As of June 30, 2026 and December 31, 2025, our securities portfolio consisted of $21,183,644 and $20,015,749 of trading securities, at fair value, respectively.

We also had $603,519 and $0 of TBA Agency Securities, at fair value, which were reported at net carrying value of $1,791 and $0, respectively, at June 30, 2026 and December 31, 2025. 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, 2026 and December 31, 2025.


June 30, 2026	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value
Agency Securities	$	20,887,102	$	20,667,692	$	(191,507)	$	120,111	$	20,596,296

U.S. Treasury Securities	600,000		599,320		(11,972)		—		587,348
Totals	$	21,487,102	$	21,267,012	$	(203,479)	$	120,111	$	21,183,644

December 31, 2025	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value
Agency Securities	$	19,380,804	$	19,257,086	$	(87,828)	$	248,382	$	19,417,640
U.S. Treasury Securities	600,000		598,760		(1,078)		427		598,109
Totals	$	19,980,804	$	19,855,846	$	(88,906)	$	248,809	$	20,015,749


	June 30, 2026				December 31, 2025
Weighted Average Life	Fair Value		Amortized Cost		Fair Value		Amortized Cost
< 1 year	$	—	$	—	$	—	$	—
≥ 1 year and < 3 years	153,593		151,594		1,934,537		1,910,316
≥ 3 years and < 5 years	5,042,391		5,017,685		8,305,993		8,201,320
≥ 5 years	15,987,660		16,097,733		9,775,219		9,744,210
Totals	$	21,183,644	$	21,267,012	$	20,015,749	$	19,855,846

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, 2026 and December 31, 2025 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.