
	September 30, 2026
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
United States Treasury securities	$	710,060	$	1,965	$	—	$	712,025
Mortgage-backed securities (MBS):
Agency1	$	66,597	$	25	$	(2,156)	$	64,466
Non-agency2	3,240		965		(111)		4,094
Total mortgage-backed securities	69,837		990		(2,267)		68,560





Total available-for-sale securities	$	779,897	$	2,955	$	(2,267)	$	780,585



	June 30, 2026
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
United States Treasury securities	$	732,118	$	304	$	—	$	732,422
Mortgage-backed securities (MBS):
Agency1	$	68,344	$	215	$	(1,587)	$	66,972
Non-agency2	3,330		974		(31)		4,273
Total mortgage-backed securities	71,674		1,189		(1,618)		71,245





Total available-for-sale securities	$	803,792	$	1,493	$	(1,618)	$	803,667

2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by prime, Alt-A or pay-option adjustable rate mortgages.

The Company evaluates available-for-sale securities in an unrealized loss position based on an analysis of a number of factors, including, but not limited to: (1) the credit characteristics of the securities, such as the forecasted cash flows, credit ratings, credit enhancement, and government agency or government-sponsored enterprise backing, as applicable; and (2) whether the Company intends to sell or will be required to sell any of the securities before recovering the amortized cost basis. Based on its analysis, the Company determined the unrealized losses on available-for-sale securities are primarily driven by the increase in interest rates since the securities were purchased, and accordingly no credit losses were recognized on available-for-sale securities in the three months ended September 30, 2026 and September 30, 2025. There was no amount in the allowance for credit losses for available-for-sale securities at September 30, 2026 and June 30, 2026.


	September 30, 2026
	Available-for-sale securities in loss position for
	Less Than 12 Months				More Than 12 Months				Total
(Dollars in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
United States Treasury securities	$	—	$	—	$	—	$	—	$	—	$	—
MBS:
Agency	$	34,350	$	(340)	$	13,746	$	(1,816)	$	48,096	$	(2,156)
Non-agency	2,600		(80)		170		(31)		2,770		(111)
Total MBS	36,950		(420)		13,916		(1,847)		50,866		(2,267)





Total available-for-sale securities	$	36,950	$	(420)	$	13,916	$	(1,847)	$	50,866	$	(2,267)

	June 30, 2026
	Available-for-sale securities in loss position for
	Less Than 12 Months				More Than 12 Months				Total
(Dollars in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
United States Treasury securities	$	—	$	—	$	—	$	—	$	—	$	—
MBS:
Agency	$	12,504	$	(86)	$	14,722	$	(1,501)	$	27,226	$	(1,587)
Non-agency	9		—		2,134		(31)		2,143		(31)
Total MBS	12,513		(86)		16,856		(1,532)		29,369		(1,618)





Total available-for-sale securities	$	12,513	$	(86)	$	16,856	$	(1,532)	$	29,369	$	(1,618)

The following table sets forth the expected maturity distribution of our mortgage-backed securities, which is based on assumed prepayment rates, and the maturity distribution of our non-MBS, which is based on the contractual maturity:


	As of September 30, 2026
(Dollars in thousands)	Total Amount		Due Within One Year		Due after One but within Five Years		Due after Five but within Ten Years		Due After Ten Years
United States Treasury securities	$	710,060	$	—	$	478,982	$	231,078	$	—
MBS:
Agency	$	66,597	$	18,712	$	39,580	$	7,066	$	1,239
Non-Agency	3,240		430		1,352		1,073		385
Total MBS	$	69,837	$	19,142	$	40,932	$	8,139	$	1,624



Available-for-sale—Amortized cost	$	779,897	$	19,142	$	519,914	$	239,217	$	1,624
Available-for-sale—Fair value	$	780,585	$	18,717	$	519,865	$	240,110	$	1,893