Loans Receivable and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Composition of Loans Held-For-Investment

The following table presents the composition of the Company’s loans held-for-investment outstanding as of June 30, 2026 and December 31, 2025:



($ in thousands)	June 30, 2026		December 31, 2025
Commercial:
C&I	$	19,862,701	$	18,650,755
CRE:
CRE	15,585,610		15,407,088
Multifamily residential	5,251,556		5,112,328
Construction and land	831,822		742,357
Total CRE	21,668,988		21,261,773
Total commercial	41,531,689		39,912,528
Consumer:
Residential mortgage:
Single-family residential (“SFR”) — Traditional	13,818,417		13,692,025
SFR — Bridge to Home Ownership (“BTHO”)	1,517,892		1,310,524
Home equity loans	2,039,285		1,911,897
Total residential mortgage	17,375,594		16,914,446
Other consumer	56,657		51,198
Total consumer	17,432,251		16,965,644
Total loans held-for-investment (1)	$	58,963,940	$	56,878,172
ALLL	(842,056)		(809,773)
Loans held-for-investment, net (1)	$	58,121,884	$	56,068,399

(1)Includes $13 million and $26 million of net deferred loan fees and net unamortized premiums as of June 30, 2026 and December 31, 2025, respectively.

Schedule of Loans Held-For-Investment by Loan Portfolio Segments, Internal Risk Ratings, Gross Write-Offs and Vintage Year

The following tables summarize the Company’s loans held-for-investment and year-to-date gross write-offs by loan portfolio segments, internal risk ratings and vintage year as of the periods presented. The vintage year is the year of loan origination, renewal or major modification. Gross write-offs in the following tables are for the six months ended June 30, 2026, and the year ended December 31, 2025. Revolving loans that are converted to term loans presented in the tables below are excluded from the term loans by vintage year columns.


	June 30, 2026
	Term Loans by Origination Year
($ in thousands)	2026		2025		2024		2023		2022		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Commercial:
C&I:
Pass	$	1,292,513	$	2,536,352	$	1,401,347	$	661,871	$	423,554	$	566,857	$	12,299,367	$	69,124	$	19,250,985
Criticized (accrual)	8		3,850		36,570		13,047		87,746		50,318		371,485		—		563,024
Criticized (nonaccrual)	421		1,470		5,657		15,416		207		25,488		33		—		48,692


Total C&I	1,292,942		2,541,672		1,443,574		690,334		511,507		642,663		12,670,885		69,124		19,862,701
Gross write-offs (1)	4,569		1,396		795		8,310		32		19,688		—		—		34,790
CRE:
Pass	1,151,479		2,564,084		1,525,072		1,899,914		3,019,049		4,759,749		77,286		51,828		15,048,461
Criticized (accrual)	1,488		29,512		21,676		108,807		124,045		182,404		—		—		467,932
Criticized (nonaccrual)	—		3,787		10,813		11,129		3,503		39,985		—		—		69,217


Subtotal CRE	1,152,967		2,597,383		1,557,561		2,019,850		3,146,597		4,982,138		77,286		51,828		15,585,610
Gross write-offs (1)	—		1,305		—		—		9		6,843		—		—		8,157
Multifamily residential:
Pass	475,389		832,421		321,737		425,034		1,114,319		2,033,813		31,069		3,789		5,237,571
Criticized (accrual)	—		—		—		—		5,127		8,603		—		—		13,730
Criticized (nonaccrual)	—		—		—		—		—		255		—		—		255


Subtotal multifamily residential	475,389		832,421		321,737		425,034		1,119,446		2,042,671		31,069		3,789		5,251,556

Construction and land:
Pass	123,367		271,208		119,399		199,171		76,684		16,716		5,627		—		812,172

Criticized (nonaccrual)	—		—		—		—		19,650		—		—		—		19,650
Subtotal construction and land	123,367		271,208		119,399		199,171		96,334		16,716		5,627		—		831,822


Total CRE	1,751,723		3,701,012		1,998,697		2,644,055		4,362,377		7,041,525		113,982		55,617		21,668,988

Total CRE gross write-offs (1)	—		1,305		—		—		9		6,843		—		—		8,157
Total commercial	$	3,044,665	$	6,242,684	$	3,442,271	$	3,334,389	$	4,873,884	$	7,684,188	$	12,784,867	$	124,741	$	41,531,689
Total commercial gross write-offs (1)	$	4,569	$	2,701	$	795	$	8,310	$	41	$	26,531	$	—	$	—	$	42,947


