
(in thousands)	Amortized Cost(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2026
Available-for-sale debt securities:


Residential mortgage-backed securities	$	3,723,642	$	25,241	$	(93,382)	$	3,655,501
Commercial mortgage-backed securities	245,890		2,114		(224)		247,780


Credit risk transfer securities	11,013		—		(439)		10,574
Total available-for-sale debt securities	3,980,545		27,355		(94,045)		3,913,855
Held-to-maturity debt securities:
Residential mortgage-backed securities	709,594		—		(71,010)		638,584
Total held-to-maturity debt securities	709,594		—		(71,010)		638,584
Equity securities							42,024
Trading debt securities							7,882
Total debt and equity securities(2)							$	4,673,355
December 31, 2025
Available-for-sale debt securities:


Residential mortgage-backed securities	$	3,743,234	$	41,037	$	(91,625)	$	3,692,646
Commercial mortgage-backed securities	244,457		3,555		—		248,012


Credit risk transfer securities	11,248		—		(451)		10,797
Total available-for-sale debt securities	3,998,939		44,592		(92,076)		3,951,455
Held-to-maturity debt securities:
Residential mortgage-backed securities	725,722		—		(70,890)		654,832
Total held-to-maturity debt securities	725,722		—		(70,890)		654,832
Equity securities							41,998
Trading debt securities							3,924
Total debt and equity securities(2)							$	4,723,099

(1) Excludes accrued interest receivable of $16.0 million and $16.1 million at March 31, 2026 and December 31, 2025, respectively, related to available-for-sale debt securities and $1.1 million and $1.2 million at March 31, 2026 and December 31, 2025, respectively, related to held-to-maturity debt securities that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.

The amortized cost and estimated fair value as of March 31, 2026, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.


	Available-for-sale				Held-to-maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due within one year	$	—	$	—	$	—	$	—
Due after one year through five years	—		—		—		—
Due after five years through ten years	257,612		259,076		—		—
Due after ten years	3,722,933		3,654,779		709,594		638,584
Total	$	3,980,545	$	3,913,855	$	709,594	$	638,584

The table below presents the weighted average yields for the Company’s available-for-sale debt securities as of March 31, 2026. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% federal tax rate, where applicable.


	Residential mortgage-backed securities		Commercial mortgage-backed securities		CRT securities
Due within one year	—	%	—	%	—	%
Due after one year through five years	—		—		—
Due after five years through ten years	3.91		4.84		3.79
Due after ten years	4.70		—		—
Total	4.70	%	4.84	%	3.79	%


	Less Than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 31, 2026


Residential mortgage-backed securities	$	613,940	$	(2,752)	$	741,764	$	(90,630)	$	1,355,704	$	(93,382)
Commercial mortgage-backed securities	57,003		(224)		—		—		57,003		(224)
Credit risk transfer securities	—		—		10,574		(439)		10,574		(439)
Total	$	670,943	$	(2,976)	$	752,338	$	(91,069)	$	1,423,281	$	(94,045)
December 31, 2025


Residential mortgage-backed securities	$	203,193	$	(97)	$	934,222	$	(91,528)	$	1,137,415	$	(91,625)
Commercial mortgage-backed securities	—		—		—		—		—		—
Credit risk transfer securities	—		—		10,797		(451)		10,797		(451)
Total	$	203,193	$	(97)	$	945,019	$	(91,979)	$	1,148,212	$	(92,076)

At March 31, 2026, the Company had 41 available-for-sale debt securities in an unrealized loss position, comprised of 37 residential mortgage-backed securities, two commercial mortgage-backed securities and two credit risk transfer securities. The unrealized losses on the available-for-sale debt securities were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The Company does not currently intend to sell and based on current conditions it does not believe it is likely that the Company will be required to sell these available-for-sale debt securities before recovery of the amortized cost of such securities in an unrealized loss position and has therefore recorded the unrealized losses related to this portfolio in accumulated other comprehensive income (“AOCI”). Held-to-maturity debt securities consist of government guaranteed securities for which no loss is expected. At March 31, 2026 and December 31, 2025, no allowance for credit losses was established for available-for-sale or held-to-maturity debt securities.



	Three Months Ended March 31,
(in thousands)		2026		2025
Net gains/(losses) recognized during the period		$	1,646	$	(1,708)
Less: Realized net gains/(losses) recognized on securities sold		608		328
Unrealized net gains/(losses) recognized on securities still held		$	1,038	$	(2,036)