CAPITAL ONE FINANCIAL CORP

Total assets increased by $3.9 billion to $672.9 billion as of September 30, 2026 from December 31, 2025 primarily driven by growth in loans held for investment and an increase in goodwill primarily related to the acquisition of Brex, partially offset by lower cash.

Total liabilities increased by $7.8 billion to $563.2 billion as of September 30, 2026 from December 31, 2025 primarily driven by continued deposit growth from our national banking strategy.

Stockholders’ equity decreased by $4.0 billion to $109.7 billion as of September 30, 2026 from December 31, 2025 primarily driven by net purchases of treasury stock and higher unrealized losses in accumulated other comprehensive loss, partially offset by net income.

The following is a discussion of material changes in the major components of our assets and liabilities during the first nine months of 2026. Period-end balance sheet amounts may vary from average balance sheet amounts due to the 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 debt securities: 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 debt 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”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Bank (“FHLB”). The carrying value of our investments in Agency and U.S. Treasury securities represented 96% and 97% of our total investment securities portfolio as of September 30, 2026 and December 31, 2025, respectively.

The carrying value of our investment securities portfolio decreased by $1.3 billion to $89.8 billion as of September 30, 2026 from December 31, 2025 primarily driven by increases in relevant benchmark interest rates, partially offset by net purchases.