UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM

10-Q

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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended

September 30, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from_______________________to_______________________


Commission File No.			811-00002


AMERIPRISE CERTIFICATE COMPANY
(Exact name of registrant as specified in its charter)

Delaware

41-6009975

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1099 Ameriprise Financial Center

Minneapolis

Minnesota

55474

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(612)

671-3131

Former name, former address and former fiscal year, if changed since last report:

Not Applicable

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock (par value $10 per share)

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

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Accelerated Filer

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Non-accelerated Filer

☒

Smaller reporting company

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Emerging growth company

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

Outstanding at October 31, 2025

Common Stock (par value $10 per share)

150,000 shares

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS H(1)(a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT.

Index

AMERIPRISE CERTIFICATE COMPANY

FORM 10-Q

INDEX


Part I. Financial Information			3
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		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
Item 2. Management’s Narrative Analysis			22
Item 4. Controls and Procedures			23

Part II. Other Information			24
Item 1. Legal Proceedings			24
Item 1A. Risk Factors			24
Item 6. Exhibits			24
Signatures			25

Index

AMERIPRISE CERTIFICATE COMPANY

PART I. FINANCIAL INFORMATION

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.

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 for credit losses: 2025, $3,982; 2024, $4,378)	8,948,327		11,110,907
Receivables	29,942		37,305
Derivative assets	11,412		12,858
Total qualified assets	9,506,485		11,984,913
Deferred taxes, net	7,960		15,854
Taxes receivable from parent	—		677
Due from related party	12		—
Other assets	45		29
Total assets	$	9,514,502	$	12,001,473

Liabilities and Shareholder’s Equity
Liabilities
Certificate reserves	$	8,936,389	$	11,212,674
Due to related party	14,770		18,087
Taxes payable to parent	8,533		24
Payables to brokers, dealers and clearing organizations	171		118,384
Derivative liabilities	8,782		9,213

Other liabilities	48,452		41,836
Total liabilities	9,017,097		11,400,218

Shareholder’s Equity
Common shares ($10 par value, 150,000 shares authorized and issued)	1,500		1,500
Additional paid-in capital	500,100		612,167
Retained earnings	8,845		30,118
Accumulated other comprehensive income (loss), net of tax	(13,040)		(42,530)
Total shareholder’s equity	497,405		601,255
Total liabilities and shareholder’s equity	$	9,514,502	$	12,001,473


See Notes to Consolidated Financial Statements.

Index

AMERIPRISE CERTIFICATE COMPANY

CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY (UNAUDITED)


	Number of Outstanding Shares	Common Shares		Additional Paid-In Capital		Retained Earnings						Accumulated Other Comprehensive Income (Loss), Net of Tax		Total
						Appropriated for Pre-Declared Additional Credits and Interest		Appropriated for Additional Interest on Advance Payments		Un-appropriated
	(in thousands, except share amounts)
Balance at July 1, 2025	150,000	$	1,500	$	561,293	$	912	$	15	$	8,662	$	(32,446)	$	539,936

Net income	—	—		—		—		—		26,063		—		26,063
Other comprehensive income (loss), net of tax	—	—		—		—		—		—		19,406		19,406
Transfers between appropriated and unappropriated, net	—	—		—		(531)		—		531		—		—

Dividend to parent	—	—		—		—		—		(26,807)		—		(26,807)
Return of capital to parent	—	—		(61,193)		—		—		—		—		(61,193)

Balance at September 30, 2025	150,000	$	1,500	$	500,100	$	381	$	15	$	8,449	$	(13,040)	$	497,405

Balance at July 1, 2024	150,000	$	1,500	$	612,167	$	9,054	$	15	$	98,127	$	(69,316)	$	651,547

Net income	—	—		—		—		—		30,090		—		30,090
Other comprehensive income (loss), net of tax	—	—		—		—		—		—		54,021		54,021
Transfers between appropriated and unappropriated, net	—	—		—		(3,870)		—		3,870		—		—

Dividend to parent	—	—		—		—		—		(63,000)		—		(63,000)


Balance at September 30, 2024	150,000	$	1,500	$	612,167	$	5,184	$	15	$	69,087	$	(15,295)	$	672,658

Balance at January 1, 2025	150,000	$	1,500	$	612,167	$	2,635	$	15	$	27,468	$	(42,530)	$	601,255

Net income	—	—		—		—		—		72,660		—		72,660
Other comprehensive income (loss), net of tax	—	—		—		—		—		—		29,490		29,490
Transfers between appropriated and unappropriated, net	—	—		—		(2,254)		—		2,254		—		—

Dividend to parent	—	—		—		—		—		(93,933)		—		(93,933)
Return of capital to parent	—	—		(112,067)		—		—		—		—		(112,067)

Balance at September 30, 2025	150,000	$	1,500	$	500,100	$	381	$	15	$	8,449	$	(13,040)	$	497,405

Balance at January 1, 2024	150,000	$	1,500	$	612,167	$	27,031	$	15	$	121,732	$	(73,087)	$	689,358

Net income	—	—		—		—		—		80,508		—		80,508
Other comprehensive income (loss), net of tax	—	—		—		—		—		—		57,792		57,792
Transfers between appropriated and unappropriated, net	—	—		—		(21,847)		—		21,847		—		—

Dividend to parent	—	—		—		—		—		(155,000)		—		(155,000)


Balance at September 30, 2024	150,000	$	1,500	$	612,167	$	5,184	$	15	$	69,087	$	(15,295)	$	672,658
See Notes to Consolidated Financial Statements.

