524 23 24 
F-39
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-711/19/20345.337127 126 122 
HOMES TRUST HOMES_24-AFC18/25/20595.22418,356 18,337 18,415 
HOMES TRUST HOMES_25-NQM11/25/20705.55438,622 38,597 38,973 
HOMES TRUST HOMES_25-NQM2 2/25/20705.42518,830 18,818 18,989 
HOMES_23-NQM22/25/20686.45634,036 34,014 34,113 
HOMES_24-NQM210/25/20695.71714,282 14,260 14,440 
IMPERIAL FUND MORTGAGE TRUST IMPRL_21-NQM41/25/20572.09120,063 20,057 17,725 
IMPERIAL FUND MORTGAGE TRUST IMPRL_23-NQM12/25/20685.94113,981 13,963 13,950 
JP MORGAN MORTGAGE TRUST JPMMT_24-HE32/25/20555.11813,137 13,137 13,137 
JP MORGAN MORTGAGE TRUST JPMMT_25-VIS18/25/20555.49346,576 46,544 46,887 
JPMMT_25-NQM2 9/25/20655.56713,716 13,708 13,852 
MELLO MORTGAGE CAPITAL ACCEPTANCE MELLO_21-INV310/25/20512.50018,900 19,141 15,820 
MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A112/25/20346.17545 45 46 
MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A22/25/20355.135265 265 255 
MERRILL LYNCH MORTGAGE INVESTORS TRUST MLCC_04-112/25/20345.31851 51 48 
MERRILL LYNCH MORTGAGE INVESTORS TRUST MLMI_03-A58/25/20336.252120 119 117 
METLIFE SECURITIZATION TRUST MST_17-1A4/25/20553.0003,187 3,195 3,084 
METLIFE SECURITIZATION TRUST MST_18-1A3/25/20573.7504,000 3,999 3,917 
MFA TRUST MFRA_20-NQM31/26/20651.0141,005 1,004 966 
MFA TRUST MFRA_23-NQM412/25/20686.10515,061 15,046 15,182 
MFA TRUST MFRA_24-NQM13/25/20696.5795,768 5,758 5,847 
MFA TRUST MFRA_24-NQM28/25/20695.27214,211 14,194 14,265 
MFA TRUST MFRA_24-NQM312/25/20695.72219,859 19,840 20,038 
MFA TRUST MFRA_25-NQM2 5/27/20705.67511,252 11,243 11,360 
MILL CITY MORTGAGE TRUST MCMLT_18-38/25/20583.4821,023 1,028 1,013 
MILL CITY MORTGAGE TRUST MCMLT_19-110/25/20693.2502,325 2,331 2,278 
MILL CITY MORTGAGE TRUST MCMLT_19-GS17/25/20592.7502,273 2,272 2,235 
MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR11/25/20345.374158 159 153 
MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR11/25/20345.57333 33 32 
MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST MSRM_24-NQM37/25/20695.04417,022 17,003 17,070 
MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST MSRM_24-NQM510/25/20695.64911,578 11,566 11,706 
MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST MSRM_25-NQM111/25/20695.73814,711 14,701 14,896 
MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST MSRM_25-NQM21/25/20705.62736,688 36,665 37,039 
NATIONSTAR MORTGAGE LOAN TRUST NSMLT_13-A12/25/20523.750384 389 369 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_14-3A11/25/20543.750930 943 891 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-1A3/25/20563.7502,501 2,566 2,413 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-2A11/26/20353.7501,697 1,721 1,652 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-3A9/25/20563.7504,927 5,041 4,743 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-4A11/25/20563.7505,158 5,243 4,956 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-1A2/25/20574.0004,036 4,099 3,943 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-2A3/25/20574.0005,060 5,173 4,928 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-3A4/25/20574.0005,321 5,434 5,166 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-6A8/27/20574.0003,931 3,997 3,841 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-NQM49/25/20592.492767 766 739 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-RPL37/25/20592.7504,852 4,913 4,704 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_24-NQM13/25/20646.12911,814 11,796 11,958 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_25-NQM11/25/20655.64320,882 20,858 21,245 
NEW YORK MORTGAGE TRUST NYMT_24-BPL39/25/20395.26823,625 23,625 23,706 
F-40
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
OBX TRUST OBX_21-INV19/25/20512.50017,52117,721 14,623 
OBX TRUST OBX_23-NQM1010/25/20636.46511,64111,627 11,761 
OBX TRUST OBX_23-NQM89/25/20637.04518,12318,101 18,325 
OBX TRUST OBX_24-NQM1711/25/20645.61021,80921,782 22,028 
OCEANVIEW MORTGAGE LOAN TRUST OVMLT_20-15/28/20501.7331,1341,133 1,080 
ONSLOW BAY FINANCIAL LLC OBX_23-NQM74/25/20636.84411,30611,470 11,406 
ONSLOW BAY FINANCIAL LLC OBX_24-NM105/25/20646.18021,63521,599 21,956 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM1810/25/20645.40827,86427,826 28,069 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM212/25/20635.87819,83219,808 19,991 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM312/25/20636.1299,8919,876 9,999 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM41/25/20646.06719,76519,734 19,972 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM51/25/20645.98812,90512,884 13,040 
ONSLOW BAY FINANCIAL LLC OBX_25-NQM211/25/20645.59738,64538,596 39,054 
ONSLOW BAY FINANCIAL LLC OBX_25-NQM42/25/20555.40027,60427,570 27,819 
PRKCM TRUST PRKCM_23-AFC26/25/20586.48223,24823,215 23,302 
PRKCM TRUST PRKCM_23-AFC411/25/20587.22514,59914,579 14,795 
PRKCM TRUST PRKCM_24-AFC13/25/20596.33324,91224,863 25,210 
PRKCM TRUST PRKCM_24-HOME15/25/20596.43131,84131,793 32,351 
PRKCM TRUST PRKCM_25-HOME12/25/20605.54617,28317,269 17,498 
PRPM ADVISORS LLC PRPM_24-NQM412/26/20695.67412,40212,392 12,544 
PRPM ADVISORS LLC PRPM_25-NQM111/25/20695.80215,16715,153 15,344 
PRPM LLC PRPM_23-NQM311/25/20686.22114,50414,491 14,649 
PRPM LLC PRPM_24-NQM112/25/20686.26521,15321,127 21,416 
PRPM LLC PRPM_24-NQM26/25/20696.32735,86435,828 36,479 
RUN_22-NQM13/25/20674.0007,2867,236 7,321 
SASC_03-24A7/25/20336.493139139 136 
STAR_20-34/25/20651.486679679 666 
STARWOOD MORTGAGE RESIDENTIAL TRUST STAR_22-112/25/20662.44718,52318,515 16,971 
TOWD POINT MORTGAGE TRUST TPMT_17-46/25/20572.7502,0502,049 2,017 
TOWD POINT MORTGAGE TRUST TPMT_19-HY110/25/20484.846907908 908 
UNITED WHOLESALE MORTGAGE LLC UWM _21-INV29/25/20512.50018,60818,892 15,575 
VERUS SECURITIZATION TRUST VERUS_21-710/25/20661.82911,86611,863 10,939 
VERUS SECURITIZATION TRUST VERUS_21-R110/25/20630.8201,7691,768 1,740 
VERUS SECURITIZATION TRUST VERUS_22-11/25/20672.72413,45713,453 12,912 
VERUS SECURITIZATION TRUST VERUS_23-45/25/20685.81113,64813,629 13,655 
VERUS SECURITIZATION TRUST VERUS_23-812/25/20686.25912,78112,763 12,904 
VERUS SECURITIZATION TRUST VERUS_24-22/25/20696.09522,03622,000 22,261 
VERUS SECURITIZATION TRUST VERUS_24-INV13/25/20696.11610,99610,984 11,129 
VERUS SECURITIZATION TRUST VERUS_25-23/25/20705.30735,42135,390 35,663 
VERUS SECURITIZATION TRUST VERUS_25-INV12/25/20705.54841,14841,127 41,591 
VISIO_19-211/25/20542.722823821 818 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_03-AR66/25/20336.169123122 121 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_04-AR107/25/20444.286128128 125 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_05-AR33/25/20354.931267268 252 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_05-AR44/25/20354.347605603 575 
WELLS FARGO MORTGAGE BACKED SECURITIES TRUST WFMBS_04-K7/25/20346.419195200 199 
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
2,533,300 2,528,702 
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
5,056,881 5,043,365 

F-41
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
ASSET BACKED SECURITIES
AFFIRM ASSET SECURITIZATION TRUST AFFRM_24-X212/17/20295.2201,647 1,647 1,648 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_24-A2/15/20295.61025,000 24,999 25,040 
ALLY AUTO RECEIVABLES TRUST ALLYA_22-34/15/20275.0701,074 1,074 1,075 
APIDOS CLO APID_20-33A 4/24/20385.16522,000 22,000 22,053 
BAIN CAPITAL CREDIT CLO BCC_23 7/16/20385.64412,570 12,570 12,623 
BABSON CLO LTD BABSN_23-1A 4/20/20385.28440,000 40,000 40,138 
BROAD RIVER BSL FUNDING CLO BDRVR_20-17/20/20345.31616,000 16,000 16,000 
CARVANA AUTO RECEIVABLES TRUST CRVNA_23-N41/10/20286.4201,475 1,475 1,476 
CERBERUS ONSHORE CLO LLC CERB_24-37/15/20365.65525,000 25,000 25,060 
DRYDEN SENIOR LOAN FUND DRSLF_18-55A4/15/20315.1862,994 2,994 2,996 
FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST FCRT_23-25/15/20285.9901,663 1,663 1,669 
GLS AUTO SELECT RECEIVABLES TRUST GSAR_23-26/15/20286.3702,938 2,938 2,952 
GLS AUTO SELECT RECEIVABLES TRUST GSAR_24-310/15/20295.5908,305 8,305 8,401 
GOLDENTREE LOAN MANAGEMENT US CLO 1 LTD GLM_21-9A4/20/20375.38420,000 20,000 20,047 
GOLDENTREE LOAN MANAGEMENT US 1/20/20395.16450,000 50,000 50,093 
GOLUB CAPITAL PARTNERS CLO LTD GOCAP_19-46A4/20/20375.69420,000 20,000 20,041 
GREENSKY HOME IMPROVEMENT ISSUER TRUST GSKY_24-210/27/20595.2504,835 4,835 4,855 
GREENSTATE AUTO RECEIVABLES TRUST GRNST_24-18/16/20275.5301,119 1,119 1,120 
321 HENDERSON RECEIVABLES LLC HENDR_10-3A12/15/20483.820102 102 101 
MADISON PARK FUNDING LTD MDPK_21-48A1/19/20395.10440,000 40,000 40,025 
MAGNETITE CLO LIMITED MAGNE_20-261/25/20385.01525,000 25,000 24,980 
MARLETTE FUNDING TRUST MFT_23-412/15/20337.1303,713 3,712 3,736 
NAVIENT STUDENT LOAN TRUST NAVSL_18-DA12/15/20594.6652,198 2,194 2,193 
OCCU AUTO RECEIVABLES TRUST OCCU4/17/20284.82015,018 15,017 15,040 
OCTAGON INVESTMENT PARTNERS OCT48_20-3A1/15/20385.26525,000 25,000 25,052 
OAK HILL CREDIT PARTNERS OAKC_23-144/20/20385.5845,000 5,000 5,027 
OAKC_21-8A1/20/20385.16430,000 30,000 30,070 
ONEMAIN FINANCIAL ISSUANCE TRUST OMFIT_22-S15/14/20354.1307,629 7,607 7,629 
ONEMAIN FINANCIAL ISSUANCE TRUST OMFIT_22-210/14/20344.8901,888 1,887 1,889 
OPORTUN FUNDING LLC OPTN_24-22/9/20325.860404 404 404 
OPORTUN FUNDING LLC OPTN_25-B 5/9/20334.88023,700 23,697 23,901 
PAGAYA POINT OF SALE HOLDINGS 1/20/20345.71540,000 40,000 40,322 
PAGAYA AI DEBT SELECTION TRUST PAID_24-106/15/20325.52122,985 22,985 23,120 
PAGAYA AI DEBT GRANTOR TRUST PAID_24-81/15/20325.3313,599 3,599 3,609 
PAGAYA AI DEBT GRANTOR TRUST P 10/15/20324.86524,475 24,475 24,560 
PAGAYA AI DEBT GRANTOR TRUST PAID_24-712/15/20316.1178,482 8,482 8,533 
PAGAYA AI DEBT GRANTOR TRUST PAID_25-210/15/20324.96120,290 20,290 20,378 
PAGAYA AI DEBT SELECTION TRUST PAID_24-93/15/20325.06512,879 12,879 12,906 
PAGAYA AI DEBT TRUST PAID_25-4 1/17/20335.37325,119 25,119 25,333 
PAGAYA AI DEBT SELECTION TRUST PAID_24-310/15/20316.2584,657 4,657 4,684 
PAGAYA AI DEBT SELECTION TRUST PAID_24-611/15/20316.0933,003 3,003 3,020 
PALMER SQUARE CLO LTD PLMRS_21-2A2/15/20385.13425,000 25,000 25,007 
RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST RPM_23-43/25/20327.5407,435 7,435 7,452 
PRESTON RIDGE PARTNERS MORTGAGE2/27/20345.14950,000 50,000 50,333 
SMB PRIVATE EDUCATION LOAN TRUST SMB_21-A1/15/20534.5958,810 8,652 8,725 
SMB PRIVATE EDUCATION LOAN TRUST SMB_17-B10/15/20352.820285 285 284 
UPGRADE MASTER PASS-THRU TRUST 9/15/20324.79424,217 24,217 24,278 
UPSTART SECURITIZATION TRUST UPST_23-310/20/20336.9002,034 2,033 2,038 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-12/16/20275.890685 685 686 
F-42
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_24-28/16/20275.7503,120 3,120 3,123 
TOTAL ASSET BACKED SECURITIES
723,155 725,725 

COMMERCIAL MORTGAGE BACKED SECURITIES
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
FREDDIE MAC A-20KF60 2/25/20264.6131,868 1,868 1,868 
FREDDIE MAC KF678/25/20294.5007,392 7,337 7,401 
FREDDIE MAC KF761/25/20304.3422,052 2,031 2,057 
FREDDIE MAC K-F1208/25/20314.07427,808 27,019 27,495 
GINNIE MAE AG-2017-171 10/16/20482.2502,494 2,487 2,394 
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
40,742 41,215 

NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
BARCLAYS COMMERCIAL MORTGAGE SECURITIES LLC BBCMS_19-BWAY11/15/20345.0309,743 9,742 6,064 c
BX COMMERCIAL MORTGAGE TRUST BX_21-XL210/15/20384.55313,094 13,094 13,085 
COLONY MORTGAGE CAPITAL LTD CLNY_19-IKPR11/15/20385.2778,585 8,577 8,456 
COMM MORTGAGE TRUST COMM_19-521F6/15/20344.79716,510 16,510 15,836 
JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST JPMCC_18-ASH82/15/20354.8489,378 9,378 9,300 
LIFE FINANCIAL SERVICES TRUST LIFE_22-BMR25/15/20395.04549,000 48,981 47,232 
MORGAN STANLEY CAPITAL I TRUST MSC_18-BOP8/15/20334.64712,624 12,624 10,355 
MTN COMMERCIAL MORTGAGE TRUST MTN_22-LPFL3/15/20395.14750,000 49,951 49,970 
ONE NEW YORK PLAZA TRUST ONYP_20-1NYP1/15/20364.81518,200 18,200 17,574 
STAR_22-SFR35/17/20395.60947,228 47,237 47,420 
280 PARK AVENUE MORTGAGE TRUST PRK_17-280P9/15/20344.95840,000 40,000 39,866 
WELLS FARGO COMMERCIAL MORTGAGE TRUST WFCM_17-SMP12/15/20344.67318,500 18,498 17,274 
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
292,792 282,432 
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
333,534 323,647 

CORPORATE DEBT SECURITIES
BANKING
WASHINGTON MUTUAL BANK/HENDERSON6/15/2011—1,500 — 3 c,d
TOTAL BANKING— 3 
CAPITAL GOODS
BERRY GLOBAL INC1/15/20261.57020,266 20,233 20,237 
L3HARRIS TECHNOLOGIES INC 12/15/20263.8504,660 4,618 4,656 
TOTAL CAPITAL GOODS24,851 24,893 
COMMUNICATIONS
AMERICAN TOWER CORPORATION10/15/20263.3753,749 3,711 3,730 
TOTAL COMMUNICATIONS3,711 3,730 
CONSUMER NON CYCLICAL
CAMPBELLS COMPANY3/20/20265.30021,466 21,486 21,499 
CONSTELLATION BRANDS INC 12/6/20263.7003,725 3,681 3,716 
CVS HEALTH CORPORATION8/15/20263.0005,227 5,173 5,190 
HCA-THE HEALTHCARE COMPANY6/15/20265.25021,190 21,187 21,213 
TOTAL CONSUMER NON CYCLICAL51,527 51,618 
F-43
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
ELECTRIC
AES CORPORATION (THE)1/15/20261.37513,670 13,650 13,650 
FIRSTENERGY CORPORATION3/30/20265.1501,250 1,248 1,253 
TOTAL ELECTRIC14,898 14,903 
ENERGY
COLORADO INTERSTATE GAS COMPANY8/15/20264.15012,500 12,433 12,486 
PLAINS ALL AMERICAN PIPELINE LP12/15/20264.5004,793 4,787 4,807 
TOTAL ENERGY17,220 17,293 
NATURAL GAS
SEMPRA 8/1/20265.40027,550 27,629 27,716 
TOTAL NATURAL GAS27,629 27,716 
TECHNOLOGY
NXP BV 6/18/20263.8755,971 5,943 5,964 
TOTAL TECHNOLOGY5,943 5,964 
TRANSPORTATION
NORFOLK SOUTHERN CORPORATION6/15/20262.90010,000 9,901 9,955 
TOTAL TRANSPORTATION9,901 9,955 
TOTAL CORPORATE DEBT SECURITIES155,680 156,075 
TOTAL FIXED MATURITIES7,725,367 7,705,871 

SYNDICATED LOANS
BASIC INDUSTRY
ELEMENT SOLUTIONS INC12/18/20305.6661,154 1,142 1,142 
INEOS LTD2/19/20307.166393 380 380 
INEOS LTD2/7/20316.916992 984 984 
TOTAL BASIC INDUSTRY2,506 2,506 
CAPITAL GOODS
EMRLD BORROWER LP5/31/20306.0721,406 1,393 1,393 
ENERGY CAPITAL PARTNERS II LLC9/20/20307.166644 628 628 
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC12/31/20268.371213 207 207 
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC12/31/20274.221174 75 75 
G HOLDINGS INC9/22/20285.484472 466 466 
QUIKRETE HOLDINGS INC3/19/20296.166978 969 969 
QUIKRETE HOLDINGS INC4/14/20316.1661,297 1,282 1,282 
QUIKRETE HOLDINGS INC2/10/20325.966663 658 658 
TRANSDIGM INC2/28/20316.1901,965 1,955 1,955 
TOTAL CAPITAL GOODS
7,633 7,633 
COMMUNICATIONS
CMG MEDIA CORPORATION6/18/20297.602839 774 774 
HUBBARD RADIO LLC9/30/20278.416171 140 140 
F-44
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
SBA COMMUNICATIONS CORPORATION1/25/20315.7321,184 1,171 1,171 
SINCLAIR INC12/31/20297.402766 657 657 
TELESAT LLC12/7/20266.834814 813 813 
TOTAL COMMUNICATIONS
3,555 3,555 
CONSUMER CYCLICAL
ADT INC3/7/20325.5851,194 1,182 1,182 
APOLLO INVESTMENT FUND VIII LP10/13/20306.129665 655 655 
BELRON FINANCE 2019 LLC 10/16/20316.120998 1,003 1,003 
GREAT OUTDOORS GROUP LLC1/23/20327.1661,955 1,943 1,943 
HILTON WORLDWIDE HOLDINGS INC11/3/20305.4771,749 1,733 1,733 
LIGHT & WONDER INC4/16/20295.9861,965 1,951 1,951 
PCI GAMING AUTHORITY7/18/20315.916360 350 350 
RESTAURANT BRANDS INTERNATIONAL INC9/20/20305.6662,160 2,129 2,129 
YUM! BRANDS INC.3/15/20285.5991,002 1,002 1,002 
TOTAL CONSUMER CYCLICAL
11,948 11,948 
CONSUMER NON CYCLICAL
ARAMARK SERVICES INC 4/6/20285.4711,012 1,005 1,005 
BRP INC12/13/20296.1661,711 1,699 1,699 
ELANCO ANIMAL HEALTH INC 10/31/20325.623187 186 186 
GRIFOLS SA11/15/20275.690761 759 759 
ICON PLC7/3/20286.00284 83 83 
ICON PLC7/3/20286.00221 21 21 
MEDLINE BORROWER LP 10/23/20305.666660 660 660 
REYNOLDS CONSUMER PRODUCTS LLC 3/4/20325.666927 927 927 
THOR INDUSTRIES INC11/15/20306.16668 68 68 
TOTAL CONSUMER NON CYCLICAL
5,408 5,408 
ELECTRIC
CONSTELLATION ENERGY CORPORATION12/15/20275.822398 397 397 
EFS COGEN HOLDINGS I LLC 10/3/20317.002603 590 590 
VOLT PARENT LP2/15/20325.666230 226 226 
TOTAL ELECTRIC
1,213 1,213 
OTHER FINANCIAL INSTITUTIONS
FINCO 1 LLC 6/27/20295.666784 772 772 
TRANSUNION6/24/20315.666693 693 693 
TRANSUNION6/24/20315.666969 961 961 
TOTAL OTHER FINANCIAL INSTITUTIONS
2,426 2,426 
OTHER INDUSTRY
API GROUP CORPORATION1/3/20295.666944 940 940 
TOTAL OTHER INDUSTRY
940 940 
TECHNOLOGY
ADEIA INC6/8/20286.216438 415 415 
CARLYLE GROUP INC/THE5/9/20315.916871 871 871 
COHERENT CORPORATION7/2/20295.666386 374 374 
F-45
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
ENTEGRIS INC7/6/20295.471450 446 446 
GEN DIGITAL INC9/12/20295.666959 927 927 
GODADDY INC11/9/20295.6661,157 1,130 1,130 
MKS INSTRUMENTS INC8/17/20295.916551 536 536 
ONEX CORPORATION6/20/20315.666868 868 868 
TTM TECHNOLOGIES INC5/30/20306.1231,227 1,211 1,211 
TOTAL TECHNOLOGY
6,778 6,778 
TOTAL SYNDICATED LOANS BEFORE ALLOWANCE FOR LOAN LOSSES
42,407 42,407 
ALLOWANCE FOR LOAN LOSSES
(206)(206)
TOTAL SYNDICATED LOANS - NET
42,201 42,201 


