v3.25.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Trading Securities The following table presents the fair value of trading securities by major security type at September 30, 2025 and December 31, 2024.
(in thousands)September 30, 2025December 31, 2024
GSE obligations$119,169 $149,153 
Net Gains (Losses) on Trading Securities
The following table presents net gains (losses) on trading securities for the three and nine months ended September 30, 2025 and 2024.
Three months ended September 30,Nine months ended September 30,
(in thousands)2025202420252024
Net unrealized gains (losses) on trading securities held at period-end
$606 $4,165 $3,203 $2,787 
Net gains (losses) on trading securities sold/matured during the period22 138 128 492 
Net gains (losses) on trading securities$628 $4,303 $3,331 $3,279 
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] The following tables presents AFS securities by major security type at September 30, 2025 and December 31, 2024.
 September 30, 2025
(in thousands)
Amortized Cost (1)
Allowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Non-MBS:     
U.S. Treasury obligations$3,950,955 $— $3,720 $(1,922)$3,952,753 
GSE and TVA obligations
847,827 — 15,815 (1,156)862,486 
State or local agency obligations181,085 — 11 (9,095)172,001 
Total non-MBS$4,979,867 $— $19,546 $(12,173)$4,987,240 
MBS:     
U.S. obligations single-family$1,407,829 $— $1,916 $(8,485)$1,401,260 
GSE single-family 4,993,695 — 4,822 (40,158)4,958,359 
GSE multifamily 6,360,106 — 28,194 (8,032)6,380,268 
Private label 118,540 (15,898)4,366 (1,841)105,167 
Total MBS$12,880,170 $(15,898)$39,298 $(58,516)$12,845,054 
Total AFS securities$17,860,037 $(15,898)$58,844 $(70,689)$17,832,294 
 December 31, 2024
(in thousands)
Amortized Cost (1)
Allowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Non-MBS:
U.S. Treasury obligations$4,112,393 $— $4,283 $(3,721)$4,112,955 
GSE and TVA obligations
890,230 — 18,885 (1,991)907,124 
State or local agency obligations182,220 — — (12,884)169,336 
Total non-MBS$5,184,843 $— $23,168 $(18,596)$5,189,415 
MBS:    
U.S. obligations single-family $1,720,328 $— $4,404 $(12,348)$1,712,384 
GSE single-family 4,634,380 — 5,162 (41,657)4,597,885 
GSE multifamily 6,543,485 — 19,372 (12,193)6,550,664 
Private label 124,140 (14,160)5,235 (1,720)113,495 
Total MBS$13,022,333 $(14,160)$34,173 $(67,918)$12,974,428 
Total AFS securities$18,207,176 $(14,160)$57,341 $(86,514)$18,163,843 
Note:
(1) Includes adjustments made to the cost basis of investments for accretion, amortization and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $57.5 million at September 30, 2025 and $55.0 million at December 31, 2024.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block]
The following tables summarize the AFS securities with gross unrealized losses as of September 30, 2025 and December 31, 2024. The gross unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position.
 September 30, 2025
 Less than 12 MonthsGreater than 12 MonthsTotal
(in thousands)Fair ValueGross
Unrealized Losses		Fair ValueGross
Unrealized Losses		Fair ValueGross
Unrealized Losses
Non-MBS:      
U.S. Treasury obligations$937,084 $(655)$278,618 $(1,267)$1,215,702 $(1,922)
GSE and TVA obligations— — 26,492 (1,156)26,492 (1,156)
State or local agency obligations— — 154,095 (9,095)154,095 (9,095)
Total non-MBS$937,084 $(655)$459,205 $(11,518)$1,396,289 $(12,173)
MBS:      
U.S. obligations single-family$281,171 $(424)$674,087 $(8,061)$955,258 $(8,485)
GSE single-family 2,987,199 (8,886)1,362,911 (31,272)4,350,110 (40,158)
GSE multifamily 585,631 (509)2,085,780 (7,523)2,671,411 (8,032)
Private label — — 23,981 (1,841)23,981 (1,841)
Total MBS$3,854,001 $(9,819)$4,146,759 $(48,697)$8,000,760 $(58,516)
Total$4,791,085 $(10,474)$4,605,964 $(60,215)$9,397,049 $(70,689)
 December 31, 2024
 Less than 12 MonthsGreater than 12 MonthsTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross
Unrealized Losses		Fair ValueGross
Unrealized Losses
Non-MBS:
U.S. Treasury obligations$874,903 $(1,629)$71,918 $(2,092)$946,821 $(3,721)
GSE and TVA obligations
3,812 (38)25,756 (1,953)29,568 (1,991)
State or local agency obligations15,399 (432)145,948 (12,452)161,347 (12,884)
Total non-MBS$894,114 $(2,099)$243,622 $(16,497)$1,137,736 $(18,596)
MBS:
U.S. obligations single-family $146,724 $(161)$775,551 $(12,187)$922,275 $(12,348)
GSE single-family 1,283,490 (2,825)1,326,685 (38,832)2,610,175 (41,657)
GSE multifamily 889,299 (2,461)2,380,004 (9,732)3,269,303 (12,193)
Private label — — 32,890 (1,720)32,890 (1,720)
Total MBS$2,319,513 $(5,447)$4,515,130 $(62,471)$6,834,643 $(67,918)
Total$3,213,627 $(7,546)$4,758,752 $(78,968)$7,972,379 $(86,514)
Proceeds from Sales and Gross Gains and Losses on AFS Securities The following table provides a summary of proceeds, gross gains and losses on sales of AFS securities for the three and nine months ended September 30, 2025 and September 30, 2024
Three months ended September 30,
Nine months ended September 30,
(in thousands)2025202420252024
Proceeds from sales of AFS securities$— $— $346,659 $— 
Gross gains on AFS securities$— $— $417 $— 
      Net realized gains(losses) from sales of AFS securities$— $— $417 $— 
Investments Classified by Contractual Maturity Date [Table Text Block] The amortized cost and fair value of AFS securities by contractual maturity as of September 30, 2025 and December 31, 2024 are presented below. Expected maturities of some securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. MBS are not presented by contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.
