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

March 31, 2026

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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

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☐

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

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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

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☒

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 May 7, 2026

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 months ended March 31, 2026 and 2025		3
	Consolidated Statements of Comprehensive Income — Three months ended March 31, 2026 and 2025		3
	Consolidated Balance Sheets — March 31, 2026 and December 31, 2025		4
	Consolidated Statements of Shareholder's Equity — Three months ended March 31, 2026 and 2025		5
	Consolidated Statements of Cash Flows — Three months ended March 31, 2026 and 2025		6
	Notes to Consolidated Financial Statements		7
	1.	Basis of Presentation	7
	2.	Recent Accounting Pronouncements	7
	3.	Investments	8
	4.	Financing Receivables	11
	5.	Fair Values of Assets and Liabilities	13
	6.	Offsetting Assets and Liabilities	17
	7.	Derivatives and Hedging Activities	18
	8.	Contingencies	19
	9.	Shareholder’s Equity	19
	10.	Income Taxes	20
Item 2. Management’s Narrative Analysis			21
Item 4. Controls and Procedures			22

Part II. Other Information			23
Item 1. Legal Proceedings			23
Item 1A. Risk Factors			23
Item 6. Exhibits			23
Signatures			24

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AMERIPRISE CERTIFICATE COMPANY

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Investment income	$	96,267	$	147,976
Investment expenses	8,276		12,575
Net investment income before provision for certificate reserves and income taxes	87,991		135,401
Net provision for certificate reserves	62,043		107,236
Net investment income before income taxes	25,948		28,165
Income tax expense	6,228		6,890
Net investment income, after-tax	19,720		21,275

Net realized gain (loss) on investments before income taxes	143		2,402
Income tax expense (benefit)	30		504
Net realized gain (loss) on investments, after-tax	113		1,898
Net income	$	19,833	$	23,173
See Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Net income	$	19,833	$	23,173
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period	(11,392)		6,820
Reclassification of net (gains) losses on securities included in net income	(198)		(1,914)
Total other comprehensive income (loss), net of tax	(11,590)		4,906
Total comprehensive income (loss)	$	8,243	$	28,079
See Notes to Consolidated Financial Statements.

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AMERIPRISE CERTIFICATE COMPANY

CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	March 31, 2026		December 31, 2025
	(in thousands, except share amounts)
Assets
Qualified Assets
Cash and cash equivalents	$	546,827	$	775,589
Investments in unaffiliated issuers (allowance for credit losses: 2026, $539; 2025, $3,919)	7,549,757		7,849,425
Receivables	23,322		24,571
Derivative assets	3,818		9,400
Total qualified assets	8,123,724		8,658,985
Deferred taxes, net	11,156		8,344

Due from related party	3,776		31
Other assets	14		30
Total assets	$	8,138,670	$	8,667,390

Liabilities and Shareholder’s Equity
Liabilities
Certificate reserves	$	7,555,956	$	8,154,575
Due to related party	2,717		9,138
Taxes payable to parent	7,722		2,516
Payables to brokers, dealers and clearing organizations	123,978		213
Derivative liabilities	2,756		7,317

Other liabilities	37,348		28,681
Total liabilities	7,730,477		8,202,440

Shareholder’s Equity
Common shares ($10 par value, 150,000 shares authorized and issued)	1,500		1,500
Additional paid-in capital	422,397		465,819
Retained earnings	6,442		8,187
Accumulated other comprehensive income (loss), net of tax	(22,146)		(10,556)
Total shareholder’s equity	408,193		464,950
Total liabilities and shareholder’s equity	$	8,138,670	$	8,667,390


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 January 1, 2026	150,000	$	1,500	$	465,819	$	46	$	15	$	8,126	$	(10,556)	$	464,950

Net income	—	—		—		—		—		19,833		—		19,833
Other comprehensive income (loss), net of tax	—	—		—		—		—		—		(11,590)		(11,590)