DERIVATIVES
PURCHASED OPTIONS
BNP PARIBAS1/13/2026— — 582 582 
BNP PARIBAS1/27/2026— — 283 283 
BNP PARIBAS2/10/2026— — 278 278 
BNP PARIBAS2/17/2026— — 161 161 
BNP PARIBAS3/3/2026— — 116 116 
BNP PARIBAS3/31/2026— — 132 132 
BNP PARIBAS4/7/2026— — 282 282 
BNP PARIBAS4/7/2026— — 392 392 
BNP PARIBAS4/21/2026— — 335 335 
BNP PARIBAS5/5/2026— — 138 138 
BNP PARIBAS5/19/2026— — 216 216 
BNP PARIBAS5/26/2026— — 111 111 
BNP PARIBAS6/2/2026— — 107 107 
BNP PARIBAS6/9/2026— — 203 203 
BNP PARIBAS6/23/2026— — 196 196 
BNP PARIBAS7/7/2026— — 176 176 
BNP PARIBAS7/21/2026— — 83 83 
BNP PARIBAS8/11/2026— — 74 74 
BNP PARIBAS8/18/2026— — 78 78 
BNP PARIBAS9/1/2026— — 75 75 
BNP PARIBAS9/8/2026— — 72 72 
BNP PARIBAS9/15/2026— — 66 66 
BNP PARIBAS9/29/2026— — 124 124 
BNP PARIBAS10/6/2026— — 61 61 
BNP PARIBAS10/20/2026— — 122 122 
BNP PARIBAS10/27/2026— — 51 51 
BNP PARIBAS11/3/2026— — 60 60 
BNP PARIBAS12/1/2026— — 59 59 
BNP PARIBAS12/22/2026— — 56 56 
BNP PARIBAS12/29/2026— — 57 57 
WELLS FARGO BANK, NA1/6/2026— — 586 586 
WELLS FARGO BANK, NA1/6/2026— — 188 188 
WELLS FARGO BANK, NA1/13/2026— — 202 202 
WELLS FARGO BANK, NA1/20/2026— — 162 162 
WELLS FARGO BANK, NA1/27/2026— — 159 159 
F-46
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
WELLS FARGO BANK, NA2/3/2026— — 83 83 
WELLS FARGO BANK, NA2/10/2026— — 81 81 
WELLS FARGO BANK, NA2/24/2026— — 289 289 
WELLS FARGO BANK, NA2/24/2026— — 93 93 
WELLS FARGO BANK, NA3/10/2026— — 263 263 
WELLS FARGO BANK, NA3/17/2026— — 128 128 
WELLS FARGO BANK, NA3/24/2026— — 226 226 
WELLS FARGO BANK, NA3/31/2026— — 277 277 
WELLS FARGO BANK, NA4/14/2026— — 303 303 
WELLS FARGO BANK, NA4/28/2026— — 137 137 
WELLS FARGO BANK, NA5/12/2026— — 278 278 
WELLS FARGO BANK, NA5/12/2026— — 108 108 
WELLS FARGO BANK, NA5/26/2026— — 270 270 
WELLS FARGO BANK, NA6/16/2026— — 103 103 
WELLS FARGO BANK, NA6/30/2026— — 171 171 
WELLS FARGO BANK, NA7/14/2026— — 83 83 
WELLS FARGO BANK, NA7/28/2026— — 75 75 
WELLS FARGO BANK, NA8/4/2026— — 81 81 
WELLS FARGO BANK, NA8/25/2026— — 71 71 
WELLS FARGO BANK, NA9/22/2026— — 119 119 
WELLS FARGO BANK, NA10/13/2026— — 63 63 
WELLS FARGO BANK, NA12/8/2026— — 55 55 
TOTAL PURCHASED OPTIONS
9,400 9,400 

WRITTEN OPTIONS
BNP PARIBAS1/13/2026— — (422)(422)
BNP PARIBAS1/27/2026— — (202)(202)
BNP PARIBAS2/10/2026— — (195)(195)
BNP PARIBAS2/17/2026— — (115)(115)
BNP PARIBAS3/3/2026— — (94)(94)
BNP PARIBAS3/31/2026— — (111)(111)
BNP PARIBAS4/7/2026— — (201)(201)
BNP PARIBAS4/7/2026— — (354)(354)
BNP PARIBAS4/21/2026— — (295)(295)
BNP PARIBAS5/5/2026— — (117)(117)
BNP PARIBAS5/19/2026— — (174)(174)
BNP PARIBAS5/26/2026— — (92)(92)
BNP PARIBAS6/2/2026— — (88)(88)
BNP PARIBAS6/9/2026— — (166)(166)
BNP PARIBAS6/23/2026— — (160)(160)
BNP PARIBAS7/7/2026— — (140)(140)
BNP PARIBAS7/21/2026— — (65)(65)
BNP PARIBAS8/11/2026— — (57)(57)
BNP PARIBAS8/18/2026— — (61)(61)
BNP PARIBAS9/1/2026— — (58)(58)
BNP PARIBAS9/8/2026— — (55)(55)
BNP PARIBAS9/15/2026— — (49)(49)
BNP PARIBAS9/29/2026— — (91)(91)
BNP PARIBAS10/6/2026— — (45)(45)
BNP PARIBAS10/20/2026— — (90)(90)
F-47
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2025
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
BNP PARIBAS10/27/2026— — (36)(36)
BNP PARIBAS11/3/2026— — (44)(44)
BNP PARIBAS12/1/2026— — (44)(44)
BNP PARIBAS12/22/2026— — (41)(41)
BNP PARIBAS12/29/2026— — (42)(42)
WELLS FARGO BANK, NA1/6/2026— — (430)(430)
WELLS FARGO BANK, NA1/6/2026— — (141)(141)
WELLS FARGO BANK, NA1/13/2026— — (156)(156)
WELLS FARGO BANK, NA1/20/2026— — (114)(114)
WELLS FARGO BANK, NA1/27/2026— — (112)(112)
WELLS FARGO BANK, NA2/3/2026— — (60)(60)
WELLS FARGO BANK, NA2/10/2026— — (58)(58)
WELLS FARGO BANK, NA2/24/2026— — (210)(210)
WELLS FARGO BANK, NA2/24/2026— — (71)(71)
WELLS FARGO BANK, NA3/10/2026— — (221)(221)
WELLS FARGO BANK, NA3/17/2026— — (107)(107)
WELLS FARGO BANK, NA3/24/2026— — (183)(183)
WELLS FARGO BANK, NA3/31/2026— — (197)(197)
WELLS FARGO BANK, NA4/14/2026— — (262)(262)
WELLS FARGO BANK, NA4/28/2026— — (116)(116)
WELLS FARGO BANK, NA5/12/2026— — (221)(221)
WELLS FARGO BANK, NA5/12/2026— — (87)(87)
WELLS FARGO BANK, NA5/26/2026— — (211)(211)
WELLS FARGO BANK, NA6/16/2026— — (84)(84)
WELLS FARGO BANK, NA6/30/2026— — (135)(135)
WELLS FARGO BANK, NA7/14/2026— — (66)(66)
WELLS FARGO BANK, NA7/28/2026— — (57)(57)
WELLS FARGO BANK, NA8/4/2026— — (64)(64)
WELLS FARGO BANK, NA8/25/2026— — (54)(54)
WELLS FARGO BANK, NA9/22/2026— — (87)(87)
WELLS FARGO BANK, NA10/13/2026— — (47)(47)
WELLS FARGO BANK, NA12/8/2026— — (41)(41)
TOTAL WRITTEN OPTIONS
(7,296)(7,296)

FUTURES
S&P500 EMINI FUT MAR263/20/2026— — (21)(21)
TOTAL FUTURES
(21)(21)
TOTAL DERIVATIVES - NET
2,083 2,083 
TOTAL INVESTMENTS IN CASH EQUIVALENTS, FIXED MATURITIES, EQUITY SECURITIES, SYNDICATED LOANS AND DERIVATIVES$8,540,451 $8,520,955 

NOTES
a) Cash equivalents are carried at amortized cost which approximates fair value. Fixed maturities and common stocks are carried at fair value. In the absence of quoted market prices, fair values are obtained from third-party pricing services, non-binding broker quotes or other model-based valuation techniques. Syndicated loans are carried at amortized cost, less allowance for loan losses. Derivatives are carried at fair value. Options are traded in over-the-counter markets using pricing models with market observable inputs. Futures are exchange-traded and valued using quoted prices in active markets. See notes to the financial statements regarding valuations.
b) For Federal income tax purposes, the cost of investments is $8.5 billion.
c) Securities written down due to other-than-temporary impairment related to credit losses.
d) Non-income producing securities.

F-48
 
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers
December 31, 2024    
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)

CASH EQUIVALENTS
GOVERNMENT BOND
FEDERAL HOME LOAN BANKS1/2/2025—$442,645 $442,596 $442,596 
FEDERAL NATIONAL MORTGAGE ASSOCIATION1/6/2025—100,000 99,941 99,941 
TOTAL GOVERNMENT BOND542,537 542,537 
COMMERCIAL PAPER
CVS HEALTH CORPORATION1/3/2025—50,000 49,986 49,986 
EVERSOURCE ENERGY1/14/2025—25,000 24,955 24,955 
EXELON CORPORATION1/3/2025—50,000 49,986 49,986 
REPUBLIC SERVICES INC1/6/2025—25,000 24,983 24,983 
SOUTHERN COMPANY1/3/2025—25,000 24,993 24,993 
SOUTHERN COMPANY1/8/2025—25,000 24,975 24,975 
WILLIAMS COMPANIES INC1/3/2025—50,000 49,986 49,986 
XCEL ENERGY INC1/13/2025—10,000 9,984 9,984 
TOTAL COMMERCIAL PAPER259,848 259,848 
TOTAL CASH EQUIVALENTS802,385 802,385 
EQUITY SECURITIES
CONGLOMERATES/DIVERSIFIED MFG
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC120 — — 
TOTAL CONGLOMERATES/DIVERSIFIED MFG— — 
TOTAL EQUITY SECURITIES— — 
FIXED MATURITIES
U.S. GOVERNMENT AND AGENCY OBLIGATIONS
UNITED STATES TREASURY BILL1/2/2025—100,000 99,985 99,980 
UNITED STATES TREASURY BILL1/9/2025—100,000 99,882 99,917 
UNITED STATES TREASURY BILL1/16/2025—100,000 99,783 99,835 
UNITED STATES TREASURY BILL1/23/2025—100,000 99,681 99,751 
UNITED STATES TREASURY BILL1/30/2025—100,000 99,588 99,671 
UNITED STATES TREASURY BILL2/6/2025—100,000 99,524 99,590 
UNITED STATES TREASURY BILL2/13/2025—100,000 99,417 99,507 
UNITED STATES TREASURY BILL2/20/2025—100,000 99,324 99,433 
UNITED STATES TREASURY BILL2/27/2025—100,000 99,243 99,341 
UNITED STATES TREASURY BILL3/6/2025—100,000 99,144 99,268 
UNITED STATES TREASURY BILL3/13/2025—100,000 99,077 99,185 
UNITED STATES TREASURY BILL3/20/2025—100,000 99,015 99,107 
UNITED STATES TREASURY BILL3/27/2025—100,000 98,964 99,021 
UNITED STATES TREASURY BILL4/3/2025—100,000 98,899 98,933 
UNITED STATES TREASURY BILL4/10/2025—100,000 98,791 98,869 
UNITED STATES TREASURY BILL4/17/2025—100,000 98,717 98,788 
UNITED STATES TREASURY BILL4/24/2025—95,000 93,690 93,773 
UNITED STATES TREASURY BILL5/1/2025—95,000 93,614 93,697 
UNITED STATES TREASURY BILL5/8/2025—95,000 93,555 93,620 
UNITED STATES TREASURY BILL5/15/2025—95,000 93,459 93,546 
UNITED STATES TREASURY BILL5/22/2025—95,000 93,380 93,470 
UNITED STATES TREASURY BILL5/29/2025—90,000 88,379 88,475 
F-49
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
UNITED STATES TREASURY BILL6/5/2025—90,000 88,319 88,408 
UNITED STATES TREASURY BILL6/12/2025—90,000 88,287 88,336 
UNITED STATES TREASURY BILL6/20/2025—91,036 89,236 89,273 
UNITED STATES TREASURY BILL6/26/2025—90,000 88,161 88,196 
UNITED STATES TREASURY BILL7/3/2025—90,000 88,119 88,123 
UNITED STATES TREASURY BOND8/15/20264.375%57 56 57 
UNITED STATES TREASURY BOND11/15/20285.250200 204 206 
TOTAL U. S. GOVERNMENT AND AGENCY OBLIGATIONS2,587,493 2,589,376 
STATE AND MUNICIPAL OBLIGATIONS
DALLAS FORT WORTH TEXAS INTL AIRPORT11/1/20251.3291,000 1,000 976 
TOTAL STATE AND MUNICIPAL OBLIGATIONS1,000 976 

