Ameriprise Certificate Co. Net Income Dips 9.75% Amid Asset Shrink

TL;DR

**ACC is shrinking fast, with assets and income down significantly, making it a less attractive holding for now.**

AI Summary

AMERIPRISE CERTIFICATE CO (ACC) reported a significant decline in financial performance for the nine months ended September 30, 2025, with net income falling to $72.66 million, a 9.75% decrease from $80.51 million in the prior year. Investment income also saw a substantial drop, decreasing by 28.7% to $412.37 million from $577.99 million in 2024. This decline was partially offset by a lower net provision for certificate reserves, which decreased by 33.4% to $286.10 million from $430.28 million. Total assets decreased by 20.7% to $9.51 billion as of September 30, 2025, from $12.00 billion at December 31, 2024, primarily driven by a reduction in investments in unaffiliated issuers from $11.11 billion to $8.95 billion. Shareholder's equity also declined by 17.27% to $497.41 million from $601.26 million, influenced by a $112.07 million return of capital to the parent and $93.93 million in dividends. The company's cash and cash equivalents decreased by 37.28% to $516.80 million from $823.84 million at the beginning of the period.

Why It Matters

ACC's substantial decline in investment income and net income, coupled with a significant reduction in total assets and shareholder's equity, signals a challenging environment for investors. The return of capital and large dividend payments to the parent, Ameriprise Financial, Inc., suggest a strategic shift or liquidity management within the broader corporate structure. This could impact ACC's future growth capacity and its ability to generate returns, potentially affecting the parent company's financial flexibility. Competitively, a shrinking asset base might reduce ACC's market footprint in the certificate investment space, potentially benefiting rivals.

Risk Assessment

Risk Level: high — The company experienced a 20.7% decrease in total assets from $12.00 billion to $9.51 billion and a 17.27% decline in total shareholder's equity from $601.26 million to $497.41 million. This significant reduction in scale, combined with a 9.75% drop in net income to $72.66 million, indicates substantial operational and financial contraction, posing a high risk to future stability and growth.

Analyst Insight

Investors should exercise caution and consider reducing exposure to AMERIPRISE CERTIFICATE CO, given the significant declines in assets, equity, and net income. Monitor future filings for any signs of stabilization or a reversal in these negative trends, as the current trajectory suggests ongoing challenges.

Financial Highlights

debt To Equity

N/A

revenue

$412.37M

operating Margin

N/A

total Assets

$9.51B

total Debt

N/A

net Income

$72.66M

eps

N/A

gross Margin

N/A

cash Position

$516.80M

revenue Growth

-28.7%

Revenue Breakdown

Key Numbers

• $72.66M — Net income for nine months ended Sep 30, 2025 (Decreased 9.75% from $80.51M in 2024)
• $412.37M — Investment income for nine months ended Sep 30, 2025 (Decreased 28.7% from $577.99M in 2024)
• $9.51B — Total assets as of Sep 30, 2025 (Decreased 20.7% from $12.00B at Dec 31, 2024)
• $497.41M — Total shareholder's equity as of Sep 30, 2025 (Decreased 17.27% from $601.26M at Dec 31, 2024)
• $516.80M — Cash and cash equivalents as of Sep 30, 2025 (Decreased 37.28% from $823.84M at beginning of period)
• $112.07M — Return of capital to parent for nine months ended Sep 30, 2025 (Significant outflow impacting shareholder's equity)
• $93.93M — Dividend to parent for nine months ended Sep 30, 2025 (Significant outflow impacting shareholder's equity)
• $8.95B — Investments in unaffiliated issuers as of Sep 30, 2025 (Decreased from $11.11B at Dec 31, 2024)

Key Players & Entities

• AMERIPRISE CERTIFICATE CO (company) — registrant
• Ameriprise Financial, Inc. (company) — parent company
• Investors Syndicate Development Corp. (company) — wholly owned subsidiary
• Columbia Management Investment Advisers, LLC (company) — affiliate of ACC
• SEC (regulator) — Securities and Exchange Commission
• FASB (regulator) — Financial Accounting Standards Board
• Moody's Investors Service (company) — rating agency
• Standard Poor's Ratings Services (company) — rating agency
• Fitch Ratings Ltd. (company) — rating agency