Transfers between appropriated and unappropriated, net	—	—		—		(41)		—		41		—		—
Dividend to parent	—	—		—		—		—		(21,578)		—		(21,578)
Return of capital to parent	—	—		(43,422)		—		—		—		—		(43,422)

Balance at March 31, 2026	150,000	$	1,500	$	422,397	$	5	$	15	$	6,422	$	(22,146)	$	408,193

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

Net income	—	—		—		—		—		23,173		—		23,173
Other comprehensive income (loss), net of tax	—	—		—		—		—		—		4,906		4,906
Transfers between appropriated and unappropriated, net	—	—		—		(1,113)		—		1,113		—		—

Dividend to parent	—	—		—		—		—		(44,195)		—		(44,195)
Return of capital to parent	—	—		(13,805)		—		—		—		—		(13,805)

Balance at March 31, 2025	150,000	$	1,500	$	598,362	$	1,522	$	15	$	7,559	$	(37,624)	$	571,334
See Notes to Consolidated Financial Statements.

Index

AMERIPRISE CERTIFICATE COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Cash Flows from Operating Activities
Net income	$	19,833	$	23,173
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of premiums, accretion of discounts, net	(14,526)		(29,540)
Deferred income tax expense (benefit)	827		(1,219)
Net realized (gain) loss on Available-for-Sale securities	3,181		(2,399)
Other net realized (gain) loss	56		106
Provision for credit losses	(3,380)		(108)
Changes in operating assets and liabilities:
Dividends and interest receivable	14,955		34,323
Certificate reserves, net	(2,593)		(2,221)

Taxes payable to/receivable from parent, net	5,206		8,136
Derivatives, net of collateral	(231)		(265)
Other liabilities	1,427		(2,495)
Other receivables	63		(63)



Other, net	(190)		(235)
Net cash provided by (used in) operating activities	24,628		27,193

Cash Flows from Investing Activities
Available-for-Sale securities:
Sales	6,551		682,903
Maturities, redemptions, calls and other	1,215,325		2,475,111
Purchases	(813,496)		(2,591,591)
Syndicated loans and commercial mortgage loans:
Sales, maturities and repayments	6,289		8,078
Purchases and fundings	(5,500)		(2,857)



Certificate loans, net	9		2
Net cash provided by (used in) investing activities	409,178		571,646

Cash Flows from Financing Activities
Payments from certificate holders and other additions	581,894		961,066
Certificate maturities and cash surrenders	(1,179,462)		(1,473,177)

Dividend to parent	(21,578)		(44,195)
Return of capital to parent	(43,422)		(13,805)
Net cash provided by (used in) financing activities	(662,568)		(570,111)

Net increase (decrease) in cash and cash equivalents	(228,762)		28,728
Cash and cash equivalents at beginning of period	775,589		823,843
Cash and cash equivalents at end of period	$	546,827	$	852,571

Supplemental disclosures:

Interest paid	$	64,682	$	101,822

See Notes to Consolidated Financial Statements.

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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 ACC’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 19, 2026 (“2025 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

Expenses – Disaggregation of Income Statement Expenses

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. ACC is assessing changes to 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 - Credit Losses: Purchased Loans

In November 2025, the FASB issued ASU 2025-08, Purchased Loans, which amends the accounting for certain acquired seasoned loans to require recognizing them at their purchase price plus an allowance for expected credit losses (referred to as the gross-up method). The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and applied prospectively. ACC is evaluating the impact of this standard on its consolidated results of operations and financial condition.

Derivatives and Hedging - Hedge Accounting Improvements

In November 2025, the FASB issued ASU 2025-09, Hedge Accounting Improvements, to make targeted changes within the hedge accounting model. The updates primarily relate to cash flow hedges and certain fair value and net investment hedges. The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively. ACC is evaluating the impact of this standard on its consolidated results of operations and financial condition.

Interim Reporting - Narrow-Scope Improvements

In December 2025, the FASB issued ASU 2025-11, Narrow-Scope Improvements, which enhances the navigability of the required interim disclosures and clarifies when that guidance applies. The ASU addresses the form and content of interim financial statements and notes prepared in accordance with GAAP, adds lists of the interim disclosures required by all other codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and may be applied prospectively or retrospectively. 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.