Index

AMERIPRISE CERTIFICATE COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Nine Months Ended September 30,
	2025		2024
	(in thousands)
Cash Flows from Operating Activities
Net income	$	72,660	$	80,508
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of premiums, accretion of discounts, net	(75,082)		(123,089)
Deferred income tax expense (benefit)	(1,368)		(5,173)
Net realized (gain) loss on Available-for-Sale securities	(2,481)		(653)
Other net realized (gain) loss	107		118
Provision for credit losses	(396)		4,541
Changes in operating assets and liabilities:
Dividends and interest receivable	84,752		109,219
Certificate reserves, net	(5,464)		(2,292)

Taxes payable to/receivable from parent, net	9,186		3,238
Derivatives, net of collateral	(49)		835
Other liabilities	(3,271)		(5,380)
Other receivables	(189)		174
Payables to brokers, dealers and clearing organizations	—		99,986

Other, net	(1,281)		(3,230)
Net cash provided by (used in) operating activities	77,124		158,802

Cash Flows from Investing Activities
Available-for-Sale securities:
Sales	682,903		—
Maturities, redemptions, calls and other	7,153,587		7,118,592
Purchases	(5,753,515)		(5,723,873)
Syndicated loans and commercial mortgage loans:
Sales, maturities and repayments	21,197		30,701
Purchases and fundings	(20,392)		(8,738)



Certificate loans, net	(7)		4
Net cash provided by (used in) investing activities	2,083,773		1,416,686

Cash Flows from Financing Activities
Payments from certificate holders and other additions	2,447,274		3,900,747
Certificate maturities and cash surrenders	(4,709,210)		(5,345,046)

Dividend to parent	(93,933)		(155,000)
Return of capital to parent	(112,067)		—
Net cash provided by (used in) financing activities	(2,467,936)		(1,599,299)

Net increase (decrease) in cash and cash equivalents	(307,039)		(23,811)
Cash and cash equivalents at beginning of period	823,843		913,063
Cash and cash equivalents at end of period	$	516,804	$	889,252

Supplemental disclosures:
Income taxes paid (received), net	$	14,951	$	26,068
Interest paid	293,938		436,307

See Notes to Consolidated Financial Statements.

Index

AMERIPRISE CERTIFICATE COMPANY

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 income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ACC is assessing changes to the income tax-related disclosures resulting from the standard. The adoption of the standard will not have an impact on ACC’s consolidated results of operations and financial condition as the standard is disclosure-related only.

Expenses – Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, requiring public business entities to disclose disaggregated information about certain income statement expense line items. The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis. The standard is to be applied prospectively, with an option for retrospective application and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. ACC is assessing changes to footnote disclosures resulting from the standard. The adoption of the standard will not have an impact on ACC’s consolidated results of operations and financial condition as the standard is disclosure-related only.

Financial Instruments – Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows all entities to apply a practical expedient when estimating expected credit losses that assumes current conditions as of the balance sheet date will remain unchanged over the asset’s remaining life. The standard is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those years. Early adoption is permitted. The adoption of the standard will not have an impact on ACC’s consolidated results of operations and financial condition.

3. Investments

Investments in unaffiliated issuers were as follows:


	September 30, 2025		December 31, 2024
	(in thousands)
Available-for-Sale securities: Fixed maturities, at fair value (allowance for credit losses: 2025, $3,460; 2024, $3,669; amortized cost: 2025, $8,821,624; 2024, $11,022,239)	$	8,798,835	$	10,960,489
Commercial mortgage loans and syndicated loans, at cost (allowance for credit losses: 2025, $522; 2024, $709; fair value: 2025, $149,781; 2024, $148,635)	149,444		150,377

Certificate loans — secured by certificate reserves, at cost, which approximates fair value	48		41
Total	$	8,948,327	$	11,110,907

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

Available-for-Sale securities distributed by type were as follows:


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
State and municipal obligations	1,000		—		(2)		—		998
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
	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
State and municipal obligations	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 (“S&P”), and Fitch Ratings Ltd. (“Fitch”). ACC uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P 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 Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in thousands, except percentages)
AAA	$	5,449,422	$	5,447,590	62	%	$	6,804,159	$	6,774,959	62	%
AA	2,947,644		2,936,221		33		3,391,016		3,365,011		31
A	143,107		140,634		2		208,762		205,938		2
BBB	255,351		254,137		3		604,577		604,676		5
Below investment grade	26,100		20,253		—		13,725		9,905		—
Total fixed maturities	$	8,821,624	$	8,798,835	100	%	$	11,022,239	$	10,960,489	100	%

As of September 30, 2025 and December 31, 2024, approximately 94% and 93% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively. As of September 30, 2025, ACC had four issuers with holdings totaling $200.4 million that individually were between 10% and 11% of total shareholder’s equity. As of December 31, 2024, ACC had three issuers with holdings totaling $252.0 million that individually were between 10% and 16% of total shareholder’s equity. There were no other holdings of any other issuer greater than 10% of total shareholder’s equity as of both September 30, 2025 and December 31, 2024.