FAQ

Risk Factors

• Decline in Investment Income [high — financial]: Investment income decreased by 28.7% to $412.37 million for the nine months ended September 30, 2025, from $577.99 million in the prior year. This decline directly impacts the company's profitability.
• Reduced Net Income [medium — financial]: Net income fell by 9.75% to $72.66 million for the nine months ended September 30, 2025, compared to $80.51 million in the prior year. This indicates a weakening financial performance.
• Decreased Asset Base [medium — financial]: Total assets declined by 20.7% to $9.51 billion as of September 30, 2025, from $12.00 billion at December 31, 2024. This reduction was primarily driven by a decrease in investments in unaffiliated issuers from $11.11 billion to $8.95 billion.
• Lower Shareholder's Equity [medium — financial]: Shareholder's equity decreased by 17.27% to $497.41 million from $601.26 million. This was influenced by significant outflows including a $112.07 million return of capital to the parent and $93.93 million in dividends.
• Reduced Cash Position [medium — financial]: Cash and cash equivalents decreased by 37.28% to $516.80 million from $823.84 million at the beginning of the period, potentially impacting liquidity.
• Investment Company Act of 1940 Registration [low — regulatory]: ACC is registered as an investment company under the Investment Company Act of 1940. This subjects the company to specific regulatory requirements and oversight, which could lead to compliance risks if not managed effectively.
• Reliance on Parent Company [medium — financial]: As a wholly owned subsidiary of Ameriprise Financial, Inc., ACC's financial health and strategic decisions are closely tied to its parent. Any adverse changes at the parent level could impact ACC.
• Certificate Reserves [medium — financial]: Certificate reserves represent a significant liability ($8.94 billion as of Sep 30, 2025). Changes in the provision for these reserves, while lower in the current period ($286.10 million vs $430.28 million), can materially affect net income.

Industry Context

Ameriprise Certificate Company operates within the financial services sector, specifically as a registered investment company. The industry is characterized by intense competition, evolving regulatory landscapes, and sensitivity to interest rate movements and market volatility. Companies in this space focus on managing investment portfolios, generating investment income, and providing financial products and services, while navigating risks associated with credit quality and market fluctuations.

Regulatory Implications

As a registered investment company under the Investment Company Act of 1940, ACC is subject to stringent regulatory oversight. This includes requirements for financial reporting, capital adequacy, and operational compliance. Failure to adhere to these regulations could result in penalties, sanctions, or reputational damage.

What Investors Should Do

1. Monitor investment income trends
2. Analyze asset allocation and investment strategy
3. Evaluate capital return policies
4. Assess liquidity and cash management

Key Dates

• 2025-09-30: Nine months ended September 30, 2025 — Period for which financial results show a decline in net income and investment income, and a reduction in assets and equity.
• 2024-12-31: As of December 31, 2024 — Prior period balance sheet date, showing higher total assets ($12.00B) and shareholder's equity ($601.26M).
• 2025-02-20: Filing of 2024 10-K — Reference document for comparison with the current 10-Q filing.

Glossary

Certificate reserves

Liabilities representing amounts set aside to cover future obligations related to certificates issued by the company. (A significant liability on the balance sheet, and changes in its provision impact net income.)

Investment Company Act of 1940

A U.S. federal law that regulates investment companies, including mutual funds, closed-end funds, and unit investment trusts. (ACC is registered under this act, indicating regulatory oversight and specific compliance requirements.)

Accumulated other comprehensive income (loss)

A component of shareholder's equity that includes unrealized gains and losses on investments that have not yet been realized. (Shows a negative balance of ($13.04M) as of Sep 30, 2025, indicating unrealized losses on securities.)

Return of capital

A distribution from a company to its shareholders that is not considered a dividend and may reduce the cost basis of the shareholder's investment. (A $112.07 million outflow to the parent company, impacting shareholder's equity.)

Available-for-Sale securities

Securities that are not classified as held-to-maturity or trading securities. Their unrealized gains and losses are reported in other comprehensive income. (A significant portion of ACC's investments, with details on fair value and unrealized losses provided.)

Year-Over-Year Comparison

Compared to the prior year, Ameriprise Certificate Company has experienced a notable downturn in financial performance. Net income for the nine months ended September 30, 2025, decreased by 9.75% to $72.66 million. This was largely driven by a significant 28.7% drop in investment income to $412.37 million. Concurrently, the company's asset base has shrunk by 20.7%, with total assets falling to $9.51 billion, primarily due to a reduction in investments. Shareholder's equity also declined by 17.27%, influenced by substantial capital returns to the parent. The company's cash position has weakened considerably, down 37.28%.