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AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

3. Investments

Investments in unaffiliated issuers were as follows:


	March 31, 2026		December 31, 2025
	(in thousands)
Available-for-Sale securities: Fixed maturities, at fair value (allowance for credit losses: 2026, nil; 2025, $3,432; amortized cost: 2026, $7,436,857; 2025, $7,725,367)	$	7,405,564	$	7,705,871
Commercial mortgage loans and syndicated loans, at cost (allowance for credit losses: 2026, $539; 2025, $487; fair value: 2026, $144,406; 2025, $144,429)	144,173		143,525

Certificate loans — secured by certificate reserves, at cost, which approximates fair value	20		29
Total	$	7,549,757	$	7,849,425

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


Description of Securities	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Corporate debt securities	$	99,179	$	98	$	—	$	—	$	99,277
Residential mortgage backed securities	4,682,774		19,783		(46,119)		—		4,656,438
Commercial mortgage backed securities	342,487		866		(6,640)		—		336,713
Asset backed securities	721,557		1,090		(246)		—		722,401

U.S. government and agency obligations	1,590,860		86		(211)		—		1,590,735
Total	$	7,436,857	$	21,923	$	(53,216)	$	—	$	7,405,564


Description of Securities	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Corporate debt securities	$	155,680	$	395	$	—	$	—	$	156,075
Residential mortgage backed securities	5,056,881		31,746		(45,262)		—		5,043,365
Commercial mortgage backed securities	333,534		778		(7,233)		(3,432)		323,647
Asset backed securities	723,155		2,594		(24)		—		725,725

U.S. government and agency obligations	1,456,117		946		(4)		—		1,457,059
Total	$	7,725,367	$	36,459	$	(52,523)	$	(3,432)	$	7,705,871

As of March 31, 2026 and December 31, 2025, accrued interest of $19.8 million and $21.3 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 March 31, 2026 and December 31, 2025, fixed maturity securities comprised approximately 91% and 89%, 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 March 31, 2026 and December 31, 2025, $10.1 million and $66 thousand, respectively, worth of securities were internally rated by Columbia Management Investment Advisers, LLC (“CMIA”), an affiliate of ACC.

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AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

A summary of fixed maturity securities by rating was as follows:


Ratings	March 31, 2026						December 31, 2025
	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in thousands, except percentages)
AAA	$	4,707,651	$	4,689,534	63	%	$	4,737,646	$	4,736,453	61	%
AA	2,524,943		2,516,485		34		2,705,433		2,695,407		35
A	44,545		44,047		1		57,446		56,810		1
BBB	127,129		125,855		2		199,020		197,428		3
Below investment grade	32,589		29,643		—		25,822		19,773		—
Total fixed maturities	$	7,436,857	$	7,405,564	100	%	$	7,725,367	$	7,705,871	100	%

As of March 31, 2026 and December 31, 2025, approximately 94% and 95% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively. As of March 31, 2026, ACC had seven issuers with holdings totaling $333.8 million that individually were between 10% and 12% of total shareholder’s equity. As of December 31, 2025, ACC had six issuers with holdings totaling $291.9 million that individually were between 10% and 11% 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 March 31, 2026 and December 31, 2025.

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	March 31, 2026
	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)

Residential mortgage backed securities	20	$	326,052	$	(965)	222	$	1,406,331	$	(45,154)	242	$	1,732,383	$	(46,119)
Commercial mortgage backed securities	—	—		—		9	165,287		(6,640)		9	165,287		(6,640)
Asset backed securities	7	225,114		(246)		2	140		—		9	225,254		(246)

U.S. government and agency obligations	18	958,786		(211)		—	—		—		18	958,786		(211)
Total	45	$	1,509,952	$	(1,422)	233	$	1,571,758	$	(51,794)	278	$	3,081,710	$	(53,216)


