v3.25.4
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2025
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:

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 CMOs
147 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 Consolidated Statements of Condition.
(4)We pledged investment securities of $15.4 billion as collateral for certain borrowings.
December 31, 2024

Amortized Cost
Gross Unrealized GainGross Unrealized LossFair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE CMOs$7,724 $27 $447 $7,304 
GSE certificates1,273 — 167 1,106 
Private label CMOs158 6 1 163 
Total mortgage-related debt securities$9,155 $33 $615 $8,573 
Other Debt Securities:
GSE debentures$1,502 $— $299 $1,203 
Corporate bonds314 — 6 308 
Asset-backed securities
237 1 2 236 
Capital trust notes47 5 10 42 
Foreign Notes35 — — 35 
Municipal bonds5 — — 5 
Total debt securities
$2,140 $6 $317 $1,829 
Total securities available-for-sale, net of allowance(1)(2)(3)(4)
$11,295 $39 $932 $10,402 
(1)At December 31, 2024, 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, 2024, the ACL was $3 million.
(3)Excludes accrued interest receivable of $35 million included in Other assets in the Consolidated Statements of Condition.
(4)We pledged investment securities of $10.2 billion as collateral for certain borrowings.
Schedule of Unrealized Loss Positions on Investment Securities Held-to-Maturity
The following table summarizes, by contractual maturity, the fair value of securities as of December 31, 2025:

Mortgage- Related SecuritiesU.S. Government and GSE Obligations
Corporate and Other Bonds
Asset-Backed Securities
Total
Available-for-Sale Debt Securities:
Due from one to five years$148 $1,083 $128 $— $1,359 
Due from five to ten years210 1,230 27 — 1,467 
Due after ten years12,624 — 38 213 12,875 
Total debt securities available-for-sale
$12,982 $2,313 $193 $213 $15,701 
Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity
The following table presents 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 certificates3248 — 926 119 934 119 
GSE CMOs226427 1 2,993 359 3,420 360 
Asset-backed securities 5— — 152 4 152 4 
Municipal bonds1— — 4 — 4 — 
Corporate bonds5— — 144 3 144 3 
Capital trust notes 5— — 35 8 35 8 
Total debt securities in a continuous unrealized loss position599$435 $1 $5,551 $699 $5,986 $700 
(1)Count of securities that have been in a loss position for twelve or more months.

The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2024:

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 CMOs223$1,636 $3 $2,822 $444 $4,458 $447 
U.S. Government agency and GSE obligations33— — 1,203 299 1,203 299 
GSE certificates32838 — 1,040 167 1,078 167 
Corporate bonds11— — 308 6 308 6 
Asset-backed securities5— — 154 2 154 2 
Capital trust notes5— — 33 10 33 10 
Private Label CMOs2— — 17 1 17 1 
Foreign notes1— — 10 — 10 — 
Municipal bonds1— — 5 — 5 — 
Total debt securities in a continuous unrealized loss position609 $1,674 $3 $5,592 $929 $7,266 $932 
(1)Count of securities that have been in a loss position for twelve or more months.