Key Financial Figures

• $10 — ch registered Common Stock (par value $10 per share) None None Indicate by chec
• $3,982 — uers (allowance for credit losses 2025, $3,982 2024, $4,378) 8,948,327 11,110,907 Re
• $4,378 — ce for credit losses 2025, $3,982 2024, $4,378) 8,948,327 11,110,907 Receivables 29,
• $3,460 — alue (allowance for credit losses 2025, $3,460 2024, $3,669 amortized cost 2025, $8,82
• $3,669 — ce for credit losses 2025, $3,460 2024, $3,669 amortized cost 2025, $8,821,624 2024, $
• $8,821,624 — 3,460 2024, $3,669 amortized cost 2025, $8,821,624 2024, $11,022,239) $ 8,798,835 $ 10,96
• $11,022,239 — 9 amortized cost 2025, $8,821,624 2024, $11,022,239) $ 8,798,835 $ 10,960,489 Commercial
• $522 — cost (allowance for credit losses 2025, $522 2024, $709 fair value 2025, $149,781 20
• $709 — ance for credit losses 2025, $522 2024, $709 fair value 2025, $149,781 2024, $148,63
• $149,781 — 2025, $522 2024, $709 fair value 2025, $149,781 2024, $148,635) 149,444 150,377 Cert
• $148,635 — 4, $709 fair value 2025, $149,781 2024, $148,635) 149,444 150,377 Certificate loans —
• $25.8 million — December 31, 2024, accrued interest of $25.8 million and $33.6 million, respectively, is exc
• $33.6 m — , accrued interest of $25.8 million and $33.6 million, respectively, is excluded from t
• $5.1 million — ptember 30, 2025 and December 31, 2024, $5.1 million and $11.3 million, respectively, worth
• $11.3 m — and December 31, 2024, $5.1 million and $11.3 million, respectively, worth of securitie

Filing Documents

• acc10q-x93025xuse.htm (10-Q) — 1055KB
• accexhibit311-x93025xuse.htm (EX-31.1) — 9KB
• accexhibit312-x93025xuse.htm (EX-31.2) — 9KB
• accexhibit32-x93025xuse.htm (EX-32) — 7KB
• 0000052428-25-000008.txt ( ) — 1082KB

Financial Information

Part I. Financial Information 3

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Consolidated Statements of Operations — Three and nine months ended September 30, 2025 and 2024 3 Consolidated Statements of Comprehensive Income — Three and nine months ended September 30, 2025 and 2024 3 Consolidated Balance Sheets — September 30, 2025 and December 31, 2024 4 Consolidated Statements of Shareholder's Equity — Three and nine months ended September 30, 2025 and 2024 5 Consolidated Statements of Cash Flows — Nine months ended September 30, 2025 and 2024 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 1. Basis of Presentation 7 2. Recent Accounting Pronouncements 7 3. Investments 7 4. Financing Receivables 11 5. Fair Values of Assets and Liabilities 13 6. Offsetting Assets and Liabilities 18 7. Derivatives and Hedging Activities 19 8. Contingencies 20 9. Shareholder's Equity 20 10. Income Taxes 21

Management's Narrative Analysis

Item 2. Management's Narrative Analysis 22

Controls and Procedures

Item 4. Controls and Procedures 23

Other Information

Part II. Other Information 24

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

Exhibits

Item 6. Exhibits 24

Signatures

Signatures 25 2 Index AMERIPRISE CERTIFICATE COMPANY

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in thousands) Investment income $ 126,618 $ 184,465 $ 412,365 $ 577,987 Investment expenses 9,748 14,065 33,324 41,312 Net investment income before provision for certificate reserves and income taxes 116,870 170,400 379,041 536,675 Net provision for certificate reserves 82,565 133,662 286,100 430,280 Net investment income before income taxes 34,305 36,738 92,941 106,395 Income tax expense 8,376 7,084 22,469 22,722 Net investment income, after-tax 25,929 29,654 70,472 83,673 Net realized gain (loss) on investments before income taxes 170 553 2,770 (4,006) Income tax expense (benefit) 36 117 582 (841) Net realized gain (loss) on investments, after-tax 134 436 2,188 (3,165) Net income $ 26,063 $ 30,090 $ 72,660 $ 80,508 See Notes to Consolidated Financial Statements. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in thousands) Net income $ 26,063 $ 30,090 $ 72,660 $ 80,508 Other comprehensive income (loss), net of tax Net unrealized gains (losses) on securities Net unrealized gains (losses) on securities arising during the period 19,472 54,372 31,614 55,366 Reclassification of net (gains) losses on securities included in net income (66) (351) (2,124) 2,426 Total other comprehensive income (loss), net of tax 19,406 54,021 29,490 57,792 Total comprehensive income (loss) $ 45,469 $ 84,111 $ 102,150 $ 138,300 See Notes to Consolidated Financial Statements. 3 Index AMERIPRISE CERTIFICATE COMPANY CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, 2025 December 31, 2024 (in thousands, except share amounts) Assets Qualified Assets Cash and cash equivalents $ 516,804 $ 823,843 Investments in unaffiliated issuers (allowance

