SEACOAST BANKING CORP OF FLORIDA

Previous wording

The emphasis of this discussion will be on the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 for the consolidated statements of income. For the consolidated balance sheets, the emphasis of this discussion will be the balances as of September 30, 2025 compared to December 31, 2024.

Current wording

The emphasis of this discussion will be on the three months ended March 31, 2026 compared to the three months ended March 31, 2025 for the consolidated statements of income. For the consolidated balance sheets, the emphasis of this discussion will be the balances as of March 31, 2026 compared to December 31, 2025.

Previous wording

Certain statements made or incorporated by reference herein which are not statements of historical fact, including those under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere herein, are “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, and intentions about future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from those set forth in the forward-looking statements.

Current wording

Certain statements made or incorporated by reference herein which are not statements of historical fact, including those under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere herein, are “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, and intentions about future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from those set forth in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Previous wording

All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further,” “plan,” “point to,” “project,” “could,” “intend,” “target” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation:

Current wording

All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further,” “plan,” “point to,” “project,” “could,” “intend,”

Previous wording

•The impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of continued inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending, supply chain issues, and adverse impacts to credit quality), slowdowns in economic growth or recession, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing;

Current wording

•The impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of continued inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending, supply chain issues, and adverse impacts to credit quality), a sustained increase in commodity prices, slowdowns in economic growth or recession, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing;

Previous wording

•Potential impacts of adverse developments in the banking industry and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company’s ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding;

Current wording

•Potential impacts of adverse developments in the banking industry, or as encountered by other financial institutions that adversely affect Seacoast, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company’s ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding;

Previous wording

•Governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation;

Current wording

•Governmental monetary and fiscal policies, including interest rate policies of the FRB, as well as risks related to legislative, tax and regulatory changes, including those that impact the money supply and inflation;

Previous wording

•The risks of continued changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities;

Current wording

•The risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities;

Previous wording

•The risks relating to bank acquisitions including the mergers with Heartland and VBI including, without limitation: the diversion of management's time on issues related to the mergers; unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the mergers being lower than expected; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets; and

Current wording

•The risks relating to bank acquisitions, including the merger with VBI, which include, without limitation: the diversion of management's time on issues related to the integration; unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following acquisitions being lower than expected; the risk related to the accounting and regulatory capital treatment of the Series A Non-Voting Convertible Preferred Stock and the impact on the Company's financial statements; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets;

Previous wording

•Changes in the availability and cost of credit and capital in the financial markets;

Current wording

•Changes in borrower credit risks and payment behaviors, and changes in the availability and cost of credit and capital in the financial markets;

Previous wording

•Changes in the prices, values and sales volumes of residential and CRE, especially as they relate to the value of collateral supporting the Company’s loans;

Current wording

•Changes in the prices, values and sales volumes of residential and CRE properties, especially as they relate to the value of collateral supporting the Company’s loans;

Previous wording

•Inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions;

Current wording

•Inaccuracies or other failures from the use of models, including the failure of assumptions and estimates (including with respect to our financial statements), as well as differences in, and changes to, economic, market and credit conditions;

Previous wording

•Statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally;

Current wording

•Increases in regulatory capital requirements for banking organizations generally;

Previous wording

•The effects of war or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs;

Current wording

•The effects of war, regime change, civil unrest, or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs;

Previous wording

•Potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions;

Current wording

•Potential or actual claims, damages, penalties, fines, costs, unexpected outcomes and reputational damage resulting from new, existing, pending or future litigation, regulatory proceedings and enforcement actions;

Previous wording

•The risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws;

Current wording

•The risks that DTAs could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws;

Previous wording

•The effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions;

Current wording

•The effects of competition (including the inability to grow, or attrition of, deposits, customers and employees) from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, private credit funds, money market and other mutual funds and other financial institutions;

Previous wording

•Risks related to, and the costs associated with ESG and anti-ESG matters, including the scope and pace of related rulemaking activity, disclosure requirements and potential litigation;

Current wording

•Risks related to, and the costs associated with ESG and anti-ESG matters, including the scope and pace of related rulemaking activity, disclosure requirements and potential litigation and enforcement;

Previous wording

•The risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results;

Current wording

•The risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and

Previous wording

All written or oral forward-looking statements attributable to Seacoast are expressly qualified in their entirety by this cautionary notice. The Company assumes no obligation to update, revise or correct any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law.

Current wording

All written or oral forward-looking statements attributable to Seacoast are expressly qualified in their entirety by this cautionary notice. The Company assumes no obligation to update, revise or correct any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law. Additional factors that could cause actual results to differ materially can be found in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, or in other periodic reports that we file with the SEC.