Description of Securities	December 31, 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)

Residential mortgage backed securities	9	$	57,319	$	(128)	229	$	1,631,079	$	(45,134)	238	$	1,688,398	$	(45,262)
Commercial mortgage backed securities	3	54,128		(266)		9	168,287		(6,967)		12	222,415		(7,233)
Asset backed securities	2	40,980		(21)		3	2,578		(3)		5	43,558		(24)

U.S. government and agency obligations	3	59,726		(4)		—	—		—		3	59,726		(4)
Total	17	$	212,153	$	(419)	241	$	1,801,944	$	(52,104)	258	$	2,014,097	$	(52,523)

As part of ACC’s ongoing monitoring process, management determined that the increase in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the three months ended March 31, 2026 is primarily attributable to the impact of higher interest rates. As of March 31, 2026, 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 both March 31, 2026 and December 31, 2025, approximately 94% of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

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AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

As of March 31, 2026, and December 31, 2025, the allowance for credit losses on Available-for-Sale securities was nil and $3.4 million, respectively. ACC’s allowance as of December 31, 2025 was related to one downgraded commercial mortgage backed security which was subsequently sold during the first quarter of 2026.

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.

The following table presents a rollforward 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 January 1, 2026	$	(16,064)	$	5,508	$	(10,556)
Net unrealized gains (losses) on securities arising during the period (1)	(14,978)		3,586		(11,392)
Reclassification of net (gains) losses on securities included in net income (2)	(251)		53		(198)
Balance at March 31, 2026	$	(31,293)	$	9,147	$	(22,146)

Balance at January 1, 2025	$	(58,081)	$	15,551	$	(42,530)
Net unrealized gains (losses) on securities arising during the period (1)	8,870		(2,050)		6,820
Reclassification of net (gains) losses on securities included in net income (2)	(2,423)		509		(1,914)
Balance at March 31, 2025	$	(51,634)	$	14,010	$	(37,624)

(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 March 31,
		2026			2025
			(in thousands)
Gross realized investment gains			$	—		$	5,818
Gross realized investment losses			(3,181)			(3,419)
Credit reversals (losses)			3,432			24
Total			$	251		$	2,423

Available-for-Sale securities by contractual maturity as of March 31, 2026 were as follows:


	Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	1,689,735	$	1,689,706
Due after one year through five years	203		207
Due after five years through 10 years	101		99

	1,690,039		1,690,012
Residential mortgage backed securities	4,682,774		4,656,438
Commercial mortgage backed securities	342,487		336,713
Asset backed securities	721,557		722,401
Total	$	7,436,857	$	7,405,564

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.

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

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, 2026	$	487
Provisions	52


Balance at March 31, 2026	$	539



Balance at January 1, 2025	$	709
Provisions	(84)


Balance at March 31, 2025	$	625

As of March 31, 2026 and December 31, 2025, accrued interest on commercial loans was $677 thousand and $730 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 March 31, 2026 and 2025, ACC purchased $2.0 million and $2.9 million, respectively, of syndicated loans, and sold $2.2 million and $1.4 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 March 31, 2026 and December 31, 2025.

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 March 31, 2026 and December 31, 2025. 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 March 31, 2026 and December 31, 2025.

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


	March 31, 2026
Loan-to-Value Ratio	2026		2025		2024		2023		2022		Prior		Total
	(in thousands)
> 100%	$	—	$	—	$	—	$	—	$	—	$	—	$	—
80% - 100%	—		—		2,532		—		—		3,026		5,558
60% - 80%	—		8,915		—		—		5,232		3,898		18,045
40% - 60%	5,000		1,378		—		4,000		—		11,076		21,454
< 40%	—		5,667		2,833		3,603		1,128		45,293		58,524
Total	$	5,000	$	15,960	$	5,365	$	7,603	$	6,360	$	63,293	$	103,581

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)


	December 31, 2025
Loan-to-Value Ratio	2025		2024		2023		2022		2021		Prior		Total
	(in thousands)
> 100%	$	—	$	—	$	—	$	—	$	—	$	—	$	—
80% - 100%	—		—		—		—		—		3,040		3,040
60% - 80%	8,946		2,541		—		5,248		—		3,910		20,645
40% - 60%	1,382		—		4,000		—		—		11,150		16,532
< 40%	5,764		2,843		3,611		1,169		8,108		39,893		61,388
Total	$	16,092	$	5,384	$	7,611	$	6,417	$	8,108	$	57,993	$	101,605

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.

