v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities AFS securities by major security type as of March 31, 2025, and December 31, 2024, were as follows:
March 31, 2025
(In millions)
Amortized
Cost(1)
Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated Fair Value
U.S. Treasury obligations$6,451 $— $3 $(1)$6,453 
State housing agency obligations
11 — — — 11 
MBS:
Government-Sponsored Enterprises (GSEs) – multifamily
12,913 — 77 (3)12,987 
Private-label residential mortgage-backed securities (PLRMBS)
961 (30)31 (20)942 
Total mortgage-backed securities (MBS)
13,874 (30)108 (23)13,929 
Total$20,336 $(30)$111 $(24)$20,393 
December 31, 2024
(In millions)
Amortized
Cost(1)
Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated Fair Value
U.S. Treasury obligations$6,506 $— $4 $— $6,510 
MBS:
GSEs – multifamily12,790 — 62 (7)12,845 
PLRMBS
978 (30)31 (22)957 
Total MBS13,768 (30)93 (29)13,802 
Total$20,274 $(30)$97 $(29)$20,312 
(1)    Amortized cost includes unpaid principal balance, unamortized premiums and discounts, net charge-offs, and valuation adjustments for hedging activities, and excludes accrued interest receivable of $93 million and $92 million at March 31, 2025, and December 31, 2024, respectively.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following tables summarize the AFS securities with unrealized losses as of March 31, 2025, and December 31, 2024. The unrealized losses are aggregated by major security type and the length of time that individual securities have been in a continuous unrealized loss position.
March 31, 2025
 Less Than 12 Months12 Months or MoreTotal
(In millions)Estimated
Fair Value		Gross Unrealized
Losses		Estimated
Fair Value		Gross Unrealized
Losses		Estimated
Fair Value		Gross Unrealized
Losses
U.S. obligations – Treasury notes$2,066 $1 $— $— $2,066 $1 
MBS – GSEs – multifamily720 2 433 1 1,153 3 
PLRMBS47 1 250 19 297 20 
Total$2,833 $4 $683 $20 $3,516 $24 
December 31, 2024
Less Than 12 Months12 Months or MoreTotal
(In millions)Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross Unrealized
Losses		Estimated
Fair Value		Gross Unrealized
Losses
MBS – GSEs – multifamily$1,350 $3 $668 $4 $2,018 $7 
PLRMBS62 3 244 19 306 22 
Total$1,412 $6 $912 $23 $2,324 $29 
Investments Classified by Contractual Maturity Date and Prepayment Fees The amortized cost and estimated fair value of U.S. Treasury securities and state housing agency obligations classified as AFS by contractual maturity (based on contractual final principal payment) and of MBS classified as AFS as of March 31, 2025, and December 31, 2024, are shown below. Expected maturities of MBS classified as AFS will differ from contractual maturities because borrowers may have the right to call or prepay the underlying obligations with or without call or prepayment fees.
March 31, 2025
(In millions)
Year of Contractual MaturityAmortized
Cost		Estimated
Fair Value
U.S. Treasury obligations:
Due in 1 year or less$2,891 $2,892 
Due after 1 year through 5 years3,560 3,561 
Total U.S. Treasury obligations
6,451 6,453 
State housing agency obligations: due after 5 through 10 years
11 11 
MBS13,874 13,929 
Total$20,336 $20,393 
December 31, 2024
(In millions)
Year of Contractual MaturityAmortized
Cost		Estimated
Fair Value
U.S. Treasury obligations:
Due in 1 year or less$3,181 $3,183 
Due after 1 year through 5 years
3,325 3,327 
Total U.S. Treasury obligations
6,506 6,510 
MBS13,768 13,802 
Total$20,274 $20,312 
Held-to-maturity Securities
Held-to-Maturity Securities. The Bank classifies the following securities as HTM because the Bank has the positive intent and ability to hold these securities to maturity:
March 31, 2025
(In millions)
Amortized
Cost(1)
Gross
Unrecognized
Holding
Gains(2)
Gross
Unrecognized
Holding
Losses(2)
Estimated
Fair Value
MBS – Other U.S. obligations – single-family$25 $— $(1)$24 
MBS – GSEs:
MBS – GSEs – single-family470 2 (11)461 
MBS – GSEs – multifamily863 — (3)860 
Subtotal MBS – GSEs1,333 2 (14)1,321 
PLRMBS96 — (5)91 
Total$1,454 $2 $(20)$1,436 
December 31, 2024
(In millions)
Amortized
Cost(1)
Gross
Unrecognized
Holding
Gains(2)
Gross
Unrecognized
Holding
Losses(2)
Estimated
Fair Value
MBS – Other U.S. obligations – single-family$29 $— $(1)$28 
MBS – GSEs:
MBS – GSEs – single-family495 2 (13)484 
MBS – GSEs – multifamily864 — (2)862 
Subtotal MBS – GSEs1,359 2 (15)1,346 
PLRMBS101 — (6)95 
Total$1,489 $2 $(22)$1,469 
(1)    Amortized cost includes unpaid principal balance, unamortized premiums and discounts, and net charge-offs, and excludes accrued interest receivable of $5 million at March 31, 2025, and December 31, 2024.
(2)    Gross unrecognized holding gains/(losses) represent the difference between estimated fair value and net carrying value.
Debt Securities, Available-for-sale, Allowance for Credit Loss
Allowance for Credit Losses on AFS and HTM Securities. The following table presents a rollforward of the allowance for credit losses on PLRMBS classified as AFS for the three months ended March 31, 2025 and 2024. The Bank recorded no allowance for credit losses associated with HTM securities during the three months ended March 31, 2025 and 2024.
Three Months Ended
(In millions)March 31, 2025March 31, 2024
Balance, beginning of the period$30 $31 
(Charge-offs)/recoveries(1)(1)
Provision for/(reversal of) credit losses1 (4)
Balance, end of the period$30 $26