Other investments as of March 31, 2025 primarily consisted of the Company and Bank's investments in limited partnership Community Capital Funds and a $5.0 million bank-owned life insurance policy ("BOLI") that was purchased during the first quarter of fiscal year 2023 as a channel to add to the Company's non-interest income revenue by means of an investment considered safe and sound by the Company's regulators. The investments in the limited partnerships are measured using the equity method. The BOLI is carried at the cash surrender value of the underlying policies. Income generated from the investments and the increase in the cash surrender value of the BOLI is included in other non-interest income on the Statements of Operations. Other investments totaled $6.4 million at March 31, 2025 and are included in Other Assets on the Statements of Financial Condition.


	At March 31, 2025
	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed securities:
Government National Mortgage Association	$	204	$	5	$	—	$	209
Federal Home Loan Mortgage Corporation	18,779		—		(4,017)		14,762
Federal National Mortgage Association	10,231		—		(2,130)		8,101

Total mortgage-backed securities	29,214		5		(6,147)		23,072
U.S. Government Agency Securities	4,326		—		(16)		4,310
Corporate Bonds	5,262		—		(2,442)		2,820
Muni Securities	17,673		—		(3,353)		14,320


Total available-for-sale	$	56,475	$	5	$	(11,958)	$	44,522

Held-to-Maturity:
Mortgage-backed securities:
Government National Mortgage Association	$	249	$	—	$	(9)	$	240
Federal National Mortgage Association	1,501		—		(43)		1,458


Total held-to-maturity	$	1,750	$	—	$	(52)	$	1,698


	At March 31, 2024
	Amortized		Gross Unrealized
$ in thousands	Cost		Gains		Losses		Fair Value
Available-for-Sale:
Mortgage-backed securities:
Government National Mortgage Association	$	280	$	4	$	(1)	$	283
Federal Home Loan Mortgage Corporation	20,299		—		(4,501)		15,798
Federal National Mortgage Association	10,975		—		(2,339)		8,636

Total mortgage-backed securities	31,554		4		(6,841)		24,717
U.S. Government Agency Securities	6,219		—		(25)		6,194
Corporate Bonds	5,266		—		(2,203)		3,063
Muni Securities	17,696		—		(3,640)		14,056

Total available-for-sale	$	60,735	$	4	$	(12,709)	$	48,030

Held-to-Maturity:
Mortgage-backed securities:
Government National Mortgage Association	$	292	$	—	$	(9)	$	283
Federal National Mortgage Association	1,716		—		(94)		1,622


Total held-to-maturity	$	2,008	$	—	$	(103)	$	1,905

Carver maintains a portfolio of mortgage-backed securities in the form of Government National Mortgage Association (“GNMA”) pass-through certificates, Federal National Mortgage Association (“FNMA”) mortgage-backed securities and Federal Home Loan Mortgage Corporation (“FHLMC”) mortgage-backed securities. GNMA pass-through certificates are guaranteed as to the payment of principal and interest by the full faith and credit of the United States Government, while FNMA and FHLMC securities are each guaranteed by their respective agencies as to principal and interest. Based on the high quality of the Bank's investment portfolio, current market conditions have not significantly impacted the pricing of the portfolio or the Bank's ability to obtain reliable prices.


	At March 31, 2025
	Less than 12 months				12 months or longer				Total
$ in thousands	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
Available-for-Sale:
Mortgage-backed securities	$	—	$	—	$	(6,147)	$	22,863	$	(6,147)	$	22,863
U.S. Government Agency Securities	(11)		3,467		(5)		843		(16)		4,310
Corporate bonds	—		—		(2,442)		2,820		(2,442)		2,820
Muni securities	—		—		(3,353)		14,320		(3,353)		14,320


Total available-for-sale securities	$	(11)	$	3,467	$	(11,947)	$	40,846	$	(11,958)	$	44,313
Held-to-Maturity:
Mortgage-backed securities	$	—	$	—	$	(52)	$	1,670	$	(52)	$	1,670

Total held-to-maturity securities	$	—	$	—	$	(52)	$	1,670	$	(52)	$	1,670


	At March 31, 2024
	Less than 12 months				12 months or longer				Total
$ in thousands	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
Available-for-Sale:
Mortgage-backed securities	$	—	$	—	$	(6,841)	$	24,468	$	(6,841)	$	24,468
U.S. Government Agency Securities	(2)		1,273		(23)		4,921		(25)		6,194
Corporate bonds	—		—		(2,203)		3,063		(2,203)		3,063
Muni securities	—		—		(3,640)		14,056		(3,640)		14,056


Total available-for-sale securities	$	(2)	$	1,273	$	(12,707)	$	46,508	$	(12,709)	$	47,781
Held-to-Maturity:
Mortgage-backed securities	$	—	$	—	$	(103)	$	1,872	$	(103)	$	1,872

Total held-to-maturity securities	$	—	$	—	$	(103)	$	1,872	$	(103)	$	1,872

Management reviews the investment portfolio on a quarterly basis to identify and evaluate each investment that has an unrealized holding loss. A total of 22 available-for-sale and held-to-maturity securities had an unrealized loss at March 31, 2025, compared to 24 at March 31, 2024. Mortgage-backed securities, U.S. government agency securities, municipal securities and a corporate bond security represented 51.6%, 9.7%, 32.3% and 6.4%, respectively, of total available-for-sale securities in an unrealized loss position at March 31, 2025. There were seven mortgage-backed securities, three U.S. government agency securities, one corporate bond and six municipal securities that had an unrealized loss position for more than 12 months at March 31, 2025. Management has evaluated available-for-sale securities that are in an unrealized loss position and determined that the declines in fair value are attributable to market volatility, and not credit quality or other factors. Given the high credit quality of the mortgage-backed securities, which are backed by explicit U.S. government guarantees, or guarantees by government sponsored enterprises that have credit ratings and perceived credit risk comparable to the U.S. government, the high credit quality and strong financial performance of the U.S. government agency and the results of the individual analyses performed for and continuous surveillance on the municipal securities, as well as the corporate security that is a reputable institution in good financial standing, the risk of credit loss is minimal. Management believes that these unrealized losses are a direct result of the current rate environment and the Company has

the ability and intent to hold the securities until maturity or the valuations recover. The Bank's held-to-maturity portfolio consists of five mortgage-backed securities that were in an unrealized loss position for more than 12 months at March 31, 2025. These securities are either fully guaranteed or issued by a government sponsored enterprise, which has a credit rating and perceived credit risk comparable to the U.S. government. As such, no allowance for credit losses on securities available-for-sale or held-to-maturity have been established as of March 31, 2025.

The following is a summary of the amortized cost and fair value of debt securities at March 31, 2025, by remaining period to contractual maturity (ignoring earlier call dates, if any). Actual maturities may differ from contractual maturities because certain security issuers have the right to call or prepay their obligations. The table below does not consider the effects of possible prepayments or unscheduled repayments.


$ in thousands	Amortized Cost		Fair Value		Weighted Average Yield
Available-for-Sale:

One through five years	847		843		5.62	%
Five through ten years	9,677		8,061		2.32	%
After ten years	16,737		12,546		3.30	%
Mortgage-backed securities	29,214		23,072		1.63	%
	$	56,475	$	44,522	2.30	%
Held-to-maturity:



Mortgage-backed securities	$	1,750	$	1,698	2.86	%