Index

AMERIPRISE CERTIFICATE COMPANY

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
	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)
State and municipal obligations	—	—		—		1	998		(2)		1	998		(2)
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
	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)
State and municipal obligations	—	—		—		1	976		(24)		1	976		(24)
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 one downgraded commercial mortgage backed security.

The change in net unrealized gains (losses) on securities in other comprehensive income (loss) (“OCI”), includes two components, net of tax: (i) unrealized gains (losses) that arose from changes in the fair value of securities that were held during the period and (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses.

Index

AMERIPRISE CERTIFICATE COMPANY

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 investments before income taxes.

Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net realized gain (loss) on investments before income taxes were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Gross realized investment gains	$	65	$	—	$	5,900	$	662
Gross realized investment losses	—		(3)		(3,419)		(9)
Credit reversals (losses)	19		447		209		(3,724)
Total	$	84	$	444	$	2,690	$	(3,071)

Available-for-Sale securities by contractual maturity as of September 30, 2025 were as follows:


	Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	1,994,552	$	1,995,803
Due after one year through five years	16,966		17,085


	2,011,518		2,012,888
Residential mortgage backed securities	5,458,282		5,440,215
Commercial mortgage backed securities	473,823		462,988
Asset backed securities	878,001		882,744
Total	$	8,821,624	$	8,798,835

Index

AMERIPRISE CERTIFICATE COMPANY

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 mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. There were no commercial mortgage loans which management has assigned its highest risk rating as of both September 30, 2025 and December 31, 2024. Loans with the highest risk rating represent distressed loans which ACC has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both September 30, 2025 and December 31, 2024.

The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:


	September 30, 2025
Loan-to-Value Ratio	2025		2024		2023		2022		2021		Prior		Total
	(in thousands)
> 100%	$	—	$	—	$	—	$	—	$	—	$	—	$	—
80% - 100%	—		—		—		—		—		3,054		3,054
60% - 80%	8,973		2,550		—		5,271		—		3,922		20,716
40% - 60%	1,385		—		4,000		—		—		11,224		16,609
< 40%	5,860		2,852		3,620		1,209		8,378		41,636		63,555
Total	$	16,218	$	5,402	$	7,620	$	6,480	$	8,378	$	59,836	$	103,934

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)


	December 31, 2024
Loan-to-Value Ratio	2024		2023		2022		2021		2020		Prior		Total
	(in thousands)
> 100%	$	—	$	—	$	—	$	—	$	—	$	—	$	—
80% - 100%	—		—		—		—		—		—		—
60% - 80%	2,576		4,000		5,336		—		—		8,738		20,650
40% - 60%	—		—		—		1,620		3,874		10,727		16,221
< 40%	2,881		3,644		1,327		7,558		3,000		39,946		58,356
Total	$	5,457	$	7,644	$	6,663	$	9,178	$	6,874	$	59,411	$	95,227

Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type. For the nine months ended September 30, 2025, write-offs of commercial mortgage loans were not material.

In addition, ACC reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:


	Loans				Percentage
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
	(in thousands)
East North Central	$	6,596	$	7,306	6	%	8	%
East South Central	7,386		5,068		7		5
Middle Atlantic	13,819		14,540		13		15
Mountain	11,306		8,366		11		9
New England	13,030		6,066		13		6
Pacific	30,036		30,598		29		32
South Atlantic	12,117		12,513		12		13
West North Central	1,879		2,549		2		3
West South Central	7,765		8,221		7		9
Total	$	103,934	$	95,227	100	%	100	%

Concentrations of credit risk of commercial mortgage loans by property type were as follows:


	Loans				Percentage
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
	(in thousands)
Apartments	$	43,536	$	28,980	42	%	30	%
Industrial	21,025		24,515		20		26
Mixed use	9,165		9,592		9		10
Office	9,949		10,530		9		11
Retail	11,954		13,090		12		14

Other	8,305		8,520		8		9
Total	$	103,934	$	95,227	100	%	100	%

Syndicated Loans

The investment in syndicated loans as of September 30, 2025 and December 31, 2024 was $46.0 million and $55.9 million, respectively. ACC’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both September 30, 2025 and December 31, 2024. ACC assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality. For the nine months ended September 30, 2025, write-offs of syndicated loans were not material.

