v3.25.4
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Mortgage and mortgage-related assets $ 4,293 $ 5,060
Allowance for loan losses and basis in acquired property, net 1,621 1,392
Derivative instruments 160 291
Partnership and other equity investments 1 9
Interest-only securities 3,901 3,982
Other, net 531 749
Total deferred tax assets 10,507 11,483
Deferred tax liabilities:    
Debt instruments 561 811
Valuation allowance (118) (127)
Deferred tax assets, net $ 9,828 $ 10,545