v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Debt and Equity Securities, FV-NI [Line Items]  
Debt Securities, Trading, and Equity Securities, FV-NI The following table presents our trading securities by type of security.
Security TypeMarch 31, 2025December 31, 2024
U.S. Treasury obligations$1,094,852 $1,087,930 
Total trading securities at estimated fair value$1,094,852 $1,087,930 
Gain (Loss) on Securities The following table presents net gains (losses) on trading securities, excluding any offsetting effect of gains (losses) on the associated derivatives.
Three Months Ended March 31,
20252024
Net gains (losses) on trading securities held at period end$6,921 $(5,040)
Net gains on trading securities that matured/sold during the period— 469 
Net gains (losses) on trading securities$6,921 $(4,571)
Available-for-Sale (AFS) Securities by Major Security Type The following table presents our AFS securities by type of security.
March 31, 2025
GrossGross
AmortizedUnrealizedUnrealizedEstimated
Security Type
Cost (1)
GainsLossesFair Value
U.S. Treasury obligations$5,798,288 $9,613 $(230)$5,807,671 
GSE and TVA debentures1,498,937 11,972 (27)1,510,882 
GSE multifamily MBS7,199,864 18,091 (27,434)7,190,521 
Total AFS securities$14,497,089 $39,676 $(27,691)$14,509,074 
December 31, 2024
GrossGross
AmortizedUnrealizedUnrealizedEstimated
Security Type
Cost (1)
GainsLossesFair Value
U.S. Treasury obligations$5,691,550 $5,827 $(2,172)$5,695,205 
GSE and TVA debentures1,568,805 13,976 (135)1,582,646 
GSE multifamily MBS7,077,866 21,841 (27,669)7,072,038 
Total AFS securities$14,338,221 $41,644 $(29,976)$14,349,889 
1    At March 31, 2025 and December 31, 2024, includes net unamortized discounts of $(213,614) and $(222,607), respectively, and fair-value hedging basis adjustments of $(643,741) and $(910,114), respectively. Excludes accrued interest receivable at March 31, 2025 and December 31, 2024 of $65,760 and $58,333, respectively.
Available-for-sale (AFS) Securities in an Unrealized Loss Position The following table presents our impaired AFS securities (i.e., in an unrealized loss position), aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position.
March 31, 2025
Less than 12 months12 months or moreTotal
EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
Security TypeFair ValueLossesFair ValueLossesFair ValueLosses
U.S. Treasury obligations$740,742 $(230)$— $— $740,742 $(230)
GSE and TVA debentures28,242 (27)— — 28,242 (27)
GSE multifamily MBS1,745,922 (8,085)2,044,599 (19,349)3,790,521 (27,434)
Total impaired AFS securities$2,514,906 $(8,342)$2,044,599 $(19,349)$4,559,505 $(27,691)
December 31, 2024
Less than 12 months12 months or moreTotal
EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
Security TypeFair ValueLossesFair ValueLossesFair ValueLosses
U.S. Treasury obligations$2,227,597 $(2,172)$— $— $2,227,597 $(2,172)
GSE and TVA debentures60,961 (135)— — 60,961 (135)
GSE multifamily MBS762,267 (4,621)2,569,237 (23,048)3,331,504 (27,669)
Total impaired AFS securities$3,050,825 $(6,928)$2,569,237 $(23,048)$5,620,062 $(29,976)
Schedule of Realized Gain (Loss) The following table presents our proceeds from, and gross gains and losses on, sales of AFS securities. All of the sales were for strategic and economic reasons. Gross gains and losses exclude swap termination fees received and were determined by the specific identification method.
Three Months Ended March 31,
20252024
Proceeds from sales$221,292 $— 
Gross gains on sales$2,704 $— 
Gross (losses) on sales— — 
Net gains on sales of AFS securities$2,704 $— 
HTM Securities by Major Security Type The following table presents our HTM securities by type of security.
March 31, 2025
GrossGross
UnrecognizedUnrecognizedEstimated
AmortizedHoldingHoldingFair
Security Type
Cost (1)
GainsLossesValue
Non-MBS:
State housing agency obligations$59,620 $416 $(759)$59,277 
MBS:
Other U.S. obligations - guaranteed single-family3,498,594 7,696 (18,932)3,487,358 
GSE single-family2,005,128 8,764 (26,954)1,986,938 
GSE multifamily540,240 — (3,468)536,772 
Total MBS6,043,962 16,460 (49,354)6,011,068 
Total HTM securities$6,103,582 $16,876 $(50,113)$6,070,345 
December 31, 2024
GrossGross
UnrecognizedUnrecognizedEstimated
AmortizedHoldingHoldingFair
Security Type
Cost (1)
GainsLossesValue
Non-MBS:
State housing agency obligations$47,735 $— $(2,107)$45,628 
MBS:
Other U.S. obligations - guaranteed single-family3,598,725 9,868 (19,107)3,589,486 
GSE single-family1,652,532 3,493 (31,998)1,624,027 
GSE multifamily540,385 — (2,734)537,651 
Total MBS5,791,642 13,361 (53,839)5,751,164 
Total HTM securities$5,839,377 $13,361 $(55,946)$5,796,792 

1    Carrying value equals amortized cost, which includes net unamortized premium at March 31, 2025 and December 31, 2024 of $13,959 and $15,905, respectively. Excludes accrued interest receivable at March 31, 2025 and December 31, 2024 of $10,757 and $10,508, respectively.
AFS Securities  
Debt and Equity Securities, FV-NI [Line Items]  
AFS Securities by Contractual Maturity The amortized cost and estimated fair value of our non-MBS AFS securities are presented below by contractual maturity. MBS are not presented by contractual maturity because their actual maturities will likely differ from their contractual maturities as borrowers have the right to prepay their obligations with or without prepayment fees.
March 31, 2025December 31, 2024
AmortizedEstimatedAmortizedEstimated
Year of Contractual MaturityCostFair ValueCostFair Value
Non-MBS:
Due in 1 year or less$258,468 $259,724 $143,724 $144,049 
Due after 1 year through 5 years6,684,231 6,702,704 6,733,016 6,749,255 
Due after 5 years through 10 years354,526 356,125 383,615 384,547 
Total non-MBS7,297,225 7,318,553 7,260,355 7,277,851 
Total MBS7,199,864 7,190,521 7,077,866 7,072,038 
Total AFS securities$14,497,089 $14,509,074 $14,338,221 $14,349,889