	June 30, 2026
	Term Loans by Origination Year
($ in thousands)	2026		2025		2024		2023		2022		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Consumer:
Residential mortgage:
SFR:
Pass (2)	$	1,705,569	$	2,555,111	$	1,534,862	$	2,103,178	$	2,654,672	$	4,719,367	$	—	$	—	$	15,272,759
Criticized (accrual)	195		7,312		2,430		3,805		3,788		8,710		—		—		26,240
Criticized (nonaccrual) (2)	483		10,826		3,587		4,218		6,273		11,923		—		—		37,310
Subtotal SFR mortgage (3)	1,706,247		2,573,249		1,540,879		2,111,201		2,664,733		4,740,000		—		—		15,336,309
Gross write-offs(1)(4)	6		—		20		4		8		38		—		—		76
Home equity loans:
Pass	4,424		9,898		2,371		4,346		12,773		29,026		1,869,376		65,459		1,997,673
Criticized (accrual)	—		1,735		—		845		1,815		1,288		6,053		1,155		12,891
Criticized (nonaccrual)	—		4,062		1,028		2,900		1,606		14,722		—		4,403		28,721
Subtotal home equity loans	4,424		15,695		3,399		8,091		16,194		45,036		1,875,429		71,017		2,039,285
Gross write-offs	—		—		—		11		—		—		—		—		11
Total residential mortgage	1,710,671		2,588,944		1,544,278		2,119,292		2,680,927		4,785,036		1,875,429		71,017		17,375,594
Total residential mortgage gross write-offs (1)	6		—		20		15		8		38		—		—		87
Other consumer:
Pass	8,722		22,941		—		—		4,727		214		19,991		—		56,595

Criticized (nonaccrual)	—		—		—		—		—		—		62		—		62
Total other consumer	8,722		22,941		—		—		4,727		214		20,053		—		56,657

Total consumer	$	1,719,393	$	2,611,885	$	1,544,278	$	2,119,292	$	2,685,654	$	4,785,250	$	1,895,482	$	71,017	$	17,432,251
Total consumer gross write-offs (1)	$	6	$	—	$	20	$	15	$	8	$	38	$	—	$	—	$	87
Total loans held-for-investment:
Pass	$	4,761,463	$	8,792,015	$	4,904,788	$	5,293,514	$	7,305,778	$	12,125,742	$	14,302,716	$	190,200	$	57,676,216
Criticized (accrual)	1,691		42,409		60,676		126,504		222,521		251,323		377,538		1,155		1,083,817
Criticized (nonaccrual)	904		20,145		21,085		33,663		31,239		92,373		95		4,403		203,907
Total	$	4,764,058	$	8,854,569	$	4,986,549	$	5,453,681	$	7,559,538	$	12,469,438	$	14,680,349	$	195,758	$	58,963,940
Total loans held-for-investment gross write-offs (1)	$	4,575	$	2,701	$	815	$	8,325	$	49	$	26,569	$	—	$	—	$	43,034


	December 31, 2025
	Term Loans by Origination Year
($ in thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Commercial:
C&I:
Pass	$	3,013,368	$	1,717,361	$	880,267	$	536,461	$	391,413	$	302,893	$	11,308,551	$	67,968	$	18,218,282
Criticized (accrual)	572		35,223		1,662		93,562		83,813		6,771		158,626		—		380,229
Criticized (nonaccrual)	2,922		4,733		26,810		1,640		9,525		6,526		88		—		52,244


Total C&I	3,016,862		1,757,317		908,739		631,663		484,751		316,190		11,467,265		67,968		18,650,755
Gross write-offs (1)	2,617		1,199		28,752		4,643		1,063		3,170		24		—		41,468
CRE:
Pass	2,615,789		1,562,420		2,015,433		3,188,363		1,708,927		3,607,918		78,712		47,512		14,825,074
Criticized (accrual)	30,275		29,807		116,862		134,018		48,569		183,937		—		—		543,468
Criticized (nonaccrual)	3,317		—		4,172		7,439		12,330		11,288		—		—		38,546


Subtotal CRE	2,649,381		1,592,227		2,136,467		3,329,820		1,769,826		3,803,143		78,712		47,512		15,407,088
Gross write-offs (1)	8,932		—		—		160		19		15,126		—		—		24,237
Multifamily residential:
Pass	895,323		338,209		478,782		1,138,693		663,916		1,547,124		32,207		3,820		5,098,074
Criticized (accrual)	—		—		—		5,175		—		8,787		—		—		13,962
Criticized (nonaccrual)	—		—		—		—		—		292		—		—		292


Subtotal multifamily residential	895,323		338,209		478,782		1,143,868		663,916		1,556,203		32,207		3,820		5,112,328
Gross write-offs (1)	—		—		—		—		—		8		—		—		8
Construction and land:
Pass	246,380		109,799		247,482		90,086		13,437		3,462		3,901		—		714,547

