v3.26.1
Investment Securities
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
NOTE 3—INVESTMENT SECURITIES
Our investment securities portfolio consists of the following: U.S. GSE or Agency and non-agency RMBS, agency CMBS, U.S. Treasury securities and other securities. Agency securities include securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”) and securities issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The carrying value of our investments in Agency and U.S. Treasury securities represented 96% and 97% of our total investment securities portfolio as of March 31, 2026 and December 31, 2025, respectively.
The table below presents the amortized cost basis, allowance for credit losses, gross unrealized gains and losses and fair value of our investment securities aggregated by major security type as of March 31, 2026 and December 31, 2025. Accrued interest receivable of $306 million and $327 million as of March 31, 2026 and December 31, 2025, respectively, is not included in the table below.
Table 3.1: Investment Securities
March 31, 2026
(Dollars in millions)
Amortized
Cost Basis
Allowance
 for Credit
 Losses		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Investment securities available for sale:
U.S. Treasury securities$8,954 $0 $18 $(6)$8,966 
RMBS:
Agency75,708 0 222 (6,883)69,047 
Non-agency515 (3)57 (3)566 
Total RMBS76,223 (3)279 (6,886)69,613 
Agency CMBS7,785 0 30 (344)7,471 
Other securities(1)
4,574 0 3 (7)4,570 
Total investment securities available for sale$97,536 $(3)$330 $(7,243)$90,620 
Investment securities held to maturity:
Agency RMBS$1,299 $0 $1 $(9)$1,291 
U.S. Treasury securities395 0 — (2)393 
Total investment securities held to maturity$1,694 $0 $1 $(11)$1,684 
 December 31, 2025
(Dollars in millions)
Amortized
Cost Basis
Allowance
 for Credit
 Losses		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Investment securities available for sale:
U.S. Treasury securities$9,958 $0 $55 $0 $10,013 
RMBS:
Agency75,561 0 322 (6,742)69,141 
Non-agency525 (3)67 (2)587 
Total RMBS76,086 (3)389 (6,744)69,728 
Agency CMBS8,201 0 35 (344)7,892 
Other securities(1)
3,411 0 7 0 3,418 
Total investment securities available for sale$97,656 $(3)$486 $(7,088)$91,051 
__________
(1)Includes $2.4 billion and $1.9 billion of asset-backed securities (“ABS”) as of March 31, 2026 and December 31, 2025, respectively. The remaining amount is primarily comprised of supranational bonds, foreign government bonds and U.S. agency debt bonds.
Investment Securities Available for Sale in a Gross Unrealized Loss Position
The table below provides the gross unrealized losses and fair value of our investment securities available for sale aggregated by major security type and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2026 and December 31, 2025. The amounts include investment securities available for sale without an allowance for credit losses.
Table 3.2: Investment Securities Available for Sale in a Gross Unrealized Loss Position
March 31, 2026
Less than 12 Months12 Months or LongerTotal
(Dollars in millions)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
Investment securities available for sale without an allowance for credit losses:
U.S. Treasury securities$3,427 $(6)$0 $0 $3,427 $(6)
RMBS:
Agency8,104 (89)43,105 (6,794)51,209 (6,883)
Non-agency5 0 6 0 11 0 
Total RMBS8,109 (89)43,111 (6,794)51,220 (6,883)
Agency CMBS725 (5)4,444 (339)5,169 (344)
Other securities2,572 (7)0 0 2,572 (7)
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)
$14,833 $(107)$47,555 $(7,133)$62,388 $(7,240)
December 31, 2025
Less than 12 Months12 Months or LongerTotal
(Dollars in millions)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
Investment securities available for sale without an allowance for credit losses:
U.S. Treasury securities$0 $0 $588 $0 $588 $0 
RMBS:
Agency1,063 (4)46,859 (6,738)47,922 (6,742)
Non-agency2 0 4 0 6 0 
Total RMBS1,065 (4)46,863 (6,738)47,928 (6,742)
Agency CMBS698 (2)4,795 (342)5,493 (344)
Other securities425 0 0 0 425 0 
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)
$2,188 $(6)$52,246 $(7,080)$54,434 $(7,086)
__________
(1)    Consists of approximately 2,390 and 2,270 securities in gross unrealized loss positions as of March 31, 2026 and December 31, 2025, respectively.
Maturities and Yields of Investment Securities
The table below summarizes, as of March 31, 2026, the fair value of our investment securities by major security type and contractual maturity as well as the total fair value, amortized cost basis and weighted-average yields of our investment securities by contractual maturity. Since borrowers may have the right to call or prepay certain obligations, the expected maturities of our securities are likely to differ from the scheduled contractual maturities presented below. The weighted-average
yield below represents the effective yield for the investment securities presented on a pre-tax basis and is calculated based on the amortized cost basis of each security, inclusive of the contractual coupon, the impact of any premium amortization or discount accretion and any basis adjustments resulting from discontinued hedge accounting relationships. The effective yield is calculated to the contractural maturity or to the earliest call date for certain callable debt securities.
Table 3.3: Contractual Maturities and Weighted-Average Yields of Investment Securities
March 31, 2026
(Dollars in millions)Due in
1 Year or Less		Due > 1 Year
through
5 Years		Due > 5 Years
through
10 Years		Due > 10 YearsTotal
Fair value of investment securities available for sale:
U.S. Treasury securities$1,241$2,539$5,186$0$8,966
RMBS(1):
Agency71491,10467,78769,047
Non-agency0052514566
Total RMBS71491,15668,30169,613
Agency CMBS(1)
5363,0202,2391,6767,471
Other securities4344,0440924,570
Total investment securities available for sale$2,218$9,752$8,581$70,069$90,620
Amortized cost basis of investment securities available for sale$2,221$9,832$8,756$76,727$97,536
Weighted-average yield for investment securities available for sale3.36%3.58%3.66%3.54%3.55%
Amortized cost basis of investment securities held to maturity:
Agency RMBS(1)
0001,2991,299
U.S. Treasury securities
003950395
Total investment securities held to maturity$0$0$395$1,299$1,694
Fair value of investment securities held to maturity$0$0$393$1,291$1,684
Weighted-average yield for investment securities held to maturity0.00%0.00%4.09%3.92%3.96%
__________
(1)As of March 31, 2026, the weighted-average expected maturities of RMBS and Agency CMBS were 7.6 years and 4.5 years, respectively.
Net Securities Gains or Losses and Proceeds from Sales
For the three months ended March 31, 2026, total proceeds from the sale of investment securities available for sale were $68 million with immaterial gains. We had no sale of investment securities for the three months ended March 31, 2025.
Securities Pledged and Received
We pledged investment securities with a carrying value totaling $39.4 billion and $39.7 billion as of March 31, 2026 and December 31, 2025, respectively. These securities are primarily pledged to support our advances from the Federal Home Loan Bank (“FHLB”) and Public Fund Deposits, as well as for other purposes as required or permitted by law. We accepted pledges of securities with a fair value of less than $1 million as of both March 31, 2026 and December 31, 2025, related to our derivative transactions.