v3.25.2
Investment Debt Securities
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Investment Debt Securities
We classify investment debt securities as either trading, held-to-maturity (HTM), or available-for-sale (AFS). Our security disclosures within these classifications are disaggregated by major security types as shown below. Our major security types are based on the nature and risks of the security:

•U.S. Government & other government related - may consist of the sovereign debt of the United States; debt issued by GSEs; debt issued by the Tennessee Valley Authority; and securities guaranteed by the Small Business Administration (SBA).
•Federal Family Education Loan Program - asset-backed-securities (FFELP ABS).
•GSE mortgage-backed securities (MBS) - issued by Fannie Mae and Freddie Mac.
•Government guaranteed MBS.
•State or local housing agency obligations.

We have no allowance for credit losses on our investment debt securities and we have elected to exclude accrued interest receivable from the amortized cost in the following AFS and HTM tables. See Note 8 - Allowance for Credit Losses for further details on these amounts.

Pledged Collateral

We disclose the amount of investment debt securities pledged as collateral pertaining to our derivatives activity on our Condensed Statements of Condition. See Note 9 - Derivatives and Hedging Activities for further details.

Trading Debt Securities

The following table presents our trading debt securities by major security type at fair value.

As ofJune 30, 2025December 31, 2024
U.S. Government & other government related$4,214 $3,238 
MBS
GSE2 2 
Trading debt securities$4,216 $3,240 


The following table presents our gains and losses on trading debt securities recorded in Trading securities on our Condensed Statements of Income.

Three months ended June 30,Six months ended June 30,
2025202420252024
Net unrealized gains (losses) on securities held at period end$12 $(13)$30 $(11)
Net realized gains (losses) on securities sold/matured during the period1 16 7 16 
Net gains (losses) on trading debt securities$13 $3 $37 $5 
Available-for-Sale Debt Securities (AFS)

The following table presents the amortized cost and fair value of our AFS debt securities.

Amortized Cost Basis
a
Gross Unrealized Gains in AOCIGross Unrealized (Losses) in AOCINet Carrying Amount and Fair Value
As of June 30, 2025
U.S. Government & other government related$3,031 $13 $(85)$2,959 
State or local housing agency5 — — 5 
FFELP ABS1,438 40 (3)1,475 
MBS
GSE22,125 105 (116)22,114 
Government guaranteed414 1 (1)414 
Available-for-sale debt securities$27,013 $159 $(205)$26,967 
As of December 31, 2024
U.S. Government & other government related$2,736 $4 $(129)$2,611 
State or local housing agency5 — — 5 
FFELP ABS1,510 45 (2)1,553 
MBS
GSE20,360 137 (88)20,409 
Government guaranteed76 — — 76 
Available-for-sale debt securities$24,687 $186 $(219)$24,654 
a    Includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments.

We had no sales of AFS debt securities for the periods presented. Any gains or losses are determined on a specific identification basis.
Held-to-Maturity Debt Securities (HTM)

The following table presents the amortized cost, carrying amount, and fair value of our HTM debt securities.

Amortized Cost and Net Carrying Amount
a
Gross Unrecognized Holding GainsGross Unrecognized Holding (Losses)Fair Value
As of June 30, 2025
U.S. Government & other government related$1,259 $2 $(3)$1,258 
MBS
GSE104 2 — 106 
Government guaranteed4 — — 4 
Other4 — — 4 
Held-to-maturity debt securities$1,371 $4 $(3)$1,372 
As of December 31, 2024
U.S. Government & other government related$1,538 $2 $(7)$1,533 
MBS
GSE115 1 — 116 
Government guaranteed8 — — 8 
Other5 — — 5 
Held-to-maturity debt securities$1,666 $3 $(7)$1,662 
a    Includes adjustments made to the cost basis of an investment for accretion, and/or amortization.

We had no sales of HTM debt securities for the periods presented. Any gains or losses are determined on a specific identification basis.
Contractual Maturity

The maturity of our AFS and HTM debt securities is detailed in the following table. MBS and FFELP ABS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

Available-for-SaleHeld-to-Maturity
As of June 30, 2025Amortized Cost BasisNet Carrying Amount and Fair ValueAmortized Cost and Net Carrying AmountFair Value
Other debt securities
Due in one year or less$498 $497 $1,034 $1,035 
Due after one year through five years824 814 48 47 
Due after five years through ten years347 351 158 157 
Due after ten years1,367 1,302 19 19 
MBS and FFELP ABS23,977 24,003 112 114 
Total debt securities$27,013 $26,967 $1,371 $1,372 
As of December 31, 2024
Other debt securities
Due in one year or less$491 $490 $1,362 $1,363 
Due after one year through five years630 628 35 34 
Due after five years through ten years493 471 141 136 
Due after ten years1,127 1,027 — — 
MBS and FFELP ABS21,946 22,038 128 129 
Total debt securities$24,687 $24,654 $1,666 $1,662 
AFS Securities in a Continuous Unrealized Loss Position

The following table presents unrealized losses on our AFS portfolio for periods less than 12 months and for 12 months or more. These losses are considered temporary as we expect to recover the entire amortized cost basis and neither intend to sell these securities nor consider it more likely than not that we will be required to sell these securities before the anticipated recovery of each security’s remaining amortized cost basis. In the tables below, in cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported.

Less than 12 Months12 Months or MoreTotal
Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)
Available-for-sale debt securities
As of June 30, 2025
U.S. Government & other government related$377 $(1)$1,261 $(84)$1,638 $(85)
State or local housing agency— — 5 — 5 — 
FFELP ABS— — 249 (3)249 (3)
MBS
GSE4,308 (19)5,415 (97)9,723 (116)
Government guaranteed272 (1)3 — 275 (1)
Available-for-sale debt securities$4,957 $(21)$6,933 $(184)$11,890 $(205)
As of December 31, 2024
U.S. Government & other government related$625 $(12)$1,291 $(117)$1,916 $(129)
State or local housing agency— — 5 — 5 — 
FFELP ABS— — 258 (2)258 (2)
MBS
GSE2,544 (9)4,565 (79)7,109 (88)
Government guaranteed49 — 3 — 52 — 
Available-for-sale debt securities$3,218 $(21)$6,122 $(198)$9,340 $(219)

Credit Loss Analysis

We recognized no credit losses on HTM or AFS debt securities for the periods presented.