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
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
	(in thousands)
East North Central	$	6,233	$	6,385	6	%	6	%
East South Central	7,116		7,252		7		7
Middle Atlantic	12,138		13,574		12		13
Mountain	11,070		11,189		11		11
New England	12,855		12,943		12		13
Pacific	28,776		29,407		28		29
South Atlantic	16,523		11,596		16		11
West North Central	1,417		1,649		1		2
West South Central	7,453		7,610		7		8
Total	$	103,581	$	101,605	100	%	100	%

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


	Loans				Percentage
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
	(in thousands)
Apartments	$	40,945	$	42,844	39	%	42	%
Industrial	24,806		20,159		24		20
Mixed use	8,840		9,003		9		9
Office	9,659		9,801		9		10
Retail	11,172		11,566		11		11

Other	8,159		8,232		8		8
Total	$	103,581	$	101,605	100	%	100	%

Syndicated Loans

The investment in syndicated loans as of March 31, 2026 and December 31, 2025 was $41.1 million and $42.4 million, respectively. ACC’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both March 31, 2026 and December 31, 2025. ACC assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality.

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:


	March 31, 2026
Internal Risk Rating	2026		2025		2024		2023		2022		Prior		Total
	(in thousands)
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4	—		—		—		88		—		813		901
Risk 3	1,946		3,172		775		836		—		760		7,489
Risk 2	2,496		4,500		7,253		1,786		—		2,207		18,242
Risk 1	500		3,836		6,734		3,429		—		—		14,499
Total	$	4,942	$	11,508	$	14,762	$	6,139	$	—	$	3,780	$	41,131


	December 31, 2025
Internal Risk Rating	2025		2024		2023		2022		2021		Prior		Total
	(in thousands)
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4	—		—		75		—		—		813		888
Risk 3	3,189		913		836		—		—		—		4,938
Risk 2	4,294		9,014		1,839		—		1,468		1,506		18,121
Risk 1	5,647		8,239		4,574		—		—		—		18,460
Total	$	13,130	$	18,166	$	7,324	$	—	$	1,468	$	2,319	$	42,407

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.

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:


	March 31, 2026
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents	$	403,177	$	140,700	$	—	$	543,877
Available-for-Sale securities:
Corporate debt securities	—		99,274		3		99,277
Residential mortgage backed securities	—		4,656,438		—		4,656,438
Commercial mortgage backed securities	—		298,463		38,250		336,713
Asset backed securities	—		722,401		—		722,401

U.S. government and agency obligations	1,510,781		79,954		—		1,590,735
Total Available-for-Sale securities	1,510,781		5,856,530		38,253		7,405,564

Equity derivative contracts	73		3,745		—		3,818
Total derivative assets	73		3,745		—		3,818
Total assets at fair value	$	1,914,031	$	6,000,975	$	38,253	$	7,953,259

Liabilities
Stock market certificate embedded derivatives	$	—	$	2,825	$	—	$	2,825
Equity derivative contracts	—		2,756		—		2,756
Total derivative liabilities	—		2,756		—		2,756
Total liabilities at fair value	$	—	$	5,581	$	—	$	5,581


	December 31, 2025
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents	$	489,419	$	281,381	$	—	$	770,800
Available-for-Sale securities:
Corporate debt securities	—		156,072		3		156,075
Residential mortgage backed securities	—		5,043,365		—		5,043,365
Commercial mortgage backed securities	—		323,647		—		323,647
Asset backed securities	—		725,725		—		725,725

