v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Debt and Equity Securities, FV-NI [Line Items]  
Debt Securities, Trading, and Equity Securities, FV-NI
Gain (Loss) on Securities The following table presents net gains (losses) on trading securities, excluding any offsetting effect of gains (losses) on the associated derivatives.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net gains (losses) on trading securities held at period end$(2,021)$2,332 $(5,697)$9,253 
Net gains (losses) on trading securities that matured/sold during the period— — — — 
Net gains (losses) on trading securities$(2,021)$2,332 $(5,697)$9,253 
Available-for-Sale (AFS) Securities by Major Security Type The following table presents our AFS securities by type of security.
June 30, 2026
GrossGross
AmortizedUnrealizedUnrealizedEstimated
Security Type
Cost 1
GainsLossesFair Value
U.S. Treasury obligations$6,422,162 $17,369 $— $6,439,531 
GSE and TVA debentures949,552 4,842 — 954,394 
GSE multifamily MBS8,174,301 78,544 (3,852)8,248,993 
Total AFS securities$15,546,015 $100,755 $(3,852)$15,642,918 
December 31, 2025
GrossGross
AmortizedUnrealizedUnrealizedEstimated
Security Type
Cost 1
GainsLossesFair Value
U.S. Treasury obligations$5,987,156 $21,148 $— $6,008,304 
GSE and TVA debentures1,466,126 8,094 — 1,474,220 
GSE multifamily MBS7,798,086 45,154 (6,719)7,836,521 
Total AFS securities$15,251,368 $74,396 $(6,719)$15,319,045 
1    At June 30, 2026 and December 31, 2025, includes net unamortized discounts of $(111,209) and $(129,980), respectively, and fair-value hedging basis adjustments of $(568,877) and $(406,176), respectively. Excludes accrued interest receivable at June 30, 2026 and December 31, 2025 of $74,179 and $69,614, respectively.
Available-for-sale (AFS) Securities in an Unrealized Loss Position The following table presents our impaired AFS securities (i.e., in an unrealized loss position), 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 months12 months or moreTotal
EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
Security TypeFair ValueLossesFair ValueLossesFair ValueLosses
GSE multifamily MBS$266,884 $(518)$591,021 $(3,334)$857,905 $(3,852)
Total $266,884 $(518)$591,021 $(3,334)$857,905 $(3,852)
December 31, 2025
Less than 12 months12 months or moreTotal
EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
Security TypeFair ValueLossesFair ValueLossesFair ValueLosses
GSE multifamily MBS$128,855 $(316)$1,287,087 $(6,403)$1,415,942 $(6,719)
Total $128,855 $(316)$1,287,087 $(6,403)$1,415,942 $(6,719)
Schedule of Realized Gain (Loss) The following table presents our proceeds from, and gross gains and losses on, sales of AFS securities. All of the sales were for strategic and economic reasons. Gross gains and losses exclude swap termination fees received and were determined by the specific identification method.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Proceeds from sales$145,430 $— $391,152 $221,292 
Gross gains on sales$435 $— $557 $2,704 
Gross (losses) on sales— — — — 
Net gains on sales of AFS securities$435 $— $557 $2,704 
HTM Securities by Major Security Type The following table presents our HTM securities by type of security.
June 30, 2026
GrossGross
UnrecognizedUnrecognizedEstimated
AmortizedHoldingHoldingFair
Security Type
Cost 1
GainsLossesValue
Non-MBS:
State housing agency obligations$71,959 $43 $(3,247)$68,755 
MBS:
Other U.S. obligations - guaranteed single-family3,111,029 28,922 (5,693)3,134,258 
GSE single-family2,384,667 13,417 (20,941)2,377,143 
GSE multifamily425,240 — (2,055)423,185 
Total MBS5,920,936 42,339 (28,689)5,934,586 
Total HTM securities$5,992,895 $42,382 $(31,936)$6,003,341 
December 31, 2025
GrossGross
UnrecognizedUnrecognizedEstimated
AmortizedHoldingHoldingFair
Security Type
Cost 1
GainsLossesValue
Non-MBS:
State housing agency obligations$73,544 $551 $(1,890)$72,205 
MBS:
Other U.S. obligations - guaranteed single-family3,159,733 14,468 (11,472)3,162,729 
GSE single-family2,323,569 3,894 (20,802)2,306,661 
GSE multifamily440,160 — (1,840)438,320 
Total MBS5,923,462 18,362 (34,114)5,907,710 
Total HTM securities$5,997,006 $18,913 $(36,004)$5,979,915 

1    Carrying value equals amortized cost, which includes net unamortized premiums at June 30, 2026 and December 31, 2025 of $5,939 and $8,480, respectively. Excludes accrued interest receivable at June 30, 2026 and December 31, 2025 of $8,207 and $8,906, respectively.
AFS Securities  
Debt and Equity Securities, FV-NI [Line Items]  
AFS Securities by Contractual Maturity The amortized cost and estimated fair value of our non-MBS AFS securities are presented below by contractual maturity. MBS are not presented by contractual maturity because their actual maturities will likely differ from their contractual maturities as borrowers have the right to prepay their obligations with or without prepayment fees.
June 30, 2026December 31, 2025
AmortizedEstimatedAmortizedEstimated
Year of Contractual MaturityCostFair ValueCostFair Value
Non-MBS:
Due in 1 year or less$645,088 $646,347 $869,162 $871,341 
Due after 1 year through 5 years4,472,345 4,488,924 5,199,156 5,219,250 
Due after 5 years through 10 years2,254,281 2,258,654 1,384,964 1,391,933 
Total non-MBS7,371,714 7,393,925 7,453,282 7,482,524 
Total MBS8,174,301 8,248,993 7,798,086 7,836,521 
Total AFS securities$15,546,015 $15,642,918 $15,251,368 $15,319,045