Mortgage Backed Securities

12 Months Ended

Dec. 31, 2021

Mortgage Backed Securities

Mortgage Backed Securities

Note 8. Mortgage backed securities

The table below presents information about the mortgage backed securities portfolio, which is classified as trading securities and carried at fair value.

		Weighted
	Weighted	Average								Gross		Gross
	Average	Interest		Principal		Amortized				Unrealized		Unrealized
(in thousands)	Maturity (a)	Rate (a)		Balance		Cost		Fair Value		Gains		Losses
December 31, 2021
Freddie Mac Loans	12/2037	3.7	%	$	103,928	$	46,828	$	52,088	$	5,260	$	—
Commercial Loans	01/2051	4.5			70,498		38,661		34,347		795		(5,109)
Residential	08/2045	3.7			13,675		10,370		13,061		2,691		—
Total MBS, at fair value	12/2044	4.1	%	$	188,101	$	95,859	$	99,496	$	8,746	$	(5,109)
December 31, 2020
Freddie Mac Loans	01/2037	3.7	%	$	139,408	$	52,320	$	53,509	$	1,880	$	(691)
Commercial Loans	11/2050	4.5			73,074		39,224		34,411		226		(5,039)
Tax Liens	09/2026	6.0			92		92		91		—		(1)
Total MBS, at fair value	10/2041	4.1	%	$	212,574	$	91,636	$	88,011	$	2,106	$	(5,731)

(a) Weighted based on current principal balance

The table below presents information about the maturity of the mortgage backed securities portfolio.

	Weighted Average		Principal		Amortized
(in thousands)	Interest Rate (a)		Balance		Cost		Fair Value
December 31, 2021
After five years through ten years	—	%	$	—	$	—	$	—
After ten years	4.1			188,101		95,859		99,496
Total Mortgage backed securities, at fair value	4.1	%	$	188,101	$	95,859	$	99,496
December 31, 2020
After five years through ten years	6.0	%	$	92	$	92	$	91
After ten years	2.8			212,482		91,544		87,920
Total Mortgage backed securities, at fair value	4.1	%	$	212,574	$	91,636	$	88,011

(a) Weighted based on current principal balance