RESIDENTIAL MORTGAGE BACKED SECURITIES
AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
FANNIE MAE 06-36 GF5/25/20364.9831,822 1,829 1,793 
FANNIE MAE 07-46 FB5/25/20375.053527 528 518 
FANNIE MAE 09-107 FL2/25/20385.4991,025 1,030 1,013 
FANNIE MAE 13-2 KF1/25/20374.8632,565 2,560 2,506 
FANNIE MAE 49152/1/20385.0006,880 6,882 6,855 
FANNIE MAE AF-2015-22C 4/25/20455.1474,620 4,603 4,491 
FANNIE MAE AF-2015-42 6/25/20555.1273,518 3,499 3,489 
FANNIE MAE AF-2015-91 12/25/20455.1674,143 4,124 4,197 
FANNIE MAE FA-2015-4 2/25/20455.1471,423 1,424 1,382 
FANNIE MAE FW-2015-84 11/25/20455.1474,503 4,497 4,379 
FANNIE MAE 07-6 2/25/20375.1333,200 3,204 3,156 
FANNIE MAE 09-101 12/25/20395.5233,904 3,958 3,918 
FANNIE MAE 12-1334/25/20424.9332,415 2,408 2,350 
FANNIE MAE 16-22/25/20565.2771,400 1,398 1,435 
FANNIE MAE 22-339/25/20384.96915,498 15,498 15,148 
FANNIE MAE 22-43 FB7/25/20525.16930,308 30,354 29,797 
FANNIE MAE 22-6610/25/20525.11919,376 19,397 18,838 
FANNIE MAE 23-36 8/25/20535.41922,573 22,573 22,507 
FANNIE MAE 49156/1/20317.22170 70 71 
FANNIE MAE 7255586/1/20347.33525 25 25 
FANNIE MAE 7256947/1/20346.36853 52 52 
FANNIE MAE 7257197/1/20336.32969 69 69 
FANNIE MAE 73503410/1/20347.178907 946 929 
FANNIE MAE 7357027/1/20357.448586 600 601 
FANNIE MAE 79478710/1/20347.04523 24 24 
FANNIE MAE 79973311/1/20346.33883 84 83 
FANNIE MAE 8013379/1/20347.164578 603 585 
FANNIE MAE 80191710/1/20347.082136 136 138 
FANNIE MAE 8045619/1/20347.231117 117 121 
FANNIE MAE 8072191/1/20356.588242 244 246 
FANNIE MAE 8095322/1/20356.152121 122 124 
FANNIE MAE 8345528/1/20357.70554 54 55 
FANNIE MAE 8894856/1/20367.235735 745 756 
FANNIE MAE 9226744/1/20366.743259 264 267 
FANNIE MAE 9684381/1/20386.530167 175 169 
F-50
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FANNIE MAE 9951238/1/20377.89024 25 25 
FANNIE MAE 9955489/1/20357.230405 412 417 
FANNIE MAE 99560411/1/20357.050847 886 876 
FANNIE MAE 9956148/1/20376.461105 110 105 
FANNIE MAE AB52305/1/20272.500846 851 827 
FANNIE MAE AD09014/1/20406.398670 709 692 
FANNIE MAE AE055912/1/20346.558875 910 897 
FANNIE MAE AE05668/1/20356.885749 780 773 
FANNIE MAE AF-2016-11 3/25/20465.2971,915 1,911 1,908 
FANNIE MAE AF-2016-87 11/25/20465.1972,667 2,665 2,635 
FANNIE MAE AF-2016-88 12/25/20465.2372,202 2,202 2,173 
FANNIE MAE AF-2018-87 12/25/20485.0978,008 7,972 7,925 
FANNIE MAE AF-204620 11/15/20425.4092,412 2,406 2,392 
FANNIE MAE AL10371/1/20376.761916 965 946 
FANNIE MAE AL226910/1/20406.653760 804 785 
FANNIE MAE AL39359/1/20377.0751,733 1,818 1,790 
FANNIE MAE AL39612/1/20396.477656 690 664 
FANNIE MAE AL41009/1/20367.1451,295 1,356 1,338 
FANNIE MAE AL41103/1/20376.7721,095 1,143 1,131 
FANNIE MAE AL41142/1/20397.205765 809 794 
FANNIE MAE AO87468/1/20272.5001,695 1,711 1,654 
FANNIE MAE ARM 1907263/1/20336.54214 14 14 
FANNIE MAE ARM 5457866/1/20327.165118 118 121 
FANNIE MAE ARM 6202931/1/20326.52519 19 19 
FANNIE MAE ARM 6516298/1/20327.4352 2 2 
FANNIE MAE ARM 6556468/1/20327.59053 53 53 
FANNIE MAE ARM 6557988/1/20327.354130 130 132 
FANNIE MAE ARM 6613499/1/20327.14556 56 57 
FANNIE MAE ARM 66174410/1/20326.93783 84 84 
FANNIE MAE ARM 66475010/1/20326.48847 47 47 
FANNIE MAE ARM 67073111/1/20326.04041 41 41 
FANNIE MAE ARM 67077911/1/20326.180184 185 184 
FANNIE MAE ARM 67089012/1/20326.29059 59 59 
FANNIE MAE ARM 67091212/1/20326.29024 25 24 
FANNIE MAE ARM 7227799/1/20336.78839 39 39 
FANNIE MAE ARM 7335258/1/20337.293187 181 189 
FANNIE MAE ARM 7391949/1/20337.171116 116 118 
FANNIE MAE ARM 74325610/1/20337.10946 45 46 
FANNIE MAE ARM 74385611/1/20336.59924 24 25 
FANNIE MAE ARM 75887312/1/20336.48216 15 16 
FANNIE MAE AS45072/1/20303.0002,674 2,721 2,585 
FANNIE MAE AS48784/1/20303.0003,535 3,598 3,416 
FANNIE MAE BE56221/1/20322.5007,916 7,955 7,458 
FANNIE MAE BK09337/1/20333.5002,732 2,757 2,635 
FANNIE MAE BT19392/1/20372.0007,628 7,573 6,738 
FANNIE MAE CA12652/1/20333.0006,317 6,289 6,015 
FANNIE MAE CA22838/1/20333.5002,979 2,974 2,873 
FANNIE MAE DF-2015-38 6/25/20555.1075,980 5,941 5,889 
FANNIE MAE DF-2017-16 3/25/20475.2171,465 1,470 1,443 
FANNIE MAE F-2019-31 7/25/20495.13315,849 15,840 15,508 
F-51
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FANNIE MAE FA-2013-1 2/25/20435.0333,530 3,542 3,451 
FANNIE MAE FA-2015-55 8/25/20555.1472,526 2,516 2,532 
FANNIE MAE FA-204624 12/15/20385.4197,418 7,394 7,364 
FANNIE MAE FC-2017-51 7/25/20475.03312,979 13,017 12,664 
FANNIE MAE FC-2018-73 10/25/20484.98316,476 16,432 16,053 
FANNIE MAE FC-2019-7612/25/20495.1837,864 7,862 7,713 
FANNIE MAE FK-2010-123 11/25/20405.1333,723 3,754 3,666 
FANNIE MAE FL-2017-4 2/25/20475.2473,067 3,067 3,053 
FANNIE MAE FM924711/1/20362.0005,786 5,915 5,111 
FANNIE MAE FS29409/1/20374.50010,510 10,278 10,289 
FANNIE MAE FT-2016-84 11/25/20465.1835,228 5,276 5,140 
FANNIE MAE GF-204639 3/15/20365.7776,512 6,490 6,465 
FANNIE MAE HYBRID ARM 5660745/1/20317.209119 119 122 
FANNIE MAE KF-2015-27 5/25/20454.9833,386 3,377 3,341 
FANNIE MAE MA11448/1/20272.500787 795 769 
FANNIE MAE MA33916/1/20333.0003,876 3,845 3,684 
FANNIE MAE MA46978/1/20424.00015,495 15,526 14,523 
FANNIE MAE WF-2016-68 10/25/20465.2471,405 1,406 1,385 
FANNIE MAE_15-507/25/20455.1476,553 6,544 6,462 
FANNIE MAE_15-93 8/25/20455.0331,544 1,540 1,520 
FANNIE MAE_16-11 3/25/20465.3472,838 2,840 2,813 
FANNIE MAE_17-82/25/20475.08323,739 23,739 23,382 
FANNIE MAE_23-195/25/20535.21947,786 47,786 47,323 
FANNIE MAE_CF-2019-33 7/25/20495.1539,819 9,837 9,625 
FANNIE MAE_FA-2020-47 7/25/20505.08323,606 23,606 23,189 
FANNIE MAE_YF-204979 6/25/20505.13315,883 15,897 15,638 
FREDDIE MAC 1H25206/1/20356.973840 881 869 
FREDDIE MAC 1N14745/1/20377.13527 28 27 
FREDDIE MAC 1Q151511/1/20386.8643,635 3,817 3,728 
FREDDIE MAC 1Q15406/1/20406.5941,404 1,491 1,440 
FREDDIE MAC 1Q15488/1/20386.3531,252 1,311 1,292 
FREDDIE MAC 1Q15725/1/20386.4642,518 2,642 2,601 
FREDDIE MAC 2A-AOT-7610/25/20372.3502,991 3,036 2,690 
FREDDIE MAC 4159 FD1/15/20435.0622,190 2,197 2,165 
FREDDIE MAC 4248 5/15/20415.1623,846 3,851 3,805 
FREDDIE MAC 4363 2014 FA9/15/20415.6971,031 1,033 1,010 
FREDDIE MAC 4448 5/15/20405.2892,309 2,296 2,267 
FREDDIE MAC 49816/25/20505.08330,407 30,593 29,879 
FREDDIE MAC 52588/25/20525.06939,556 39,556 38,956 
FREDDIE MAC 7818848/1/20347.375135 136 137 
FREDDIE MAC 8484162/1/20416.2661,732 1,803 1,792 
FREDDIE MAC 8485309/1/20397.076682 717 704 
FREDDIE MAC 8489224/1/20376.9051,202 1,268 1,245 
FREDDIE MAC 8492818/1/20376.9871,232 1,302 1,275 
FREDDIE MAC AF-204559 3/15/20425.4692,784 2,772 2,765 
FREDDIE MAC AF-204615 10/15/20385.6771,468 1,462 1,445 
FREDDIE MAC AF-204774 7/15/20425.2692,578 2,574 2,535 
FREDDIE MAC ARM 7805145/1/20336.89747 48 48 
FREDDIE MAC ARM 7808459/1/20337.34528 27 29 
FREDDIE MAC ARM 7809039/1/20337.31632 32 33 
F-52
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FREDDIE MAC F2-20350 9/15/20405.6778,398 8,385 8,240 
FREDDIE MAC F4-20328 2/15/20385.6771,702 1,703 1,685 
FREDDIE MAC FA-204547 9/15/20405.7772,251 2,246 2,187 
FREDDIE MAC FA-204822 5/15/20354.96220,002 20,000 19,733 
FREDDIE MAC FA-536212/25/20535.78948,561 48,561 48,974 
FREDDIE MAC FB-204495 11/15/20385.3193,661 3,642 3,760 
FREDDIE MAC FB-536812/25/20536.01934,188 34,183 34,448 
FREDDIE MAC FB-53691/25/20545.76975,579 75,608 76,321 
FREDDIE MAC FD-203928 9/15/20415.13210,047 10,114 9,899 
FREDDIE MAC FD-204301 7/15/20375.1123,292 3,310 3,253 
FREDDIE MAC FD-535911/25/20536.06936,192 36,192 36,858 
FREDDIE MAC FD-53691/25/20545.46937,642 37,642 37,610 
FREDDIE MAC FE-535110/25/20535.76943,326 43,326 43,897 
FREDDIE MAC FL-204523 8/15/20385.3192,230 2,216 2,159 
FREDDIE MAC FR Q008859/1/20374.00013,833 13,611 13,308 
FREDDIE MAC FR Q008857/25/20524.96932,700 32,673 32,172 
FREDDIE MAC FR SB82163/1/20384.5007,419 7,331 7,267 
FREDDIE MAC FR SB82167/25/20524.96913,521 13,499 13,210 
FREDDIE MAC G164855/1/20333.0004,586 4,560 4,368 
FREDDIE MAC GF-204367 3/15/20375.6774,730 4,720 4,647 
FREDDIE MAC J325188/1/20303.0002,792 2,848 2,699 
FREDDIE MAC KF-204560 7/15/20405.5193,728 3,720 3,782 
FREDDIE MAC LF-204475 4/15/20405.279822 820 806 
FREDDIE MAC SB075210/1/20374.5009,503 9,317 9,309 
FREDDIE MAC SB81555/1/20373.00024,195 23,557 22,515 
FREDDIE MAC SB819110/1/20374.50026,972 26,422 26,386 
FREDDIE MAC SB819712/1/20374.00026,146 25,669 25,105 
FREDDIE MAC STRIP FHS_4029/25/20535.66928,090 28,086 28,237 
FREDDIE MAC WF-204491 8/15/20395.2891,512 1,510 1,496 
FREDDIE MAC WF-204681 8/15/20335.3198,392 8,380 8,273 
FREDDIE MAC WF-204697 6/15/20385.6775,724 5,720 5,640 
FREDDIE MAC WF-204730 8/15/20385.31912,343 12,280 12,157 
FREDDIE MAC_22-527811/25/20525.36968,362 68,361 66,328 
FREDDIE MAC_459510/15/20375.8772,188 2,188 2,175 
FREDDIE MAC_5080 3/25/20514.50013,481 13,481 12,430 
FREDDIE MAC_JF-204981 6/25/20505.08312,794 12,794 12,471 
GINNIE MAE 22-1378/20/20525.05521,413 21,401 20,908 
GINNIE MAE 22-1689/20/20525.10562,137 62,136 60,531 
GINNIE MAE 18-16812/20/20484.88510,615 10,616 10,390 
GINNIE MAE 18-665/20/20484.7352,818 2,818 2,759 
GINNIE MAE 19-14311/20/20494.93510,459 10,494 10,288 
GINNIE MAE 22-181/20/20524.80520,090 20,056 19,024 
GINNIE MAE 22-19711/20/20525.30527,343 27,343 27,150 
GINNIE MAE 22-20712/20/20525.12540,059 40,059 39,507 
GINNIE MAE 22-21312/20/20525.12539,152 39,152 38,773 
GINNIE MAE 22-996/20/20525.15534,398 34,437 33,513 
GINNIE MAE AF-2014-129 10/20/20414.9671,726 1,724 1,667 
GINNIE MAE AF-2014-94 11/20/20415.1171,265 1,267 1,231 
GINNIE MAE AF-2015-18 2/20/20404.8152,896 2,898 2,860 
GINNIE MAE AF-2020-36 3/20/20504.93522,221 22,253 21,745 
F-53
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
GINNIE MAE FA-2014-43 3/20/20444.8855,340 5,344 5,250 
GINNIE MAE FA-2016-115 8/20/20464.88511,861 11,925 11,636 
GINNIE MAE FB-2013-1512/20/20404.8356,268 6,294 6,171 
GINNIE MAE FC-2009-8 2/16/20395.4124,694 4,804 4,721 
GINNIE MAE FC-2018-67 5/20/20484.7853,720 3,723 3,621 
GINNIE MAE II 08243112/20/20393.7501,236 1,279 1,251 
GINNIE MAE II 0824641/20/20404.625402 428 407 
GINNIE MAE II 0824973/20/20404.625851 898 862 
GINNIE MAE II 0825737/20/20404.6251,260 1,300 1,271 
GINNIE MAE II 0825817/20/20404.6251,584 1,686 1,598 
GINNIE MAE II 0826028/20/20404.6252,860 3,048 2,885 
GINNIE MAE II 0827101/20/20414.625815 845 826 
GINNIE MAE II 0827944/20/20414.8751,512 1,605 1,529 
GINNIE MAE II ARM 86386/20/20254.8751 1 1 
GINNIE MAE LF-2015-82 4/20/20414.9671,896 1,896 1,857 
GINNIE MAE MF-2016-1088/20/20464.967460 458 447 
GINNIE MAE_22-19711/20/20525.30555,072 54,983 54,753 
GINNIE MAE_23-1118/20/20535.40529,017 29,026 28,941 
GINNIE MAE_23-1156/20/20535.60551,826 51,825 51,969 
GINNIE MAE_23-1158/20/20535.50526,136 26,136 25,979 
GINNIE MAE_23-136 9/20/20535.60532,520 32,520 32,658 
GINNIE MAE_23-1499/20/20635.65528,910 28,910 29,088 
GINNIE MAE_23-15110/20/20535.65546,338 46,338 46,623 
GINNIE MAE_23-15210/20/20535.85524,100 24,100 24,349 
GINNIE MAE_23-18412/20/20535.10544,495 43,896 43,906 
GINNIE MAE_23-192/20/20535.25568,248 68,248 67,613 
GINNIE MAE_23-202/20/20535.10530,322 30,279 30,008 
GINNIE MAE_23-202/20/20535.10574,027 74,014 73,171 
GINNIE MAE_23-212/20/20535.2559,708 9,708 9,618 
GINNIE MAE_23-544/20/20535.20533,943 33,943 33,693 
GINNIE MAE_23-564/20/20535.20523,788 23,788 23,619 
GINNIE MAE_23-685/20/20535.15573,536 73,549 72,745 
GINNIE MAE_23-71/20/20535.20553,350 53,368 52,934 
GINNIE MAE_23-71/20/20535.20537,883 37,906 37,603 
GINNIE MAE_23-826/20/20535.35521,950 21,950 21,852 
GINNIE MAE_23-836/20/20535.50582,100 80,810 81,898 
TOTAL AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
2,407,035 2,380,182 
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
A&D MTG TR ADMT_23-NQM37/25/20686.73312,062 12,050 12,184 
A&D MTG TR ADMT_23-NQM49/25/20687.47241,522 41,481 42,352 
A&D MTG TR ADMT_23-NQM511/25/20687.04934,556 34,528 35,090 
A&D MTG TR ADMT_24-NQM37/25/20696.45146,931 46,898 47,373 
A&D MTG TR ADMT_24-NQM48/25/20695.46427,319 27,312 27,167 
A&D MTG TR ADMT_24-NQM511/25/20695.69920,144 20,146 20,129 
ACRA TRUST ACRA_24-NQM110/25/20645.60845,727 45,719 45,635 
ADJUSTABLE RATE MORTGAGE TRUST ARMT_04-22/25/20356.31620 20 20 
ANGEL OAK MORTGAGE TRUST AOMT_20-21/26/20652.5311,320 1,331 1,232 
ANGEL OAK MORTGAGE TRUST AOMT_20-34/25/20651.6912,876 2,874 2,695 
F-54
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
ANGEL OAK MORTGAGE TRUST AOMT_20-55/25/20651.3732,918 2,916 2,722 
ANGEL OAK MORTGAGE TRUST AOMT_21-811/25/20661.8208,921 8,918 7,812 
ANGEL OAK MORTGAGE TRUST AOMT_22-112/25/20662.88123,312 23,305 21,283 
ANGEL OAK MORTGAGE TRUST AOMT_24-118/25/20695.70019,638 19,634 19,641 
ANGEL OAK MORTGAGE TRUST AOMT_24-1210/25/20695.65339,839 39,838 39,821 
ANGEL OAK MORTGAGE TRUST AOMT_24-75/25/20695.62136,292 36,347 36,298 
ANGEL OAK MORTGAGE TRUST AOMT_24-85/27/20695.33832,293 32,285 32,124 
APS RESECURITIZATION TRUST APS_16-311/27/20466.7032,714 2,712 4,515 
APS RESECURITIZATION TRUST APS_16-311/27/20666.7031,281 1,281 2,651 
ARROYO MORTGAGE TRUST ARRW_19-11/25/20493.8053,590 3,586 3,461 
ARROYO MORTGAGE TRUST ARRW_19-310/25/20482.9622,719 2,717 2,496 
BANK OF AMERICA MORTGAGE SECURITIES BOAMS_04-E6/25/20346.285498 495 475 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_20-RPL15/26/20592.5006,244 6,282 6,057 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_22-NQM19/25/20613.62615,550 15,532 14,781 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_24-NQM112/1/20635.94325,838 25,805 25,949 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_24-NQM22/25/20646.28524,621 24,592 24,838 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_24-NQM33/25/20646.19141,767 41,726 42,106 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_24-NQM68/1/20645.40920,806 20,798 20,731 
BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-27/25/20493.8793,409 3,404 3,303 
BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-311/25/20593.7241,016 1,014 1,001 
CHASE MORTGAGE FINANCE CORPORATION CHASE_07-A12/25/20376.620508 504 497 
CHNGE MORTGAGE TRUST CHNGE_23-13/25/20587.06512,243 12,219 12,366 
CHNGE MORTGAGE TRUST CHNGE_23-26/25/20586.52529,647 29,600 29,827 
CHNGE MORTGAGE TRUST CHNGE_23-37/25/20587.10014,199 14,176 14,375 
CITIGROUP MORTGAGE LOAN TRUST INC CMLTI_15-RP2 CMLTI_15-PS19/25/20423.750937 942 883 
COLT FUNDING LLC COLT_20-2R10/26/20651.3254,355 4,353 3,987 
COLT FUNDING LLC COLT_21-612/25/20661.90715,685 15,680 13,882 
COLT FUNDING LLC COLT_24-INV25/25/20696.42113,858 13,850 14,033 
COLT FUNDING LLC COLT_24-INV45/25/20695.60722,180 22,180 22,154 
COLT MORTGAGE LOAN TRUST COLT_22-112/27/20662.28417,297 17,291 15,561 
COLT MORTGAGE LOAN TRUST COLT_22-22/25/20672.99410,937 10,935 10,046 
COLT MORTGAGE LOAN TRUST COLT_23-27/25/20686.59617,462 17,437 17,645 
COLT MORTGAGE LOAN TRUST COLT_24-12/25/20695.83511,143 11,127 11,173 
COLT MORTGAGE LOAN TRUST COLT_24-24/25/20696.12520,858 20,832 21,000 
COLT MORTGAGE LOAN TRUST COLT_24-36/25/20696.39334,344 34,318 34,738 
COLT MORTGAGE LOAN TRUST COLT_24-47/25/20695.94928,341 28,321 28,486 
COLT MORTGAGE LOAN TRUST COLT_24-58/25/20695.12349,143 49,131 48,731 
COLT MORTGAGE LOAN TRUST COLT_24-611/25/20695.39033,905 33,896 33,822 
COLT MORTGAGE LOAN TRUST COLT_24-712/26/20695.53834,971 34,970 34,923 
COUNTRYWIDE HOME LOANS CWHL_03-461/19/20346.549635 646 603 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-FHA14/25/20473.2507,673 7,726 6,858 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL17/25/20572.7504,453 4,446 4,299 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL38/1/20574.00013,353 13,711 12,235 
CREDIT SUISSE MORTGAGE TRUST CSMC_19-AFC17/25/20493.5734,991 4,986 4,765 
CREDIT SUISSE MORTGAGE TRUST CSMC_19-NQM110/25/20593.656528 527 518 
CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH11/25/20672.87011,645 11,640 10,926 
CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH25/25/20674.54715,413 15,408 15,085 
CROSS MORTGAGE TRUST CROSS_23-H211/25/20687.13537,720 37,664 38,398 
CROSS MORTGAGE TRUST CROSS_24-H24/25/20696.09325,411 25,384 25,566 
CROSS MORTGAGE TRUST CROSS_24-H36/25/20696.27217,684 17,660 17,837 
F-55
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
CROSS MORTGAGE TRUST CROSS_24-H47/25/20696.14716,386 16,368 16,504 
CROSS MORTGAGE TRUST CROSS_24-H58/26/20695.8549,414 9,404 9,445 
CS FIRST BOSTON MORTGAGE SECURITIES CORP. CSFB_04-AR34/25/20345.9246 6 6 
CSMC TRUST CSMC_21-NQM810/25/20661.84120,952 20,948 18,523 
DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_22-11/25/20672.20517,172 17,162 15,364 
DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_24-17/25/20695.73546,028 46,025 46,176 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_19-211/25/20592.7392,893 2,890 2,756 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_22-11/25/20672.20618,493 18,488 15,867 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_24-INV210/25/20695.03514,870 14,869 14,715 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_24-NQM111/25/20695.70844,088 44,080 44,055 
FIRST HORIZON ALTERNATIVE MORTGAGE SECURITIES FHAMS_04-AA410/25/20345.877100 101 98 
GCAT_19-NQM311/25/20593.6862,417 2,414 2,338 
GCAT_22-HX112/27/20662.88513,588 13,582 12,395 
GCAT_24-NQM26/25/20596.08532,509 32,474 32,743 
GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR28/19/20345.143123 123 110 
GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR28/19/20344.49796 96 88 
GS MORTGAGE SECURITIES TRUST GSMBS_18-RPL110/25/20573.7503,813 3,786 3,698 
GSR MORTGAGE LOAN TRUST GSR_05-AR11/25/20356.979419 420 408 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-14/19/20346.39685 85 81 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-101/19/20355.83274 75 69 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-46/19/20346.08422 21 20 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-68/19/20346.28141 41 39 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-711/19/20345.655136 135 129 
HOMES TRUST HOMES_24-AFC18/25/20595.22424,496 24,490 24,322 
HOMES_23-NQM22/25/20686.45641,930 41,907 42,226 
HOMES_24-NQM210/25/20695.71718,616 18,615 18,637 
IMPERIAL FUND MORTGAGE TRUST IMPRL_21-NQM41/25/20572.09122,669 22,664 19,122 
IMPERIAL FUND MORTGAGE TRUST IMPRL_23-NQM12/25/20685.94117,520 17,499 17,537 
JP MORGAN MORTGAGE TRUST JPMMT_24-HE32/25/20555.80521,991 21,991 22,041 
MELLO MORTGAGE CAPITAL ACCEPTANCE MELLO_21-INV310/25/20512.50020,199 20,463 16,192 
MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A112/25/20346.97366 66 66 
MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A22/25/20355.487318 318 304 
MERRILL LYNCH MORTGAGE INVESTORS TRUST MLCC_04-112/25/20345.84863 63 60 
MERRILL LYNCH MORTGAGE INVESTORS TRUST MLMI_03-A58/25/20336.983148 147 142 
METLIFE SECURITIZATION TRUST MST_17-1A4/25/20553.0004,073 4,086 3,844 
METLIFE SECURITIZATION TRUST MST_18-1A3/25/20573.7504,603 4,602 4,395 
MFA TRUST MFRA_20-NQM31/26/20651.0141,544 1,544 1,445 
MFA TRUST MFRA_23-NQM412/25/20686.10519,992 19,977 20,077 
MFA TRUST MFRA_24-NQM13/25/20696.5798,581 8,574 8,681 
MFA TRUST MFRA_24-NQM28/25/20695.27221,442 21,434 21,301 
MFA TRUST MFRA_24-NQM312/25/20695.72225,000 25,000 25,000 
MILL CITY MORTGAGE LOAN TRUST MCMLT_17-31/25/20612.750570 569 567 
MILL CITY MORTGAGE TRUST MCMLT_18-38/25/20583.4821,637 1,649 1,600 
MILL CITY MORTGAGE TRUST MCMLT_19-110/25/20693.2503,021 3,032 2,929 
MILL CITY MORTGAGE TRUST MCMLT_19-GS17/25/20592.7503,652 3,654 3,541 
MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR11/25/20345.865182 183 172 
MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR11/25/20346.13036 36 33 
MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST MSRM_24-NQM37/25/20695.04423,911 23,902 23,700 
F-56
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST MSRM_24-NQM510/25/20695.64915,000 15,000 14,984 
NATIONSTAR MORTGAGE LOAN TRUST NSMLT_13-A12/25/20523.750451 458 422 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_14-3A11/25/20543.7501,061 1,077 983 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-1A3/25/20563.7502,935 3,012 2,739 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-2A11/26/20353.7502,072 2,107 1,965 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-3A9/25/20563.7505,804 5,960 5,403 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-4A11/25/20563.7506,029 6,189 5,602 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-1A2/25/20574.0004,844 4,929 4,625 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-2A3/25/20574.0005,939 6,081 5,672 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-3A4/25/20574.0006,2796,424 5,999 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-6A8/27/20574.0004,6184,707 4,340 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-NQM49/25/20592.4921,1381,137 1,066 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-RPL37/25/20592.7506,1696,264 5,880 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_24-NQM13/25/20646.12916,60116,585 16,720 
NEW YORK MORTGAGE TRUST NYMT_24-BPL39/25/20395.26823,62523,625 23,343 
OBX TRUST OBX_21-INV19/25/20512.50018,48818,703 14,800 
OBX TRUST OBX_23-NQM1010/25/20636.46516,34016,324 16,517 
OBX TRUST OBX_23-NQM89/25/20637.04523,54723,522 23,942 
OBX TRUST OBX_24-NQM1711/25/20645.61028,77628,775 28,817 
OCEANVIEW MORTGAGE LOAN TRUST OVMLT_20-15/28/20501.7331,5481,547 1,437 
ONSLOW BAY FINANCIAL LLC OBX_23-NQM74/25/20636.84415,65615,906 15,877 
ONSLOW BAY FINANCIAL LLC OBX_24-NM105/25/20646.18030,54530,512 30,816 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM1810/25/20645.77838,96838,967 38,917 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM212/25/20635.87826,74126,718 26,852 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM312/25/20636.12913,81413,799 13,913 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM41/25/20646.06729,23529,207 29,421 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM51/25/20645.98818,71518,695 18,817 
PRKCM TRUST PRKCM_23-AFC26/25/20586.48235,09935,056 35,382 
PRKCM TRUST PRKCM_23-AFC411/25/20587.22520,50820,483 20,912 
PRKCM TRUST PRKCM_24-AFC13/25/20596.33338,02937,973 38,375 
PRKCM TRUST PRKCM_24-HOME15/25/20596.43143,96043,909 44,502 
PRPM ADVISORS LLC PRPM_24-NQM412/26/20695.67416,00016,000 15,990 
PRPM LLC PRPM_23-NQM311/25/20686.22118,88018,868 19,003 
PRPM LLC PRPM_24-NQM112/25/20686.26528,67328,655 28,932 
PRPM LLC PRPM_24-NQM26/25/20696.32745,73745,711 46,239 
RESIDENTIAL MORTGAGE LOAN TRUST RMLT_19-39/25/20592.633100100 100 
RUN_22-NQM13/25/20674.0007,9277,872 7,634 
SASC_03-24A7/25/20337.118153154 146 
STAR_20-34/25/20651.4861,2401,239 1,197 
STARWOOD MORTGAGE RESIDENTIAL TRUST STAR_22-112/25/20662.44720,90920,901 18,203 
STRUCTURED ASSET INVESTMENT LOAN TRUST SAIL_03-BC56/25/20335.9777472 74 
TOWD POINT MORTGAGE TRUST TPMT_17-37/25/20572.750344343 342 
TOWD POINT MORTGAGE TRUST TPMT_17-46/25/20572.7503,1693,170 3,064 
TOWD POINT MORTGAGE TRUST TPMT_19-HY110/25/20485.4531,3341,336 1,348 
UNITED WHOLESALE MORTGAGE LLC UWM _21-INV29/25/20512.50019,90120,211 15,953 
VERUS SECURITIZATION TRUST VERUS_19-INV311/25/20592.6921,8621,860 1,840 
VERUS SECURITIZATION TRUST VERUS_21-710/25/20661.82913,47213,469 11,892 
VERUS SECURITIZATION TRUST VERUS_21-R110/25/20630.8203,3833,382 3,213 
VERUS SECURITIZATION TRUST VERUS_22-11/25/20672.72415,20015,195 13,741 
VERUS SECURITIZATION TRUST VERUS_23-45/25/20685.81119,78319,759 19,797 
F-57
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
VERUS SECURITIZATION TRUST VERUS_23-812/25/20686.25919,93819,914 20,100 
VERUS SECURITIZATION TRUST VERUS_24-22/25/20696.09534,84834,809 35,061 
VERUS SECURITIZATION TRUST VERUS_24-INV13/25/20696.11614,02914,021 14,131 
VISIO_19-211/25/20542.7224,9374,920 4,775 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_03-AR66/25/20337.265184184 179 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_04-AR107/25/20445.547147148 139 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_05-AR33/25/20355.076319319 300 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_05-AR44/25/20354.550771769 725 
WELLS FARGO MORTGAGE BACKED SECURITIES TRUST WFMBS_04-K7/25/20347.321237244 241 
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
2,384,440 2,348,121 
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
4,791,475 4,728,303 

