v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
AFS Securities (Amortized Cost & Fair Values)
Available-for-Sale Securities. The amortized cost and fair value of AFS securities by major security type were as follows:
September 30, 2026
(In millions)
Amortized
Cost
Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated Fair Value
U.S. Treasury obligations$6,302 $— $10 $— $6,312 
State housing agency obligations
67 — — (3)64 
MBS:
Government-Sponsored Enterprises (GSEs) – multifamily
12,502 — 138 (1)12,639 
Private-label residential mortgage-backed securities (PLRMBS)
833 (44)22 (24)787 
Total mortgage-backed securities (MBS)
13,335 (44)160 (25)13,426 
Total$19,704 $(44)$170 $(28)$19,802 
December 31, 2025
(In millions)
Amortized
Cost
Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated Fair Value
U.S. Treasury obligations$6,384 $— $9 $— $6,393 
State housing agency obligations
42 — — — 42 
MBS:
GSEs – multifamily12,819 — 118 — 12,937 
PLRMBS
899 (32)31 (17)881 
Total MBS13,718 (32)149 (17)13,818 
Total$20,144 $(32)$158 $(17)$20,253 
AFS Securities (Unrealized Losses)
The following tables summarize unrealized losses by length of time that individual AFS securities in each security type had been in a continuous loss position.
September 30, 2026
Less Than 12 Months12 Months or MoreTotal
(In millions)Estimated
Fair Value		Gross Unrealized
Losses		Estimated
Fair Value		Gross Unrealized
Losses		Estimated
Fair Value		Gross Unrealized
Losses
U.S. Treasury obligations$616 $— $— $— $616 $— 
State housing agency obligations64 (3)— — 64 (3)
MBS – GSEs – multifamily273 (1)— — 273 (1)
PLRMBS336 (6)181 (18)517 (24)
Total$1,289 $(10)$181 $(18)$1,470 $(28)
December 31, 2025
Less Than 12 Months12 Months or MoreTotal
(In millions)Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross Unrealized
Losses		Estimated
Fair Value		Gross Unrealized
Losses
U.S. Treasury obligations$348 $— $124 $— $472 $— 
State housing agency obligations14 — — — 14 — 
MBS – GSEs – multifamily28 — 150 — 178 — 
PLRMBS174 (1)230 (16)404 (17)
Total$564 $(1)$504 $(16)$1,068 $(17)
AFS Securities (Redemption Terms)
Redemption Terms – The amortized cost and estimated fair value of U.S. Treasury obligations and state housing agency obligations by contractual maturity and of MBS are shown below. Expected maturities of MBS will differ from contractual maturities because borrowers may have the right to call or prepay the underlying obligations with or without call or prepayment fees.
September 30, 2026
(In millions)
Year of Contractual MaturityAmortized
Cost		Estimated
Fair Value
U.S. Treasury obligations:
Due in 1 year or less$1,644 $1,645 
Due after 1 year through 5 years4,658 4,667 
Total U.S. Treasury obligations
6,302 6,312 
State housing agency obligations:
Due in 1 year or less1 1 
Due after 5 years through 10 years66 63 
Total state housing agency obligations
67 64 
MBS13,335 13,426 
Total$19,704 $19,802 
December 31, 2025
(In millions)
Year of Contractual MaturityAmortized
Cost		Estimated
Fair Value
U.S. Treasury obligations:
Due in 1 year or less$1,776 $1,777 
Due after 1 year through 5 years
4,608 4,616 
Total U.S. Treasury obligations
6,384 6,393 
State housing agency obligations:
Due after 1 year through 5 years
2 2 
Due after 5 years through 10 years40 40 
Total state housing agency obligations
42 42 
MBS13,718 13,818 
Total$20,144 $20,253 
HTM (Amortized Cost & Fair Values)
Held-to-Maturity Securities. The Bank classifies the following securities as HTM because the Bank has the positive intent and ability to hold these securities to maturity:
September 30, 2026
(In millions)
Amortized
Cost
Gross
Unrecognized
Holding
Gains (1)
Gross
Unrecognized
Holding
Losses (1)
Estimated
Fair Value
MBS – Other U.S. obligations – single-family$12 $— $— $12 
MBS – GSEs:
Single-family
344 2 (10)336 
Multifamily
160 — — 160 
Subtotal MBS – GSEs504 2 (10)496 
PLRMBS68 — (5)63 
Total$584 $2 $(15)$571 
December 31, 2025
(In millions)
Amortized
Cost
Gross
Unrecognized
Holding
Gains (1)
Gross
Unrecognized
Holding
Losses (1)
Estimated
Fair Value
MBS – Other U.S. obligations – single-family$18 $— $— $18 
MBS – GSEs:
Single-family
401 2 (8)395 
Multifamily
404 — (1)403 
Subtotal MBS – GSEs805 2 (9)798 
PLRMBS80 — (4)76 
Total$903 $2 $(13)$892 
(1)    Gross unrecognized holding gains/(losses) represent the difference between estimated fair value and net carrying value.