Previous wording

Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 84 full-service branches across Florida, and through advanced mobile and online banking solutions. The Company’s financial results in the third quarter of 2025 include strong growth in loans and deposits supporting improved net interest income. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Highlights for the third quarter of 2025 include:

Current wording

Seacoast provides integrated financial services including commercial and consumer banking, wealth management, mortgage and insurance services to customers at 104 full-service branches across Florida and Georgia, and through advanced mobile and online banking solutions. The Company’s financial results in the first quarter of 2026 benefited from deposit growth, higher securities yields, and lower deposit costs supporting improved net interest income and net interest margin. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Highlights for the first quarter of 2026 include:

Previous wording

•Strong capital position, with a Tier 1 capital ratio of 14.5% and a tangible common equity to tangible assets ratio of 9.8%.

Current wording

•Tier 1 capital ratio of 14.6%, and a tangible equity (including convertible preferred stock) to tangible assets ratio of 9.24%.

Previous wording

Average loans increased $246.1 million, or 2%, for the third quarter of 2025 compared to the second quarter of 2025, and increased $676.3 million, or 7%, from the third quarter of 2024. For the nine months ended September 30, 2025, average loans increased $527.6 million, or 5%, from the nine months ended September 30, 2024.

Current wording

Average loans increased $296.8 million, or 2%, for the first quarter of 2026 compared to the fourth quarter of 2025, and increased $2.3 billion, or 22%, from the first quarter of 2025.

Previous wording

Average loans as a percentage of average earning assets totaled 73% for the third quarter of 2025, 74% for the second quarter of 2025, and 75% for the third quarter of 2024. For the nine months ended September 30, 2025, average loans as a percentage of average earning assets totaled 74%, compared to 76% for the nine months ended September 30, 2024.

Current wording

Average loans as a percentage of average earning assets totaled 67% for the first quarter of 2026, 65% for the fourth quarter of 2025, and 75% for the first quarter of 2025.

Previous wording

During the third quarter of 2025, average investment securities increased $280.9 million, or 8.3%, compared to the second quarter of 2025, and increased $888.8 million, or 32.2%, compared to the third quarter of 2024. Securities yields increased five basis points to 3.92% during the third quarter of 2025 from 3.87% in the second quarter of 2025. For the nine months ended September 30, 2025, average investment securities were $3.4 billion, an increase of $707.6 million compared to the nine months ended September 30, 2024.

Current wording

During the first quarter of 2026, average investment securities increased $138.3 million, or 2.5%, compared to the fourth quarter of 2025, and increased $2.6 billion, or 84.9%, compared to the first quarter of 2025. Securities yields increased 24 basis points to 4.37% during the first quarter of 2026 from 4.13% in the fourth quarter of 2025, and increased 49 basis points from 3.88% in the first quarter of 2025.

Previous wording

The cost of average interest-bearing liabilities decreased three basis points in the third quarter of 2025 to 2.63% from 2.66% in the second quarter of 2025 and decreased 69 basis points from 3.32% in the third quarter of 2024. The cost of average total deposits (including noninterest bearing demand deposits) was 1.81% in the third quarter of 2025, 1.80% in the second quarter of 2025, and 2.34% in the third quarter of 2024. For the nine months ended September 30, 2025, the cost of average total deposits (including noninterest bearing demand deposits) was 1.85% compared to 2.28% for the nine months ended September 30, 2024.

Current wording

The cost of average interest-bearing liabilities decreased 12 basis points in the first quarter of 2026 to 2.21% from 2.33% in the fourth quarter of 2025, and decreased 53 basis points from 2.74% in the first quarter of 2025. The cost of average total deposits (including noninterest-bearing demand deposits) was 1.54% in the first quarter of 2026, 1.67% in the fourth quarter of 2025, and 1.93% in the first quarter of 2025.

Previous wording

During the third quarter of 2025, average transaction deposits (noninterest and interest-bearing demand) increased $189.4 million compared to the second quarter of 2025, and increased $330.7 million, or 6%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, average transaction deposits decreased $14.8 million compared to the nine months ended September 30, 2024. The Company’s deposit mix remains favorable, with 86% of average deposit balances comprised of savings, money market, and demand deposits for the nine months ended September 30, 2025.

Current wording

During the first quarter of 2026, average transaction deposits (noninterest and interest-bearing demand) decreased $227.2 million, or 2.76%, compared to the fourth quarter of 2025, and increased $2.0 billion, or 33%, compared to the first quarter of 2025. The Company’s deposit mix remains favorable, with 87% of average deposit balances comprised of savings, money market, and demand deposits for the three months ended March 31, 2026.