ASSET BACKED SECURITIES
321 HENDERSON RECEIVABLES LLC HENDR_10-3A12/15/20483.820188 188 185 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_23-B9/15/20286.82045,000 45,097 45,677 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_23-X111/15/20287.1104,469 4,469 4,479 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_24-A2/15/20295.61025,000 24,998 25,101 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_24-X15/15/20296.27013,166 13,166 13,211 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_24-X212/17/20295.22030,000 29,999 30,046 
ALLY AUTO RECEIVABLES TRUST ALLYA_22-34/15/20275.07010,083 10,082 10,103 
APIDOS CLO APID_15-20A7/16/20316.0099,978 9,978 9,996 
APIDOS CLO APID_20-33A10/24/20346.04622,000 22,000 22,034 
BALLYROCK LTD BALLY_18-1A4/20/20315.87913,038 13,038 13,054 
BARINGS CLO LTD BABSN_23-14/20/20366.36740,000 40,000 40,211 
BRAZOS HIGHER EDUCATION AUTHORITY INC BRHEA_10-12/25/20356.6418,094 8,057 8,091 
BROAD RIVER BSL FUNDING CLO BDRVR_20-17/20/20346.04916,000 16,000 16,015 
CARLYLE GLOBAL MARKET STRATEGIES CGMS_13-3A10/15/20306.0093,118 3,119 3,120 
CARLYLE GLOBAL MARKET STRATEGIES CGMS_14-1A4/17/20315.87913,246 13,033 13,263 
CARMAX AUTO OWNER TRUST CARMX_23-26/15/20265.5004,084 4,084 4,087 
CARMAX AUTO OWNER TRUST CARMX_24-13/15/20275.30016,964 16,964 17,012 
CARVANA AUTO RECEIVABLES TRUST CRVNA_23-N41/10/20286.42019,700 19,700 19,862 
CARVANA AUTO RECEIVABLES TRUST CRVNA_23-P311/10/20266.090596 596 597 
CARVANA AUTO RECEIVABLES TRUST CRVNA_24-P211/10/20275.6309,490 9,490 9,531 
CERBERUS ONSHORE CLO LLC CERB_24-37/15/20366.39725,000 25,000 25,082 
CITIZENS AUTO RECEIVABLES TRUST CITZN_23-210/15/20266.09012,969 12,969 13,006 
CITIZENS AUTO RECEIVABLES TRUST CITZN_23-210/15/20265.3283,824 3,824 3,827 
CITIZENS AUTO RECEIVABLES TRUST CITZN_24-110/15/20265.19824,621 24,621 24,634 
CNH EQUIPMENT TRUST CNH_23-A9/15/20265.3407,890 7,890 7,898 
COLLEGE LOAN CORPORATION TRUST COLLE_02-23/1/20425.50810,000 8,460 9,758 
CRB SECURITIZATION TRUST CRB_23-110/20/20336.9608,849 8,849 8,927 
DE LAGE LANDEN FINANCIAL SERVICES INC DLLST_24-11/20/20265.33016,346 16,346 16,385 
DLLAA LLC DLLAA_23-17/20/20265.9309,204 9,204 9,242 
DRYDEN SENIOR LOAN FUND DRSLF_18-55A4/15/20315.9387,870 7,870 7,883 
DT AUTO OWNER TRUST DTAOT_23-24/15/20275.8802,803 2,803 2,804 
DT AUTO OWNER TRUST DTAOT_23-38/16/20276.2908,752 8,752 8,784 
EDUCATIONAL SERVICES OF AMERICA INC EDUSA_14-32/25/20365.283219 216 217 
ELMWOOD CLO 21 LTD ELM21_23-8A10/20/20366.27650,000 50,000 50,224 
ENT AUTO RECEIVABLES TRUST ENT_23-18/16/20276.2206,737 6,737 6,759 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-49/15/20266.060991 991 991 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_24-210/15/20265.6307,550 7,550 7,558 
F-58
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FLAGSHIP CREDIT AUTO TRUST FCAT_23-112/15/20265.3803,730 3,730 3,732 
FLAGSHIP CREDIT AUTO TRUST FCAT_23-24/15/20275.7609,873 9,873 9,889 
FLAGSHIP CREDIT AUTO TRUST FCAT_23-37/15/20275.8903,758 3,758 3,768 
FORD CREDIT AUTO OWNER TRUST FORDR_18-17/15/20313.19050,613 49,722 50,587 
FORD CREDIT AUTO OWNER TRUST FORDR_20-18/15/20312.04071,698 69,707 71,457 
FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST FCRT_23-112/15/20275.39010,527 10,527 10,537 
FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST FCRT_23-25/15/20285.9907,109 7,109 7,149 
GECU AUTO RECEIVABLES TRUST GECU_23-13/15/20275.9503,130 3,130 3,139 
GLS AUTO RECEIVABLES TRUST GCAR_23-21/15/20275.7003,957 3,957 3,960 
GLS AUTO RECEIVABLES TRUST GCAR_23-3A3/15/20276.0404,454 4,453 4,466 
GLS AUTO SELECT RECEIVABLES TRUST GSAR_23-26/15/20286.37012,004 12,003 12,112 
GLS AUTO SELECT RECEIVABLES TRUST GSAR_24-310/15/20295.59014,746 14,746 14,935 
GM FINANCIAL AUTOMOBILE LEASING TRUST GMALT_23-14/20/20265.16032,641 32,631 32,695 
GOLDENTREE LOAN MANAGEMENT US CLO 1 LTD GLM_21-9A4/20/20376.13220,000 20,000 20,035 
GOLDENTREE LOAN MANAGEMENT US CLO1 GLM_23-177/20/20366.36750,000 50,000 50,280 
GOLUB CAPITAL PARTNERS CLO LTD GOCAP_19-46A4/20/20376.42720,000 20,000 20,187 
GREENSKY HOME IMPROVEMENT ISSUER TRUST GSKY_24-210/27/20595.25035,000 35,000 34,994 
GREENSTATE AUTO RECEIVABLES TRUST GRNST_24-18/16/20275.53020,345 20,344 20,409 
GTE AUTO RECEIVABLES TRUST GTE_23-18/17/20265.6503,988 3,988 3,990 
HYUNDAI AUTO LEASE SECURITIZATION TRUST HALST_23-A1/15/20265.05017,233 17,225 17,241 
LAD AUTO RECEIVABLES TRUST LADAR_23-1A10/15/20265.6802,626 2,626 2,627 
MADISON PARK FUNDING LTD MDPK_21-48A4/19/20336.02948,177 48,157 48,260 
MAGNETITE CLO LIMITED MAGNE_20-267/25/20346.00725,000 25,000 25,056 
MARLETTE FUNDING TRUST MFT_23-412/15/20337.13012,779 12,778 12,925 
MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORP MHEAC_14-110/25/20355.3631,824 1,803 1,807 
NAVIENT STUDENT LOAN TRUST NAVSL_18-DA12/15/20595.3123,406 3,400 3,397 
OAKC_21-8A1/18/20346.08430,000 30,000 30,000 
OAKC_21-8A1/20/20385.91230,000 30,000 30,000 
OCCU AUTO RECEIVABLES TRUST OCCU_23-14/15/20276.23014,535 14,534 14,582 
OCTAGON INVESTMENT PARTNERS OCT48_20-3A1/15/20386.00725,000 25,000 25,050 
ODART_19-1A9/14/20273.63012,674 12,531 12,611 
ONEMAIN DIRECT AUTO RECEIVABLES TRUST ODART_21-1A7/14/20280.8708,876 8,726 8,745 
ONEMAIN FINANCIAL ISSUANCE TRUST OMFIT_22-210/14/20344.89011,598 11,571 11,607 
ONEMAIN FINANCIAL ISSUANCE TRUST OMFIT_22-S15/14/20354.13016,653 16,534 16,577 
OPORTUN FUNDING LLC OPTN_24-22/9/20325.8609,388 9,388 9,414 
PAGAYA AI DEBT GRANTOR TRUST PAID_24-712/15/20316.11720,048 20,048 20,218 
PAGAYA AI DEBT GRANTOR TRUST PAID_24-81/15/20325.3319,934 9,934 9,972 
PAGAYA AI DEBT SELECTION TRUST PAID_22-56/17/20308.0964,609 4,609 4,651 
PAGAYA AI DEBT SELECTION TRUST PAID_23-17/15/20307.5561,765 1,765 1,768 
PAGAYA AI DEBT SELECTION TRUST PAID_23-312/16/20307.6003,589 3,589 3,605 
PAGAYA AI DEBT SELECTION TRUST PAID_23-66/16/20317.1281,333 1,333 1,335 
PAGAYA AI DEBT SELECTION TRUST PAID_23-77/15/20317.52416,436 16,436 16,516 
PAGAYA AI DEBT SELECTION TRUST PAID_24-106/15/20325.42850,000 50,000 50,000 
PAGAYA AI DEBT SELECTION TRUST PAID_24-310/15/20316.2589,945 9,945 10,011 
PAGAYA AI DEBT SELECTION TRUST PAID_24-611/15/20316.0935,838 5,838 5,905 
PAGAYA AI DEBT SELECTION TRUST PAID_24-93/15/20325.06540,774 40,774 40,780 
REACH FINANCIAL LLC REACH_23-12/18/20317.0501,094 1,094 1,096 
RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST RPM_23-43/25/20327.54014,471 14,470 14,719 
RR LTD RRAM_21-19A10/15/20356.04915,000 15,000 15,020 
RR LTD RRAM_23-264/15/20386.42750,000 50,000 50,082 
F-59
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_23-27/15/20275.21012,401 12,400 12,417 
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_23-65/17/20276.0807,891 7,891 7,914 
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_24-12/16/20275.7109,997 9,997 10,014 
SBNA AUTO LEASE TRUST SBALT_24-A1/20/20265.4509,042 9,042 9,057 
SLC STUDENT LOAN TRUST SLCLT_08-112/15/20326.6701,164 1,171 1,179 
SLM STUDENT LOAN TRUST SLMA_06-21/25/20415.6118,008 7,694 7,838 
SLM STUDENT LOAN TRUST SLMA_12-312/27/20385.3332,865 2,882 2,850 
SMB PRIVATE EDUCATION LOAN TRUST SMB_17-B10/15/20352.8201,328 1,328 1,298 
SMB PRIVATE EDUCATION LOAN TRUST SMB_21-A1/15/20535.24210,756 10,533 10,617 
SPACE COAST CREDIT UNION SCCU_23-15/17/20275.85012,365 12,365 12,409 
THEOREM FUNDING TRUST THRM_22-212/15/20286.0602,692 2,692 2,698 
THEOREM FUNDING TRUST THRM_22-34/15/20297.6003,756 3,753 3,785 
UPSTART SECURITIZATION TRUST UPST_23-310/20/20336.90011,842 11,814 11,965 
VSTRONG AUTO RECEIVABLES TRUST VSTRG_23-A2/15/20276.6305,364 5,364 5,376 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-12/16/20275.89010,479 10,479 10,525 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-310/15/20265.9602,234 2,234 2,239 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_24-28/16/20275.75033,000 32,999 33,167 
WORLD OMNI AUTO RECEIVABLES TRUST WOART_23-B11/16/20265.2502,449 2,449 2,450 
TOTAL ASSET BACKED SECURITIES
1,542,013 1,551,350 

COMMERCIAL MORTGAGE BACKED SECURITIES
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
FANNIE MAE 06-M2 A2A10/25/20325.271422 426 422 
FREDDIE MAC KF12812/25/20314.7993,492 3,492 3,473 
FREDDIE MAC A-20K5611/25/20285.2356,731 6,778 6,742 
FREDDIE MAC AFL-2020-KXO3/25/20305.1105,453 5,453 5,442 
FREDDIE MAC AL-20K9812/25/20304.95015,258 15,258 15,152 
FREDDIE MAC AL-20KF86 8/25/20275.0702,411 2,411 2,407 
FREDDIE MAC AL-20KF88 9/25/20305.1107,630 7,630 7,609 
FREDDIE MAC AL-20KF909/25/20305.1106,476 6,476 6,469 
FREDDIE MAC KF1291/25/20294.91610,514 10,514 10,431 
FREDDIE MAC A10-20KS10 10/25/20285.29311,074 11,078 11,076 
FREDDIE MAC A-20KF50 7/25/20285.0751,761 1,762 1,762 
FREDDIE MAC A-20KF52 9/25/20285.0951,191 1,191 1,191 
FREDDIE MAC A-20KF53 10/25/20255.3544,901 4,901 4,902 
FREDDIE MAC A-20KF54 11/25/20285.15514,567 14,567 14,544 
FREDDIE MAC A-20KF55 11/25/20255.1936,394 6,396 6,388 
FREDDIE MAC A-20KF57 12/25/20285.2155,648 5,648 5,667 
FREDDIE MAC A-20KF58 1/25/20265.18318,149 18,158 18,142 
FREDDIE MAC A-20KF59 2/25/20295.22310,035 10,035 9,952 
FREDDIE MAC A-20KF60 2/25/20265.1738,798 8,803 8,805 
FREDDIE MAC A-20KF61 3/25/20295.2138,383 8,393 8,415 
FREDDIE MAC AFLW-20KL3W 8/25/20255.125965 965 965 
FREDDIE MAC AS-20KF847/25/20304.9864,690 4,690 4,661 
FREDDIE MAC CERTS KF1052/25/20314.8198,664 8,676 8,578 
FREDDIE MAC K-F1208/25/20314.76932,998 31,984 32,611 
FREDDIE MAC KF1396/25/20325.10939,915 39,303 39,940 
FREDDIE MAC KF1459/25/20325.469101,685 101,692 102,274 
FREDDIE MAC KF14610/25/20325.44976,498 76,498 76,845 
FREDDIE MAC KF14711/25/20325.449116,500 116,504 118,194 
F-60
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FREDDIE MAC KF14811/25/20325.409115,526 115,527 116,445 
FREDDIE MAC KF678/25/20295.30011,849 11,744 11,874 
FREDDIE MAC KF7311/25/20295.28317,895 17,910 17,950 
FREDDIE MAC KF741/25/20274.8681,086 1,087 1,085 
FREDDIE MAC KF761/25/20304.9482,804 2,770 2,815 
FREDDIE MAC KF772/25/20275.38316,246 16,230 16,290 
FREDDIE MAC KF772/25/20275.46911,588 11,593 11,659 
FREDDIE MAC KF783/25/20305.56910,827 10,840 10,980 
FREDDIE MAC_KF858/25/20305.0801,907 1,907 1,904 
FREMF MORTGAGE TRUST AS-20KF97 12/25/20304.9162,176 2,176 2,156 
GINNIE MAE 17-1274/16/20522.5005,308 5,288 4,658 
GINNIE MAE 17-1355/16/20492.20010,136 10,099 9,234 
GINNIE MAE 17-1468/16/20472.2004,313 4,302 4,010 
GINNIE MAE 7-1402/16/20592.5005,594 5,574 5,025 
GINNIE MAE AC-2013-13 4/16/20461.700961 945 840 
GINNIE MAE AD-2016-182911/16/20432.2501,456 1,456 1,419 
GINNIE MAE AG-2016-39 1/16/20432.3001,940 1,940 1,865 
GINNIE MAE AG-2017-171 10/16/20482.2502,768 2,758 2,634 
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
753,828 755,902 

NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
280 PARK AVENUE MORTGAGE TRUST PRK_17-280P9/15/20345.66340,000 40,000 39,700 
ASHFORD HOSPITALITY TRUST INC AHT1_18-KEYS6/15/20355.4442,496 2,496 2,484 
BARCLAYS COMMERCIAL MORTGAGE SECURITIES LLC BBCMS_19-BWAY11/15/20345.68010,000 9,999 6,330 c
BHMS MORTGAGE TRUST BHMS_18-ATLS7/15/20355.94440,000 40,000 39,950 
BRAEMAR HOTELS & RESORTS TRUST BHR_18-PRME6/15/20355.389522 522 520 
BX COMMERCIAL MORTGAGE TRUST BX_18-GW5/15/20355.49438,592 38,574 38,580 
BX COMMERCIAL MORTGAGE TRUST BX_21-SOAR6/15/20385.18223,067 22,955 23,038 
BX COMMERCIAL MORTGAGE TRUST BX_21-VOLT9/15/20365.21229,000 29,002 28,946 
BX COMMERCIAL MORTGAGE TRUST BX_21-XL210/15/20385.20023,472 23,472 23,443 
BX COMMERCIAL MORTGAGE TRUST BX_22-MVRK3/15/20395.86413,784 13,784 13,717 
BX COMMERCIAL MORTGAGE TRUST BX_22-PSB8/15/20396.84825,037 25,015 25,154 
CAMB COMMERCIAL MORTGAGE TRUST CAMB_19-LIFE12/15/20375.76417,700 17,698 17,700 
COLONY MORTGAGE CAPITAL LTD CLNY_19-IKPR11/15/20385.72618,596 18,577 18,363 
COMM MORTGAGE TRUST COMM_19-521F6/15/20345.34416,510 16,510 15,350 
DBGS MORTGAGE TRUST DBGS_18-5BP6/15/20335.28940,000 39,980 37,326 
DBGS MORTGAGE TRUST DBGS_18-BIOD5/15/20355.49723,345 23,328 23,228 
EXTENDED STAY AMERICA TRUST ESA_21-ESH7/15/20385.59233,267 33,267 33,288 
GS MORTGAGE SECURITIES CORPORATION TRUST GSMS_22-ECI8/15/20396.59228,570 28,475 28,588 
ILPT COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES ILPT_22-LPF210/15/20396.64221,500 21,485 21,557 
JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST JPMCC_18-ASH82/15/20355.4959,378 9,378 9,317 
LIFE FINANCIAL SERVICES TRUST LIFE_22-BMR25/15/20395.69249,000 48,976 47,898 
LIFE_21-BMR3/15/20385.21239,244 39,233 38,754 
MORGAN STANLEY CAPITAL I TRUST MSC_18-BOP8/15/20335.29412,624 12,624 10,758 
MTN COMMERCIAL MORTGAGE TRUST MTN_22-LPFL3/15/20395.79450,000 49,605 49,952 
ONE NEW YORK PLAZA TRUST ONYP_20-1NYP1/15/20365.46218,200 18,200 17,358 
STAR_22-SFR35/17/20396.26047,367 47,380 47,367 
UBS COMMERCIAL MORTGAGE TRUST UBSCM_18-NYCH2/15/20325.2948,984 8,983 8,811 
F-61
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
WELLS FARGO COMMERCIAL MORTGAGE TRUST WFCM_17-SMP12/15/20345.32018,500 18,497 17,227 
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
698,015 684,704 
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
1,451,843 1,440,606 

CORPORATE DEBT SECURITIES
BANKING
WASHINGTON MUTUAL BANK/HENDERSON6/15/2011—1,500 — 3 c,d
TOTAL BANKING— 3 
BASIC INDUSTRY
LYB INT FINANCE III10/1/20251.2507,377 7,126 7,180 
TOTAL BASIC INDUSTRY7,126 7,180 
CAPITAL GOODS
BAE SYSTEMS HOLDINGS INC12/15/20253.85014,841 14,673 14,705 
BERRY GLOBAL INC1/15/20261.57020,266 19,409 19,558 
CARRIER GLOBAL CORPORATION2/15/20252.2426,000 5,976 5,979 
L3HARRIS TECH INC4/27/20253.83220,486 20,389 20,414 
TOTAL CAPITAL GOODS60,447 60,656 
COMMUNICATIONS
CHARTER COMM OPT LLC/CAP7/23/20254.90853,930 53,680 53,854 
NETFLIX INC2/15/20255.87522,659 22,670 22,682 
NETFLIX INC6/15/20253.62516,581 16,478 16,479 
SPRINT SPECTRUM / SPEC I3/20/20254.7389,648 9,633 9,648 
TOTAL COMMUNICATIONS102,461 102,663 
CONSUMER CYCLICAL
FOOTBALL CLUB TERM NOTES 10/5/20252.6804,000 3,904 3,927 
FOOTBALL CLUB TERM NOTES 10/5/20252.6801,000 976 982 
TOTAL CONSUMER CYCLICAL4,880 4,909 
CONSUMER NON CYCLICAL
ABBVIE INC5/14/20253.60020,000 19,878 19,914 
ABBVIE INC3/15/20253.80013,223 13,179 13,194 
AMGEN INC2/21/20251.9005,702 5,674 5,677 
AMGEN INC3/2/20255.25019,132 19,132 19,139 
BACARDI LTD5/15/20254.45018,600 18,527 18,566 
GE HEALTHCARE TECH INC11/15/20255.60030,247 30,334 30,440 
HCA INC2/1/20255.37515,000 14,993 14,991 
HCA INC2/15/20265.87513,500 13,496 13,568 
JM SMUCKER COMPANY3/15/20253.50096,703 96,359 96,380 
TOTAL CONSUMER NON CYCLICAL231,572 231,869 
ELECTRIC
AEP TEXAS INC10/1/20253.8501,955 1,929 1,937 
AES CORP/THE1/15/20261.37513,670 13,138 13,159 
DOMINION ENERGY INC10/1/20253.9007,500 7,412 7,451 
EVERSOURCE ENERGY1/15/20253.1506,461 6,456 6,455 
F-62
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FIRSTENERGY PENN ELECTRIC3/30/20265.1501,250 1,241 1,253 
NEXTERA ENERGY CAPITAL3/1/20256.05158,963 59,044 59,065 
NEXTERA ENERGY CAPITAL9/1/20255.74925,000 24,957 25,147 
PINNACLE WEST CAPITAL6/15/20251.3004,555 4,480 4,479 
TOTAL ELECTRIC118,657 118,946 
ENERGY
CANADIAN NATL RESOURCES2/1/20253.9002,014 2,011 2,011 
CANADIAN NATL RESOURCES7/15/20252.0505,882 5,760 5,792 
KINDER MORGAN INC6/1/20254.30024,550 24,459 24,492 
MPLX LP6/1/20254.8755,150 5,133 5,146 
PLAINS ALL AMER PIPELINE10/15/20254.6505,539 5,472 5,530 
WESTERN MIDSTREAM OPERATATING LP2/1/20253.10025,000 24,949 24,939 
TOTAL ENERGY67,784 67,910 
INSURANCE
ELEVANCE HEALTH INC10/15/20255.35010,805 10,821 10,849 
TOTAL INSURANCE10,821 10,849 
NATURAL GAS
NISOURCE INC8/15/20250.9503,450 3,348 3,367 
TOTAL NATURAL GAS3,348 3,367 
OTHER FINANCIAL INSTITUTIONS
HARDWOOD FUNDING LLC 6/7/20253.1306,400 6,317 6,343 
TOTAL OTHER FINANCIAL INSTITUTIONS6,317 6,343 
TECHNOLOGY
MICROCHIP TECHNOLOGY INC9/1/20254.2503,817 3,772 3,803 
NXP BV/NXP FDG/NXP USA5/1/20252.70011,059 10,937 10,973 
TOTAL TECHNOLOGY14,709 14,776 
TRANSPORTATION
ERAC USA FINANCE LLC11/1/20253.8006,211 6,150 6,168 
NORFOLK SOUTHERN CORPORATION6/15/20262.90010,000 9,690 9,769 
NORFOLK SOUTHERN CORPORATION8/1/20253.6504,500 4,453 4,470 
TOTAL TRANSPORTATION20,293 20,407 
TOTAL CORPORATE DEBT SECURITIES648,415 649,878 
TOTAL FIXED MATURITIES11,022,239 10,960,489 

SYNDICATED LOANS
BASIC INDUSTRY
ASPLUNDH TREE EXPERT LLC AMENDMENT 1 - TERM LOAN9/7/20276.4231,296 1,289 1,289 
ELEMENT SOLUTIONS INC12/8/20306.3231,437 1,425 1,425 
INEOS US FINANCE LLC2/19/20307.823397 384 384 
TOTAL BASIC INDUSTRY3,098 3,098 
F-63
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
CAPITAL GOODS
BARNES GROUP INC9/30/20307.0731,732 1,714 1,714 
BEACON ROOFING5/19/20286.5731,103 1,089 1,089 
EMERALD DEBT MERGER SUB LLC5/23/20306.9331,420 1,408 1,408 
ENERGY SOLUTIONS LLC9/20/20307.841688 671 671 
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC12/31/20269.138211 200 200 
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC12/31/20275.309148 54 54 
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC12/31/20274.988116 90 90 
GYP HOLDINGS III CORPORATION5/12/20306.8231,733 1,734 1,734 
QUIKRETE HOLDINGS INC3/19/20296.823987 979 979 
QUIKRETE HOLDINGS INC3/25/20317.0731,310 1,302 1,302 
REYNOLDS CONSUMER PRODUCTS LLC TERM LOAN B1/29/20276.423990 980 980 
STANDARD BUILDING SOLUTIONS INC9/22/20286.106496 487 487 
TRANSDIGM INC2/28/20317.1041,985 1,985 1,985 
TOTAL CAPITAL GOODS
12,693 12,693 
COMMUNICATIONS
CMG MEDIA CORPORATION6/18/20298.171849 777 777 
EW SCRIPPS CO TERM LOAN - B25/1/20267.250238 236 236 
HUBBARD RADIO LLC9/30/20279.073171 127 127 
SBA SENIOR FINANCE II LLC1/25/20316.3301,196 1,185 1,185 
SINCLAIR TELEVISION GROUP INC TERM LOAN - B34/1/20287.687772 770 770 
TELESAT LLC TERM LOAN - B512/7/20267.526814 813 813 
VIRGIN MEDIA BRISTOL LLC TERM LOAN1/31/20287.0121,000 1,000 1,000 
TOTAL COMMUNICATIONS
4,908 4,908 
CONSUMER CYCLICAL
1011778 BC UNLIMITED LIABILITY COMPANY9/23/20306.3232,280 2,258 2,258 
GO DADDY OPERATING COMPANY LLC11/9/20297.1161,169 1,142 1,142 
GREAT OUTDOORS GROUP LLC3/6/20288.4371,975 1,974 1,974 
HILTON DOMESTIC OPERATING COMPANY11/3/20306.0881,749 1,735 1,735 
KFC HOLDING COMPANY3/15/20286.2401,012 1,012 1,012 
LIGHT AND WONDER INTERNATIONAL INC4/14/20296.6321,985 1,973 1,973 
PCI GAMING AUTHORITY TERM LOAN B - 1ST LIEN7/18/20316.573363 353 353 
PRIME SECURITY SERVICES BORROW LLC10/13/20306.524746 738 738 
WILLIAM MORRIS ENDEAVOR ENTERT TERM LOAN B15/18/20257.437711 711 711 
TOTAL CONSUMER CYCLICAL
11,896 11,896 
CONSUMER NON CYCLICAL
ARAMARK SERVICES INC4/6/20286.5731,012 1,005 1,005 
BOMBARDIER RECREATIONAL PRODUCTS12/13/20297.3231,728 1,716 1,716 
ELANCO ANIMAL HEALTH INC TERM LOAN8/1/20276.403441 440 440 
ENERGIZER HOLDINGS INC12/22/20276.356270 269 269 
GRIFOLS WORLDWIDE OPERATIONS U DOLLAR TERM LOAN B11/15/20276.735761 759 759 
ICON LUXEMBOURG SARL7/3/20286.60487 86 86 
ICON LUXEMBOURG SARL7/3/20286.60422 22 22 
MEDLINE BORROWER LP10/23/20286.823667 667 667 
THOR INDUSTRIES INC11/15/20306.823281 281 281 
TOTAL PRODUCE USA HOLDINGS INC TERM LOAN B8/3/20286.457854 848 848 
TOTAL CONSUMER NON CYCLICAL
6,093 6,093 
F-64
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
ELECTRIC
CALPINE CONSTRUCTION FINANCE COMPANY7/20/20306.5731,885 1,864 1,864 
CALPINE CORPORATION12/16/20276.573230 228 228 
CONSTELLATION RENEWABLES LLC TERM LOAN12/15/20276.764420 419 419 
CPV SHORE HOLDINGS LLC TERM LOAN12/29/20258.526637 635 635 
EFS COGEN HOLDINGS I LLC NEW TERM LOAN 202010/3/20318.110623 610 610 
WEST DEPTFORD ENERGY HOLDINGS TERM LOAN8/3/20268.4231,104 1,102 1,102 
TOTAL ELECTRIC
4,858 4,858 
FINANCE COMPANY
AVOLON TLB BORROWER 1 -US- LLC TERM LOAN B42/12/20275.970382 382 382 
TOTAL FINANCE COMPANY
382 382 
OTHER FINANCIAL INSTITUTIONS
FINCO 1 LLC6/27/20296.823790 780 780 
TRANS UNION LLC6/24/20316.197698 698 698 
TRANS UNION LLC6/6/20316.323979 978 978 
TOTAL OTHER FINANCIAL INSTITUTIONS
2,456 2,456 
OTHER INDUSTRY
API GROUP DE INC1/3/20296.573988 985 985 
TOTAL OTHER INDUSTRY
985 985 
TECHNOLOGY
ADEIA INC6/8/20287.370493 461 461 
CELESTICA INC.6/20/20316.088877 877 877 
COHERENT CORPORATION7/2/20297.073799 774 774 
ENTEGRIS INC7/6/20296.354750 742 742 
GEN DIGITAL INC9/12/20296.323974 940 940 
INFORMATICA LLC10/27/20286.823995 989 989 
MKS INSTRUMENTS INC8/17/20296.589659 640 640 
SS&C TECH INC5/2/20316.5731,022 1,022 1,022 
TEMPO ACQUISITION LLC8/31/20286.823818 820 820 
TTM TECH INC5/30/20306.8031,239 1,225 1,225 
TOTAL TECHNOLOGY
8,490 8,490 
TOTAL SYNDICATED LOANS BEFORE ALLOWANCE FOR LOAN LOSSES
55,859 55,859 
ALLOWANCE FOR LOAN LOSSES
(361)(361)
TOTAL SYNDICATED LOANS - NET
55,498 55,498 


DERIVATIVES
PURCHASED OPTIONS
BNP PARIBAS SA1/7/2025— — 339 339 
BNP PARIBAS SA1/21/2025— — 309 309 
BNP PARIBAS SA1/28/2025— — 292 292 
BNP PARIBAS SA2/4/2025— — 380 380 
BNP PARIBAS SA2/11/2025— — 192 192 
F-65
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
BNP PARIBAS SA2/25/2025— — 169 169 
BNP PARIBAS SA3/4/2025— — 170 170 
BNP PARIBAS SA3/11/2025— — 229 229 
BNP PARIBAS SA3/25/2025— — 226 226 
BNP PARIBAS SA4/15/2025— — 275 275 
BNP PARIBAS SA5/6/2025— — 244 244 
BNP PARIBAS SA5/13/2025— — 153 153 
BNP PARIBAS SA5/27/2025— — 218 218 
BNP PARIBAS SA6/10/2025— — 136 136 
BNP PARIBAS SA6/24/2025— — 185 185 
BNP PARIBAS SA7/8/2025— — 215 215 
BNP PARIBAS SA7/15/2025— — 96 96 
BNP PARIBAS SA7/29/2025— — 136 136 
BNP PARIBAS SA8/5/2025— — 170 170 
BNP PARIBAS SA8/26/2025— — 111 111 
BNP PARIBAS SA9/16/2025— — 114 114 
BNP PARIBAS SA9/23/2025— — 469 469 
BNP PARIBAS SA9/23/2025— — 101 101 
BNP PARIBAS SA10/21/2025— — 648 648 
BNP PARIBAS SA11/4/2025— — 219 219 
BNP PARIBAS SA11/18/2025— — 203 203 
BNP PARIBAS SA11/18/2025— — 130 130 
BNP PARIBAS SA11/25/2025— — 37 37 
BNP PARIBAS SA12/9/2025— — 38 38 
BNP PARIBAS SA12/16/2025— — 75 75 
BNP PARIBAS SA12/23/2025— — 39 39 
BNP PARIBAS SA1/13/2026— — 415 415 
BNP PARIBAS SA1/27/2026— — 200 200 
BNP PARIBAS SA2/10/2026— — 196 196 
BNP PARIBAS SA4/7/2026— — 201 201 
WELLS FARGO BANK NA1/14/2025— — 337 337 
WELLS FARGO BANK NA2/18/2025— — 188 188 
WELLS FARGO BANK NA3/18/2025— — 154 154 
WELLS FARGO BANK NA4/1/2025— — 227 227 
WELLS FARGO BANK NA4/8/2025— — 229 229 
WELLS FARGO BANK NA4/22/2025— — 181 181 
WELLS FARGO BANK NA4/29/2025— — 354 354 
WELLS FARGO BANK NA4/29/2025— — 284 284 
WELLS FARGO BANK NA5/20/2025— — 141 141 
WELLS FARGO BANK NA6/3/2025— — 149 149 
WELLS FARGO BANK NA6/17/2025— — 119 119 
WELLS FARGO BANK NA7/1/2025— — 213 213 
WELLS FARGO BANK NA7/1/2025— — 118 118 
WELLS FARGO BANK NA7/8/2025— — 109 109 
WELLS FARGO BANK NA7/22/2025— — 115 115 
WELLS FARGO BANK NA8/12/2025— — 171 171 
WELLS FARGO BANK NA8/12/2025— — 139 139 
WELLS FARGO BANK NA8/19/2025— — 115 115 
WELLS FARGO BANK NA9/2/2025— — 128 128 
WELLS FARGO BANK NA9/9/2025— — 202 202 
F-66
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
WELLS FARGO BANK NA9/30/2025— — 106 106 
WELLS FARGO BANK NA10/7/2025— — 152 152 
WELLS FARGO BANK NA10/14/2025— — 93 93 
WELLS FARGO BANK NA10/21/2025— — 45 45 
WELLS FARGO BANK NA10/28/2025— — 47 47 
WELLS FARGO BANK NA11/4/2025— — 102 102 
WELLS FARGO BANK NA11/11/2025— — 38 38 
WELLS FARGO BANK NA12/2/2025— — 36 36 
WELLS FARGO BANK NA1/6/2026— — 427 427 
WELLS FARGO BANK NA2/24/2026— — 211 211 
WELLS FARGO BANK NA3/31/2026— — 201 201 
WELLS FARGO BANK NA5/12/2026— — 202 202 
WELLS FARGO BANK NA5/26/2026— — 195 195 
TOTAL PURCHASED OPTIONS
12,858 12,858 

WRITTEN OPTIONS
BNP PARIBAS SA1/7/2025— — (263)(263)
BNP PARIBAS SA1/21/2025— — (232)(232)
BNP PARIBAS SA1/28/2025— — (221)(221)
BNP PARIBAS SA2/4/2025— — (286)(286)
BNP PARIBAS SA2/11/2025— — (144)(144)
BNP PARIBAS SA2/25/2025— — (122)(122)
BNP PARIBAS SA3/4/2025— — (123)(123)
BNP PARIBAS SA3/11/2025— — (159)(159)
BNP PARIBAS SA3/25/2025— — (157)(157)
BNP PARIBAS SA4/15/2025— — (207)(207)
BNP PARIBAS SA5/6/2025— — (177)(177)
BNP PARIBAS SA5/13/2025— — (109)(109)
BNP PARIBAS SA5/27/2025— — (153)(153)
BNP PARIBAS SA6/10/2025— — (93)(93)
BNP PARIBAS SA6/24/2025— — (122)(122)
BNP PARIBAS SA7/8/2025— — (178)(178)
BNP PARIBAS SA7/15/2025— — (57)(57)
BNP PARIBAS SA7/29/2025— — (94)(94)
BNP PARIBAS SA8/5/2025— — (128)(128)
BNP PARIBAS SA8/26/2025— — (72)(72)
BNP PARIBAS SA9/16/2025— — (79)(79)
BNP PARIBAS SA9/23/2025— — (361)(361)
BNP PARIBAS SA9/23/2025— — (67)(67)
BNP PARIBAS SA10/21/2025— — (460)(460)
BNP PARIBAS SA11/4/2025— — (158)(158)
BNP PARIBAS SA11/18/2025— — (131)(131)
BNP PARIBAS SA11/18/2025— — (87)(87)
BNP PARIBAS SA11/25/2025— — (24)(24)
BNP PARIBAS SA12/9/2025— — (24)(24)
BNP PARIBAS SA12/16/2025— — (48)(48)
BNP PARIBAS SA12/23/2025— — (25)(25)
BNP PARIBAS SA1/13/2026— — (272)(272)
BNP PARIBAS SA1/27/2026— — (128)(128)
BNP PARIBAS SA2/10/2026— — (123)(123)
F-67
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
BNP PARIBAS SA4/7/2026— — (130)(130)
WELLS FARGO BANK NA1/14/2025— — (261)(261)
WELLS FARGO BANK NA2/18/2025— — (141)(141)
WELLS FARGO BANK NA3/18/2025— — (108)(108)
WELLS FARGO BANK NA4/1/2025— — (159)(159)
WELLS FARGO BANK NA4/8/2025— — (161)(161)
WELLS FARGO BANK NA4/22/2025— — (136)(136)
WELLS FARGO BANK NA4/29/2025— — (327)(327)
WELLS FARGO BANK NA4/29/2025— — (217)(217)
WELLS FARGO BANK NA5/20/2025— — (98)(98)
WELLS FARGO BANK NA6/3/2025— — (106)(106)
WELLS FARGO BANK NA6/17/2025— — (77)(77)
WELLS FARGO BANK NA7/1/2025— — (177)(177)
WELLS FARGO BANK NA7/1/2025— — (77)(77)
WELLS FARGO BANK NA7/8/2025— — (68)(68)
WELLS FARGO BANK NA7/22/2025— — (75)(75)
WELLS FARGO BANK NA8/12/2025— — (117)(117)
WELLS FARGO BANK NA8/12/2025— — (98)(98)
WELLS FARGO BANK NA8/19/2025— — (75)(75)
WELLS FARGO BANK NA9/2/2025— — (88)(88)
WELLS FARGO BANK NA9/9/2025— — (147)(147)
WELLS FARGO BANK NA9/30/2025— — (71)(71)
WELLS FARGO BANK NA10/7/2025— — (101)(101)
WELLS FARGO BANK NA10/14/2025— — (65)(65)
WELLS FARGO BANK NA10/21/2025— — (31)(31)
WELLS FARGO BANK NA10/28/2025— — (33)(33)
WELLS FARGO BANK NA11/4/2025— — (74)(74)
WELLS FARGO BANK NA11/11/2025— — (24)(24)
WELLS FARGO BANK NA12/2/2025— — (23)(23)
WELLS FARGO BANK NA1/6/2026— — (287)(287)
WELLS FARGO BANK NA2/24/2026— — (141)(141)
WELLS FARGO BANK NA3/31/2026— — (130)(130)
WELLS FARGO BANK NA5/12/2026— — (151)(151)
WELLS FARGO BANK NA5/26/2026— — (143)(143)
TOTAL WRITTEN OPTIONS
(9,201)(9,201)

FUTURES
S&P500 EMINI FUT Mar 2025— (12)(12)
TOTAL FUTURES
(12)(12)
TOTAL DERIVATIVES - NET
3,645 3,645 
TOTAL INVESTMENTS IN CASH EQUIVALENTS, FIXED MATURITIES, EQUITY SECURITIES, SYNDICATED LOANS AND DERIVATIVES$11,883,767 $11,822,017 

NOTES
a) Cash equivalents are carried at amortized cost which approximates fair value. Fixed maturities and common stocks are carried at fair value. In the absence of quoted market prices, fair values are obtained from third-party pricing services, non-binding broker quotes or other model-based valuation techniques. Syndicated loans are carried at amortized cost, less allowance for loan losses. Derivatives are carried at fair value. Options are traded in over-the-counter markets using pricing models with market observable inputs. Futures are exchange-traded and valued using quoted prices in active markets. See notes to the financial statements regarding valuations.
b) For Federal income tax purposes, the cost of investments is $11.9 billion.
c) Securities written down due to other-than-temporary impairment related to credit losses.
d) Non-income producing securities.