Criticized (nonaccrual)	—		8,897		—		18,913		—		—		—		—		27,810
Subtotal construction and land	246,380		118,696		247,482		108,999		13,437		3,462		3,901		—		742,357

Total CRE	3,791,084		2,049,132		2,862,731		4,582,687		2,447,179		5,362,808		114,820		51,332		21,261,773
Total CRE gross write-offs (1)	8,932		—		—		160		19		15,134		—		—		24,245
Total commercial	$	6,807,946	$	3,806,449	$	3,771,470	$	5,214,350	$	2,931,930	$	5,678,998	$	11,582,085	$	119,300	$	39,912,528
Total commercial gross write-offs (1)	$	11,549	$	1,199	$	28,752	$	4,803	$	1,082	$	18,304	$	24	$	—	$	65,713


	December 31, 2025
	Term Loans by Origination Year
($ in thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Consumer:
Residential mortgage:
SFR:
Pass (2)	$	2,861,764	$	1,837,821	$	2,349,242	$	2,808,694	$	1,860,110	$	3,228,996	$	—	$	—	$	14,946,627
Criticized (accrual)	3,157		3,646		5,589		5,427		235		9,356		—		—		27,410
Criticized (nonaccrual) (2)	4,566		891		3,445		4,617		1,620		13,373		—		—		28,512
Subtotal SFR mortgage (3)	2,869,487		1,842,358		2,358,276		2,818,738		1,861,965		3,251,725		—		—		15,002,549
Gross write-offs(1)(4)	—		14		—		—		—		—		—		—		14
Home equity loans:
Pass	13,652		4,796		4,740		5,258		11,233		22,213		1,750,894		70,577		1,883,363
Criticized (accrual)	1,879		—		97		140		287		526		6,784		1,654		11,367
Criticized (nonaccrual)	1,288		13		379		2,610		1,232		7,033		—		4,612		17,167
Subtotal home equity loans	16,819		4,809		5,216		8,008		12,752		29,772		1,757,678		76,843		1,911,897
Gross write-offs (1)	—		—		—		—		—		—		—		6		6
Total residential mortgage	2,886,306		1,847,167		2,363,492		2,826,746		1,874,717		3,281,497		1,757,678		76,843		16,914,446
Total residential mortgage gross write-offs (1)	—		14		—		—		—		—		—		6		20
Other consumer:
Pass	25,146		—		—		4,635		129		5,570		15,576		—		51,056

Criticized (nonaccrual)	—		—		49		—		—		—		93		—		142
Total other consumer	25,146		—		49		4,635		129		5,570		15,669		—		51,198


Total consumer	$	2,911,452	$	1,847,167	$	2,363,541	$	2,831,381	$	1,874,846	$	3,287,067	$	1,773,347	$	76,843	$	16,965,644
Total consumer gross write-offs (1)	$	—	$	14	$	—	$	—	$	—	$	—	$	—	$	6	$	20
Total loans held-for-investment:
Pass	$	9,671,422	$	5,570,406	$	5,975,946	$	7,772,190	$	4,649,165	$	8,718,176	$	13,189,841	$	189,877	$	55,737,023
Criticized (accrual)	35,883		68,676		124,210		238,322		132,904		209,377		165,410		1,654		976,436
Criticized (nonaccrual)	12,093		14,534		34,855		35,219		24,707		38,512		181		4,612		164,713



Total	$	9,719,398	$	5,653,616	$	6,135,011	$	8,045,731	$	4,806,776	$	8,966,065	$	13,355,432	$	196,143	$	56,878,172
Total loans held-for-investment gross write-offs (1)	$	11,549	$	1,213	$	28,752	$	4,803	$	1,082	$	18,304	$	24	$	6	$	65,733

(1)Excludes gross write-offs associated with loans the Company sold or settled.

(2)$1 million of nonaccrual loans whose payments were guaranteed by the Federal Housing Administration were classified with a “Pass” rating as of both June 30, 2026 and December 31, 2025.

(3)BTHO loans comprised 14%, 17%, 19%, 18% and 7% of total SFR loans originated in 2026, 2025, 2024, 2023 and 2022, respectively, as of June 30, 2026. There was an immaterial amount of BTHO loans originated prior to 2022 as of June 30, 2026. In comparison, BTHO loans comprised 15%, 16%, 16%, 6% and 1% of total SFR loans originated in 2025, 2024, 2023, 2022 and 2021, respectively, as of December 31, 2025. There were no BTHO loans originated prior to 2021.

(4)Gross write-offs for both the six months ended June 30, 2026 and the year ended December 31, 2025 were comprised of SFR — Traditional loans.

