v3.26.1
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Trading and Available-for-sale Securities
The following tables summarize our portfolio of debt securities available-for-sale:

June 30, 2026

Amortized Cost
Gross Unrealized GainGross Unrealized LossFair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE CMOs$13,168 $27 $423 $12,772 
GSE certificates1,075 1 125 951 
Private label CMOs142 10 — 152 
Total mortgage-related debt securities$14,385 $38 $548 $13,875 
Other Debt Securities:
GSE debentures$1,501 $— $218 $1,283 
U. S. Treasury obligations
1,000 1 2 999 
Asset-backed securities
203 — 4 199 
Corporate bonds148 — 2 146 
Capital trust notes48 6 7 47 
Municipal bonds4 — — 4 
Total debt securities
$2,904 $7 $233 $2,678 
Total debt securities available-for-sale, net of allowance(1)(2)(3)(4)
$17,289 $45 $781 $16,553 
(1)At June 30, 2026, substantially all of our debt securities available-for-sale are comprised of securities issued by GSEs or are explicitly guaranteed by the U.S. government.
(2)As of June 30, 2026, the ACL was $2 million.
(3)Excludes accrued interest receivable of $63 million included in Other assets in the Condensed Consolidated Statements of Condition.
(4)We pledged investment securities of $16.3 billion as collateral for certain borrowings as of June 30, 2026.

December 31, 2025

Amortized Cost
Gross Unrealized GainGross Unrealized LossFair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE CMOs$12,129 $55 $360 $11,824 
GSE certificates1,116 2 119 999 
Private label CMOs147 12 — 159 
Total mortgage-related debt securities$13,392 $69 $479 $12,982 
Other Debt Securities:
GSE debentures$1,502 $— $206 $1,296 
U. S. Treasury obligations1,001 16 — 1,017 
Corporate bonds147 — 3 144 
Asset-backed securities
217 — 4 213 
Capital trust notes47 6 8 45 
Municipal bonds4 — — 4 
Total debt securities
$2,918 $22 $221 $2,719 
Total debt securities available-for-sale, net of allowance(1)(2)(3)(4)
$16,310 $91 $700 $15,701 
(1)At December 31, 2025, substantially all of our debt securities available-for-sale are comprised of securities issued by GSEs or are explicitly guaranteed by the U.S. government.
(2)As of December 31, 2025, the ACL was $2 million.
(3)Excludes accrued interest receivable of $58 million included in Other assets in the Condensed Consolidated Statements of Condition.
(4)We pledged investment securities of $15.4 billion as collateral for certain borrowings as of December 31, 2025.
Schedule of Unrealized Loss Positions on Investment Securities Held-to-Maturity
The following table summarizes, by contractual maturity, the fair value of securities at June 30, 2026:

Mortgage- Related SecuritiesU.S. Government and GSE ObligationsCorporate and Other Bonds
Asset-Backed Securities
Total
Available-for-Sale Debt Securities:
Due within one year$— $— $— $— $— 
Due from one to five years147 1,258 128 — 1,533 
Due from five to ten years200 1,024 29 — 1,253 
Due after ten years13,528 — 40 199 13,767 
Total debt securities available-for-sale, net of allowance
$13,875 $2,282 $197 $199 $16,553 
Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity
The following table presents debt securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of June 30, 2026:

Number of Debt Securities(1)
Less than Twelve MonthsTwelve Months or LongerTotal

Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Debt securities in a continuous unrealized loss position:
GSE CMOs
222 $5,138 $29 $2,690 $394 $7,828 $423 
U.S. Government agency and GSE obligations33 — — 1,285 218 1,285 218 
GSE certificates321 25 — 882 125 907 125 
U. S. Treasury obligations(2)
1 600 2 — — 600 2 
Asset-backed securities5 6 — 143 4 149 4 
Corporate bonds5 — — 146 2 146 2 
Capital trust notes5 — — 37 7 37 7 
Municipal bonds1 — — 4 — 4 — 
Total debt securities in a continuous unrealized loss position
593 $5,769 $31 $5,187 $750 $10,956 $781 
(1)Count of securities that have been in a loss position for twelve or more months.
(2)Count of U.S. Treasury obligations that have been in a loss position for less than twelve months.


The following table presents debt securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2025:

Number of Debt Securities(1)
Less than Twelve MonthsTwelve Months or LongerTotal
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Debt securities in a continuous unrealized loss position:
U.S. Government agency and GSE obligations33 $— $— $1,297 $206 $1,297 $206 
GSE certificates324 8 — 926 119 934 119 
GSE CMOs
226 427 1 2,993 359 3,420 360 
Asset-backed securities5 — — 152 4 152 4 
Municipal bonds1 — — 4 — 4 — 
Corporate bonds5 — — 144 3 144 3 
Capital trust notes5 — — 35 8 35 8 
Total debt securities in a continuous unrealized loss position
599 $435 $1 $5,551 $699 $5,986 $700 
(1)Count of securities that have been in a loss position for twelve or more months.