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:


	September 30, 2025
Internal Risk Rating	2025		2024		2023		2022		2021		Prior		Total
	(in thousands)
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4	—		—		66		—		—		813		879
Risk 3	3,208		909		834		—		—		—		4,951
Risk 2	4,242		10,183		3,852		—		1,476		1,893		21,646
Risk 1	5,692		8,292		4,572		—		—		—		18,556
Total	$	13,142	$	19,384	$	9,324	$	—	$	1,476	$	2,706	$	46,032


	December 31, 2024
Internal Risk Rating	2024		2023		2022		2021		2020		Prior		Total
	(in thousands)
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4	—		144		—		—		—		1,914		2,058
Risk 3	904		872		—		3,592		610		1,346		7,324
Risk 2	19,450		4,015		—		1,499		419		2,789		28,172
Risk 1	10,779		4,875		—		1,289		1,362		—		18,305
Total	$	31,133	$	9,906	$	—	$	6,380	$	2,391	$	6,049	$	55,859

Certificate Loans

Certificate loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to certificate loans, ACC does not record an allowance for credit losses.

Modifications with Borrowers Experiencing Financial Difficulty

Modifications of financing receivables with borrowers experiencing financial difficulty by ACC were not material for the three and nine months ended September 30, 2025 and 2024.

5. Fair Values of Assets and Liabilities

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.

Valuation Hierarchy

ACC categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by ACC’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are defined as follows:

Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.

Level 2 Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis:


	September 30, 2025
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents	$	396,571	$	116,100	$	—	$	512,671
Available-for-Sale securities:
Corporate debt securities	—		242,992		5,001		247,993
Residential mortgage backed securities	—		5,440,215		—		5,440,215
Commercial mortgage backed securities	—		462,988		—		462,988
Asset backed securities	—		855,685		27,059		882,744
State and municipal obligations	—		998		—		998
U.S. government and agency obligations	1,126,928		636,969		—		1,763,897
Total Available-for-Sale securities	1,126,928		7,639,847		32,060		8,798,835

Equity derivative contracts	10		11,402		—		11,412
Total assets at fair value	$	1,523,509	$	7,767,349	$	32,060	$	9,322,918

Liabilities
Stock market certificate embedded derivatives	$	—	$	5,622	$	—	$	5,622
Equity derivative contracts	—		8,782		—		8,782
Total liabilities at fair value	$	—	$	14,404	$	—	$	14,404


	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents	$	—	$	802,385	$	—	$	802,385
Available-for-Sale securities:
Corporate debt securities	—		638,624		11,254		649,878
Residential mortgage backed securities	—		4,728,303		—		4,728,303
Commercial mortgage backed securities	—		1,440,606		—		1,440,606
Asset backed securities	—		1,501,350		50,000		1,551,350
State and municipal obligations	—		976		—		976
U.S. government and agency obligations	2,589,376		—		—		2,589,376
Total Available-for-Sale securities	2,589,376		8,309,859		61,254		10,960,489

Equity derivative contracts	—		12,858		—		12,858
Total assets at fair value	$	2,589,376	$	9,125,102	$	61,254	$	11,775,732

Liabilities
Stock market certificate embedded derivatives	$	—	$	7,250	$	—	$	7,250
Equity derivative contracts	12		9,201		—		9,213
Total liabilities at fair value	$	12	$	16,451	$	—	$	16,463

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

The following tables provide a summary of changes in Level 3 assets measured at fair value on a recurring basis:



	Available-for-Sale Securities
	Corporate Debt Securities		Asset Backed Securities		Total
	(in thousands)
Balance at July 1, 2025	$	4,968	$	31,491	$	36,459
Total gains (losses) included in:
Net income	39		—		39		(1)
Other comprehensive income (loss)	(6)		—		(6)



Settlements	—		(4,432)		(4,432)


Balance at September 30, 2025	$	5,001	$	27,059	$	32,060

Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2025	$	39	$	—	$	39	(1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2025	$	(6)	$	—	$	(6)



	Available-for-Sale Securities
	Corporate Debt Securities				Total
	(in thousands)
Balance at July 1, 2024	$	11,998	$	11,998
Total gains (losses) included in:
Net income	87		87		(1)
Other comprehensive income (loss)	106		106






Balance at September 30, 2024	$	12,191	$	12,191

Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2024	$	87	$	87	(1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2024	$	106	$	106


	Available-for-Sale Securities
	Corporate Debt Securities		Asset Backed Securities		Total
	(in thousands)
Balance at January 1, 2025	$	11,254	$	50,000	$	61,254
Total gains (losses) included in:
Net income	201		—		201		(1)
Other comprehensive income (loss)	(54)		—		(54)



Settlements	(6,400)		(22,941)		(29,341)


Balance at September 30, 2025	$	5,001	$	27,059	$	32,060

Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2025	$	118	$	—	$	118	(1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2025	$	(29)	$	—	$	(29)

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)


	Available-for-Sale Securities
	Corporate Debt Securities				Total
	(in thousands)
Balance at January 1, 2024	$	17,854	$	17,854
Total gains (losses) included in:
Net income	279		279		(1)
Other comprehensive income (loss)	58		58



Settlements	(6,000)		(6,000)


Balance at September 30, 2024	$	12,191	$	12,191

Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2024	$	258	$	258	(1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2024	$	(3)	$	(3)

(1) Included in Investment income.

Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote.

The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by ACC or reasonably available to ACC of Level 3 assets:

September 30, 2025

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

(in thousands)

Corporate debt securities
(private placements)

4,998

Discounted cash flow

Yield/spread to U.S. Treasuries

0.9%

December 31, 2024

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

(in thousands)

Corporate debt securities
(private placements)

11,251

Discounted cash flow

Yield/spread to U.S. Treasuries

1.0%

The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.

Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to ACC.

Uncertainty of Fair Value Measurements

Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities in isolation would have resulted in a significantly lower (higher) fair value measurement.

Determination of Fair Value

ACC uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. ACC’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. ACC’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, ACC maximizes the use of observable inputs and minimizes the use of unobservable inputs.

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.

Assets

Cash Equivalents

Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also classified as Level 1. ACC’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.

Available-for-Sale Securities

When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.

Level 1 securities include U.S. Treasuries.

Level 2 securities include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations, and U.S. government and agency obligations. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes.

Level 3 securities include certain corporate bonds and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to ACC. ACC’s privately placed corporate bonds are typically based on a single non-binding broker quote.

Management is responsible for the fair values recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. ACC reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. ACC also performs subsequent transaction testing. ACC performs annual due diligence of third-party pricing services. ACC’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. ACC also considers the results of its exception reporting controls and any resulting price challenges that arise.

Derivatives

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both September 30, 2025 and December 31, 2024. See Note 6 and Note 7 for further information on the credit risk of derivative instruments and related collateral.

Liabilities

Stock Market Certificate Embedded Derivatives

ACC uses Black-Scholes models to determine the fair value of the embedded derivative liability associated with the provisions of its stock market certificates (“SMC”). The inputs to these calculations are primarily market observable and include interest rates, volatilities and equity index levels. As a result, these measurements are classified as Level 2.

Derivatives

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include options. ACC’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both September 30, 2025 and December 31, 2024. See Note 6 and Note 7 for further information on the credit risk of derivative instruments and related collateral.

Fair Value on a Nonrecurring Basis

During the reporting periods, there were no material assets or liabilities measured at fair value on a nonrecurring basis.

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

Assets and Liabilities Not Reported at Fair Value

The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:


	September 30, 2025
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Syndicated loans	$	45,793	$	—	$	44,715	$	1,423	$	46,138
Commercial mortgage loans	103,651		—		—		103,643		103,643
Certificate loans	48		—		48		—		48
Financial Liabilities
Certificate reserves	$	8,930,767	$	—	$	—	$	8,906,108	$	8,906,108


	December 31, 2024
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Syndicated loans	$	55,498	$	—	$	55,292	$	395	$	55,687
Commercial mortgage loans	94,879		—		—		92,948		92,948
Certificate loans	41		—		41		—		41
Financial Liabilities
Certificate reserves	$	11,205,424	$	—	$	—	$	11,183,366	$	11,183,366

See Note 4 for additional information on syndicated, commercial mortgage and certificate loans. Certificate reserves represent customer deposits for fixed rate certificates and SMC.

6. Offsetting Assets and Liabilities

Certain derivative instruments are eligible for offset in the Consolidated Balance Sheets. ACC’s derivative instruments are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. ACC’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.

The following tables present the gross and net information about ACC’s assets subject to master netting arrangements:


	September 30, 2025
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments (1)		Cash Collateral
	(in thousands)
Derivatives:
OTC	$	11,402	$	—	$	11,402	$	(8,782)	$	(2,620)	$	—
Exchange-traded	10		—		10		—		—		10
Total	$	11,412	$	—	$	11,412	$	(8,782)	$	(2,620)	$	10


	December 31, 2024
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments (1)		Cash Collateral
	(in thousands)
Derivatives:
OTC	$	12,858	$	—	$	12,858	$	(9,201)	$	(3,657)	$	—

Total	$	12,858	$	—	$	12,858	$	(9,201)	$	(3,657)	$	—

(1) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

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AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

The following tables present the gross and net information about ACC’s liabilities subject to master netting agreements:


	September 30, 2025
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments (1)		Cash Collateral
	(in thousands)
Derivatives:
OTC	$	8,782	$	—	$	8,782	$	(8,782)	$	—	$	—

Total	$	8,782	$	—	$	8,782	$	(8,782)	$	—	$	—


	December 31, 2024
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments (1)		Cash Collateral
	(in thousands)
Derivatives:
OTC	$	9,201	$	—	$	9,201	$	(9,201)	$	—	$	—
Exchange-traded	12		—		12		—		—		12
Total	$	9,213	$	—	$	9,213	$	(9,201)	$	—	$	12

(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash collateral. The actual collateral may be greater than amounts presented in the tables.

When the fair value of collateral accepted by ACC is less than the amount due to ACC, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, ACC monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by ACC declines, it may be required to post additional collateral.

Freestanding derivative instruments are reflected in Derivative assets and Derivative liabilities. Cash collateral accepted by ACC is reflected in Other liabilities. See Note 7 for additional disclosures related to ACC’s derivative instruments.

7. Derivatives and Hedging Activities

Derivative instruments enable ACC to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity and interest rate indices or prices. ACC primarily enters into derivative agreements for risk management purposes related to ACC’s products.