Schedule of Aging Analysis of Loans

The following tables present the aging analysis of loans held-for-investment as of June 30, 2026 and December 31, 2025:



	June 30, 2026
($ in thousands)	Current Accruing Loans		Accruing Loans 30-59 Days Past Due		Accruing Loans 60-89 Days Past Due		Total Accruing Past Due Loans		Total Nonaccrual Loans		Total Loans
Commercial:
C&I	$	19,773,856	$	39,092	$	1,061	$	40,153	$	48,692	$	19,862,701
CRE:
CRE	15,501,657		13,340		1,396		14,736		69,217		15,585,610
Multifamily residential	5,245,573		5,728		—		5,728		255		5,251,556
Construction and land	812,172		—		—		—		19,650		831,822
Total CRE	21,559,402		19,068		1,396		20,464		89,122		21,668,988
Total commercial	41,333,258		58,160		2,457		60,617		137,814		41,531,689
Consumer:
Residential mortgage:
SFR — Traditional	13,724,214		38,187		21,633		59,820		34,383		13,818,417
SFR — BTHO	1,494,682		14,472		4,760		19,232		3,978		1,517,892
Home equity loans	1,982,279		15,408		12,877		28,285		28,721		2,039,285
Total residential mortgage	17,201,175		68,067		39,270		107,337		67,082		17,375,594
Other consumer	55,789		798		8		806		62		56,657
Total consumer	17,256,964		68,865		39,278		108,143		67,144		17,432,251
Total	$	58,590,222	$	127,025	$	41,735	$	168,760	$	204,958	$	58,963,940



	December 31, 2025
($ in thousands)	Current Accruing Loans		Accruing Loans 30-59 Days Past Due		Accruing Loans 60-89 Days Past Due		Total Accruing Past Due Loans		Total Nonaccrual Loans		Total Loans
Commercial:
C&I	$	18,572,467	$	25,962	$	82	$	26,044	$	52,244	$	18,650,755
CRE:
CRE	15,354,548		10,525		3,469		13,994		38,546		15,407,088
Multifamily residential	5,110,783		1,253		—		1,253		292		5,112,328
Construction and land	714,547		—		—		—		27,810		742,357
Total CRE	21,179,878		11,778		3,469		15,247		66,648		21,261,773
Total commercial	39,752,345		37,740		3,551		41,291		118,892		39,912,528
Consumer:
Residential mortgage:
SFR — Traditional	13,606,733		34,282		24,268		58,550		26,742		13,692,025
SFR — BTHO	1,292,491		11,728		3,406		15,134		2,899		1,310,524
Home equity loans	1,860,080		23,328		11,322		34,650		17,167		1,911,897
Total residential mortgage	16,759,304		69,338		38,996		108,334		46,808		16,914,446
Other consumer	50,979		56		21		77		142		51,198
Total consumer	16,810,283		69,394		39,017		108,411		46,950		16,965,644
Total	$	56,562,628	$	107,134	$	42,568	$	149,702	$	165,842	$	56,878,172

Schedule of Amortized Cost of Loans on Nonaccrual Status With No Related Allowance for Loan Losses

The following table presents the amortized cost of loans on nonaccrual status for which there was no related ALLL as of both June 30, 2026 and December 31, 2025. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well secured by collateral values and there is no loss expectation.



($ in thousands)	June 30, 2026		December 31, 2025

Commercial:
C&I	$	17,620	$	21,723

CRE	32,822		33,705

Construction and land	19,650		27,810

Total commercial	70,092		83,238
Consumer:

SFR — Traditional	12,940		6,095

Home equity loans	5,946		4,081


Total consumer	18,886		10,176
Total nonaccrual loans with no related ALLL	$	88,978	$	93,414

Schedule of Modified Loans

The following tables present the amortized cost of loans that were modified during the three and six months ended June 30, 2026 and 2025 by loan class and modification type:



	Three Months Ended June 30, 2026
	Modification Type
							Combination:
($ in thousands)	Interest Rate Reduction		Term Extension		Payment Delay		Term Extension/ Payment Delay		Rate Reduction/ Payment Delay		Rate Reduction/ Term Extension/ Payment Delay		Total		Modification as a % of Loan Class
Commercial:
C&I	$	—	$	45,615	$	—	$	12,624	$	—	$	—	$	58,239	0.29	%

CRE	—		1,774		—		26,086		—		—		27,860		0.18	%

Construction and land	—		—		19,650		—		—		—		19,650		2.36	%

Total commercial	—		47,389		19,650		38,710		—		—		105,749		0.25	%
Consumer:

SFR	—		—		4,790		—		—		—		4,790		0.03	%
Home equity loans	—		—		3,330		—		—		—		3,330		0.16	%