Previous wording

Average balances of sweep repurchase agreements with customers increased $38.4 million, or 21%, from the second quarter of 2025, and decreased $16.8 million, or 7%, compared to the third quarter of 2024. The average rate on customer sweep repurchase accounts was 2.40% for the third quarter of 2025, compared to 2.62% for the second quarter of 2025, and 3.37% for the third quarter of 2024. For the nine months ended September 30, 2025, the average balance was $203.9 million, compared to an average balance of $289.2 million for the nine months ended September 30, 2024 with average rates of 2.58% and 3.61%, respectively.

Current wording

Average balances of sweep repurchase agreements with customers decreased $46.7 million, or 12%, from the fourth quarter of 2025, and increased $147.3 million, or 73%, compared to the first quarter of 2025. The average rate on customer sweep repurchase accounts was 2.16% for the first quarter of 2026, compared to 2.29% for the fourth quarter of 2025, and 2.73% for the first quarter of 2025.

Previous wording

The Company had an average balance of $637.8 million in FHLB borrowings outstanding for the third quarter of 2025, with an average interest rate of 4.17%, compared to $724.2 million for the second quarter of 2025, with an average interest rate of 4.32%, and $237.9 million for the third quarter of 2024, with an average interest rate of 4.26%. The Company had an average balance of $582.6 million in FHLB borrowings outstanding for the nine months ended September 30, 2025, with an average interest rate of 4.27%, compared to $163.5 million for the nine months ended September 30, 2024, with an average interest rate of 4.17%.

Current wording

The Company had an average balance of $847.2 million in FHLB borrowings outstanding for the first quarter of 2026, with an average interest rate of 4.03%, compared to $623.8 million for the fourth quarter of 2025, with an average interest rate of 4.27%, and $382.8 million for the first quarter of 2025, with an average interest rate of 4.32%.

Previous wording

Noninterest income is detailed as follows:

Current wording

Noninterest (loss) income is detailed as follows:

Previous wording

Noninterest income totaled $23.8 million for the third quarter of 2025, a decrease of $0.7 million, or 3%, compared to the second quarter of 2025, and an increase of $0.1 million, or 1%, compared to the third quarter of 2024. Noninterest income totaled $70.5 million for the nine months ended September 30, 2025, an increase of $4.2 million, or 6%, compared to the nine months ended September 30, 2024.

Current wording

BOLI income totaled $2.6 million for the first quarter of 2026, a decrease of $0.1 million, or 3%, compared to the fourth quarter of 2025, and an increase of $0.1 million, or 6%, compared to the first quarter of 2025.

Previous wording

Net securities activity resulted inlosses of$0.8 million during thethird quarter of 2025, gains of $39.0 thousand in the second quarter of 2025, and gains of$0.2 million in the third quarter of 2024. Net securities activity resulted in losses of $0.6 million and gains of $0.4 million, respectively, for the nine months ended September 30, 2025 and 2024.

Current wording

Net securities activity resulted in losses of $39.5 million during the first quarter of 2026, gains of $0.1 million in the fourth quarter of 2025, and gains of $0.2 million in the first quarter of 2025. The first quarter of 2026 included the strategic repositioning of a portion of the AFS securities portfolio.

Previous wording

Noninterest expense for the third quarter of 2025 totaled $102.0 million, an increase of $10.3 million, or 11%, compared to the second quarter of 2025, and an increase of $17.2 million, or 20%, from the third quarter of 2024. Merger-related charges totaled $10.8 million in the third quarter of 2025, compared to $2.4 million in the second quarter of 2025. For the nine months ended September 30, 2025, noninterest expense totaled $284.3 million, an increase of $26.6 million, or 10%, compared to the nine months ended September 30, 2024. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Noninterest expenses are detailed as follows:

Current wording

Noninterest expense for the first quarter of 2026 totaled $122.2 million, a decrease of $8.4 million, or 6%, compared to the fourth quarter of 2025, and an increase of $31.6 million, or 35%, from the first quarter of 2025. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Noninterest expenses are detailed as follows:

Previous wording

The Company utilizes third parties for its core data processing systems. Ongoing data processing costs are directly related to the number of transactions processed and the negotiated rates associated with those transactions. Outsourced data processing costs totaled $9.3 million for the third quarter of 2025, $8.5 million for the second quarter of 2025, and $8.0 million for the third quarter of 2024. Increases reflect higher transaction volume and growth in customers, including from the acquisition of Heartland. For the nine months ended September 30, 2025, outsourced data processing costs totaled $26.4 million, a decrease of $2.0 million, or 7%, compared to the nine months ended September 30, 2024. In the first quarter of 2024, the Company incurred $4.1 million in charges associated with contract terminations and modifications to consolidate systems.