F-68
 
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2025    
(in thousands, except number of loans and rate)

Part 1 - Mortgage loans on real estate at end of period
Part 2 - Interest earned on mortgages		Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
Loan No.Description (a)Property LocationNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
Other - liens on:
Apartment and business:
Under $500:
121047262 
Fargo
ND
1 $— $408 $408 $— $— $2 5.440 %
121047398 
Springfield
IL
1 — 479 479 — — 2 4.390 
121087388 
Riverside
CA
1 — 454 454 — — 1 3.270 
Over $500:
121047210 West Haven City CT1 — 3,481 3,481 — — 10 3.600 
121047347 LawrencevilleGA1 — 1,216 1,216 — — 4 3.970 
121047383 Las Vegas NV1 — 4,291 4,291 — — 14 3.810 
121047387 
Washington Terrace
UT1 — 1,983 1,983 — — 5 3.020 
121047392 Philadelphia CityPA1 — 3,040 3,040 — — 17 6.640 
121047400 
Pittsford
NY1 — 695 695 — — 2 4.070 
121047402 Miami FL1 — 1,309 1,309 — — 4 3.750 
121047406 Kokomo IN1 — 2,997 2,997 — — 14 5.560 
121047408 Wyomissing PA1 — 1,859 1,859 — — 4 2.700 
121047410 Chicago IL1 — 1,740 1,740 — — 4 2.500 
121047412 Columbus IN1 — 1,169 1,169 — — 3 3.370 
121047417 Nashville TN1 — 4,000 4,000 — — 22 6.560 
121087245 Southport CT1 — 2,334 2,334 — — 8 4.010 
121087313 Orchard Park NY1 — 1,817 1,817 — — 6 4.050 
121087327 Marietta City GA1 — 1,863 1,863 — — 6 3.820 
121087358 Philadelphia CityPA1 — 3,910 3,910 — — 21 6.400 
121087361 Oswego OR1 — 2,950 2,950 — — 10 4.260 
121087362 Atlanta GA1 — 3,043 3,043 — — 10 3.960 
121087378 Pittsburgh PA1 — 1,243 1,243 — — 4 3.690 
121087381 San Diego CA1 — 999 999 — — 3 3.130 
121087382 San Diego CA1 — 666 666 — — 2 3.090 
121087384 Culver City CA1 — 2,443 2,443 — — 6 3.170 
121087389 Palmdale CA1 — 613 613 — — 2 3.270 
121087394 Richmond TX1 — 1,215 1,215 — — 4 4.000 
121087396 Seattle WA1 — 4,964 4,964 — — 17 4.000 
121087397 Nashville TN1 — 712 712 — — 3 4.350 
121087403 Houston TX1 — 3,853 3,853 — — 19 5.960 
121087404 Blaine MN1 — 1,241 1,241 — — 3 3.320 
121087405 Monroe WA1 — 3,775 3,775 — — 11 3.390 
121087407 Victorville CA1 — 1,254 1,254 — — 3 2.960 
121087409 Pompano Beach FL1 — 1,565 1,565 — — 4 2.740 
121087411 
Syracuse
UT1 — 1,691 1,691 — — 4 2.520 
121087414 Fountain Valley CA1 — 5,248 5,248 — — 26 5.880 
121087415 Avenel NJ1 — 1,011 1,011 — — 5 5.900 
121087416 Bradenton FL1 — 2,600 2,600 — — 13 5.790 
121087418 Dallas City
TX
1 — 2,541 2,541 — — 12 5.860 
121087419 Vista
CA
1 — 2,842 2,842 — — 13 5.670 
121087421 Birmingham
AL
1 — 2,540 2,540 — — 12 5.650 
121087422 Mesa
AZ
1 — 3,224 3,224 — — 14 5.370 
121087423 Brockton
MA
1 — 2,987 2,987 — — 14 5.600 
121087424 Boston
MA
1 — 4,142 4,142 — — 19 5.600 
121087425 Seattle
WA
1 — 1,816 1,816 — — 9 5.660 
F-69
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2025    
(in thousands, except number of loans and rate)
Part 1 - Mortgage loans on real estate at end of period
Part 2 - Interest earned on mortgages		Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
Loan No.Description (a)Property LocationNumber of loansPrior liens (b)Carrying amount of mortgages (c)TotalSubject to delinquent interest (d)Amount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
121087426 Poulsbo
WA
1 — 1,382 1,382 — — 7 5.660 
Total Other46 — 101,605 101,605 — — 398 4.677 
Unallocated Reserve for Losses281 281 
Total First Mortgage Loans on Real Estate46 $— $101,324 $101,324 $— $— $398 4.677 %

Part 3 - Location of mortgaged properties
Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosed
State in which mortgaged property is locatedNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
Alabama
AL1 $— $2,541 $2,541 $— $— 
Arizona
AZ1 — 3,224 3,224 — — 
California
CA8 — 14,520 14,520 — — 
Connecticut
CT2 — 5,814 5,814 — — 
Florida
FL3 — 5,474 5,474 — — 
Georgia
GA3 — 6,122 6,122 — — 
Illinois
IL2 — 2,219 2,219 — — 
Indiana
IN2 — 4,166 4,166 — — 
Massachusetts
MA2 — 7,129 7,129 — — 
MinnesotaMN1 — 1,241 1,241 — — 
North DakotaND1 — 409 409 — — 
New Jersey
NJ1 — 1,011 1,011 — — 
NevadaNV1 — 4,291 4,291 — — 
New YorkNY2 — 2,511 2,511 — — 
OregonOR1 — 2,950 2,950 — — 
PennsylvaniaPA4 — 10,051 10,051 — — 
South CarolinaTN2 — 4,712 4,712 — — 
TexasTX3 — 7,610 7,610 — — 
UtahUT2 — 3,673 3,673 — — 
WashingtonWA4 — 11,937 11,937 — — 
Total46 — 101,605 101,605 — — 
Unallocated Reserve for Losses281 281 
Total46 $— $101,324 $101,324 $— $— 
NOTES:
(a) The classification “residential” includes single dwellings only. Residential multiple dwellings are included in “apartment and business”.
(b) Real estate taxes and easements, which in the opinion of ACC are not undue burden on the properties, have been excluded from the determination of “prior liens”.
(c) In this Schedule III, carrying amount of mortgage loans represents unpaid principal balances plus unamortized premiums less unamortized discounts and allowance for credit losses.
(d) Interest in arrears for less than three months has been disregarded in computing the total amount of principal subject to delinquent interest. The amounts of mortgage loans being foreclosed are also included in amounts subject to delinquent interest.
(e) Information as to interest income by type and class of loan has been omitted because it is not readily available and the obtaining thereof would involve unreasonable effort and expense. In lieu thereof, the average gross interest rates (exclusive of amortization of discounts and premiums) on mortgage loans held as of December 31, 2025 are shown by type and class of loan.













F-70
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2024    
(in thousands, except number of loans and rate)
Part 1 - Mortgage loans on real estate at end of period
Part 2 - Interest earned on mortgages		Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
Loan No.Description (a)Property LocationNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
Other - liens on:
Apartment and business:
Under $500:
121087375 
Florence City
KY
1 $— $145 $145 $— $— $— 3.040 %
121087376 
Sterling Heights
MI
1 — 360 360 — — 1 3.620 
Over $500:
121047210 West Haven City CT1 — 3,638 3,638 — — 11 3.600 
121047262 Fargo ND1 — 1,193 1,193 — — 5 5.440 
121047347 Lawrenceville GA1 — 1,272 1,272 — — 4 3.970 
121047383 Las Vegas NV1 — 4,388 4,388 — — 14 3.810 
121047387 
Washington Terrace
UT1 — 2,034 2,034 — — 5 3.020 
121047392 Philadelphia CityPA1 — 3,095 3,095 — — 17 6.640 
121047393 Moore SC1 — 632 632 — — 2 4.130 
121047398 Springfield IL1 — 609 609 — — 2 4.390 
121047400 
Pittsford
NY1 — 876 876 — — 3 4.070 
121047402 Miami FL1 — 1,343 1,343 — — 4 3.750 
121047406 Kokomo IN1 — 3,000 3,000 — — 8 3.000 
121047408 Wyomissing PA1 — 2,158 2,158 — — 5 2.700 
121047410 Chicago IL1 — 2,010 2,010 — — 4 2.500 
121047412 Columbus IN1 — 1,327 1,327 — — 4 3.370 
121047417 Nashville TN1 — 4,000 4,000 — — 22 6.560 
121087245 Southport CT1 — 2,428 2,428 — — 8 4.010 
121087313 Orchard Park NY1 — 1,956 1,956 — — 7 4.050 
121087327 Marietta City GA1 — 1,939 1,939 — — 6 3.820 
121087349 Carlsbad CA1 — 1,982 1,982 — — 5 3.000 
121087358 Philadelphia CityPA1 — 3,958 3,958 — — 21 6.400 
121087361 Oswego OR1 — 3,268 3,268 — — 12 4.260 
121087362 Atlanta GA1 — 3,107 3,107 — — 10 3.960 
121087378 Pittsburgh PA1 — 1,453 1,453 — — 4 3.690 
121087381 San Diego CA1 — 1,497 1,497 — — 4 3.130 
121087382 San Diego CA1 — 1,218 1,218 — — 3 3.090 
121087384 Culver City CA1 — 2,522 2,522 — — 7 3.170 
121087388 Riverside CA1 — 670 670 — — 2 3.270 
121087389 Palmdale CA1 — 904 904 — — 2 3.270 
121087394 Richmond TX1 — 1,685 1,685 — — 6 4.000 
121087396 Seattle WA1 — 5,000 5,000 — — 17 4.000 
121087397 Nashville TN1 — 923 923 — — 3 4.350 
121087403 Houston TX1 — 3,960 3,960 — — 20 5.960 
121087404 Blaine MN1 — 1,356 1,356 — — 4 3.320 
121087405 Monroe WA1 — 3,874 3,874 — — 11 3.390 
121087407 Victorville CA1 — 1,445 1,445 — — 4 2.960 
121087409 Pompano Beach FL1 — 1,620 1,620 — — 4 2.740 
121087411 
Syracuse
UT1 — 1,945 1,945 — — 4 2.520 
121087414 Fountain Valley CA1 — 5,336 5,336 — — 23 5.100 
121087415 Avenel NJ1 — 1,044 1,044 — — 5 5.900 
121087416 Bradenton FL1 — 2,600 2,600 — — 13 5.790 
121087418
Dallas City
TX
1 — 2,576 2,576 — — 13 5.860 
121087419 
Vista
CA
1 — 2,881 2,881 — — 14 5.670 
Total Other44 — 95,227 95,227 — — 343 4.297 
F-71
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2024    
(in thousands, except number of loans and rate)
Part 1 - Mortgage loans on real estate at end of period
Part 2 - Interest earned on mortgages		Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
Loan No.Description (a)Property LocationNumber of loansPrior liens (b)Carrying amount of mortgages (c)TotalSubject to delinquent interest (d)Amount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
Unallocated Reserve for Losses348 348 
Total First Mortgage Loans on Real Estate44 $— $94,879 $94,879 $— $— $343 4.297 %

Part 3 - Location of mortgaged properties
Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosed
State in which mortgaged property is locatedNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
CaliforniaCA9 $— $18,455 $18,455 $— $— 
ConnecticutCT2 — 6,066 6,066 — — 
FloridaFL3 — 5,563 5,563 — — 
GeorgiaGA3 — 6,318 6,318 — — 
IllinoisIL2 — 2,619 2,619 — — 
IndianaIN2 — 4,327 4,327 — — 
KentuckyKY1 — 145 145 — — 
MichiganMI1 — 360 360 — — 
MinnesotaMN1 — 1,356 1,356 — — 
North DakotaND1 — 1,193 1,193 — — 
New Jersey
NJ
1 — 1,044 1,044 — — 
NevadaNV1 — 4,388 4,388 — — 
New YorkNY2 — 2,832 2,832 — — 
OregonOR1 — 3,268 3,268 — — 
PennsylvaniaPA4 — 10,664 10,664 — — 
South CarolinaSC1 — 632 632 — — 
TennesseeTN2 — 4,923 4,923 — — 
TexasTX3 — 8,221 8,221 — — 
UtahUT2 — 3,979 3,979 — — 
WashingtonWA2 — 8,874 8,874 — — 
Total44 — 95,227 95,227 — — 
Unallocated Reserve for Losses348 348 
Total44 $— $94,879 $94,879 $— $— 
NOTES:
(a) The classification “residential” includes single dwellings only. Residential multiple dwellings are included in “apartment and business”.
(b) Real estate taxes and easements, which in the opinion of ACC are not undue burden on the properties, have been excluded from the determination of “prior liens”.
(c) In this Schedule III, carrying amount of mortgage loans represents unpaid principal balances plus unamortized premiums less unamortized discounts and allowance for credit losses.
(d) Interest in arrears for less than three months has been disregarded in computing the total amount of principal subject to delinquent interest. The amounts of mortgage loans being foreclosed are also included in amounts subject to delinquent interest.
(e) Information as to interest income by type and class of loan has been omitted because it is not readily available and the obtaining thereof would involve unreasonable effort and expense. In lieu thereof, the average gross interest rates (exclusive of amortization of discounts and premiums) on mortgage loans held as of December 31, 2024 are shown by type and class of loan.
















F-72
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2023    
(in thousands, except number of loans and rate)
Part 1 - Mortgage loans on real estate at end of period
Part 2 - Interest earned on mortgages		Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
Loan No.Description (a)Property LocationNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
Other - liens on:
Apartment and business:
Under $500:
121087375 
Florence City
KY
1 $— $389 $389 $— $— $1 3.040 %
Over $500:
121047210 West Haven City CT1 — 3,789 3,789 — — 11 3.600 
121047262 Fargo ND1 — 1,936 1,936 — — 9 5.440 
121047347 Lawrenceville GA1 — 1,325 1,325 — — 4 3.970 
121047383 Las Vegas NV1 — 4,481 4,481 — — 14 3.810 
121047387 
Washington Terrace
UT1 — 2,083 2,083 — — 5 3.020 
121047392 Philadelphia CityPA1 — 3,146 3,146 — — 17 6.640 
121047393 Moore SC1 — 867 867 — — 3 4.130 
121047398 Springfield IL1 — 734 734 — — 3 4.390 
121047400 
Pittsford
NY1 — 1,050 1,050 — — 4 4.070 
121047402 Miami FL1 — 1,375 1,375 — — 4 3.750 
121047406 Kokomo IN1 — 3,000 3,000 — — 8 3.000 
121047408 Wyomissing PA1 — 2,450 2,450 — — 6 2.700 
121047410 Chicago IL1 — 2,273 2,273 — — 5 2.500 
121047412 Columbus IN1 — 1,480 1,480 — — 4 3.370 
121047417 Nashville TN1 — 4,000 4,000 — — — 6.560 
121087245 Southport CT1 — 2,519 2,519 — — 8 4.010 
121087313 Orchard Park NY1 — 2,089 2,089 — — 7 4.050 
121087327 Marietta City GA1 — 2,013 2,013 — — 6 3.820 
121087349 Carlsbad CA1 — 2,033 2,033 — — 5 3.000 
121087358 Philadelphia CityPA1 — 4,000 4,000 — — — 6.400 
121087361 Oswego OR1 — 3,574 3,574 — — 13 4.260 
121087362 Atlanta GA1 — 3,168 3,168 — — 10 3.960 
121087376 Sterling Heights MI1 — 739 739 — — 2 3.620 
121087378 Pittsburgh PA1 — 1,656 1,656 — — 5 3.690 
121087381 San Diego CA1 — 1,980 1,980 — — 5 3.130 
121087382 San Diego CA1 — 1,753 1,753 — — 5 3.090 
121087384 Culver City CA1 — 2,597 2,597 — — 7 3.170 
121087388 Riverside CA1 — 879 879 — — 2 3.270 
121087389 Palmdale CA1 — 1,187 1,187 — — 3 3.270 
121087394 Richmond TX1 — 2,136 2,136 — — 7 4.000 
121087396 Seattle WA1 — 5,000 5,000 — — 17 4.000 
121087397 Nashville TN1 — 1,125 1,125 — — 4 4.350 
121087403 Houston TX1 — 4,093 4,093 — — 12 3.470 
121087404 Blaine MN1 — 1,468 1,468 — — 4 3.320 
121087405 Monroe WA1 — 3,969 3,969 — — 11 3.390 
121087407 Victorville CA1 — 1,631 1,631 — — 4 2.960 
121087409 Pompano Beach FL1 — 1,675 1,675 — — 4 2.740 
121087411 
Syracuse
UT1 — 2,192 2,192 — — 5 2.520 
121087414 Fountain Valley CA1 — 5,420 5,420 — — 23 5.100 
121087415 Avenel NJ1 — 1,075 1,075 — — 5 5.900 
121087416 Bradenton FL1 — 2,600 2,600 — — 13 5.790 
Total Other42 — 96,949 96,949 — — 285 4.071 
Unallocated Reserve for Losses378 378 
Total First Mortgage Loans on Real Estate42 $— $96,571 $96,571 $— $— $285 4.071 %
F-73
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2023    
(in thousands, except number of loans and rate)

Part 3 - Location of mortgaged properties
Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosed
State in which mortgaged property is locatedNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
CaliforniaCA8 $— $17,480 $17,480 $— $— 
ConnecticutCT2 — 6,308 6,308 — — 
FloridaFL3 — 5,650 5,650 — — 
GeorgiaGA3 — 6,506 6,506 — — 
IllinoisIL2 — 3,007 3,007 — — 
IndianaIN2 — 4,480 4,480 — — 
KentuckyKY1 — 389 389 — — 
MichiganMI1 — 739 739 — — 
MinnesotaMN1 — 1,468 1,468 — — 
North DakotaND1 — 1,936 1,936 — — 
New Jersey
NJ
1 — 1,075 1,075 — — 
NevadaNV1 — 4,481 4,481 — — 
New YorkNY2 — 3,139 3,139 — — 
OregonOR1 — 3,574 3,574 — — 
PennsylvaniaPA4 — 11,252 11,252 — — 
South CarolinaSC1 — 867 867 — — 
TennesseeTN2 — 5,125 5,125 — — 
TexasTX2 — 6,229 6,229 — — 
UtahUT2 — 4,275 4,275 — — 
WashingtonWA2 — 8,969 8,969 — — 
Total42 — 96,949 96,949 — — 
Unallocated Reserve for Losses378 378 
Total42 $— $96,571 $96,571 $— $— 
NOTES:
(a) The classification “residential” includes single dwellings only. Residential multiple dwellings are included in “apartment and business”.
(b) Real estate taxes and easements, which in the opinion of ACC are not undue burden on the properties, have been excluded from the determination of “prior liens”.
(c) In this Schedule III, carrying amount of mortgage loans represents unpaid principal balances plus unamortized premiums less unamortized discounts and allowance for credit losses.
(d) Interest in arrears for less than three months has been disregarded in computing the total amount of principal subject to delinquent interest. The amounts of mortgage loans being foreclosed are also included in amounts subject to delinquent interest.
(e) Information as to interest income by type and class of loan has been omitted because it is not readily available and the obtaining thereof would involve unreasonable effort and expense. In lieu thereof, the average gross interest rates (exclusive of amortization of discounts and premiums) on mortgage loans held as of December 31, 2023 are shown by type and class of loan.