ACC uses derivatives as economic hedges of equity risk related to SMC. ACC does not designate any derivatives for hedge accounting. The following table presents the notional value and the gross fair value of derivative instruments, including embedded derivatives:


	September 30, 2025						December 31, 2024
	Notional		Gross Fair Value				Notional		Gross Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in thousands)
Derivatives not designated as hedging instruments
Equity contracts (1)	$	107,593	$	11,412	$	8,782	$	146,765	$	12,858	$	9,213
Embedded derivatives
Stock market certificates (2)	N/A		—		5,622		N/A		—		7,250
Total derivatives	$	107,593	$	11,412	$	14,404	$	146,765	$	12,858	$	16,463

N/A Not applicable

(1) The gross fair value of equity contracts is included in Derivative assets and Derivative liabilities.

(2) The gross fair value of SMC embedded derivatives is included in Certificate reserves.

See Note 5 for additional information regarding ACC’s fair value measurement of derivative instruments.

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AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

As of September 30, 2025 and December 31, 2024, investment securities with a fair value of $419 thousand and $367 thousand, respectively, were pledged to meet contractual obligations under derivative contracts.

The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:


Derivatives not designated as hedging instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Amount of Gain (Loss) on Derivatives Recognized in Income
		Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
		(in thousands)
Equity contracts
Stock market certificates	Net provision for certificate reserves	$	540	$	558	$	1,311	$	2,355
Stock market certificates embedded derivatives	Net provision for certificate reserves	(392)		(423)		(936)		(2,073)
Total		$	148	$	135	$	375	$	282

Ameriprise SMC offer a return based upon the relative change in a major stock market index between the beginning and end of the certificate’s term. The SMC product contains an embedded derivative. The equity based return of the certificate must be separated from the host contract and accounted for as a derivative instrument. As a result of fluctuations in equity markets and the corresponding changes in value of the embedded derivative, the amount of expenses incurred by ACC related to the SMC product will positively or negatively impact reported earnings. As a means of hedging its obligations under the provisions for these certificates, ACC purchases and writes call options on the S&P 500® Index. ACC views this strategy as a prudent management of equity market sensitivity, such that earnings are not exposed to undue risk presented by changes in equity market levels. ACC also purchases futures on the S&P 500® Index to economically hedge its obligations. The futures are marked-to-market daily and exchange traded, exposing ACC to minimal counterparty risk.

Credit Risk

Credit risk associated with ACC’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, ACC has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 6 for additional information on ACC’s credit exposure related to derivative assets.

8. Contingencies

The level of regulatory activity in the financial services industry remains elevated. From time to time, ACC receives requests for information from, and/or has been subject to examination by, both the SEC and the Minnesota Department of Commerce concerning its business activities and practices.

ACC may in the normal course of business be a party to legal proceedings which include regulatory inquiries, arbitration or litigation, including class actions, concerning matters arising in connection with the conduct of its activities. ACC cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. ACC believes that it is not a party to, nor are any of its properties the subject of, any pending legal, regulatory or arbitration proceedings that are reasonably likely to have a material adverse effect on ACC’s results of operations, financial condition or liquidity. Notwithstanding the foregoing, it is possible that the outcome of any such legal, arbitration or regulatory proceedings could have a material impact on ACC’s results of operations, financial condition or liquidity in any particular reporting period as the proceedings are resolved.

9. Shareholder’s Equity

ACC paid dividends to Ameriprise Financial of $26.8 million and $93.9 million during the three and nine months ended September 30, 2025, respectively. ACC paid dividends to Ameriprise Financial of $63.0 million and $155.0 million during the three and nine months ended September 30, 2024, respectively.

ACC returned contributed capital to Ameriprise Financial of $61.2 million and $112.1 million during the three and nine months ended September 30, 2025, respectively. ACC did not return any contributed capital to Ameriprise Financial during the three and nine months ended September 30, 2024. ACC continued to maintain compliance with the capital requirements of the SEC and the Minnesota Department of Commerce during the three and nine months ended September 30, 2025.

ACC did not receive any cash contributions from Ameriprise Financial during the three and nine months ended September 30, 2025 and 2024.

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AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

10. Income Taxes

ACC’s effective tax rate was 24.4% and 19.3% for the three months ended September 30, 2025 and 2024, respectively. ACC’s effective tax rate was 24.1% and 21.4% for the nine months ended September 30, 2025 and 2024, respectively.

The effective tax rate for the three and nine months ended September 30, 2025 was higher than the statutory rate primarily as a result of state income taxes, net of federal benefit.

The effective tax rate for the three months ended September 30, 2024 was lower than the statutory rate primarily as a result of a decrease in unrecognized tax benefits, partially offset by state income taxes, net of federal benefit. The effective tax rate for the nine months ended September 30, 2024 was higher than the statutory rate primarily as a result of an increase in state income taxes, net of federal benefit, partially offset by unrecognized tax benefits.

The higher effective tax rate for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was primarily the result of an increase in unrecognized tax benefits.

ACC is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Based on analysis of ACC’s tax position, management believes it is more likely than not that ACC’s results of future operations and implementation of tax planning strategies will generate sufficient taxable income to enable ACC to utilize all of the deferred tax assets. Accordingly, no valuation allowance for deferred tax assets has been established as of both September 30, 2025 and December 31, 2024.

