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Investments in Securities (Tables)
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities in an Unrealized Gain or Loss Position
The table below presents the components of the carrying value and the unrealized gain or loss position of our available for sale securities at September 30, 2022 and December 31, 2021. Our available for sale securities had a weighted average coupon of 4.34% and 3.83% at September 30, 2022 and December 31, 2021, respectively.
Agency SecuritiesPrincipal AmountAmortized CostGross Unrealized LossGross Unrealized GainFair Value
September 30, 2022
Total Fannie Mae$110,870 $113,889 $(7,008)$— $106,881 
Total Freddie Mac134,952 137,187 (7,602)— 129,585 
Total Ginnie Mae80 84 (5)— 79 
Total$245,902 $251,160 $(14,615)$— $236,545 
December 31, 2021
Total Fannie Mae$1,063,403 $1,088,209 $(21)$99,138 $1,187,326 
Total Freddie Mac172,550 179,385 (4)7,797 187,178 
Total Ginnie Mae12,957 13,278 (20)83 13,341 
Total$1,248,910 $1,280,872 $(45)$107,018 $1,387,845 
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value
The following table presents the unrealized losses and estimated fair value of our available for sale securities by length of time that such securities have been in a continuous unrealized loss position at September 30, 2022 and December 31, 2021. All of our available for sale securities are issued and guaranteed by GSEs or Ginnie Mae. The GSEs have a long term credit rating of AA+.
Unrealized Loss Position For:
< 12 Months≥ 12 MonthsTotal
Agency SecuritiesFair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
September 30, 2022$190,795 $(14,599)$244 $(16)$191,039 $(14,615)
December 31, 2021$2,924 $(17)$5,185 $(28)$8,109 $(45)
Investments Classified by Contractual Maturity Date
The following table summarizes the weighted average lives of our available for sale securities at September 30, 2022 and December 31, 2021.
September 30, 2022December 31, 2021
Weighted Average Life of Available for Sale SecuritiesFair Value
Amortized
Cost
Fair Value
Amortized
Cost
< 1 year$88 $94 $179 $174 
≥ 1 year and < 3 years2,589 2,767 27,110 26,731 
≥ 3 years and < 5 years11,815 12,648 333,598 319,762 
≥ 5 years222,053 235,651 1,026,958 934,205 
Total Available for Sale Securities$236,545 $251,160 $1,387,845 $1,280,872 
The following table summarizes the weighted average lives of our trading securities at September 30, 2022 and December 31, 2021.
 September 30, 2022December 31, 2021
Estimated Weighted Average Life of Trading SecuritiesFair ValueAmortized CostFair ValueAmortized Cost
< 1 year$— $— $99,973 $99,978 
≥ 1 year and < 3 years— — 5,323 5,365 
≥ 3 years and < 5 years— — 472,774 475,600 
≥ 5 years8,051,766 8,810,229 2,639,439 2,690,243 
Total$8,051,766 $8,810,229 $3,217,509 $3,271,186 
Debt Securities, Trading, and Equity Securities, FV-NI
The components of the carrying value of our trading securities at September 30, 2022 and December 31, 2021 are presented in the tables below.
Principal AmountAmortized CostGross Unrealized LossGross Unrealized GainFair Value
September 30, 2022
Agency Securities:
Total Fannie Mae$5,648,405 $5,722,619 $(565,610)$— $5,157,009 
Total Freddie Mac2,809,899 2,812,270 (191,685)— 2,620,585 
Total Agency Securities$8,458,304 $8,534,889 $(757,295)$— $7,777,594 
U.S. Treasury Securities300,000 275,340 (1,168)— 274,172 
Total Trading Securities$8,758,304 $8,810,229 $(758,463)$— $8,051,766 
Principal AmountAmortized CostGross Unrealized LossGross Unrealized GainFair Value
December 31, 2021
Agency Securities:
Total Fannie Mae$2,253,393 $2,382,146 $(47,079)$1,056 $2,336,123 
Total Freddie Mac656,775 690,053 (7,546)46 682,553 
Total Agency Securities$2,910,168 $3,072,199 $(54,625)$1,102 $3,018,676 
U.S. Treasury Securities200,000 198,987 (154)— 198,833 
Total Trading Securities$3,110,168 $3,271,186 $(54,779)$1,102 $3,217,509