v3.25.4
Investments in Securities
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments in Securities Investments in SecuritiesThe following table displays our investments in securities.
As of December 31,
2025
2024
(Dollars in millions)
Trading securities:
Mortgage-related securities (includes $522 million and $300 million, respectively, related to
consolidated trusts)
$14,291
$1,098
Non-mortgage-related securities
55,223
77,630
Total trading securities
69,514
78,728
Available-for-sale securities (amortized cost of $400 million and $487 million, respectively)
375
469
Total investments in securities
$69,889
$79,197
The following table displays information about our net trading gains (losses).
For the Year Ended December 31,
2025
2024
2023
(Dollars in millions)
Net trading gains (losses)
$1,482
$570
$1,006
Net trading gains (losses) recognized in the period related to securities still
held at period end
1,090
367
1,041
There were no significant gross unrealized gains or losses on our AFS investment portfolio as of December 31, 2025 or
2024. Additionally, the allowance for credit losses on our AFS investment portfolio was not significant as of December
31, 2025 or 2024.
There were no sales of AFS securities during the years ended December 31, 2025, 2024, or 2023.