(in thousands)September 30, 2025December 31, 2024
Year of MaturityAmortized CostFair ValueAmortized CostFair Value
Non-MBS:
Due in one year or less$1,005,160 $1,005,966 $464,286 $464,603 
Due after one year through five years3,370,729 3,381,930 3,894,415 3,904,699 
Due after five years through ten years511,058 513,400 732,897 735,194 
Due after ten years92,920 85,944 93,245 84,919 
Total non-MBS4,979,867 4,987,240 5,184,843 5,189,415 
MBS12,880,170 12,845,054 13,022,333 12,974,428 
Total AFS securities$17,860,037 $17,832,294 $18,207,176 $18,163,843 
Debt Securities, Held-to-maturity [Table Text Block] The following table presents HTM securities by major security type at September 30, 2025 and December 31, 2024.
 September 30, 2025
(in thousands)
Amortized Cost (1)
Gross Unrealized Holding GainsGross Unrealized Holding LossesFair Value
MBS:   
U.S. obligations single-family $519,803 $3,510 $(2,716)$520,597 
GSE single-family 431,872 1,511 (47,549)385,834 
GSE multifamily 239,018 — (1,356)237,662 
Private label 30,668 7 (1,374)29,301 
Total MBS$1,221,361 $5,028 $(52,995)$1,173,394 
Total HTM securities$1,221,361 $5,028 $(52,995)$1,173,394 
 December 31, 2024
(in thousands)
Amortized Cost (1)
Gross Unrealized Holding GainsGross Unrealized Holding LossesFair Value
MBS:   
U.S. obligations single-family $635,986 $1,416 $(9,814)$627,588 
GSE single-family 382,388 771 (61,929)321,230 
GSE multifamily 243,913 — (8,059)235,854 
Private label 36,521 — (1,801)34,720 
Total MBS$1,298,808 $2,187 $(81,603)$1,219,392 
Total HTM securities$1,298,808 $2,187 $(81,603)$1,219,392 
Note:
(1) Includes adjustments made to the cost basis of investments for accretion and amortization and excludes accrued interest receivable of $4.3 million at September 30, 2025 and $4.5 million at December 31, 2024.
Schedule of Interest Rate Payment Terms For Investments [Table Text Block] The following table details interest payment terms at September 30, 2025 and December 31, 2024.
(in thousands)September 30, 2025December 31, 2024
Amortized cost of AFS non-MBS:  
 Fixed-rate
$4,979,867 $5,184,843 
Total non-MBS$4,979,867 $5,184,843 
Amortized cost of AFS MBS:  
Fixed-rate$4,773,434 $4,399,681 
Variable-rate8,106,736 8,622,652 
Total MBS$12,880,170 $13,022,333 
Total amortized cost of AFS securities$17,860,037 $18,207,176 

Realized Gains (Losses) on AFS Securities. The following table provides a summary of proceeds, gross gains and losses on sales of AFS securities for the three and nine months ended September 30, 2025 and September 30, 2024

Three months ended September 30,
Nine months ended September 30,
(in thousands)2025202420252024
Proceeds from sales of AFS securities$— $— $346,659 $— 
Gross gains on AFS securities$— $— $417 $— 
      Net realized gains(losses) from sales of AFS securities$— $— $417 $— 
The following table details interest rate payment terms at September 30, 2025 and December 31, 2024.
(in thousands)September 30, 2025December 31, 2024
Amortized cost of HTM MBS:  
Fixed-rate
$1,145,145 $1,208,978 
Variable-rate
76,216 89,830 
Total MBS$1,221,361 $1,298,808 
Total HTM securities$1,221,361 $1,298,808 
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]
The following table presents a rollforward of the ACL on AFS securities for the three and nine months ended September 30, 2025 and 2024.
Private label MBS
Three months ended September 30,
Nine months ended September 30,
(in thousands)2025202420252024
Balance, beginning of period$15,653 $13,938 $14,160 $11,988 
Increases (decreases) for securities with a previous ACL or OTTI recorded
245 (889)1,738 1,061 
Balance, end of period$15,898 $13,049 $15,898 $13,049