v3.26.1
Investments
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Investments
The Bank makes short-term investments in interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold. The Bank also makes other investments in debt securities, which are classified as either trading, AFS, or HTM.
Trading Securities

Trading securities by major security type were as follows (dollars in millions):
June 30,
2026		December 31,
2025
Non-mortgage-backed securities
U.S. Treasury obligations1
$5,874 $6,104 
Other U.S. obligations1
54 57 
GSE and Tennessee Valley Authority obligations46 48 
Other2
93 94 
Total fair value$6,067 $6,303 
1    Represents investment securities backed by the full faith and credit of the U.S. Government.
2    Consists of taxable municipal bonds.

Net Gains (Losses) on Trading Securities

The following table summarizes the components of “Net gains (losses) on trading securities” as presented on the Statements of Income (dollars in millions):
For the Three Months Ended
For the Six Months Ended
June 30,June 30,
2026202520262025
Net unrealized gains (losses) on trading securities held at period-end$(41)$19 $(91)$63 
Net gains (losses) on trading securities no longer held at period-end(1)3 — 6 
Net gains (losses) on trading securities$(42)$22 $(91)$69 
AFS Securities

AFS securities by major security type were as follows (dollars in millions):
June 30, 2026
Amortized
Cost1
Gross
Unrealized
Gains		Gross
Unrealized
Losses
Fair
Value
Non-mortgage-backed securities
Other U.S. obligations2
$4 $— $— $4 
GSE and Tennessee Valley Authority obligations276 28 — 304 
State or local housing agency obligations454 2 (2)454 
Other3
18 1 — 19 
Total non-mortgage-backed securities752 31 (2)781 
Mortgage-backed securities
U.S. obligations single-family2
6,759 48 — 6,807 
GSE single-family199 1 — 200 
GSE multifamily20,768 234 (15)20,987 
Total mortgage-backed securities27,726 283 (15)27,994 
Total$28,478 $314 $(17)$28,775 

December 31, 2025
Amortized
Cost1
Gross
Unrealized
Gains		Gross
Unrealized
Losses
Fair
Value
Non-mortgage-backed securities
Other U.S. obligations2
$14 $— $— $14 
GSE and Tennessee Valley Authority obligations280 30 — 310 
State or local housing agency obligations369 2 (1)370 
Other3
18 1 — 19 
Total non-mortgage-backed securities681 33 (1)713 
Mortgage-backed securities
U.S. obligations single-family2
5,683 25 (1)5,707 
GSE single-family217 1 (1)217 
GSE multifamily20,755 152 (25)20,882 
Total mortgage-backed securities26,655 178 (27)26,806 
Total$27,336 $211 $(28)$27,519 
1    Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $89 million at both June 30, 2026 and December 31, 2025.
2    Represents investment securities backed by the full faith and credit of the U.S. Government.
3    Consists of taxable municipal bonds.
Unrealized Losses

The following tables summarize AFS securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in millions). In cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported.
June 30, 2026
Less than 12 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
Non-mortgage-backed securities
Other U.S. obligations1
$— $— $2 $— $2 $— 
State or local housing agency obligations108 (1)147 (1)255 (2)
Total non-mortgage-backed securities108 (1)149 (1)257 (2)
Mortgage-backed securities
U.S. obligations single-family1
129 — 98 — 227 — 
GSE single-family6 — 56 — 62 — 
GSE multifamily508 (3)1,938 (12)2,446 (15)
Total mortgage-backed securities643 (3)2,092 (12)2,735 (15)
Total$751 $(4)$2,241 $(13)$2,992 $(17)

December 31, 2025
Less than 12 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
Non-mortgage-backed securities
Other U.S. obligations1
$7 $— $3 $— $10 $— 
State or local housing agency obligations82 (1)123 — 205 (1)
Total non-mortgage-backed securities89 (1)126 — 215 (1)
Mortgage-backed securities
U.S. obligations single-family1
181 — 488 (1)669 (1)
GSE single-family— — 71 (1)71 (1)
GSE multifamily216 — 3,831 (25)4,047 (25)
Total mortgage-backed securities397 — 4,390 (27)4,787 (27)
Total$486 $(1)$4,516 $(27)$5,002 $(28)
1    Represents investment securities backed by the full faith and credit of the U.S. Government.

Contractual Maturity

The following table summarizes AFS securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
June 30, 2026December 31, 2025
Year of Contractual MaturityAmortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Non-mortgage-backed securities
Due in one year or less$2 $2 $11 $11 
Due after one year through five years44 46 47 49 
Due after five years through ten years349 355 224 227 
Due after ten years357 378 399 426 
Total non-mortgage-backed securities752 781 681 713 
Mortgage-backed securities27,726 27,994 26,655 26,806 
Total$28,478 $28,775 $27,336 $27,519 
HTM Securities

HTM securities by major security type were as follows (dollars in millions):
June 30, 2026
Amortized
Cost1
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
Non-mortgage-backed securities
GSE and Tennessee Valley Authority obligations$124 $7 $(1)$130 
State or local housing agency obligations17 — — 17 
Total non-mortgage-backed securities141 7 (1)147 
Mortgage-backed securities
U.S. obligations single-family2
1 — — 1 
GSE single-family269 — (4)265 
Private-label2 — — 2 
Total mortgage-backed securities272 — (4)268 
Total$413 $7 $(5)$415 

December 31, 2025
Amortized
Cost1
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
Non-mortgage-backed securities
GSE and Tennessee Valley Authority obligations$124 $8 $— $132 
State or local housing agency obligations21 1 — 22 
Total non-mortgage-backed securities145 9 — 154 
Mortgage-backed securities
U.S. obligations single-family2
1 — — 1 
GSE single-family299 — (4)295 
Private-label2 — — 2 
Total mortgage-backed securities302 — (4)298 
Total$447 $9 $(4)$452 
1    Amortized cost includes adjustments made to the cost basis of an investment for accretion or amortization and excludes accrued interest receivable of $2 million at both June 30, 2026 and December 31, 2025.
2    Represents investment securities backed by the full faith and credit of the U.S. Government.

Contractual Maturity

The following table summarizes HTM securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
June 30, 2026December 31, 2025
Year of Contractual MaturityAmortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Non-mortgage-backed securities
Due in one year or less$— $— $3 $3 
Due after one year through five years33 33 27 28 
Due after five years through ten years89 94 69 74 
Due after ten years19 20 46 49 
Total non-mortgage-backed securities141 147 145 154 
Mortgage-backed securities272 268 302 298 
Total$413 $415 $447 $452