U.S. government and agency obligations	1,357,841		99,218		—		1,457,059
Total Available-for-Sale securities	1,357,841		6,348,027		3		7,705,871

Equity derivative contracts	—		9,400		—		9,400
Total derivative assets	—		9,400		—		9,400
Total assets at fair value	$	1,847,260	$	6,638,808	$	3	$	8,486,071

Liabilities
Stock market certificate embedded derivatives	$	—	$	4,493	$	—	$	4,493
Equity derivative contracts	21		7,296		—		7,317
Total derivative liabilities	21		7,296		—		7,317
Total liabilities at fair value	$	21	$	11,789	$	—	$	11,810

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		Commercial Mortgage Backed Securities		Total
	(in thousands)
Balance at January 1, 2026	$	3	$	—	$	3



Purchases	—		38,250		38,250





Balance at March 31, 2026	$	3	$	38,250	$	38,253


	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	87		—			87		(1)
Other comprehensive income (loss)	(28)		—			(28)



Settlements	—		(7,914)			(7,914)


Balance at March 31, 2025	$	11,313	$	42,086		$	53,399

Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2025	$	87	$	—		$	87	(1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2025	$	(28)	$	—		$	(28)

(1) Included in Investment income.

Level 3 measurements as of March 31, 2026 and December 31, 2025 are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to ACC.

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.

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 net asset value 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, and U.S. government and agency obligations. The fair value of these Level 2 securities is based on a market

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

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, commercial mortgage backed securities 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 March 31, 2026 and December 31, 2025. 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 March 31, 2026 and December 31, 2025. 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:


	March 31, 2026
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Syndicated loans	$	40,871	$	—	$	39,633	$	1,341	$	40,974
Commercial mortgage loans	103,302		—		—		103,432		103,432
Certificate loans	20		—		20		—		20
Financial Liabilities
Certificate reserves	$	7,553,131	$	—	$	—	$	7,523,488	$	7,523,488


	December 31, 2025
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Syndicated loans	$	42,201	$	—	$	41,409	$	941	$	42,350
Commercial mortgage loans	101,324		—		—		102,079		102,079
Certificate loans	29		—		29		—		29
Financial Liabilities
Certificate reserves	$	8,150,082	$	—	$	—	$	8,127,852	$	8,127,852

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:


	March 31, 2026
	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	$	3,745	$	—	$	3,745	$	(2,756)	$	(989)	$	—
Exchange-traded	73		—		73		—		—		73
Total	$	3,818	$	—	$	3,818	$	(2,756)	$	(989)	$	73


	December 31, 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	$	9,400	$	—	$	9,400	$	(7,296)	$	(2,104)	$	—

Total	$	9,400	$	—	$	9,400	$	(7,296)	$	(2,104)	$	—

(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.

Index

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:


	March 31, 2026
	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	$	2,756	$	—	$	2,756	$	(2,756)	$	—	$	—

Total	$	2,756	$	—	$	2,756	$	(2,756)	$	—	$	—


	December 31, 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	$	7,296	$	—	$	7,296	$	(7,296)	$	—	$	—
Exchange-traded	21		—		21		—		—		21
Total	$	7,317	$	—	$	7,317	$	(7,296)	$	—	$	21

(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:


	March 31, 2026						December 31, 2025
	Notional		Gross Fair Value				Notional		Gross Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in thousands)
Derivatives not designated as hedging instruments
Equity contracts (1)	$	71,932	$	3,818	$	2,756	$	94,755	$	9,400	$	7,317
Embedded derivatives
Stock market certificates (2)	N/A		—		2,825		N/A		—		4,493
Total derivatives	$	71,932	$	3,818	$	5,581	$	94,755	$	9,400	$	11,810

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.