As of September 30, 2025 and December 31, 2024, ACC had $3.9 million and $3.3 million, respectively, of gross unrecognized tax benefits. If recognized, approximately $3.1 million and $2.6 million, net of federal tax benefits, of unrecognized tax benefits as of September 30, 2025 and December 31, 2024, respectively, would affect the effective tax rate.

It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months. ACC estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $418 thousand in the next 12 months primarily due to state statutes of limitations expirations.

ACC recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. ACC recognized a net increase of $65 thousand and $112 thousand in interest and penalties for the three and nine months ended September 30, 2025, respectively. ACC recognized a net decrease of $455 thousand and $519 thousand in interest and penalties for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025 and December 31, 2024, ACC had a payable of $615 thousand and $503 thousand, respectively, related to accrued interest and penalties.

ACC files income tax returns as part of its inclusion in the consolidated federal income tax return of Ameriprise Financial in the U.S. federal jurisdiction and various state jurisdictions. The federal statutes of limitations are closed on years through 2018, except for two issues for 2016 which were claimed on an amended return. During the second quarter of 2025, the Internal Revenue Service (“IRS”) finalized the audit of Ameriprise Financial’s U.S. income tax returns for tax years 2019 and 2020, except for one issue for 2020, which Ameriprise Financial has appealed. During the third quarter of 2025, the IRS began the examination of Ameriprise Financial’s U.S. income tax returns for tax years 2021 through 2023. The state income tax returns of Ameriprise Financial or its subsidiaries, including ACC, are currently under examination by various jurisdictions for years ranging from 2018 through 2023.

The legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted on July 4, 2025. ACC did not record an impact to the consolidated financial statements due to corporate tax law changes resulting from the OBBBA.

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AMERIPRISE CERTIFICATE COMPANY

ITEM 2. MANAGEMENT’S NARRATIVE ANALYSIS

The following information should be read in conjunction with Ameriprise Certificate Company’s (“ACC’s”) Consolidated Financial Statements and Notes presented in Part I, Item 1. The following discussion may contain forward-looking statements that reflect ACC’s plans, estimates and beliefs. Actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below under “Forward-Looking Statements.” ACC believes it is useful to read its management’s narrative analysis in conjunction with its 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”), as well as its quarterly reports on Form 10-Q and any current reports on Form 8-K.

ACC is a wholly owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial”). ACC is registered as an investment company under the Investment Company Act of 1940 and is in the business of issuing face-amount investment certificates. Face-amount investment certificates issued by ACC entitle the certificate owner to receive at maturity a stated amount of money and interest or credits declared from time to time by ACC, at its discretion. The certificates issued by ACC are not insured by any government agency. ACC’s certificates are sold primarily by Ameriprise Financial Services, LLC (“AFS”), an affiliate of ACC. AFS is registered as a broker-dealer in all 50 states, the District of Columbia and Puerto Rico. ACC’s investment portfolio is managed by Columbia Management Investment Advisers, LLC (“CMIA”), a wholly owned subsidiary of Ameriprise Financial.

Management’s narrative analysis of the results of operations is presented in lieu of Management’s Discussion and Analysis of Financial Condition and Results of Operations, pursuant to General Instructions H(2)(a) of Form 10-Q.

Macroeconomic Environment

ACC operates its business in the broader context of the macroeconomic forces around it, including the global and U.S. economies, changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments. Financial markets and macroeconomic conditions have had and will continue to have a significant impact on ACC’s operating and performance results. ACC’s success may be affected by the factors discussed in Item 1A, “Risk Factors” in ACC’s 2024 10-K and other factors as discussed herein.

Significant Accounting Policies

ACC’s significant accounting policies are discussed in detail in “Management’s Narrative Analysis – Recent Accounting Pronouncements and Significant Accounting Policies” in ACC’s 2024 10-K.

Recent Accounting Pronouncements

For information regarding recent accounting pronouncements and their expected impact on ACC’s future results of operations or financial condition, see Note 2 to the Consolidated Financial Statements.

Results of Operations for the Nine Months Ended September 30, 2025 and 2024

ACC’s net income is derived primarily from the after-tax yield on investments and realized investment gains (losses), less investment expenses and interest credited on certificate reserve liabilities. Net income trends occur largely due to changes in returns on ACC’s investment portfolio, from realization of investment gains (losses) and from changes in interest credited to certificate products. ACC follows U.S. generally accepted accounting principles (“GAAP”).

Net income decreased $7.8 million, or 10%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to lower investment income, partially offset by lower net provision for certificate reserves and lower investment expenses along with net realized gains on investments in the current period compared to net realized losses on investments in the prior year period. Client deposits decreased $3.1 billion from the prior year period to $8.9 billion as of September 30, 2025. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past seven quarters.

Investment income decreased $165.6 million, or 29%, for the nine months ended September 30, 2025 compared to the prior year period reflecting lower average investment balances and a decrease in the average invested asset yield, driven by lower average short-term interest rates. Assets include $8.8 billion of Available-for-Sale securities, $0.5 billion of cash and cash equivalents, and $0.1 billion of loans and other assets. The ACC investment portfolio securities are mostly rated AAA and primarily consist of structured assets and government bonds, of which 40% were floating rate and approximately 20% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of September 30, 2025. The duration of ACC investments was 1.4 years as of September 30, 2025 compared to 0.8 years as of September 30, 2024.

