
	June 30, 2025
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
REMICs	$	483,774	$	2,212	$	(26,049)	$	459,937
Fannie Mae certificates	2,658		85		(4)		2,739
Freddie Mac certificates	8,477		82		(26)		8,533
U.S. government and agency obligations	54,129		—		(126)		54,003
Total	$	549,038	$	2,379	$	(26,205)	$	525,212


	September 30, 2024
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
REMICs	$	476,680	$	1,202	$	(28,481)	$	449,401
Fannie Mae certificates	2,810		137		(2)		2,945
Freddie Mac certificates	1,138		—		(9)		1,129
U.S. government and agency obligations	72,931		29		(184)		72,776
Total	$	553,559	$	1,368	$	(28,676)	$	526,251

At June 30, 2025 and September 30, 2024, investment securities included $50,111 and $68,932, respectively, of U.S. government obligations pledged as collateral on our open swap positions to meet margin requirements established by the clearing organization. Accrued interest on investment securities is $1,959 and $2,399 at June 30, 2025 and September 30, 2024, respectively, and is reported in accrued interest receivable on the CONSOLIDATED STATEMENTS OF CONDITION.

The following is a summary of our securities portfolio by the period remaining until contractual maturity and by weighted average yield at June 30, 2025 and September 30, 2024. Maturities are based on the final contractual payment dates, and do not reflect the impact of prepayments or early redemptions that may occur. Weighted average yields are not presented on a tax-equivalent basis and are calculated by multiplying each carry value by its yield and dividing the sum of these results by the total carry values. We did not hold any tax-exempt securities at June 30, 2025 or September 30, 2024.


	June 30, 2025						September 30, 2024
	Amortized Cost		Fair Value		Weighted Average Yield		Amortized Cost		Fair Value		Weighted Average Yield
Due in one year or less	$	50,205	$	50,203	4.32	%	$	69,192	$	69,219	5.25	%
Due after one to five years	5,047		4,920		1.56		7,551		7,332		1.87
Due after five to ten years	36,839		36,375		3.76		27,639		27,162		3.22
Ten years or greater	456,947		433,714		3.42		449,177		422,538		3.16
Total	$	549,038	$	525,212	3.51	%	$	553,559	$	526,251	3.40	%

Gross unrealized losses on available for sale securities and the estimated fair value of the related securities, aggregated by the length of time the securities have been in a continuous loss position, at June 30, 2025 and September 30, 2024, were as follows:


	June 30, 2025
	Less Than 12 Months				12 Months or More				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Available for sale—
REMICs	$	1,941	$	3	$	281,429	$	26,046	$	283,370	$	26,049
Fannie Mae certificates	—		—		99		4		99		4
Freddie Mac certificates	—		—		1,108		26		1,108		26
U.S. government and agency obligations	50,111		1		3,893		125		54,004		126
Total	$	52,052	$	4	$	286,529	$	26,201	$	338,581	$	26,205


	September 30, 2024
	Less Than 12 Months				12 Months or More				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Available for sale—
REMICs	$	9,393	$	9	$	325,660	$	28,472	$	335,053	$	28,481
Fannie Mae certificates	—		—		101		2		101		2
Freddie Mac certificates	—		—		1,129		9		1,129		9
U.S. government and agency obligations	—		—		3,844		184		3,844		184
Total	$	9,393	$	9	$	330,734	$	28,667	$	340,127	$	28,676

The unrealized losses on investment securities were attributable to an increase in market interest rates. The investment portfolio is comprised entirely of securities issued by U.S. government entities and agencies, which supports an expectation of no credit loss estimates since principal and interest payments due on these securities carry the full faith and credit guaranty of the U.S. government. In addition, the U.S. Treasury Department has established financing agreements to ensure Fannie Mae and Freddie Mac meet their obligations to holders of mortgage-backed securities that they have issued or guaranteed.