v3.26.1
Available-for-Sale Securities
 3 Months Ended
Mar. 31, 2026
Debt Securities, Available-for-Sale [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Available-for-Sale Securities
Major Security Types. Available-for-sale securities as of March 31, 2026 were as follows (in thousands):
Amortized
Cost		Gross
 Unrealized
 Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
GSE debentures$1,404,032 $6,489 $— $1,410,521 
GSE commercial MBS17,341,680 180,052 3,422 17,518,310 
Total$18,745,712 $186,541 $3,422 $18,928,831 

Available-for-sale securities as of December 31, 2025 were as follows (in thousands):
Amortized
Cost		Gross
 Unrealized
 Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
GSE debentures$1,489,642 $9,189 $— $1,498,831 
GSE commercial MBS
17,635,403 176,702 2,744 17,809,361 
Total$19,125,045 $185,891 $2,744 $19,308,192 

In the tables above, the amortized cost of the Bank's available-for-sale securities includes premiums, discounts and hedging adjustments. Amortized cost excludes accrued interest of $71,114,000 and $66,897,000 at March 31, 2026 and December 31, 2025, respectively. Included in the balance as of December 31, 2025 are GSE commercial MBS ("CMBS") that were purchased but which had not yet settled as of that date. The aggregate amount due of $818,975,000 is included in other liabilities on the statement of condition at December 31, 2025.
The following table summarizes (in thousands) the available-for-sale securities with unrealized losses (all of which were GSE CMBS) as of March 31, 2026 and December 31, 2025. The unrealized losses are aggregated by length of time that individual securities have been in a continuous loss position.
 Less than 12 Months12 Months or MoreTotal
Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
March 31, 2026$673,894 $1,400 $127,776 $2,022 $801,670 $3,422 
December 31, 2025$207,012 $636 $88,049 $2,108 $295,061 $2,744 

Redemption Terms. The amortized cost and estimated fair value of available-for-sale securities by contractual maturity at March 31, 2026 and December 31, 2025 are presented below (in thousands).
 March 31, 2026December 31, 2025
MaturityAmortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Debentures
Due in one year or less$1,113,659 $1,115,739 $1,035,186 $1,037,965 
Due after one year through five years290,373 294,782 440,776 446,564 
Due after five years through ten years— — 13,680 14,302 
1,404,032 1,410,521 1,489,642 1,498,831 
GSE CMBS17,341,680 17,518,310 17,635,403 17,809,361 
Total$18,745,712 $18,928,831 $19,125,045 $19,308,192 
Interest Rate Payment Terms. At March 31, 2026 and December 31, 2025, all of the Bank's available-for-sale securities were fixed rate securities, substantially all of which were swapped to a variable rate.
Sales of Securities. There were no sales of available-for-sale securities during the three months ended March 31, 2026 or 2025.