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

As of March 31, 2026 and December 31, 2025, investment securities with a fair value of $1.1 million and $1.2 million, 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 March 31,
			2026		2025
			(in thousands)
Equity contracts
Stock market certificates	Net provision for certificate reserves		$	(244)	$	(520)
Stock market certificates embedded derivatives	Net provision for certificate reserves		490		536
Total			$	246	$	16

Stock market certificates 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 stock market certificate 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 stock market certificate 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 $21.6 million and $44.2 million, during the three months ended March 31, 2026 and 2025, respectively.

ACC returned contributed capital to Ameriprise Financial of $43.4 million and $13.8 million during the three months ended March 31, 2026 and 2025, respectively. ACC continued to maintain compliance with the capital requirements of the SEC and the Minnesota Department of Commerce during the three months ended March 31, 2026.

ACC did not receive any cash contributions from Ameriprise Financial during three months ended March 31, 2026 and 2025.

Index

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

10. Income Taxes

ACC’s effective tax rate was 24.0% and 24.2% for the three months ended March 31, 2026 and 2025, respectively.

The effective tax rate for the three months ended March 31, 2026 and March 31, 2025 was higher than the statutory rate primarily as a result of state income taxes, net of federal income tax effect.

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 March 31, 2026 and December 31, 2025.

As of both March 31, 2026 and December 31, 2025, ACC had $3.4 million of gross unrecognized tax benefits. If recognized, approximately $2.7 million, net of federal income tax effect, of unrecognized tax benefits as of both March 31, 2026 and December 31, 2025, would affect the effective tax rate.

ACC recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. ACC recognized a net increase of $30 thousand and $49 thousand in interest and penalties for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, ACC had a payable of $785 thousand and $755 thousand, respectively, related to accrued interest and penalties.

ACC files its federal income tax return as part of the consolidated income tax return of Ameriprise Financial in the U.S. federal jurisdiction. ACC files as a separate entity and as part of unitary or combined returns with Ameriprise Financial and other affiliates in 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 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 remains open. The IRS is currently auditing Ameriprise Financial’s U.S. income tax returns for 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 2024.

The legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted on July 4, 2025. The corporate tax law changes resulting from the OBBBA did not have an impact to ACC’s consolidated financial statements as of March 31, 2026 and, based on current guidance, ACC does not expect to record any material impacts in the future.

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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, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 19, 2026 (“2025 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 2025 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 2025 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 Three Months Ended March 31, 2026 and 2025

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 $3.3 million, or 14%, for the three months ended March 31, 2026 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. Client deposits decreased $3.2 billion from the prior year period to $7.5 billion as of March 31, 2026. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past nine quarters.

Investment income decreased $51.7 million, or 35%, for the three months ended March 31, 2026 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 $7.4 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 AA+ and primarily consist of structured assets and government bonds, of which 40% were floating rate and approximately 21% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of March 31, 2026. The duration of ACC investments was 1.4 years as of March 31, 2026 compared to 1.3 years as of March 31, 2025.

Investment expenses decreased $4.3 million, or 34%, for the three months ended March 31, 2026 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 $45.2 million, or 42%, for the three months ended March 31, 2026 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 $7.8 billion for the three months ended March 31, 2026 compared to $10.9 billion for the

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prior year period with the average crediting rate of 3.21% for the three months ended March 31, 2026 compared to 3.95% for the prior year period.

Net realized gain (loss) on investments before income taxes decreased $2.3 million for the three months ended March 31, 2026 compared to the prior year period primarily due to net realized gains of $0.1 million for the three months ended March 31, 2026 compared to net realized gains of $2.4 million in the prior year period.

ACC’s effective tax rate was 24.0% for the three months ended March 31, 2026 compared to 24.2% for the prior year period. 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 March 31, 2026.

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 first 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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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 2025 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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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:	May 7, 2026	By:	/s/ Abu M. Arif
			Abu M. Arif
			Director, President and Chief Executive Officer
			(Principal Executive Officer)


Date:	May 7, 2026	By:	/s/ Thomas A. Nickerson
			Thomas A. Nickerson
			Vice President and Chief Financial Officer
			(Principal Financial Officer)

AMERIPRISE CERTIFICATE CO 10-Q