Total consumer	—		—		8,120		—		—		—		8,120		0.05	%
Total	$	—	$	47,389	$	27,770	$	38,710	$	—	$	—	$	113,869	0.19	%



	Three Months Ended June 30, 2025
	Modification Type
							Combination:
($ in thousands)	Interest Rate Reduction		Term Extension		Payment Delay		Term Extension/ Payment Delay		Rate Reduction/ Payment Delay		Rate Reduction/ Term Extension/ Payment Delay		Total		Modification as a % of Loan Class
Commercial:
C&I	$	6,058	$	74,767	$	2,974	$	6,966	$	19,574	$	—	$	110,339	0.62	%

CRE	—		122,393		—		—		—		—		122,393		0.82	%
Multifamily	—		13,398		—		—		—		—		13,398		0.27	%
Construction and land	—		16,507		—		—		—		—		16,507		2.33	%

Total commercial	6,058		227,065		2,974		6,966		19,574		—		262,637		0.68	%
Consumer:

SFR	—		—		6,632		207		—		—		6,839		0.05	%
Home equity loans	—		—		3,943		—		426		421		4,790		0.26	%




Total consumer	—		—		10,575		207		426		421		11,629		0.07	%
Total	$	6,058	$	227,065	$	13,549	$	7,173	$	20,000	$	421	$	274,266	0.50	%



	Six Months Ended June 30, 2026
	Modification Type
							Combination:
($ in thousands)	Interest Rate Reduction		Term Extension		Payment Delay		Term Extension/ Payment Delay		Rate Reduction/ Term Extension		Rate Reduction/ Term Extension/ Payment Delay		Total		Modification as a % of Loan Class
Commercial:
C&I	$	—	$	117,383	$	—	$	12,624	$	—	$	—	$	130,007	0.65	%

CRE	—		12,213		—		26,086		—		—		38,299		0.25	%

Construction and land	—		—		19,650		—		—		—		19,650		2.36	%

Total commercial	—		129,596		19,650		38,710		—		—		187,956		0.45	%
Consumer:

SFR	—		—		10,664		—		—		—		10,664		0.07	%
Home equity loans	—		—		4,614		—		—		—		4,614		0.23	%




Total consumer	—		—		15,278		—		—		—		15,278		0.09	%
Total	$	—	$	129,596	$	34,928	$	38,710	$	—	$	—	$	203,234	0.34	%



	Six Months Ended June 30, 2025
	Modification Type
							Combination:
($ in thousands)	Interest Rate Reduction		Term Extension		Payment Delay		Term Extension/ Payment Delay		Rate Reduction/ Payment Delay		Rate Reduction/ Term Extension/ Payment Delay		Total		Modification as a % of Loan Class
Commercial:
C&I	$	6,058	$	76,231	$	2,974	$	29,167	$	19,574	$	—	$	134,004	0.75	%

CRE	—		140,343		—		—		—		—		140,343		0.94	%
Multifamily	—		13,677		—		—		—		—		13,677		0.27	%
Construction and land	—		16,507		—		—		—		—		16,507		2.33	%

Total commercial	6,058		246,758		2,974		29,167		19,574		—		304,531		0.79	%
Consumer:

SFR	—		—		10,699		295		—		—		10,994		0.08	%
Home equity loans	—		—		4,918		906		426		421		6,671		0.36	%




Total consumer	—		—		15,617		1,201		426		421		17,665		0.11	%
Total	$	6,058	$	246,758	$	18,591	$	30,368	$	20,000	$	421	$	322,196	0.59	%

The following table presents the financial effects of the loan modifications for the three and six months ended June 30, 2026 and 2025 by loan class and modification type:



	Financial Effects of Loan Modifications for the Three Months Ended June 30,
	2026		2025
($ in thousands)	Weighted-average Term Extension (in years)	Weighted-average Payment Delay (in years)	Weighted-Average Interest Rate Reduction		Weighted-average Term Extension (in years)	Weighted-average Payment Delay (in years)
Commercial:
C&I	1.1	0.7	3.38	%	0.9	0.7

CRE	1.1	0.3	—	%	3.3	0.0
Multifamily	0.0	0.0	—	%	0.5	0.0
Construction and land	0.0	0.9	—	%	0.8	0.0


Consumer:

SFR	0.0	1.2	—	%	10.0	1.9
Home equity loans	0.0	0.7	0.50	%	10.0	5.1



	Financial Effects of Loan Modifications for the Six Months Ended June 30,
	2026		2025
($ in thousands)	Weighted-average Term Extension (in years)	Weighted-average Payment Delay (in years)	Weighted-Average Interest Rate Reduction		Weighted-average Term Extension (in years)	Weighted-average Payment Delay (in years)
Commercial:
C&I	1.1	0.7	3.38	%	1.0	0.8

CRE	1.1	0.3	—	%	3.5	0.0
Multifamily	0.0	0.0	—	%	0.7	0.0
Construction and land	0.0	0.9	—	%	0.8	0.0


Consumer:

SFR	0.0	0.8	—	%	10.0	1.5
Home equity loans	0.0	0.8	0.50	%	15.2	8.0

Schedule of Financing Receivable, Modified, Subsequent Default

The following tables present the amortized cost basis of modified loans that, within 12 months of the modification date, experienced a subsequent default during the three and six months ended June 30, 2026 and 2025.





