Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Trading Securities |
The following table presents the fair value of trading securities by major security type at June 30, 2026 and December 31, 2025. | | | | | | | | | | (in thousands) | June 30, 2026 | December 31, 2025 | | | | | GSE obligations | $ | 113,575 | | $ | 119,676 | | | | |
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| Net Gains (Losses) on Trading Securities |
The following table presents net gains (losses) on trading securities for the three and six months ended June 30, 2026 and 2025. | | | | | | | | | | | | | | | | Three months ended June 30, | Six months ended June 30, | | (in thousands) | 2026 | 2025 | 2026 | 2025 | Net unrealized gains (losses) on trading securities held at period-end | $ | (524) | | $ | 731 | | $ | (1,136) | | $ | 2,668 | | | Net gains (losses) on trading securities sold/matured during the period | — | | 9 | | (1) | | 35 | | | Net gains (losses) on trading securities | $ | (524) | | $ | 740 | | $ | (1,137) | | $ | 2,703 | |
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| Schedule of Available-for-sale Securities Reconciliation [Table Text Block] |
The following tables presents AFS securities by major security type at June 30, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (in thousands) | Amortized Cost (1) | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | | Non-MBS: | | | | | | | U.S. Treasury obligations | $ | 5,100,392 | | $ | — | | $ | 6,424 | | $ | (1,338) | | $ | 5,105,478 | | GSE and TVA obligations | 761,901 | | — | | 14,859 | | (1,195) | | 775,565 | | | State or local agency obligations | 182,560 | | — | | 5 | | (6,663) | | 175,902 | | | Total non-MBS | $ | 6,044,853 | | $ | — | | $ | 21,288 | | $ | (9,196) | | $ | 6,056,945 | | | MBS: | | | | | | | U.S. obligations single-family | $ | 1,449,716 | | $ | — | | $ | 3,103 | | $ | (5,401) | | $ | 1,447,418 | | | GSE single-family | 5,868,338 | | — | | 11,410 | | (27,194) | | 5,852,554 | | | GSE multifamily | 7,098,368 | | — | | 50,537 | | (5,499) | | 7,143,406 | | | Private label | 112,175 | | (18,959) | | 3,724 | | (1,335) | | 95,605 | | | Total MBS | $ | 14,528,597 | | $ | (18,959) | | $ | 68,774 | | $ | (39,429) | | $ | 14,538,983 | | | Total AFS securities | $ | 20,573,450 | | $ | (18,959) | | $ | 90,062 | | $ | (48,625) | | $ | 20,595,928 | |
| | | | | | | | | | | | | | | | | | | December 31, 2025 | | (in thousands) | Amortized Cost (1) | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | | Non-MBS: | | | | | | | U.S. Treasury obligations | $ | 4,902,802 | | $ | — | | $ | 9,749 | | $ | (271) | | $ | 4,912,280 | | GSE and TVA obligations | 817,747 | | — | | 17,326 | | (1,010) | | 834,063 | | | State or local agency obligations | 181,516 | | — | | 10 | | (6,693) | | 174,833 | | | Total non-MBS | $ | 5,902,065 | | $ | — | | $ | 27,085 | | $ | (7,974) | | $ | 5,921,176 | | | MBS: | | | | | | | U.S. obligations single-family | $ | 1,306,993 | | $ | — | | $ | 3,184 | | $ | (6,295) | | $ | 1,303,882 | | | GSE single-family | 4,568,337 | | — | | 6,899 | | (27,463) | | 4,547,773 | | | GSE multifamily | 6,278,534 | | — | | 40,233 | | (4,399) | | 6,314,368 | | | Private label | 115,432 | | (16,713) | | 4,626 | | (1,217) | | 102,128 | | | Total MBS | $ | 12,269,296 | | $ | (16,713) | | $ | 54,942 | | $ | (39,374) | | $ | 12,268,151 | | | Total AFS securities | $ | 18,171,361 | | $ | (16,713) | | $ | 82,027 | | $ | (47,348) | | $ | 18,189,327 | |
Note: (1) Includes adjustments made to the cost basis of investments for accretion, amortization and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $66.4 million at June 30, 2026 and $59.1 million at December 31, 2025.
