CAPITAL ONE FINANCIAL CORP

Total assets increased by $171.7 billion to $661.9 billion as of September 30, 2025 from December 31, 2024. The Transaction contributed $168.1 billion in identifiable assets as of the Closing Date. See “Part I—Item 1. Financial Statements—Note 2—Business Combinations and Discontinued Operations” for more information.

Total liabilities increased by $118.7 billion to $548.1 billion as of September 30, 2025 from December 31, 2024. The Transaction contributed $130.1 billion in identifiable liabilities as of the Closing Date, partially offset by maturities and paydowns of securitized debt obligations.

Stockholders’ equity increased by $53.0 billion to $113.8 billion as of September 30, 2025 from December 31, 2024 primarily driven by reissuance of treasury stock of $50.6 billion related to the Transaction and lower unrealized losses in accumulated other comprehensive loss.

The following is a discussion of material changes in the major components of our assets and liabilities during the first nine months of 2025. Period-end balance sheet amounts may vary from average balance sheet amounts due to the Transaction, timing of normal balance sheet management activities that are intended to support our capital and liquidity positions, our market risk profile and the needs of our customers.

Investment Securities

Our investment securities portfolio consists of the following: U.S. government-sponsored enterprise or agency (“GSE” or “Agency”) and non-agency residential mortgage-backed securities (“RMBS”), agency commercial mortgage-backed securities (“CMBS”), U.S. Treasury securities and other securities. Agency securities include securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”) and securities issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The carrying value of our investments in Agency and U.S. Treasury securities represented 97% and 96% of our total investment securities portfolio as of September 30, 2025 and December 31, 2024, respectively.

The fair value of our investment securities portfolio increased by $6.7 billion to $89.7 billion as of September 30, 2025 from December 31, 2024 primarily driven by net securities acquired in the Transaction and decreases in relevant benchmark interest rates.