Investment expenses decreased $8.0 million, or 19%, for the nine months ended September 30, 2025 compared to the prior year period

primarily due to volume-driven decreases in distribution expenses and investment advisory fees.

Net provision for certificate reserves decreased $144.2 million, or 34%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to lower average certificate balances, as well as lower average client crediting rates. The average certificate reserve balance for ACC was $10.2 billion for the nine months ended September 30, 2025 compared to $12.8 billion for the

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AMERIPRISE CERTIFICATE COMPANY

prior year period with the average crediting rate of 3.73% for the nine months ended September 30, 2025 compared to 4.51% for the prior year period.

Net realized gain (loss) on investments before income taxes increased $6.8 million for the nine months ended September 30, 2025 compared to the prior year period primarily due to net realized gains on Available-for-Sale securities of $2.7 million for the nine months ended September 30, 2025 compared to net realized losses of $4.0 million in the prior year period. Realized losses in the prior year period were primarily related to an allowance for credit losses on a downgraded commercial mortgage backed security.

ACC’s effective tax rate was 24.1% for the nine months ended September 30, 2025 compared to 21.4% for the prior year period. The increase in the effective tax rate for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily the result of an increase in unrecognized tax benefits. See Note 10 to our Consolidated Financial Statements for additional discussion on income taxes.

Fair Value Measurements

ACC reports certain assets and liabilities at fair value; specifically, derivatives, embedded derivatives, and most investments and cash equivalents. Fair value assumes the exchange of assets or liabilities occurs in orderly transactions and is not the result of a forced liquidation or distressed sale. ACC includes actual market prices, or observable inputs, in its fair value measurements to the extent available. Broker quotes are obtained when quotes from pricing services are not available. ACC validates prices obtained from third parties through a variety of means such as: price variance analysis, subsequent sales testing, stale price review, price comparison across pricing vendors and due diligence reviews of vendors. See Note 5 to the Consolidated Financial Statements for additional information regarding ACC’s fair value measurements.

Forward-Looking Statements

This report contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” “on track,” “project,” “continue,” “able to remain,” “resume,” “deliver,” “develop,” “evolve,” “drive,” “enable,” “flexibility,” “scenario,” “case”, “appear”, “expand” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements. Forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. ACC undertakes no obligation to update or revise any forward-looking statements.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

ACC maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) designed to provide reasonable assurance that the information required to be reported in the Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in and pursuant to U.S. Securities and Exchange Commission (“SEC”) regulations, including controls and procedures designed to ensure that this information is accumulated and communicated to ACC’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding the required disclosure. It should be noted that, because of inherent limitations, ACC’s disclosure controls and procedures, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the disclosure controls and procedures are met.

ACC’s management, under the supervision and with the participation of its principal executive officer and principal financial officer, evaluated the effectiveness of ACC’s disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, ACC’s principal executive officer and principal financial officer have concluded that ACC’s disclosure controls and procedures were effective at a reasonable level of assurance as of September 30, 2025.

Changes in Internal Control over Financial Reporting

There have not been any changes in ACC’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the third fiscal quarter of the year to which this report relates that have materially affected, or are reasonably likely to materially affect, ACC’s internal control over financial reporting.

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AMERIPRISE CERTIFICATE COMPANY

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information set forth in Note 8 to the Consolidated Financial Statements in Part I, Item 1 is incorporated herein by reference.

ITEM 1A. RISK FACTORS

There have been no material changes in the risk factors provided in Part I, Item 1A of ACC’s 2024 10-K.

ITEM 6. EXHIBITS

The following exhibits are filed as part of this Quarterly Report:


Exhibit			Description

3(a)			Amended and Restated Certificate of Incorporation of American Express Certificate Company, dated August 1, 2005, filed electronically on or about March 10, 2006 as Exhibit 3(a) to Registrant’s Form 10-K is incorporated by reference.
3(b)			By-Laws of Ameriprise Certificate Company, filed electronically on or about November 5, 2010 as Exhibit 3(b) to Registrant’s Form 10-Q, are incorporated herein by reference.
31.1*			Certification of Abu M. Arif pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
31.2*			Certification of Thomas A. Nickerson pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
32*			Certification of Abu M. Arif and Thomas A. Nickerson pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
* Filed electronically herewithin.

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AMERIPRISE CERTIFICATE COMPANY

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


									AMERIPRISE CERTIFICATE COMPANY
									(Registrant)


Date:	October 31, 2025	By:	/s/ Abu M. Arif
			Abu M. Arif
			Director, President and Chief Executive Officer
			(Principal Executive Officer)


Date:	October 31, 2025	By:	/s/ Thomas A. Nickerson
			Thomas A. Nickerson
			Vice President and Chief Financial Officer
			(Principal Financial Officer)

AMERIPRISE CERTIFICATE CO 10-Q