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| Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] |
The following tables summarize the AFS securities with gross unrealized losses as of June 30, 2026 and December 31, 2025. The gross unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Less than 12 Months | Greater than 12 Months | Total | | (in thousands) | Fair Value | Gross
Unrealized Losses | Fair Value | Gross
Unrealized Losses | Fair Value | Gross
Unrealized Losses | | Non-MBS: | | | | | | | | U.S. Treasury obligations | $ | 1,120,020 | | $ | (1,338) | | $ | — | | $ | — | | $ | 1,120,020 | | $ | (1,338) | | | GSE and TVA obligations | 3,839 | | (11) | | 26,401 | | (1,184) | | 30,240 | | (1,195) | | | State or local agency obligations | 33,315 | | (435) | | 124,677 | | (6,228) | | 157,992 | | (6,663) | | | Total non-MBS | $ | 1,157,174 | | $ | (1,784) | | $ | 151,078 | | $ | (7,412) | | $ | 1,308,252 | | $ | (9,196) | | | MBS: | | | | | | | | U.S. obligations single-family | $ | 375,857 | | $ | (687) | | $ | 349,792 | | $ | (4,714) | | $ | 725,649 | | $ | (5,401) | | | GSE single-family | 2,004,523 | | (4,164) | | 1,031,102 | | (23,030) | | 3,035,625 | | (27,194) | | | GSE multifamily | 802,141 | | (1,812) | | 1,279,716 | | (3,687) | | 2,081,857 | | (5,499) | | | Private label | 8,225 | | (214) | | 22,748 | | (1,121) | | 30,973 | | (1,335) | | | Total MBS | $ | 3,190,746 | | $ | (6,877) | | $ | 2,683,358 | | $ | (32,552) | | $ | 5,874,104 | | $ | (39,429) | | | Total | $ | 4,347,920 | | $ | (8,661) | | $ | 2,834,436 | | $ | (39,964) | | $ | 7,182,356 | | $ | (48,625) | |
| | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Less than 12 Months | Greater than 12 Months | Total | | (in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross
Unrealized Losses | Fair Value | Gross
Unrealized Losses | | Non-MBS: | | | | | | | | U.S. Treasury obligations | $ | 402,742 | | $ | (39) | | $ | 49,589 | | $ | (232) | | $ | 452,331 | | $ | (271) | | GSE and TVA obligations | — | | — | | 26,616 | | (1,010) | | 26,616 | | (1,010) | | | State or local agency obligations | 594 | | (6) | | 154,103 | | (6,687) | | 154,697 | | (6,693) | | | Total non-MBS | $ | 403,336 | | $ | (45) | | $ | 230,308 | | $ | (7,929) | | $ | 633,644 | | $ | (7,974) | | | MBS: | | | | | | | | U.S. obligations single-family | $ | 118,520 | | $ | (162) | | $ | 616,484 | | $ | (6,133) | | $ | 735,004 | | $ | (6,295) | | | GSE single-family | 1,066,790 | | (1,336) | | 1,264,868 | | (26,127) | | 2,331,658 | | (27,463) | | | GSE multifamily | 163,121 | | (200) | | 1,709,961 | | (4,199) | | 1,873,082 | | (4,399) | | | Private label | 1,858 | | (26) | | 24,089 | | (1,191) | | 25,947 | | (1,217) | | | Total MBS | $ | 1,350,289 | | $ | (1,724) | | $ | 3,615,402 | | $ | (37,650) | | $ | 4,965,691 | | $ | (39,374) | | | Total | $ | 1,753,625 | | $ | (1,769) | | $ | 3,845,710 | | $ | (45,579) | | $ | 5,599,335 | | $ | (47,348) | |
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| Proceeds from Sales and Gross Gains and Losses on AFS Securities |
The following table provides a summary of proceeds, gross gains and losses on sales of AFS securities for the three and six months ended June 30, 2026 and June 30, 2025. | | | | | | | | | | | | | | | | Three months ended June 30, | Six months ended June 30, | | (in thousands) | 2026 | 2025 | 2026 | 2025 | | Proceeds from sales of AFS securities | $ | — | | $ | — | | $ | — | | $ | 346,659 | | | Gross gains on AFS securities | $ | — | | | $ | — | | $ | 417 | | | | | | | | Net realized gains(losses) from sales of AFS securities | $ | — | | $ | — | | $ | — | | $ | 417 | |
