Fiscal period ending 2025-12-31 versus 2024-12-31
— view filing on EDGAR →
Tariff and rate-policy risks have moved from hypothetical to realized, with 2025 market volatility now explicitly cited alongside a more direct held-for-investment portfolio credit-loss exposure. Competitive risk is also freshly sharpened, with the company acknowledging a size disadvantage and limited-charter rivals for the first time. The changes are incremental across three themes with no solvency or distress signals, keeping the overall shift modest.
2 company-specific
· 1 common-mode
Company-specific changes
Revised
Shift from MBS write-down risk to held-for-investment portfolio exposure; adds regional price dispersion monitoring and allowance-for-credit-losses impact—substantively narrower but more direct asset risk.
We may be adversely affected by weaknesses in the U.S. housing market. During 2025, the U.S. housing market continued to be impacted by elevated mortgage rates, including 30-year fixed-rate mortgages…
Revised
New explicit disclosure of size disadvantage and limited bank charter competitors. Escalates competitive risk beyond prior generic language.
Other We face significant and increasing competition in the financial services industry. We operate in a highly competitive environment and experience intense competition from local and global bank…
Also disclosed — common-mode (Tariffs trade policy)
Tariffs trade policy
Revised
Added specific reference to 2025 tariff increases and early 2025 market volatility; elevated tariff risk from hypothetical to realized; new language on Fed rate cuts already occurring and uncertainty about future policy.
Market We may be adversely affected by the financial markets, fiscal, monetary, and regulatory policies, and economic conditions. General economic, political, social and health conditions, including…