	Loans Modified that Subsequently Defaulted During the Three Months Ended June 30, 2026
($ in thousands)	Term Extension		Payment Delay		Combination: Term Extension/ Payment Delay		Total
Commercial:


CRE	$	1,774	$	—	$	—	$	1,774



Total commercial	1,774		—		—		1,774
Consumer:

SFR	—		3,508		—		3,508
Home equity loans	—		3,353		—		3,353




Total consumer	—		6,861		—		6,861
Total	$	1,774	$	6,861	$	—	$	8,635



	Loans Modified that Subsequently Defaulted During the Three Months Ended June 30, 2025
($ in thousands)	Term Extension		Payment Delay		Combination: Term Extension/ Payment Delay		Total
Commercial:
C&I	$	—	$	2,974	—		$	2,974

CRE	30,890		—		—		30,890



Total commercial	30,890		2,974		—		33,864
Consumer:

SFR	$	—	$	830	$	—	$	830
Home equity loans	—		3,509		286		3,795




Total consumer	—		4,339		286		4,625
Total	$	30,890	$	7,313	$	286	$	38,489





	Loans Modified that Subsequently Defaulted During the Six Months Ended June 30, 2026
($ in thousands)	Term Extension		Payment Delay		Combination: Term Extension/ Payment Delay		Total
Commercial:
C&I	$	—	$	12,832	$	—	$	12,832

CRE	1,774		—		—		1,774



Total commercial	1,774		12,832		—		14,606
Consumer:

SFR	—		6,698		—		6,698
Home equity loans	—		3,649		—		3,649




Total consumer	—		10,347		—		10,347
Total	$	1,774	$	23,179	$	—	$	24,953



	Loans Modified that Subsequently Defaulted During the Six Months Ended June 30, 2025
($ in thousands)	Term Extension		Payment Delay		Combination: Term Extension/ Payment Delay		Total
Commercial:
C&I	$	—	$	4,487	$	—	$	4,487

CRE	53,462		—		—		53,462



Total commercial	53,462		4,487		—		57,949
Consumer:

SFR	—		3,060		207		3,267
Home equity loans	—		5,541		286		5,827




Total consumer	—		8,601		493		9,094
Total	$	53,462	$	13,088	$	493	$	67,043

Schedule of Financing Receivable, Modified, Payment Performance

The following tables present the performance of loans that were modified over the last 12 months as of June 30, 2026 and 2025:



	Payment Performance as of June 30, 2026
($ in thousands)		Current		30 - 89 Days Past Due		90+ Days Past Due		Total
Commercial:
C&I		$	133,100	$	12,216	$	12,832	$	158,148

CRE		72,544		1,197		1,774		75,515

Construction and land		—		—		19,650		19,650

Total commercial		205,644		13,413		34,256		253,313
Consumer:

SFR		15,380		11,288		6,096		32,764
Home equity loans		10,032		2,983		2,335		15,350


Total consumer		25,412		14,271		8,431		48,114
Total		$	231,056	$	27,684	$	42,687	$	301,427
Total nonaccrual loans included above		$	3,034	$	466	$	42,687	$	46,187



	Payment Performance as of June 30, 2025
($ in thousands)		Current		30 - 89 Days Past Due		90+ Days Past Due		Total
Commercial:
C&I		$	165,093	$	—	$	—	$	165,093

CRE		162,915		—		—		162,915
Multifamily residential		13,677		—		—		13,677
Construction and land		16,507		—		—		16,507

Total commercial		358,192		—		—		358,192
Consumer:

SFR		11,646		3,196		2,337		17,179
Home equity loans		6,437		3,008		3,053		12,498


Total consumer		18,083		6,204		5,390		29,677
Total		$	376,275	$	6,204	$	5,390	$	387,869
Total nonaccrual loans included above		$	63,620	$	139	$	5,390	$	69,149

Schedule of Financing Receivable Credit Quality Indicators, Key Credit Risk Characteristics and Macroeconomic Variables

The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment:

