Investment Securities (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Table - Investment Securities |
The table below summarizes the fair values of our investments in debt securities by classification. Table 6.1 - Investment Securities | | | | | | | | | | | | | (In millions) | | September 30, 2025 | December 31, 2024 | | Trading securities | | $80,214 | | $51,872 | | | Available-for-sale securities | | 3,641 | | 3,899 | | | Total fair value of investment securities | | $83,855 | | $55,771 | |
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| Table - Trading Securities |
The table below presents the fair values of our trading securities by major security type. Our non-mortgage-related securities primarily consist of investments in U.S. Treasury securities. Table 6.2 - Trading Securities | | | | | | | | | | | | | (In millions) | | September 30, 2025 | December 31, 2024 | | Mortgage-related securities | | $10,385 | | $9,158 | | | Non-mortgage-related securities | | 69,829 | | 42,714 | | | Total fair value of trading securities | | $80,214 | | $51,872 | |
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| Net Trading Gains (Losses) |
The table below provides details of our net trading gains (losses) recognized during the periods presented. Table 6.3 - Net Trading Gains (Losses) | | | | | | | | | | | | | | | | | | | (In millions) | | 3Q 2025 | 3Q 2024 | YTD 2025 | YTD 2024 | | Net trading gains (losses) | | $63 | | $993 | | $638 | | $794 | | | Less: Net trading gains (losses) on securities sold | | 42 | | 238 | | 62 | | 131 | | | Net trading gains (losses) related to securities still held at period end | | $21 | | $755 | | $576 | | $663 | |
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| Table - Available-For-Sale Securities |
The table below provides details of the securities classified as available-for-sale on our condensed consolidated balance sheets. Table 6.4 - Available-for-Sale Securities | | | | | | | | | | | | | | | | | | | | | | | September 30, 2025 | | | Amortized
Cost
Basis | Gross Unrealized Gains in Other Comprehensive Income | Gross Unrealized
Losses in Other Comprehensive Income | Fair Value | Accrued Interest Receivable | | (In millions) | | | Agency mortgage-related securities | | $3,053 | | $13 | | ($49) | | $3,017 | | $6 | | | Other mortgage-related securities | | 430 | | 210 | | (16) | | 624 | | 4 | | | Total available-for-sale securities | | $3,483 | | $223 | | ($65) | | $3,641 | | $10 | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Amortized
Cost
Basis | Gross Unrealized Gains in Other Comprehensive Income | Gross Unrealized
Losses in Other Comprehensive Income | Fair Value | Accrued Interest Receivable | | (In millions) | | | Agency mortgage-related securities | | $3,528 | | $4 | | ($100) | | $3,432 | | $7 | | | Other mortgage-related securities | | 287 | | 194 | | (14) | | 467 | | 3 | | | Total available-for-sale securities | | $3,815 | | $198 | | ($114) | | $3,899 | | $10 | |
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| Table - Available-For-Sale Securities in a Gross Unrealized Loss Position |
The table below presents available-for-sale securities in a gross unrealized loss position and whether such securities have been in an unrealized loss position for less than 12 months, or 12 months or greater. Table 6.5 - Available-for-Sale Securities in a Gross Unrealized Loss Position | | | | | | | | | | | | | | | | | | | | | | | September 30, 2025 | | | Less than 12 Months | | 12 Months or Greater | | (In millions) | | Fair Value | Gross Unrealized Losses | | Fair Value | Gross Unrealized Losses | | Agency mortgage-related securities | | $73 | | $— | | | $1,973 | | ($49) | | | Other mortgage-related securities | | 20 | | — | | | 32 | | (16) | | | Total available-for-sale securities in a gross unrealized loss position | | $93 | | $— | | | $2,005 | | ($65) | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Less than 12 Months | | 12 Months or Greater | | (In millions) | | Fair Value | Gross Unrealized Losses | | Fair Value | Gross Unrealized Losses | | Agency mortgage-related securities | | $448 | | ($6) | | | $2,198 | | ($95) | | | Other mortgage-related securities | | 33 | | — | | | 31 | | (13) | | | Total available-for-sale securities in a gross unrealized loss position | | $481 | | ($6) | | | $2,229 | | ($108) | |
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| Table - Gross Realized Gains and Gross Realized Losses on Sales of Available-For-Sale Securities |
The table below summarizes the total proceeds, gross realized gains, and gross realized losses from sales of available-for-sale securities. Table 6.6 - Total Proceeds, Gross Realized Gains, and Gross Realized Losses from Sales of Available-for-Sale Securities | | | | | | | | | | | | | | | | | | | (In millions) | | 3Q 2025 | 3Q 2024 | YTD 2025 | YTD 2024 | | Gross realized gains | | $— | | $5 | | 1 | | $8 | | | Gross realized losses | | — | | — | | (1) | | (12) | | | Net realized gains (losses) | | $— | | $5 | | $— | | ($4) | | | Total proceeds | | $49 | | $260 | | $846 | | $1,097 | |
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