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. Basis of Presentation Nature of Business Ameriprise Certificate Company ("ACC") is a wholly owned subsidiary of Ameriprise Financial, Inc. ("Ameriprise Financial" or the "Parent"). ACC is registered as an investment company under the Investment Company Act of 1940. ACC uses the consolidation method of accounting for its wholly owned subsidiary, Investors Syndicate Development Corp. The interim financial information in this report has not been audited. In the opinion of management, all adjustments necessary for a fair statement of the consolidated results of operations and financial position for the interim periods have been made. All adjustments made were of a normal recurring nature. The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Results of operations reported for interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes in the ACC's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission ("SEC") on February 20, 2025 ("2024 10-K"). ACC evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions requiring recognition or disclosure were identified. 2. Recent Accounting Pronouncements Future Adoption of New Accounting Standards Income Taxes – Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Improvements to Income Tax Disclosures , updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued) Available-for-Sale securities distributed by type were as follows

Description of Securities September 30, 2025

Description of Securities September 30, 2025 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value (in thousands) Corporate debt securities $ 247,386 $ 609 $ (2) $ — $ 247,993 Residential mortgage backed securities 5,458,282 34,446 (52,513) — 5,440,215 Commercial mortgage backed securities 473,823 1,105 (8,480) (3,460) 462,988 Asset backed securities 878,001 4,751 (8) — 882,744 U.S. government and agency obligations 1,763,132 813 (48) — 1,763,897 Total $ 8,821,624 $ 41,724 $ (61,053) $ (3,460) $ 8,798,835

Description of Securities December 31, 2024

Description of Securities December 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value (in thousands) Corporate debt securities $ 648,415 $ 1,488 $ (25) — 649,878 Residential mortgage backed securities 4,791,475 20,340 (83,512) — 4,728,303 Commercial mortgage backed securities 1,451,843 6,125 (13,693) (3,669) 1,440,606 Asset backed securities 1,542,013 9,411 (74) — 1,551,350 1,000 — (24) — 976 U.S. government and agency obligations 2,587,493 1,889 (6) — 2,589,376 Total $ 11,022,239 $ 39,253 $ (97,334) $ (3,669) $ 10,960,489 As of September 30, 2025 and December 31, 2024, accrued interest of $25.8 million and $33.6 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables. As of September 30, 2025 and December 31, 2024, fixed maturity securities comprised approximately 93% and 92%, respectively, of ACC's total investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations ("NRSROs"), including Moody's Investors Service ("Moody's"), Standard Poor's Ratings Services ("SP"), and Fitch Ratings Ltd. ("Fitch"). ACC uses the median of available ratings from Moody's, SP and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody's, SP and Fitch are unavailable, as is the case for many private placement securities, ACC may utilize ratings from other NRSROs or rate the securities internally. As of September 30, 2025 and December 31, 2024, $5.1 million and $11.3 million, respectively, worth of securities were internally rated by Columbia Management Investment Advisers, LLC ("CMIA"), an affiliate of ACC. A summary of fixed maturity securities by rating was as follows Ratings September 30, 2025 December 31, 2024 Amortized Cost Fair Value Percent of Total

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued) The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position

Description of Securities September 30, 2025

Description of Securities September 30, 2025 Less than 12 Months 12 Months or More Total Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (in thousands, except number of securities) Corporate debt securities 3 $ 11,201 $ (2) — $ — $ — 3 $ 11,201 $ (2) Residential mortgage backed securities 13 154,964 (248) 228 1,753,814 (52,265) 241 1,908,778 (52,513) Commercial mortgage backed securities 4 49,532 (21) 13 243,691 (8,459) 17 293,223 (8,480) Asset backed securities — — — 3 3,120 (8) 3 3,120 (8) U.S. government and agency obligations 8 476,688 (48) — — — 8 476,688 (48) Total 28 $ 692,385 $ (319) 245 $ 2,001,623 $ (60,734) 273 $ 2,694,008 $ (61,053)