Portfolio Segment

Risk Characteristics

Macroeconomic Variables

C&I

Risk rating, sector, loan origination size, loan age, delinquency status

Unemployment rate, gross domestic product (“GDP”), and U.S. Treasury rates

CRE, Multifamily residential, and Construction and land

Collateral value, property type, geographic location, loan age, delinquency status

Unemployment rate, GDP, and U.S. Treasury rates

SFR and Home equity loans

Collateral value, FICO score, geographic location, loan age, delinquency status

House Price Indices, unemployment rate, GDP

Other consumer

Loss rate approach

Immaterial — Macroeconomic variables are included in the qualitative estimate

Schedule of Activity in the Allowance for Credit Losses

The following tables summarize the activity in the ALLL by portfolio segments for the three and six months ended June 30, 2026 and 2025:



		Three Months Ended June 30, 2026
		Commercial								Consumer
				CRE						Residential Mortgage
($ in thousands)		C&I		CRE		Multifamily Residential		Construction and Land		SFR — Traditional		SFR —BTHO		Home equity loans		Other Consumer		Total
ALLL, beginning of period		$	483,384	$	231,802	$	39,446	$	17,170	$	19,230	$	37,653	$	5,899	$	1,290	$	835,874

Provision for (reversal of) credit losses on loans	(a)	18,928		5,145		882		2,799		(496)		4,769		670		227		32,924
Gross charge-offs		(21,960)		(6,848)		—		(1)		(31)		—		(11)		(18)		(28,869)
Gross recoveries		394		1,252		12		—		123		—		2		3		1,786
Total net (charge-offs) recoveries		(21,566)		(5,596)		12		(1)		92		—		(9)		(15)		(27,083)
Foreign currency translation adjustment		341		—		—		—		—		—		—		—		341
ALLL, end of period		$	481,087	$	231,351	$	40,340	$	19,968	$	18,826	$	42,422	$	6,560	$	1,502	$	842,056



		Three Months Ended June 30, 2025
		Commercial								Consumer
				CRE						Residential Mortgage
($ in thousands)		C&I		CRE		Multifamily Residential		Construction and Land		SFR — Traditional		SFR —BTHO		Home equity loans		Other Consumer		Total


ALLL, beginning of period		$	421,288	$	212,899	$	32,324	$	15,199	$	19,281	$	27,648	$	4,879	$	1,338	$	734,856
Provision for (reversal of) credit losses on loans	(a)	27,595		8,007		(3,274)		2,654		(574)		5,638		369		(259)		40,156
Gross charge-offs		(8,151)		(8,306)		(3)		—		—		—		—		(4)		(16,464)
Gross recoveries		1,504		18		26		3		4		—		8		250		1,813
Total net (charge-offs) recoveries		(6,647)		(8,288)		23		3		4		—		8		246		(14,651)
Foreign currency translation adjustment		55		—		—		—		—		—		—		—		55
ALLL, end of period		$	442,291	$	212,618	$	29,073	$	17,856	$	18,711	$	33,286	$	5,256	$	1,325	$	760,416



		Six Months Ended June 30, 2026
		Commercial								Consumer
				CRE						Residential Mortgage
($ in thousands)		C&I		CRE		Multifamily Residential		Construction and Land		SFR — Traditional		SFR —BTHO		Home equity loans		Other Consumer		Total


ALLL, beginning of period		$	475,613	$	221,494	$	36,555	$	15,468	$	19,040	$	34,423	$	5,804	$	1,376	$	809,773
Provision for (reversal of) credit losses on loans	(a)	36,820		16,305		3,762		5,392		(207)		7,999		762		(35)		70,798
Gross charge-offs		(40,345)		(8,153)		—		(894)		(152)		—		(11)		(93)		(49,648)
Gross recoveries		8,312		1,705		23		2		145		—		5		254		10,446
Total net (charge-offs) recoveries		(32,033)		(6,448)		23		(892)		(7)		—		(6)		161		(39,202)
Foreign currency translation adjustment		687		—		—		—		—		—		—		—		687
ALLL, end of period		$	481,087	$	231,351	$	40,340	$	19,968	$	18,826	$	42,422	$	6,560	$	1,502	$	842,056



		Six Months Ended June 30, 2025
		Commercial								Consumer
				CRE						Residential Mortgage
($ in thousands)		C&I		CRE		Multifamily Residential		Construction and Land		SFR — Traditional		SFR —BTHO		Home equity loans		Other Consumer		Total

