We classify and account for our investments in securities as either trading or available-for-sale (“AFS”). See “Note 1, Summary of Significant Accounting Policies” in our 2025 Form 10-K for additional information on our accounting policies regarding our investments in securities. The following table displays our investments in securities.


	As of
	June 30, 2026		December 31, 2025
Trading securities:	(Dollars in millions)




Mortgage-related securities (includes $1.2 billion and $522 million, respectively, related to consolidated trusts)(1)	$	16,216	$	14,291
Non-mortgage-related securities(2)	39,679		55,223
Total trading securities	55,895		69,514
Available-for-sale securities:
Mortgage-related securities (amortized cost of $640 million and $400 million, respectively)(1)	609		375
Non-mortgage-related securities (amortized cost of $38.5 billion and $0, respectively)(2)	38,265		—
Total available-for-sale securities	38,874		375
Total investments in securities	$	94,769	$	69,889


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Net trading gains (losses)	$	(163)	$	329	$	(498)	$	983
Net trading gains (losses) recognized in the period related to securities still held at period end	(195)		306		(498)		887

Net unrealized losses on our AFS investment portfolio recorded in accumulated other comprehensive income (loss) were $294 million and $23 million as of June 30, 2026 and December 31, 2025, respectively. The allowance for credit losses on our AFS investment portfolio was not significant as of June 30, 2026 or December 31, 2025.

For the three and six months ended June 30, 2026, we had $831 million and $4.1 billion in proceeds from sales of AFS securities, respectively, resulting in gross realized losses of $16 million and $25 million, respectively. There were no sales of AFS securities during the three and six months ended June 30, 2025.

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 June 30, 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	$	639		$	609	$	4		$	4	$	7		$	6	$	108		$	109	$	520		$	490
Non-mortgage-related securities	38,530			38,265		—			—		28,679			28,507		9,851			9,758		—			—
Total	$	39,169		$	38,874	$	4		$	4	$	28,686		$	28,513	$	9,959		$	9,867	$	520		$	490
Weighted-average interest rate (2)	3.97		%			5.98		%			3.92		%			4.03		%			5.20		%