Investment Securities (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Table - Investment Securities |
The table below summarizes the fair values of our investments in debt securities by classification. Table 6.1 - Investment Securities | | | | | | | | | | | | | (In millions) | | September 30, 2026 | December 31, 2025 | | Trading securities | | $76,009 | | $82,096 | | | Available-for-sale securities | | 2,158 | | 3,316 | | | Total fair value of investment securities | | $78,167 | | $85,412 | |
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| Table - Trading Securities |
The table below presents the fair values of our trading securities by major security type. Our non-mortgage-related securities primarily consist of investments in U.S. Treasury securities. Table 6.2 - Trading Securities | | | | | | | | | | | | | (In millions) | | September 30, 2026 | December 31, 2025 | | Mortgage-related securities | | $10,781 | | $10,932 | | | Non-mortgage-related securities | | 65,228 | | 71,164 | | | Total fair value of trading securities | | $76,009 | | $82,096 | |
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| Net Trading Gains (Losses) |
The table below provides details of our net trading gains (losses) recognized during the periods presented. Table 6.3 - Net Trading Gains (Losses) | | | | | | | | | | | | | | | | | | | (In millions) | | 3Q 2026 | 3Q 2025 | YTD 2026 | YTD 2025 | | Net trading gains (losses) | | ($1,632) | | $63 | | ($2,580) | | $638 | | | Less: Net trading gains (losses) on securities sold | | (186) | | 42 | | (309) | | 62 | | | Net trading gains (losses) related to securities still held at period end | | ($1,446) | | $21 | | ($2,271) | | $576 | |
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| Table - Available-For-Sale Securities |
The table below provides details of the securities classified as available-for-sale on our condensed consolidated balance sheets. Table 6.4 - Available-for-Sale Securities | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | | Amortized
Cost
Basis | Gross Unrealized Gains in Other Comprehensive Income | Gross Unrealized
Losses in Other Comprehensive Income | Fair Value | Accrued Interest Receivable | | (In millions) | | | Agency mortgage-related securities | | $1,681 | | $8 | | ($58) | | $1,631 | | $4 | | | Other mortgage-related securities | | 378 | | 181 | | (32) | | 527 | | 5 | | | Total available-for-sale securities | | $2,059 | | $189 | | ($90) | | $2,158 | | $9 | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Amortized
Cost
Basis | Gross Unrealized Gains in Other Comprehensive Income | Gross Unrealized
Losses in Other Comprehensive Income | Fair Value | Accrued Interest Receivable | | (In millions) | | | Agency mortgage-related securities | | $2,726 | | $16 | | ($40) | | $2,702 | | $6 | | | Other mortgage-related securities | | 423 | | 209 | | (18) | | 614 | | 7 | | | Total available-for-sale securities | | $3,149 | | $225 | | ($58) | | $3,316 | | $13 | |
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| Table - Available-For-Sale Securities in a Gross Unrealized Loss Position |
The table below presents available-for-sale securities in a gross unrealized loss position and whether such securities have been in an unrealized loss position for less than 12 months, or 12 months or greater. Table 6.5 - Available-for-Sale Securities in a Gross Unrealized Loss Position | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | | Less than 12 Months | | 12 Months or Greater | | (In millions) | | Fair Value | Gross Unrealized Losses | | Fair Value | Gross Unrealized Losses | | Agency mortgage-related securities | | $347 | | ($8) | | | $963 | | ($50) | | | Other mortgage-related securities | | 230 | | (10) | | | 27 | | (22) | | | Total available-for-sale securities in a gross unrealized loss position | | $577 | | ($18) | | | $990 | | ($72) | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Less than 12 Months | | 12 Months or Greater | | (In millions) | | Fair Value | Gross Unrealized Losses | | Fair Value | Gross Unrealized Losses | | Agency mortgage-related securities | | $178 | | $— | | | $1,713 | | ($40) | | | Other mortgage-related securities | | 43 | | — | | | 22 | | (18) | | | Total available-for-sale securities in a gross unrealized loss position | | $221 | | $— | | | $1,735 | | ($58) | |
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| Table - Gross Realized Gains and Gross Realized Losses on Sales of Available-For-Sale Securities |
The table below summarizes the total proceeds, gross realized gains, and gross realized losses from sales of available-for-sale securities. Table 6.6 - Total Proceeds, Gross Realized Gains, and Gross Realized Losses from Sales of Available-for-Sale Securities | | | | | | | | | | | | | | | | | | | (In millions) | | 3Q 2026 | 3Q 2025 | YTD 2026 | YTD 2025 | | Gross realized gains | | $— | | $— | | 1 | | $1 | | | Gross realized losses | | — | | — | | (16) | | (1) | | | Net realized gains (losses) | | $— | | $— | | ($15) | | $— | | | Total proceeds | | $— | | $49 | | $690 | | $846 | |
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