ALLL, beginning of period		$	384,319	$	218,677	$	32,117	$	17,497	$	19,413	$	25,403	$	3,132	$	1,494	$	702,052
Provision for (reversal of) credit losses on loans	(a)	63,965		16,112		(3,073)		2,349		(747)		7,883		2,108		(379)		88,218
Gross charge-offs		(9,139)		(22,243)		(7)		(1,996)		(9)		—		—		(53)		(33,447)
Gross recoveries		3,068		72		36		6		54		—		16		263		3,515
Total net (charge-offs) recoveries		(6,071)		(22,171)		29		(1,990)		45		—		16		210		(29,932)
Foreign currency translation adjustment		78		—		—		—		—		—		—		—		78
ALLL, end of period		$	442,291	$	212,618	$	29,073	$	17,856	$	18,711	$	33,286	$	5,256	$	1,325	$	760,416

The following table summarizes the activity in the allowance for unfunded credit commitments for the three and six months ended June 30, 2026 and 2025:



		Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)		2026		2025		2026		2025
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period		$	47,005	$	40,464	$	48,690	$	39,526

Provision for (reversal of) credit losses on unfunded credit commitments	(b)	76		4,844		(1,606)		5,782
Foreign currency translation adjustments		(4)		(1)		(7)		(1)
Allowance for unfunded credit commitments, end of period		$	47,077	$	45,307	$	47,077	$	45,307

Provision for credit losses on loans, leases and unfunded credit commitments	(a) + (b)	$	33,000	$	45,000	$	69,192	$	94,000

Schedule of Carrying Value of Loans Transferred, Loans Sold and Purchased for the Held-For-Investment Portfolio

The following tables provide information on the carrying value of loans transferred, sold and purchased, during the three and six months ended June 30, 2026 and 2025:



	Three Months Ended June 30, 2026
	Commercial									Consumer
				CRE						Residential Mortgage
($ in thousands)	C&I			CRE		Multifamily Residential		Construction and Land		SFR		Total
Loans transferred from held-for-investment to held-for-sale (1)	$	107,606		$	—	$	—	$	—	$	—	$	107,606
Loans transferred from held-for-sale to held-for-investment	$	—		$	—	$	—	$	—	$	3,497	$	3,497
Sales (2)(3)	$	114,358		$	—	$	—	$	—	$	3,841	$	118,199
Purchases	$	48,203	(4)	$	—	$	—	$	—	$	127,125	$	175,328



	Three Months Ended June 30, 2025
	Commercial									Consumer
				CRE						Residential Mortgage
($ in thousands)	C&I			CRE		Multifamily Residential		Construction and Land		SFR		Total
Loans transferred from held-for-investment to held-for-sale (1)	$	102,214		$	—	$	—	$	—	$	—	$	102,214

Sales (2)(3)	$	90,341		$	—	$	—	$	—	$	396	$	90,737
Purchases	$	142,687	(4)	$	—	$	—	$	—	$	145,330	$	288,017



	Six Months Ended June 30, 2026
	Commercial									Consumer		Total
				CRE						Residential Mortgage
($ in thousands)	C&I			CRE		Multifamily Residential		Construction and Land		SFR
Loans transferred from held-for-investment to held-for-sale (1)	$	209,383		$	—	$	9,959	$	—	$	5,345	$	224,687
Loans transferred from held-for-sale to held-for-investment	$	—		$	—	$	—	$	—	$	3,497	$	3,497
Sales (2)(3)	$	212,638		$	—	$	9,959	$	—	$	4,205	$	226,802
Purchases	$	158,095	(4)	$	—	$	—	$	—	$	267,636	$	425,731

Refer to table footnotes on the following page.



	Six Months Ended June 30, 2025
	Commercial									Consumer		Total
				CRE						Residential Mortgage
($ in thousands)	C&I			CRE		Multifamily Residential		Construction and Land		SFR
Loans transferred from held-for-investment to held-for-sale (1)	$	108,570		$	20,338	$	—	$	9,500	$	—		$	138,408

Sales (2)(3)	$	96,697		$	20,338	$	—	$	11,316	$	396		$	128,747
Purchases	$	279,630	(4)	$	—	$	—	$	—	$	250,411		$	530,041

(1)Includes write-downs of $3 million and $5 million to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the three and six months ended June 30, 2026, respectively, and $2 million for the six months ended June 30, 2025. There were no write-downs to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the three months ended June 30, 2025.

(2)Includes originated loans sold of $91 million and $160 million for the three and six months ended June 30, 2026, respectively, and $91 million and $125 million for the three and six months ended June 30, 2025, respectively. Originated loans sold were primarily comprised of C&I loans for each of the three and six months ended June 30, 2026 and 2025.

(3)Includes $28 million and $67 million of purchased loans sold in the secondary market for the three and six months ended June 30, 2026, respectively, and $4 million for the six months ended June 30, 2025. There were no purchased loans sold in the secondary market for the three months ended June 30, 2025.

(4)C&I loan purchases were comprised of syndicated C&I term loans.