F-74
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
Years Ended December 31, 2025, 2024 and 2023
(in thousands, except rate)

The average gross interest rates on mortgage loans held as of December 31, 2025, 2024 and 2023 are summarized as follows:
 202520242023
Combined average4.677 %4.297 %4.071 %

(f)  Following is a reconciliation of the carrying amount of mortgage loans for the years ended December 31, 2025, 2024 and 2023:
 202520242023
Balance at beginning of period$94,879 $96,571 $102,163 
Additions during period:
Purchases and fundings16,315 5,500 8,418 
Deductions during period:
Collections of principal(9,937)(7,222)(14,084)
Provision for credit loss67 30 74 
Net additions (deductions)6,445 (1,692)(5,592)
Balance at end of period$101,324 $94,879 $96,571 

(g) The aggregate cost of mortgage loans for federal income tax purposes as of December 31, 2025 was $101,605.

(h) As of December 31, 2025, an unallocated allowance for credit losses on first mortgage loans of $281 is recorded.

F-75
Ameriprise Certificate Company
Schedule V — Qualified Assets on Deposit
December 31, 2025 and 2024
(in thousands)
Name of DepositaryDecember 31, 2025
Investment SecuritiesMortgage Loans (b)Other (c)Total
Bonds and Notes (a)
Deposits with states or their depositories to meet requirements of statutes and agreements:
Illinois - Secretary of State of Illinois$56 $— $— $56 
New Jersey - Commissioner of Banking and Insurance of New Jersey51 — — 51 
Pennsylvania - Treasurer of the State of Pennsylvania153 — — 153 
Texas - Treasurer of the State of Texas101 — — 101 
Total State Deposits to meet requirements of statutes and agreements361 — — 361 
Total Central Depository - Ameriprise Trust Company8,495,806 101,324 42,201 8,639,331 
Total Deposits$8,496,167 $101,324 $42,201 8,639,692 
NOTES:
(a)  Represents amortized cost of bonds, notes and cash equivalents.
(b)  Represents unpaid principal balance of mortgage loans less unamortized discounts and allowance for credit losses.
(c)  Represents amortized cost of syndicated loans less allowance for credit losses.

Name of DepositaryDecember 31, 2024
Investment SecuritiesMortgage Loans (b)Other (c)Total
Bonds and Notes (a)
Deposits with states or their depositories to meet requirements of statutes and agreements:
Illinois - Secretary of State of Illinois$56 $— $— $56 
New Jersey - Commissioner of Banking and Insurance of New Jersey51 — — 51 
Pennsylvania - Treasurer of the State of Pennsylvania153 — — 153 
Texas - Treasurer of the State of Texas851 — — 851 
Total State Deposits to meet requirements of statutes and agreements1,111 — — 1,111 
Total Central Depository - Ameriprise Trust Company11,823,513 94,879 55,498 11,973,890 
Total Deposits$11,824,624 $94,879 $55,498 11,975,001 

NOTES:

(a)  Represents amortized cost of bonds, notes and cash equivalents.
(b)  Represents unpaid principal balance of mortgage loans less unamortized discounts and and allowance for credit losses.
(c)  Represents amortized cost of syndicated loans less allowance for credit losses.
F-76
Ameriprise Certificate Company
Schedule VI — Certificate Reserves
Year Ended December 31, 2025
(in thousands)
Part 1 - Summary of Changes
DescriptionDecember 31, 2025
Yield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
No. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
Installment certificates:
Reserves to mature:
Inst I95655 $— $8,280 $— $4,480 $312 $(217)$(4,089)$— 591 $— $8,766 
Inst-E5 — 44 — 16 2 — (6)— 5 — 56 
Inst-R165 51,744 1,261 — 511 48 (65)(349)— 154 32,196 1,406 
Inst-R-E3 2,292 683 — 88 9 (673)— — 2 240 107 
Total
828 54,036 10,268 — 5,095 371 (955)(4,444)— 752 32,436 10,335 
Additional credits and accrued interest thereon:
Inst I95
— — 14 310 — — — — (312)— — 12 
Inst-E
— — (1)2 — — — — (2)— — (1)
Inst-R
— — 3 48 — — — — (48)— — 3 
Inst-R-E
— — — 9 — — — — (9)— — — 
Total
— — 16 369 — — — — (371)— — 14 
Total Installment Certificates828 54,036 10,284 369 5,095 371 (955)(4,444)(371)752 32,436 10,349 
Single Pay - Non Qualified Certificates
Single - Payment certificates:
IC-Flexible Savings (Variable Term) - 165159,643 6,575,440 6,986,903 — 859,185 231,724 (10,269)(3,194,731)— 118,119 4,493,965 4,872,812 
IC - Stepup - 19067 1,566 1,768 — — 49 — (694)— 39 969 1,123 
Cash Reserve Variables PMT - 3mo. - 66250,708 844,318 856,286 — 1,048,976 13,112 (5,173)(1,168,841)— 44,219 732,028 744,360 
IC-Stock Market - 1801,229 6,839 8,300 — — 361 (1,476)(2,232)— 785 3,952 4,953 
IC-MSC - 1811,395 20,721 24,545 — 1 927 (1,654)(6,419)— 987 14,367 17,400 
IC-Stock1 - 2103,044 20,221 22,379 — — 898 — (6,795)— 2,449 14,176 16,482 
IC-Stock2 - 220481 7,714 8,158 — — 542 — (3,668)— 334 4,442 5,032 
IC-Stock3 - 2301,025 17,645 18,655 — — 1,158 — (7,857)— 702 11,006 11,956 
Total
217,592 7,494,464 7,926,994 — 1,908,162 248,771 (18,572)(4,391,237)— 167,634 5,274,905 5,674,118 
Additional credits and accrued interest thereon:
IC-Flexible Savings— — 11,907 233,559 — — — (6,906)(231,751)— — 6,809 
IC-Stepup -190— — 5 48 — — — — (49)— — 4 
Cash Reserve Variable Payment-3mo.— — 613 16,054 — — — (3,040)(13,106)— — 521 
IC-Stk Mkt, 2004/16/31-4000/16— — 8 9 — 1 (1)— (13)— — 4 
IC-Stock1 - 210— — 22 26 — — — (3)(34)— — 11 
IC-Stock2 - 220— — 19 7 — — — (1)(12)— — 13 
IC-Stock3 - 230— — 68 35 — — — (1)(45)— — 57 
IC-MSC— — 14 44 — — — — (51)— — 7 
Total— — 12,656 249,782 — 1 (1)(9,951)(245,061)— — 7,426 
Accrued for additional credits to be allowed at next anniversaries:
SP 75— — (1)— — — — — — — — (1)
IC-Stock— — 320 205 — — — (1)(349)— — 175 
IC-Stock1 - 210— — 793 605 — — — (50)(865)— — 483 
IC-Stock2 - 220— — 684 201 — — — — (529)— — 356 
IC-Stock3 - 230— — 2,526 216 — — — (54)(1,113)— — 1,575 
IC-Market Strategy Certificate - Part Int 2019/2102/4061— — 752 581 — — — (18)(877)— — 438 
Total— — 5,074 1,808 — — — (123)(3,733)— — 3,026 
F-77
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2025
(in thousands)
DescriptionDecember 31, 2025
DescriptionYield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
DescriptionYield to maturity on an annual payment basisNo. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
Total Single Pay - Non Qualified Certificates217,592 7,494,464 7,944,724 251,590 1,908,162 248,772 (18,573)(4,401,311)(248,794)167,634 5,274,905 5,684,570 
R-Series Single Pay - Qualified Certificates
R-77 - 9103.5 2 9 21 — — 1 — (10)— 1 4 12 
R-78 - 911
3.5 3 9 20 — — 1 — (9)— 2 4 12 
R-79 - 9123.5 4 20 39 — — 1 — (19)— 2 10 21 
R-80 - 9133.5 3 20 37 — — 1 — (15)— 2 12 23 
R-81 - 9143.5 1 10 20 — — 1 — — — 1 10 21 
R-82A - 9153.5 5 22 27 — — 1 — (18)— 3 10 10 
RP-Q - 91617 20 63 — — 1 — (1)— 17 20 63 
R-II - 9203.5 6 43 48 — — 2 — (3)— 6 40 47 
RP-Flexible Savings - 97166,616 2,695,750 2,856,250 — 381,066 99,553 (3,254)(1,226,840)— 51,609 1,956,998 2,106,775 
Cash Reserve RP-3 mo. - 97224,334 350,253 355,018 — 401,939 5,347 (560)(442,636)— 21,532 314,051 319,108 
RP-Flexible Savings Emp - 973— — — — — — — — — — — — 
RP-Stock Market - 960336 2,882 3,403 — — 138 (440)(713)— 227 1,950 2,388 
RP-Stepup - 94043 944 1,062 — — 29 — (571)— 22 447 520 
RP-Stock1 - 941866 8,648 9,463 — — 378 — (2,542)— 664 6,420 7,299 
RP-Stock2 - 942214 3,376 3,552 — — 258 — (1,100)— 147 2,439 2,710 
RP-Stock3 - 943616 10,246 10,730 — — 675 — (4,569)— 421 6,368 6,836 
Market Strategy Cert - 961387 8,562 9,490 — — 358 (122)(2,308)— 275 6,556 7,418 
D-1 990-9932 287 347 — — 10 (54)(83)— 1 220 220 
Total93,455 3,081,101 3,249,590 — 783,005 106,755 (4,430)(1,681,437)— 74,932 2,295,559 2,453,483 
Additional Interest on R-Series Single Payment Reserves:
R-773.5 — — — 1 — — — — (1)— — — 
R-783.5 — — — — — — — — (1)— — (1)
R-793.5 — — — 1 — — — — (1)— — — 
R-803.5 — — — 1 — — — — (1)— — — 
R-813.5 — — — 1 — — — — (1)— — — 
R-82A3.5 — — — 1 — — — — (1)— — — 
RP-Q— — — 1 — — — — (1)— — — 
R-II3.5 — — — 2 — — — — (2)— — — 
RP-Flexible Savings— — 4,936 99,319 — — — (1,767)(99,553)— — 2,935 
RP-Stepup - 940— — 2 29 — — — — (29)— — 2 
Cash Reserve RP-3 mo.— — 254 6,697 — — — (1,372)(5,347)— — 232 
RP-Stock Market— — 1 2 — — — — (3)— — — 
RP-Stock1— — 16 26 — — — (1)(31)— — 10 
RP-Stock2— — 4 3 — — — — (4)— — 3 
RP-Stock3— — 40 14 — — — — (17)— — 37 
Market Strategy Cert— — 18 34 — — — — (43)— — 9 
D-1 - 4004 8 — 10 — — — (1)(10)2 3 (1)
Total4 8 5,271 106,142 — — — (3,141)(105,046)2 3 3,226 
Accrued for additional credits to be allowed at next anniversaries:
RP-Stock Market— — 111 91 — — — (1)(135)— — 66 
RP-Stock1 - 941— — 289 254 — — — (4)(346)— — 193 
RP-Stock2 - 942— — 331 122 — — — — (254)— — 199 
RP-Stock3 - 943— — 1,565 86 — — — (4)(658)— — 989 
F-78
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2025
(in thousands)
DescriptionDecember 31, 2025
DescriptionYield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
DescriptionYield to maturity on an annual payment basisNo. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
Market Strategy Cert— — 265 227 — — — (5)(316)— — 171 
Total— — 2,561 780 — — — (14)(1,709)— — 1,618 
Total R-Series Single Pay - Qualified Certificates93,459 3,081,109 3,257,422 106,922 783,005 106,755 (4,430)(1,684,592)(106,755)74,934 2,295,562 2,458,327 
Optional Settlement Certificates
Other series and conversions from Single Payment Certificates
2.5-3- 3-
3.5
— — 1,997 25 — 28 (397)(204)— — — 1,449 
Series R-II & RP-2-84 - 88 -Prod 9213.5 — — 8 — — — (7)— — — — 1 
Add’l credits and accrued int. thereon
2.5-3
— — 8 1 — — (2)— — — — 7 
Accrued for additional credits to be allowed at next anniversaries— — (3)— — — — — — — — (3)
Total Optional Settlement— — 2,010 26 — 28 (406)(204)— — — 1,454 
Due to unlocated cert holders— — 662 — — 853 — — (381)— — 1,134 
Total Certificate
Reserves (1)
311,879 $10,629,609 $11,215,102 $358,907 $2,696,262 $356,779 $(24,364)$(6,090,551)$(356,301)243,320 $7,602,903 $8,155,834 

(1) Total certificate reserves does not include Stock Market Certificates embedded derivatives of $4.5 million and $7.3 million or its intrinsic interest of $(5.8) million and $(9.7) million as of December 31, 2025 and 2024, respectively. These amounts are included in Total certificate reserves.
F-79
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2025
(in thousands)
Part 2 - Descriptions of Additions to Reserves Charged to
Other Accounts and Deductions from Reserves Credited to Other Accounts
Year Ended December 31, 2025
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments$371 
Other deductions represent:
Transfers to reserves on a quarterly basis for installment certificates
$(371)
Optional settlement certificates:
Other additions represent:
Transfers from installment certificate reserves (less surrender charges), optional settlement privileges$28 
Single-Payment certificates:
Other additions represent:
Flexible Savings$231,724 
Stepup49 
Cash Reserve-3mo13,112 
Stock Market361 
IC-Stock1898 
IC-Stock2542 
IC-Stock31,158 
Market Strategy927 
IC - Stock Market1 
RP-Q1 
Cash Reserve-RP-3mo5,347 
Flexible Savings-RP99,553 
Stepup-RP29 
Stock Market-RP138 
RP-Stock1378 
RP-Stock2258 
RP-Stock3675 
Market Strategy-RP358 
Transfers from accruals at anniversaries maintained in a separate reserve account18 
$355,527 
F-80
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2025
(in thousands)
Year Ended December 31, 2025
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment$(4,158)
Transfers to reserves for additional credits and accrued interest thereon18 
Flexible Savings(231,751)
Stepup(49)
Cash Reserve-3mo(13,106)
Stock Market(13)
Stock1(34)
Stock2(12)
Stock3(45)
Market Strategy Cert(51)
Cash Reserve-RP-3mo(5,347)
Flexible Savings-RP(99,553)
Stepup-RP(29)
Stock Market-RP(138)
RP-Stock1(377)
RP-Stock2(258)
RP-Stock3(675)
Transfers to Federal tax withholding29 
$(355,549)
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located$853 
Other deductions represent:
Payments to certificate holders credited to cash$(381)


F-81
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2025
(in thousands)
Part 3 - Information Regarding Installment Certificates
MO’s PaidNumber of Accounts w/Certificate HoldersAmount of
Maturity Value		Amount of ReservesDeduction from Reserves Cash Surrenders Prior to Maturity SurrenderOther Deductions
20242025202420252024202520252025
1-12116 70 $2,355 $1,300 $352 $422 $40 $— 
13-24178 108 4,589 2,290 1,557 507 29 — 
25-36200 165 35,531 2,403 2,606 1,294 33 — 
37-4841 167 2,877 15,453 431 3,429 1,263 — 
49-6031 36 109 2,826 403 451 9 — 
61-7257 26 2,732 110 1,319 375 46 — 
73-8471 46 5,260 2,659 833 1,262 154 — 
85-9641 66 571 5,247 630 805 26 — 
97-10857 27 12 148 1,627 389 19 — 
109-12036 41 — — 510 1,401 226 — 
121-132— — — — — — 329 — 
TOTAL - ALL SERIES828 752 $54,036 $32,436 $10,268 $10,335 $2,174 $— 


F-82
Ameriprise Certificate Company
Schedule VI — Certificate Reserves
Year Ended December 31, 2024
(in thousands)
Part 1 - Summary of Changes
DescriptionDecember 31, 2024
Yield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
No. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
Installment certificates:
Reserves to mature:
Inst I95650 $— $8,384 $— $2,683 $369 $(444)$(2,712)$— 655 $— $8,280 
Inst-E6 — 58 — 17 3 (34)— — 5 — 44 
Inst-R159 54,754 1,219 — 297 56 (33)(278)— 165 51,744 1,261 
Inst-R-E4 2,451 591 — 68 28 — (4)— 3 2,292 683 
Total
819 57,205 10,252 — 3,065 456 (511)(2,994)— 828 54,036 10,268 
Additional credits and accrued interest thereon:
Inst I95
— — 17 366 — — — — (369)— — 14 
Inst-E
— — — 2 — — — — (3)— — (1)
Inst-R
— — 3 56 — — — — (56)— — 3 
Inst-R-E
— — — 28 — — — — (28)— — — 
Total
— — 20 452 — — — — (456)— — 16 
Total Installment Certificates819 57,205 10,272 452 3,065 456 (511)(2,994)(456)828 54,036 10,284 
Single Pay - Non Qualified Certificates
Single - Payment certificates:
IC-Flexible Savings (Variable Term) - 165183,107 8,280,708 8,552,600 — 1,885,302 370,143 (7,906)(3,813,236)— 159,643 6,575,440 6,986,903 
IC - Stepup - 19090 4,465 4,660 — 8 63 — (2,963)— 67 1,566 1,768 
Cash Reserve Variables PMT - 3mo. - 66258,618 1,068,512 1,079,490 — 1,327,511 15,744 (2,581)(1,563,878)— 50,708 844,318 856,286 
IC-Stock Market - 1801,952 11,880 13,700 — — 775 (1,923)(4,252)— 1,229 6,839 8,300 
IC-MSC - 1812,113 32,655 37,178 — 41 1,815 (3,034)(11,455)— 1,395 20,721 24,545 
IC-Stock1 - 2104,329 32,141 33,732 — — 1,824 — (13,177)— 3,044 20,221 22,379 
IC-Stock2 - 220692 13,059 13,459 — — 573 — (5,874)— 481 7,714 8,158 
IC-Stock3 - 2301,245 21,020 22,260 — — 44 — (3,649)— 1,025 17,645 18,655 
Total
252,146 9,464,440 9,757,079 — 3,212,862 390,981 (15,444)(5,418,484)— 217,592 7,494,464 7,926,994 
Additional credits and accrued interest thereon:
IC-Flexible Savings— — 16,924 374,651 — — — (9,484)(370,184)— — 11,907 
IC-Stepup -190— — 9 82 — — — (23)(63)— — 5 
Cash Reserve Variable Payment-3mo.— — 769 19,172 — — — (3,582)(15,746)— — 613 
IC-Stk Mkt, 2004/16/31-4000/16— — 16 20 — — — (1)(27)— — 8 
IC-Stock1 - 210— — 34 46 — — — (4)(54)— — 22 
IC-Stock2 - 220— — 12 19 — — — (1)(11)— — 19 
IC-Stock3 - 230— — 35 34 — — — — (1)— — 68 
IC-MSC— — 22 75 — — — (1)(82)— — 14 
Total— — 17,821 394,099 — — — (13,096)(386,168)— — 12,656 
Accrued for additional credits to be allowed at next anniversaries:
SP 75— — (1)— — — — — — — — (1)
IC-Stock— — 719 350 — — — (1)(748)— — 320 
IC-Stock1 - 210— — 1,705 940 — — — (82)(1,770)— — 793 
IC-Stock2 - 220— — 1,066 183 — — — (3)(562)— — 684 
IC-Stock3 - 230— — 2,214 360 — — — (5)(43)— — 2,526 
IC-Market Strategy Certificate - Part Int 2019/2102/4061— — 1,649 866 — — — (30)(1,733)— — 752 
Total— — 7,352 2,699 — — — (121)(4,856)— — 5,074 
F-83
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2024
(in thousands)
DescriptionDecember 31, 2024
DescriptionYield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
DescriptionYield to maturity on an annual payment basisNo. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
Total Single Pay - Non Qualified Certificates252,146 9,464,440 9,782,252 396,798 3,212,862 390,981 (15,444)(5,431,701)(391,024)217,592 7,494,464 7,944,724 
R-Series Single Pay - Qualified Certificates
R-77 - 9103.5 3 9 21 — — 1 — (1)— 2 9 21 
R-78 - 911
3.5 3 12 24 — — 1 — (5)— 3 9 20 
R-79 - 9123.5 4 20 38 — — 1 — — — 4 20 39 
R-80 - 9133.5 3 20 36 — — 1 — — — 3 20 37 
R-81 - 9143.5 1 10 19 — — 1 — — — 1 10 20 
R-82A - 9153.5 6 26 31 — — 1 — (5)— 5 22 27 
RP-Q - 91619 23 71 — — 1 — (9)— 17 20 63 
R-II - 9203.5 6 45 49 — — 2 — (3)— 6 43 48 
RP-Flexible Savings - 97172,043 3,089,920 3,188,873 — 687,907 145,517 (2,084)(1,163,963)— 66,616 2,695,750 2,856,250 
Cash Reserve RP-3 mo. - 97227,095 423,554 427,784 — 477,579 5,952 (110)(556,187)— 24,334 350,253 355,018 
RP-Flexible Savings Emp - 9731 71 85 — — — — (85)— — — — 
RP-Stock Market - 960573 5,414 6,097 — — 343 (996)(2,041)— 336 2,882 3,403 
RP-Stepup - 94053 1,448 1,579 — — 40 — (557)— 43 944 1,062 
RP-Stock1 - 9411,228 13,587 14,171 — — 800 — (5,508)— 866 8,648 9,463 
RP-Stock2 - 942332 5,648 5,808 — — 225 — (2,481)— 214 3,376 3,552 
RP-Stock3 - 943744 12,179 12,848 — — 32 — (2,150)— 616 10,246 10,730 
Market Strategy Cert - 961515 11,034 11,836 — (1)613 (293)(2,665)— 387 8,562 9,490 
D-1 990-9932 309 380 — 3 16 — (52)— 2 287 347 
Total102,631 3,563,329 3,669,750 — 1,165,488 153,547 (3,483)(1,735,712)— 93,455 3,081,101 3,249,590 
Additional Interest on R-Series Single Payment Reserves:
R-773.5 — — — 1 — — — — (1)— — — 
R-783.5 — — — 1 — — — — (1)— — — 
R-793.5 — — (1)1 — — — 1 (1)— — — 
R-803.5 — — — 1 — — — — (1)— — — 
R-813.5 — — — 1 — — — — (1)— — — 
R-82A3.5 — — — 1 — — — — (1)— — — 
RP-Q— — — 1 — — — — (1)— — — 
R-II3.5 — — — 2 — — — — (2)— — — 
RP-Flexible Savings— — 6,286 146,220 — — — (2,054)(145,516)— — 4,936 
RP-Stepup - 940— — 2 40 — — — — (40)— — 2 
Cash Reserve RP-3 mo.— — 303 7,478 — — — (1,575)(5,952)— — 254 
RP-Stock Market— — 4 4 — — — (1)(6)— — 1 
RP-Stock1— — 23 42 — — — (1)(48)— — 16 
RP-Stock2— — 3 3 — — — — (2)— — 4 
RP-Stock3— — 21 19 — — — — — — — 40 
Market Strategy Cert— — 24 54 — — — — (60)— — 18 
D-1 - 4005 5 — 17 — — — (1)(16)4 8 — 
Total5 5 6,665 153,886 — — — (3,631)(151,649)4 8 5,271 
Accrued for additional credits to be allowed at next anniversaries:
RP-Stock Market— — 311 138 — — — (1)(337)— — 111 
RP-Stock1 - 941— — 679 369 — — — (6)(753)— — 289 
RP-Stock2 - 942— — 478 76 — — — — (223)— — 331 
RP-Stock3 - 943— — 1,356 241 — — — — (32)— — 1,565 
F-84
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2024
(in thousands)
DescriptionDecember 31, 2024
DescriptionYield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
DescriptionYield to maturity on an annual payment basisNo. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
Market Strategy Cert— — 486 343 — — — (10)(554)— — 265 
Total— — 3,310 1,167 — — — (17)(1,899)— — 2,561 
Total R-Series Single Pay - Qualified Certificates102,636 3,563,334 3,679,725 155,053 1,165,488 153,547 (3,483)(1,739,360)(153,548)93,459 3,081,109 3,257,422 
Optional Settlement Certificates
Other series and conversions from Single Payment Certificates
2.5-3- 3-
3.5
— — 2,809 73 — — (530)(355)— — — 1,997 
Series R-II & RP-2-84 - 88 -Prod 9213.5 — — 20 1 — — (13)— — — — 8 
Add’l credits and accrued int. thereon
2.5-3
— — 13 — — — (3)(2)— — — 8 
Accrued for additional credits to be allowed at next anniversaries— — (3)— — — — — — — — (3)
Total Optional Settlement— — 2,839 74 — — (546)(357)— — — 2,010 
Due to unlocated cert holders— — 630 — — 448 — (1)(415)— — 662 
Total Certificate
Reserves (1)
355,601 $13,084,979 $13,475,718 $552,377 $4,381,415 $545,432 $(19,984)$(7,174,413)$(545,443)311,879 $10,629,609 $11,215,102 

