v3.26.1
Investments in Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments in Trading Securities The following table displays our investments in securities.
As of
June 30, 2026December 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 securities55,895 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 securities38,874 375 
Total investments in securities$94,769 $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 June 30,For the Six Months Ended June 30,
2026202520262025
(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 
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 June 30, 2026
Total Carrying Amount(1)
Total
Fair
Value		One Year or LessAfter One Year Through Five YearsAfter Five Years Through Ten YearsAfter 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 %
(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.