As of June 30, 2025 and December 31, 2024, our securities portfolio consisted of $15,118,095 and $12,439,414 of investment securities, at fair value, respectively. We also had $309,219 and $0 of TBA Agency Securities, at fair value, which were reported at net carrying value of $1,805 and $(908), respectively, at June 30, 2025 and December 31, 2024. TBA Securities are reported in Derivatives, at fair value on our consolidated balance sheets (see Note 7 - Derivatives). The net carrying value of our TBA Agency Securities represents the difference between the fair value of the underlying Agency Security in the TBA contract and the cost basis or the forward price to be paid or received for the underlying Agency Security.

The tables below present the components of the carrying value and the unrealized gain or loss position of our investments in securities at June 30, 2025 and December 31, 2024.


June 30, 2025	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value

Agency Securities, trading	$	14,812,104	$	14,642,824	$	(203,150)	$	76,171	$	14,515,845

U.S. Treasury Securities	$	600,000	$	602,067	$	—	$	183	$	602,250
Total Trading Securities	$	15,412,104	$	15,244,891	$	(203,150)	$	76,354	$	15,118,095

December 31, 2024

Agency Securities, trading	$	12,957,039	$	12,806,504	$	(370,044)	$	2,954	$	12,439,414


	June 30, 2025				December 31, 2024
Weighted Average Life	Fair Value		Amortized Cost		Fair Value		Amortized Cost


≥ 3 years and < 5 years	$	4,173,205	$	4,151,048	$	1,329,834	$	1,341,663
≥ 5 years	10,944,890		11,093,843		11,109,580		11,464,841
Totals	$	15,118,095	$	15,244,891	$	12,439,414	$	12,806,504

We use a third-party model to calculate the weighted average lives of our investments in securities. Weighted average life is calculated based on expectations for estimated prepayments for the underlying mortgage loans of our investments in securities. These estimated prepayments are based on assumptions such as interest rates, current and future home prices, housing policy and borrower incentives. The weighted average lives of our investments in securities at June 30, 2025 and December 31, 2024 in the table above are based upon market factors, assumptions, models and estimates from the third-party model and also incorporate management’s judgment and experience. The actual weighted average lives of these securities could be longer or shorter than estimated.