Investments in Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

The following table displays our investments in securities.


	As of
	March 31, 2026		December 31, 2025
Trading securities:	(Dollars in millions)




Mortgage-related securities(1) (includes $910 million and $522 million, respectively, related to consolidated trusts)	$	18,672	$	14,291
Non-mortgage-related securities(2)	44,424		55,223
Total trading securities	63,096		69,514
Available-for-sale securities:
Mortgage-related securities(1) (amortized cost of $546 million and $400 million, respectively)	518		375
Non-mortgage-related securities(2) (amortized cost of $12 billion and $0, respectively)	11,906		—
Total available-for-sale securities	12,424		375
Total investments in securities	$	75,520	$	69,889

(1)Primarily consists of Fannie Mae, Freddie Mac, and Ginnie Mae mortgage-related securities.

(2)Consists of U.S. Treasury securities.

Schedule of Trading Securities Gains (Losses), Net

The following table displays information about our net trading gains (losses).


	For the Three Months Ended March 31,
			2026		2025
		(Dollars in millions)
Net trading gains (losses)			$	(335)	$	654
Net trading gains (losses) recognized in the period related to securities still held at period end			(327)		619

Investments Classified by Contractual Maturity Date

The following table displays the amortized cost and fair value of our AFS securities by major security type and remaining contractual maturity, assuming no principal prepayments. The contractual maturity of mortgage-backed securities is not a reliable indicator of their expected life because borrowers generally have the right to prepay their obligations at any time. U.S. Treasury securities do not have prepayment risk, and their contractual maturities are indicative of their expected life.


	As of March 31, 2026
	Total Carrying Amount(1)			Total Fair Value		One Year or Less					After One Year Through Five Years					After Five Years Through Ten Years					After Ten Years
						Net Carrying Amount(1)			Fair Value		Net Carrying Amount(1)			Fair Value		Net Carrying Amount(1)			Fair Value		Net Carrying Amount(1)			Fair Value
	(Dollars in millions)
Mortgage-related securities	$	544		$	518	$	4		$	4	$	7		$	7	$	114		$	116	$	419		$	391
Non-mortgage-related securities	11,984			11,906		—			—		5,421			5,383		6,563			6,523		—			—
Total	$	12,528		$	12,424	$	4		$	4	$	5,428		$	5,390	$	6,677		$	6,639	$	419		$	391
Weighted-average interest rate (2)	3.79		%			5.71		%			3.70		%			3.67		%			6.11		%

(1)Net carrying amount consists of book value, net of allowance for credit losses on AFS debt securities.

(2)Weighted-average interest rate includes the effects of discounts, premiums and other cost basis adjustments.