Description of Securities December 31, 2024

Description of Securities December 31, 2024 Less than 12 Months 12 Months or More Total Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (in thousands, except number of securities) Corporate debt securities 6 $ 52,483 $ (16) 2 $ 14,454 $ (9) 8 $ 66,937 $ (25) Residential mortgage backed securities 34 697,028 (3,578) 248 2,076,153 (79,934) 282 2,773,181 (83,512) Commercial mortgage backed securities 3 65,859 (120) 46 564,586 (13,573) 49 630,445 (13,693) Asset backed securities 1 34,994 (6) 4 7,730 (68) 5 42,724 (74) U.S. government and agency obligations 1 99,979 (6) — — — 1 99,979 (6) Total 45 $ 950,343 $ (3,726) 301 $ 2,663,899 $ (93,608) 346 $ 3,614,242 $ (97,334) As part of ACC's ongoing monitoring process, management determined that the decrease in gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the nine months ended September 30, 2025 is primarily attributable to the impact of lower interest rates. As of September 30, 2025, ACC did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. ACC does not intend to sell these securities and does not believe that it is more likely than not that ACC will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of September 30, 2025 and December 31, 2024, approximately 94% and 96%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade. As of September 30, 2025, and December 31, 2024, the allowance for credit losses on Available-for-Sale securities was $3.5 million and $3.6 million, respectively. ACC established this allowance during the year ended December 31, 2024 related to o

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued) The following table presents rollforwards of the net unrealized gains (losses) on Available-for-Sale securities included in accumulated other comprehensive income (loss) ("AOCI") Net Unrealized Gains (Losses) on Securities Deferred Income Tax Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Gains (Losses) on Securities (in thousands) Balance at July 1, 2025 $ (44,830) $ 12,384 $ (32,446) Net unrealized gains (losses) on securities arising during the period (1) 25,585 (6,113) 19,472 Reclassification of net (gains) losses on securities included in net income (2) (84) 18 (66) Balance at September 30, 2025 $ (19,329) $ 6,289 $ (13,040) Balance at July 1, 2024 $ (93,366) $ 24,050 $ (69,316) Net unrealized gains (losses) on securities arising during the period (1) 71,497 (17,125) 54,372 Reclassification of net (gains) losses on securities included in net income (2) (444) 93 (351) Balance at September 30, 2024 $ (22,313) $ 7,018 $ (15,295) Balance at January 1, 2025 $ (58,081) $ 15,551 $ (42,530) Net unrealized gains (losses) on securities arising during the period (1) 41,442 (9,828) 31,614 Reclassification of net (gains) losses on securities included in net income (2) (2,690) 566 (2,124) Balance at September 30, 2025 $ (19,329) $ 6,289 $ (13,040) Balance at January 1, 2024 $ (98,326) $ 25,239 $ (73,087) Net unrealized gains (losses) on securities arising during the period (1) 72,942 (17,576) 55,366 Reclassification of net (gains) losses on securities included in net income (2) 3,071 (645) 2,426 Balance at September 30, 2024 $ (22,313) $ 7,018 $ (15,295) (1) Net unrealized gains (losses) on securities arising during the period include impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period. (2) Reclassification amounts are reported in Net realized gain (loss) on investme

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued) Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution. 4. Financing Receivables Financing receivables are comprised of commercial loans and certificate loans. Allowance for Credit Losses The following tables present a rollforward of the allowance for credit losses Commercial Loans (in thousands) Balance at January 1, 2025 $ 709 Provisions (187) Balance at September 30, 2025 $ 522 Balance at January 1, 2024 $ 1,333 Provisions 817 Charge-offs (1,359) Balance at September 30, 2024 $ 791 As of September 30, 2025 and December 31, 2024, accrued interest on commercial loans was $761 thousand and $762 thousand, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans. Purchases and Sales During the three months ended September 30, 2025 and 2024, ACC purchased $1.0 million and nil, respectively, of syndicated loans, and sold $792 thousand and $706 thousand, respectively, of syndicated loans. During the nine months ended September 30, 2025 and 2024, ACC purchased $4.1 million and $4.2 million, respectively, of syndicated loans, and sold $2.2 million and $4.0 million, respectively, of syndicated loans. ACC has not acquired any loans with deteriorated credit quality as of the acquisition date. Credit Quality Information There were no nonperforming loans as of both September 30, 2025 and December 31, 2024. All other loans were considered to be performing. Commercial Loans Commercial Mortgage Loans ACC reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial

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