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| Investments Classified by Contractual Maturity Date [Table Text Block] |
The amortized cost and fair value of AFS securities by contractual maturity as of June 30, 2026 and December 31, 2025 are presented below. Expected maturities of some securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. MBS are not presented by contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. | | | | | | | | | | | | | | | | (in thousands) | June 30, 2026 | December 31, 2025 | | Year of Maturity | Amortized Cost | Fair Value | Amortized Cost | Fair Value | | Non-MBS: | | | | | | Due in one year or less | $ | 445,503 | | $ | 446,522 | | $ | 488,836 | | $ | 489,345 | | | Due after one year through five years | 4,640,068 | | 4,655,988 | | 4,349,934 | | 4,368,488 | | | Due after five years through ten years | 877,582 | | 877,274 | | 984,185 | | 988,832 | | | Due after ten years | 81,700 | | 77,161 | | 79,110 | | 74,511 | | | Total non-MBS | 6,044,853 | | 6,056,945 | | 5,902,065 | | 5,921,176 | | | MBS | 14,528,597 | | 14,538,983 | | 12,269,296 | | 12,268,151 | | | Total AFS securities | $ | 20,573,450 | | $ | 20,595,928 | | $ | 18,171,361 | | $ | 18,189,327 | |
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| Debt Securities, Held-to-maturity [Table Text Block] |
The following table presents HTM securities by major security type at June 30, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | June 30, 2026 | | (in thousands) | Amortized Cost (1) | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | | | | | | | | | | | | | | | | | | | | | | MBS: | | | | | | U.S. obligations single-family | $ | 389,709 | | $ | 1,135 | | $ | (3,281) | | $ | 387,563 | | | GSE single-family | 358,902 | | 452 | | (45,369) | | 313,985 | | | GSE multifamily | 238,129 | | — | | (3,524) | | 234,605 | | | Private label | 27,045 | | 27 | | (1,232) | | 25,840 | | | Total MBS | $ | 1,013,785 | | $ | 1,614 | | $ | (53,406) | | $ | 961,993 | | | Total HTM securities | $ | 1,013,785 | | $ | 1,614 | | $ | (53,406) | | $ | 961,993 | |
| | | | | | | | | | | | | | | | December 31, 2025 | | (in thousands) | Amortized Cost (1) | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | | | | | | | | | | | | | | | | | | | | | | MBS: | | | | | | U.S. obligations single-family | $ | 470,133 | | $ | 3,951 | | $ | (2,219) | | $ | 471,865 | | | GSE single-family | 405,197 | | 1,257 | | (45,065) | | 361,389 | | | GSE multifamily | 238,829 | | — | | (798) | | 238,031 | | | Private label | 29,546 | | 21 | | (1,253) | | 28,314 | | | Total MBS | $ | 1,143,705 | | $ | 5,229 | | $ | (49,335) | | $ | 1,099,599 | | | Total HTM securities | $ | 1,143,705 | | $ | 5,229 | | $ | (49,335) | | $ | 1,099,599 | |
Note: (1) Includes adjustments made to the cost basis of investments for accretion and amortization and excludes accrued interest receivable of $3.4 million at June 30, 2026 and $3.9 million at December 31, 2025.
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| Schedule of Interest Rate Payment Terms For Investments [Table Text Block] |
Realized Gains (Losses) on AFS Securities. The following table provides a summary of proceeds, gross gains and losses on sales of AFS securities for the three and six months ended June 30, 2026 and June 30, 2025.
| | | | | | | | | | | | | | | | Three months ended June 30, | Six months ended June 30, | | (in thousands) | 2026 | 2025 | 2026 | 2025 | | Proceeds from sales of AFS securities | $ | — | | $ | — | | $ | — | | $ | 346,659 | | | Gross gains on AFS securities | $ | — | | | $ | — | | $ | 417 | | | | | | | | Net realized gains(losses) from sales of AFS securities | $ | — | | $ | — | | $ | — | | $ | 417 | |
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