v3.26.3
Held-to-Maturity Securities (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Major Security Types The following tables provide major security types (in thousands):
September 30, 2026
Issued, guaranteed or insured:
Amortized
Cost (c)
Allowance
for Credit
Loss (ACL)
OTTI
Recognized 
in AOCI
Carrying
Value
Gross
Unrecognized
Holding Gains(a)
Gross
Unrecognized
Holding Losses(a)
Fair Value
Pools of Mortgages
$14,604
$—
$—
$14,604
$—
$(299)
$14,305
Collateralized Mortgage
Obligations/Real Estate
Mortgage Investment
Conduits
4,555,178
—
—
4,555,178
291
(73,847)
4,481,622
Commercial Mortgage-
Backed Securities (b)
7,534,558
—
—
7,534,558
2,287
(197,639)
7,339,206
Total MBS
12,104,340
—
—
12,104,340
2,578
(271,785)
11,835,133
Other
State and local housing
finance agency obligations
172,145
(86)
—
172,059
—
(4,670)
167,389
Total Held-to-Maturity
securities
$12,276,485
$(86)
$—
$12,276,399
$2,578
$(276,455)
$12,002,522
December 31, 2025
Issued, guaranteed or insured:
Amortized
Cost (c)
Allowance
for Credit
Loss (ACL)
OTTI
Recognized 
in AOCI
Carrying
Value
Gross
Unrecognized
Holding Gains(a)
Gross
Unrecognized
Holding Losses(a)
Fair Value
Pools of Mortgages
$17,557
$—
$—
$17,557
$334
$—
$17,891
Collateralized Mortgage
Obligations/Real Estate
Mortgage Investment
Conduits
2,914,512
—
—
2,914,512
9,966
(6,924)
2,917,554
Commercial Mortgage- 
Backed Securities (b)
7,406,494
—
—
7,406,494
7,420
(111,764)
7,302,150
Total MBS
10,338,563
—
—
10,338,563
17,720
(118,688)
10,237,595
Other
State and local housing
finance agency obligations
151,680
(76)
—
151,604
—
(4,819)
146,785
Total Held-to-Maturity
securities
$10,490,243
$(76)
$—
$10,490,167
$17,720
$(123,507)
$10,384,380
(a)Unrecognized gross holding gains and losses represent the difference between fair value and carrying value.
(b)Commercial mortgage-backed securities (CMBS) are Agency issued securities, collateralized by income-producing “multi-
family properties.” Eligible property types include standard conventional multi-family apartments, affordable multi-family
housing, seniors housing, student housing, military housing, and rural rent housing.
(c)Amortized cost — For securities that were deemed impaired, amortized cost represents unamortized cost less credit losses, net of
credit recoveries (reversals) due to improvements in cash flows.
Schedule of Amortized Cost and Estimated Fair Value of Investments by Contractual Maturity The following tables present redemption terms of the major types of trading securities (dollars in thousands):
Redemption Terms
September 30, 2026
Due in one year or
less
Due after one year
through five years
Total Fair Value
U.S. Treasury notes
$2,990,091
$5,482,306
$8,472,397
U.S. Treasury bills
986,734
—
986,734
Total trading securities
$3,976,825
$5,482,306
$9,459,131
Yield on trading securities
3.29
%
2.77
%
2.99
%
December 31, 2025
Due in one year
or less
Due after one year
through five years
Total Fair Value
U.S. Treasury notes
$2,305,878
$5,081,309
$7,387,187
U.S. Treasury bills
—
—
—
Total trading securities
$2,305,878
$5,081,309
$7,387,187
Yield on trading securities
1.41
%
2.53
%
2.18
%
The amortized cost and estimated fair value (a) of investments classified as AFS, by contractual
maturity, were as follows (in thousands):
September 30, 2026
December 31, 2025
Amortized
Cost (b)
Estimated Fair
Value
Amortized
Cost (b)
Estimated Fair
Value
Housing and U.S. Obligations
Due in one year or less
$251,049
$250,145
$—
$—
Due after one year through five years
205,600
197,016
458,799
461,229
Due after five years through ten years
99,022
93,641
98,886
99,043
Due after ten years
1,664,730
1,667,158
1,665,775
1,664,523
Housing and U.S. Obligations
$2,220,401
$2,207,960
$2,223,460
$2,224,795
Mortgage-backed securities
Due in one year or less
$199,336
$198,056
$492,677
$488,360
Due after one year through five years
3,163,268
3,105,601
2,348,575
2,338,486
Due after five year through ten years
6,650,105
6,591,004
6,464,250
6,456,546
Due after ten years
704,070
697,131
848,363
837,658
Mortgage-backed securities
$10,716,779
$10,591,792
$10,153,865
$10,121,050
Total Available-for-Sale securities
$12,937,180
$12,799,752
$12,377,325
$12,345,845
(a)The carrying value of AFS securities equals fair value.
(b)Amortized cost is unpaid principal balance ("UPB") after adjusting for net unamortized discounts of $95.8 million at
September 30, 2026 and net unamortized discounts of $44.7 million at December 31, 2025. Additionally, historical amortized
cost in the table above is after adjustment for hedging basis.The amortized cost and estimated fair value of held-to-maturity securities, arranged by
contractual maturity, were as follows (in thousands):
September 30, 2026
December 31, 2025
Amortized Cost
(a)
Estimated Fair
Value
Amortized Cost
(a)
Estimated Fair
Value
State and local housing finance agency obligations
Due after one year through five years
$25,100
$24,223
$100
$100
Due after five years through ten years
24,235
23,776
25,920
25,648
Due after ten years
122,810
119,390
125,660
121,037
State and local housing finance agency obligations
$172,145
$167,389
$151,680
$146,785
Mortgage-backed securities
Due in one year or less
$1,228,849
$1,220,134
$914,538
$907,705
Due after one year through five years
3,779,844
3,639,458
4,565,613
4,490,399
Due after five years through ten years
2,360,437
2,324,322
1,766,708
1,749,324
Due after ten years
4,735,210
4,651,219
3,091,704
3,090,167
Mortgage-backed securities
$12,104,340
$11,835,133
$10,338,563
$10,237,595
Total Held-to-Maturity Securities
$12,276,485
$12,002,522
$10,490,243
$10,384,380
(a)Amortized cost is UPB after adjusting for net unamortized discounts of $28.5 million at September 30, 2026 and $22.1 million at
December 31, 2025 and before adjustments for allowance for credit losses.