(1) Total certificate reserves does not include Stock Market Certificates embedded derivatives of $7.3 million and $9.3 million or its intrinsic interest of $(9.7) million and $(14.3) million as of December 31, 2024 and 2023, respectively. These amounts are included in Total certificate reserves.
F-85
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2024
(in thousands)
Part 2 - Descriptions of Additions to Reserves Charged to
Other Accounts and Deductions from Reserves Credited to Other Accounts
Year Ended December 31, 2024
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments$456 
Other deductions represent:
Transfers to reserves on a quarterly basis for installment certificates
$(456)
Single-Payment certificates:
Other additions represent:
Flexible Savings$370,143 
Stepup63 
Cash Reserve-3mo15,744 
Stock Market775 
IC-Stock11,824 
IC-Stock2573 
IC-Stock344 
Market Strategy1,815 
RP-Q1 
Cash Reserve-RP-3mo5,952 
Flexible Savings-RP145,517 
Stepup-RP40 
Stock Market-RP343 
RP-Stock1800 
RP-Stock2225 
RP-Stock332 
Market Strategy-RP613 
Transfers from accruals at anniversaries maintained in a separate reserve account24 
$544,528 
F-86
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2024
(in thousands)
Year Ended December 31, 2024
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment$(5,564)
Transfers to reserves for additional credits and accrued interest thereon24 
Flexible Savings(370,184)
Stepup(63)
Cash Reserve-3mo(15,746)
Stock Market(27)
Stock1(54)
Stock2(11)
Stock3(1)
Market Strategy Cert(82)
Cash Reserve-RP-3mo(5,952)
Flexible Savings-RP(145,516)
Stepup-RP(40)
Stock Market-RP(343)
RP-Stock1(801)
RP-Stock2(225)
RP-Stock3(32)
Transfers to Federal tax withholding45 
$(544,572)
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located$448 
Other deductions represent:
Payments to certificate holders credited to cash$(415)


F-87
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2024
(in thousands)
Part 3 - Information Regarding Installment Certificates
MO’s PaidNumber of Accounts w/Certificate HoldersAmount of
Maturity Value		Amount of ReservesDeduction from Reserves Cash Surrenders Prior to Maturity SurrenderOther Deductions
20232024202320242023202420242024
1-12214 116 $6,544 $2,355 $1,215 $352 $17 $— 
13-24212 178 37,848 4,589 2,348 1,557 56 — 
25-3644 200 3,845 35,531 251 2,606 77 — 
37-4833 41 121 2,877 520 431 18 — 
49-6061 31 2,779 109 1,289 403 159 — 
61-7274 57 5,260 2,732 834 1,319 32 — 
73-8447 71 583 5,260 779 833 19 — 
85-9665 41 203 571 1,911 630 93 — 
97-10842 57 22 12 649 1,627 111 — 
109-12027 36 — — 456 510 56 — 
121-132— — — — — — 22 — 
TOTAL - ALL SERIES819 828 $57,205 $54,036 $10,252 $10,268 $660 $— 


F-88
Ameriprise Certificate Company
Schedule VI — Certificate Reserves
Year Ended December 31, 2023
(in thousands)
Part 1 - Summary of Changes
DescriptionDecember 31, 2023
Yield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
No. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
Installment certificates:
Reserves to mature:
Inst I95594 $— $6,739 $— $4,391 $321 $(307)$(2,760)$— 650 $— $8,384 
Inst-E6 — 41 — 18 2 — (3)— 6 — 58 
RP-Q-Installment1 6 5 — — — — (5)— — — — 
Inst-R145 54,593 1,130 — 216 50 (50)(127)— 159 54,754 1,219 
Inst-R-E4 2,451 485 — 84 23 — (1)— 4 2,451 591 
Total
750 57,050 8,400 — 4,709 396 (357)(2,896)— 819 57,205 10,252 
Additional credits and accrued interest thereon:
Inst I95
— — 11 327 — — — — (321)— — 17 
Inst-E
— — — 2 — — — — (2)— — — 
Inst-R
— — 2 51 — — — — (50)— — 3 
Inst-R-E
— — — 23 — — — — (23)— — — 
Total
— — 13 403 — — — — (396)— — 20 
Total Installment Certificates750 57,050 8,413 403 4,709 396 (357)(2,896)(396)819 57,205 10,272 
Single Pay - Non Qualified Certificates
Single - Payment certificates:
IC-Flexible Savings (Variable Term) - 165109,643 4,975,770 5,041,386 — 6,093,786 295,677 (6,881)(2,871,368)— 183,107 8,280,708 8,552,600 
IC - Stepup - 190109 5,382 5,571 — — 66 — (977)— 90 4,465 4,660 
Cash Reserve Variables PMT - 3mo. - 66263,421 1,515,402 1,520,410 — 1,928,223 22,242 (2,506)(2,388,879)— 58,618 1,068,512 1,079,490 
IC-Stock Market - 1802,790 17,102 19,483 — 7 388 (1,258)(4,920)— 1,952 11,880 13,700 
IC-MSC - 1812,776 46,649 52,708 — 381 995 (1,824)(15,082)— 2,113 32,655 37,178 
IC-Stock1 - 2105,249 42,309 43,677 — 5,352 1,001 — (16,298)— 4,329 32,141 33,732 
IC-Stock2 - 220752 14,756 15,383 — 2,947 24 — (4,895)— 692 13,059 13,459 
IC-Stock3 - 2301,557 24,091 25,493 — 3,954 336 — (7,523)— 1,245 21,020 22,260 
Total
186,297 6,641,461 6,724,111 — 8,034,650 320,729 (12,469)(5,309,942)— 252,146 9,464,440 9,757,079 
Additional credits and accrued interest thereon:
IC-Flexible Savings— — 6,610 311,896 — — — (5,867)(295,715)— — 16,924 
IC-Stepup -190— — 8 154 — — — (87)(66)— — 9 
Cash Reserve Variable Payment-3mo.— — 905 27,292 — — — (5,185)(22,243)— — 769 
IC-Stk Mkt, 2004/16/31-4000/16— — 4 22 — — — (1)(9)— — 16 
IC-Stock1 - 210— — 9 52 — — — (2)(25)— — 34 
IC-Stock2 - 220— — 3 10 — — — — (1)— — 12 
IC-Stock3 - 230— — 10 31 — — — (1)(5)— — 35 
IC-MSC— — 3 83 — — — — (64)— — 22 
Total— — 7,552 339,540 — — — (11,143)(318,128)— — 17,821 
Accrued for additional credits to be allowed at next anniversaries:
SP 75— — (1)— — — — — — — — (1)
IC-Stock— — 67 1,032 — — — (1)(379)— — 719 
IC-Stock1 - 210— — 144 2,599 — — — (62)(976)— — 1,705 
IC-Stock2 - 220— — 35 1,054 — — — — (23)— — 1,066 
IC-Stock3 - 230— — 410 2,151 — — — (17)(330)— — 2,214 
IC-Market Strategy Certificate - Part Int 2019/2102/4061— — 127 2,471 — — — (18)(931)— — 1,649 
F-89
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2023
(in thousands)
DescriptionDecember 31, 2023
DescriptionYield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
DescriptionYield to maturity on an annual payment basisNo. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
Total— — 782 9,307 — — — (98)(2,639)— — 7,352 
Total Single Pay - Non Qualified Certificates186,297 6,641,461 6,732,445 348,847 8,034,650 320,729 (12,469)(5,321,183)(320,767)252,146 9,464,440 9,782,252 
R-Series Single Pay - Qualified Certificates
R-77 - 9103.5 9 12 26 — — 1 — (6)— 3 9 21 
R-78 - 911
3.5 3 12 23 — — 1 — — — 3 12 24 
R-79 - 9123.5 5 39 71 — — 1 — (34)— 4 20 38 
R-80 - 9133.5 3 21 35 — — 1 — — — 3 20 36 
R-81 - 9143.5 1 10 18 — — 1 — — — 1 10 19 
R-82A - 9153.5 6 26 34 — — 1 — (4)— 6 26 31 
RP-Q - 91622 28 83 — — 1 — (13)— 19 23 71 
R-II - 9203.5 7 57 59 — — 2 — (12)— 6 45 49 
RP-Flexible Savings - 97144,721 1,829,220 1,853,303 — 2,050,512 107,948 (2,206)(820,684)— 72,043 3,089,920 3,188,873 
Cash Reserve RP-3 mo. - 97229,200 643,893 645,714 — 631,526 8,529 (91)(857,894)— 27,095 423,554 427,784 
RP-Flexible Savings Emp - 9731 71 83 — — 2 — — — 1 71 85 
RP-Stock Market - 960866 8,225 9,154 — 4 214 (497)(2,778)— 573 5,414 6,097 
RP-Stepup - 94078 2,127 2,262 — — 48 — (731)— 53 1,448 1,579 
RP-Stock1 - 9411,577 16,581 17,127 — 2,369 403 — (5,728)— 1,228 13,587 14,171 
RP-Stock2 - 942421 7,292 7,551 — 1,322 16 — (3,081)— 332 5,648 5,808 
RP-Stock3 - 943948 12,506 13,208 — 2,753 224 — (3,337)— 744 12,179 12,848 
Market Strategy Cert - 961680 14,926 15,944 — 42 303 (437)(4,016)— 515 11,034 11,836 
D-1 990-9932 801 894 — — 28 — (542)— 2 309 380 
Total78,550 2,535,847 2,565,589 — 2,688,528 117,724 (3,231)(1,698,860)— 102,631 3,563,329 3,669,750 
Additional Interest on R-Series Single Payment Reserves:
R-773.5 — — — 1 — — — — (1)— — — 
R-783.5 — — — 1 — — — — (1)— — — 
R-793.5 — — — 1 — — — (1)(1)— — (1)
R-803.5 — — — 1 — — — — (1)— — — 
R-813.5 — — — 1 — — — — (1)— — — 
R-82A3.5 — — — 1 — — — — (1)— — — 
RP-Q— — — 2 — — — — (2)— — — 
R-II3.5 — — — 2 — — — — (2)— — — 
RP-Flexible Savings— — 2,380 113,049 — — — (1,196)(107,947)— — 6,286 
RP-Stepup - 940— — 2 48 — — — — (48)— — 2 
Cash Reserve RP-3 mo.— — 374 10,646 — — — (2,188)(8,529)— — 303 
RP-Flexible Savings Emp— — — 2 — — — — (2)— — — 
RP-Stock Market— — 2 7 — — — (1)(4)— — 4 
RP-Stock1— — 5 38 — — — (1)(19)— — 23 
RP-Stock2— — 1 3 — — — — (1)— — 3 
RP-Stock3— — 4 19 — — — — (2)— — 21 
Market Strategy Cert— — 4 48 — — — — (28)— — 24 
D-1 - 4007 7 — 32 — — — (4)(28)5 5 — 
Total7 7 2,772 123,902 — — — (3,391)(116,618)5 5 6,665 
Accrued for additional credits to be allowed at next anniversaries:
RP-Stock Market— — 27 494 — — — — (210)— — 311 
RP-Stock1 - 941— — 52 1,016 — — — (4)(385)— — 679 
F-90
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2023
(in thousands)
DescriptionDecember 31, 2023
DescriptionYield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
DescriptionYield to maturity on an annual payment basisNo. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
RP-Stock2 - 942— — 18 475 — — — — (15)— — 478 
RP-Stock3 - 943— — 255 1,323 — — — — (222)— — 1,356 
Market Strategy Cert— — 31 737 — — — (6)(276)— — 486 
Total— — 383 4,045 — — — (10)(1,108)— — 3,310 
Total R-Series Single Pay - Qualified Certificates78,557 2,535,854 2,568,744 127,947 2,688,528 117,724 (3,231)(1,702,261)(117,726)102,636 3,563,334 3,679,725 
Optional Settlement Certificates
Other series and conversions from Single Payment Certificates
2.5-3-
3-
3.5
— — 3,761 103 — 1 (718)(338)— — — 2,809 
Series R-II & RP-2-84 - 88 -Prod 9213.5 — — 19 1 — — — — — — — 20 
Add’l credits and accrued int. thereon
2.5-3
— — 17 1 — — (4)(1)— — — 13 
Accrued for additional credits to be allowed at next anniversaries— — (2)— — — — — (1)— — (3)
Total Optional Settlement— — 3,795 105 — 1 (722)(339)(1)— — 2,839 
Due to unlocated cert holders— — 433 — — 451 — — (254)— — 630 
Total Certificate
Reserves (1)
265,604 $9,234,365 $9,313,830 $477,302 $10,727,887 $439,301 $(16,779)$(7,026,679)$(439,144)355,601 $13,084,979 $13,475,718 

(1) Total certificate reserves does not include Stock Market Certificates embedded derivatives of $9.3 million and $3.6 million or its intrinsic interest of $(14.3) million and $(4.0) million as of December 31, 2023 and 2022, respectively. These amounts are included in Total certificate reserves.
F-91
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2023
(in thousands)
Part 2 - Descriptions of Additions to Reserves Charged to
Other Accounts and Deductions from Reserves Credited to Other Accounts
Year Ended December 31, 2023
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments$396 
Other deductions represent:
Transfers to reserves on a quarterly basis for Reserve Plus Flexible-Payment, IC-Q-Installment and R-Flexible-Payment$(396)
Optional settlement certificates:
Other additions represent:
Transfers from installment certificate reserves (less surrender charges), optional settlement privileges$1 
Other deductions represent:
Transfers to accruals for additional credits to be allowed at next anniversaries$(1)
Single-Payment certificates:
Other additions represent:
Flexible Savings$295,677 
Stepup66 
Cash Reserve-3mo22,242 
Stock Market388 
IC-Stock11,001 
IC-Stock224 
IC-Stock3336 
Market Strategy995 
RP-Q1 
Cash Reserve-RP-3mo8,529 
Flexible Savings-RP107,948 
Stepup-RP48 
Flexible Savings-RP-Emp2 
Stock Market-RP214 
RP-Stock1403 
RP-Stock216 
RP-Stock3224 
Market Strategy-RP303 
Transfers from accruals at anniversaries maintained in a separate reserve account36 
$438,453 
F-92
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2023
(in thousands)
Year Ended December 31, 2023
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment$(3,059)
Transfers to reserves for additional credits and accrued interest thereon36 
Flexible Savings(295,715)
Stepup(66)
Cash Reserve-3mo(22,243)
Stock Market(9)
Stock1(25)
Stock2(1)
Stock3(5)
Market Strategy Cert(64)
Cash Reserve-RP-3mo(8,529)
Flexible Savings-RP(107,947)
Stepup-RP(48)
Flexible Savings-RP-Emp(2)
Stock Market-RP(214)
RP-Stock1(404)
RP-Stock2(16)
RP-Stock3(224)
Transfers to Federal tax withholding42 
$(438,493)
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located$451 
Other deductions represent:
Payments to certificate holders credited to cash$(254)


F-93
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2023
(in thousands)
Part 3 - Information Regarding Installment Certificates
MO’s PaidNumber of Accounts w/Certificate HoldersAmount of
Maturity Value		Amount of ReservesDeduction from Reserves Cash Surrenders Prior to Maturity SurrenderOther Deductions
20222023202220232022202320232023
1-12260 214 $40,887 $6,544 $2,219 $1,215 $44 $— 
13-2457 212 4,086 37,848 366 2,348 319 — 
25-3639 44 135 3,845 565 251 135 — 
37-4865 33 2,850 121 965 520 60 — 
49-6077 61 5,260 2,779 914 1,289 24 — 
61-7250 74 583 5,260 565 834 6 — 
73-8467 47 203 583 851 779 8 — 
85-9653 65 2,116 203 1,095 1,911 22 — 
97-10842 42 924 22 496 649 7 — 
109-12039 27 — — 359 456 62 — 
121-132— — — — — — 114 — 
133-144— — — — — — — — 
145-156— — — — — — — — 
157-168— — — — — — — — 
169-180— — — — — — — — 
181-192— — — — — — — — 
193-204— — — — — — — — 
205-216— — — — — — — — 
217-228— — — — — — — — 
229-240— — — — — — — — 
241-252— — — — — — — — 
253-264— — — — — — — — 
265-276— — — — — — — — 
277-288— — — — — — — — 
289-300— — — — — — — — 
301-312— — — — — — — — 
313-324— — — — — — — — 
325-336— — — — — — — — 
337-348— — — — — — — — 
349-360— — — — — — — — 
361-372— — — — — — — — 
373-384— — — — — — — — 
385-396— — — — — — — — 
397-408— — — — — — — — 
409-420— — — — — — — — 
457-468— — — — — — — — 
469-480
1 — 6 — 5 — — — 
481-492
— — — — — — 5 — 
TOTAL - ALL SERIES750 819 $57,050 $57,205 $8,400 $10,252 $806 $— 


F-94
Ameriprise Certificate Company
Schedule VII — Valuation and Qualifying Accounts
Years Ended December 31, 2025, 2024 and 2023
(in thousands)
Reserves deducted from assets to which they apply
Year Ended December 31, 2025
Balance at beginning of period
Change in allowance/ writedowns from 2024 to 2025
Balance at end of period
Allowance for credit losses:   
Conventional first mortgage loans and other loans$709 $(222)$487 
Reserves deducted from assets to which they apply
Year Ended December 31, 2024
Balance at beginning of period
Change in allowance/ writedowns from 2023 to 2024
Balance at end of period
Allowance for losses:
Conventional first mortgage loans and other loans$1,333 $(624)$709 
Reserves deducted from assets to which they apply
Year Ended December 31, 2023
Balance at beginning of period(1)
Change in allowance/ writedowns from 2022 to 2023
Balance at end of period
Allowance for losses:
Conventional first mortgage loans and other loans$1,472 $(139)$1,333 
F-95
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-14.B

EX-14.C

EX-24

EX-31.1

EX-31.2

EX-32