Current wording

The Company utilizes third parties for its core data processing systems. Ongoing data processing costs are directly related to the number of transactions processed and the negotiated rates associated with those transactions. Outsourced data processing costs totaled $12.0 million, an increase of $0.7 million, or 7%, from the fourth quarter of 2025, and an increase of $3.5 million, or 41%, from the first quarter of 2025. The increases reflect higher transaction volume and growth in customers, including from bank acquisitions.

Previous wording

Legal and professional fees for the third quarter of 2025 were $1.7 million, a decrease of $0.4 million, or 19%, compared to the second quarter of 2025, and a decrease of $1.0 million, or 38%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, legal and professional fees totaled $6.5 million, a decrease of $0.4 million, or 5%, compared to the nine months ended September 30, 2024. Changes between periods are largely associated with the timing of various projects.

Current wording

Legal and professional fees for the first quarter of 2026 were $3.2 million, an increase of $1.1 million, or 51%, compared to the fourth quarter of 2025, and an increase of $0.4 million, or 16%, compared to the first quarter of 2025. The increases are largely associated with the timing of various projects.

Previous wording

Debt securities generally return principal and interest monthly. The modified duration of the AFS securities portfolio and the total portfolio was 4.9 and 5.1, respectively, at September 30, 2025, compared to 4.7 and 4.9, respectively, at December 31, 2024.

Current wording

Debt securities generally return principal and interest monthly. The modified duration of the AFS securities portfolio and the total portfolio was 5.1 and 5.3, respectively, at March 31, 2026 compared to 5.1 and 5.2, respectively, at December 31, 2025.

Previous wording

At September 30, 2025, AFS securities had gross unrealized losses of $155.1 million and gross unrealized gains of $34.9 million, compared to gross unrealized losses of $211.3 million and gross unrealized gains of $3.5 million at December 31, 2024.

Current wording

At March 31, 2026, AFS securities had gross unrealized losses of $131.1 million and gross unrealized gains of $26.9 million, compared to gross unrealized losses of $150.4 million and gross unrealized gains of $48.7 million at December 31, 2025.

Previous wording

The credit quality of the Company’s securities holdings is primarily investment grade. U.S. Treasury securities, obligations of U.S. government agencies, and obligations of U.S. government sponsored entities totaled $3.5 billion, or 91%, of the total portfolio at September 30, 2025.

Current wording

The credit quality of the Company’s securities holdings is primarily investment grade. U.S. Treasury securities, obligations of U.S. government agencies, and obligations of U.S. government-sponsored entities totaled $4.6 billion, or 81%, of the total portfolio.

Previous wording

The portfolio includes $103.8 million, with a fair value of $98.6 million, in private label residential mortgage-backed securities and collateralized mortgage obligations with weighted-average credit support of 22%. The collateral underlying these mortgage investments includes both fixed-rate and adjustable-rate residential mortgage loans.

Current wording

The portfolio includes $91.2 million, with a fair value of $86.5 million, in private label residential mortgage-backed securities and collateralized mortgage obligations with weighted-average credit support of 22%. The collateral underlying these mortgage investments includes both fixed-rate and adjustable-rate residential mortgage loans.

Previous wording

The Company also has invested $216.8 million in floating rate CLOs. CLOs are special purpose vehicles that purchase first lien broadly syndicated corporate loans while providing support to senior tranche investors. As of September 30, 2025, all of the Company’s CLOs were in AAA/AA tranches with weighted-average credit support of 32%. The Company utilizes credit models with assumptions of loan level defaults, recoveries, and prepayments to evaluate each security for potential credit losses. The result of this analysis did not indicate expected credit losses.

Current wording

The Company also has invested $426.0 million in floating rate CLOs. CLOs are special purpose vehicles that purchase first lien broadly syndicated corporate loans while providing support to senior tranche investors. As of March 31, 2026, all of the Company’s CLOs were in AAA/AA tranches with weighted-average credit support of 31%. The Company utilizes credit models with assumptions of loan level defaults, recoveries, and prepayments to evaluate each security for potential credit losses. The result of this analysis did not indicate expected credit losses.

Previous wording

At September 30, 2025, the Company has determined that all debt securities in an unrealized loss position are the result of both broad investment type spreads and the current interest rate environment. Management believes that each investment will recover any price depreciation over its holding period as the debt securities move to maturity, and management has the intent and ability to hold these investments to maturity if necessary. Therefore, at September 30, 2025, no allowance for credit losses has been recorded.

Current wording

At March 31, 2026, the Company has determined that all debt securities in an unrealized loss position are the result of both broad investment type spreads and the current interest rate environment. Management believes that each investment will recover any price depreciation over its holding period as the debt securities move to maturity, and management has the intent and ability to hold these investments to maturity if necessary. Therefore, at March 31, 2026, no allowance has been recorded.