The table below summarizes the fair values of our investments in debt securities by classification.

Table 6.1 - Investment Securities


(In millions)	March 31, 2026	December 31, 2025
Trading securities	$73,027	$82,096
Available-for-sale securities	2,912	3,316
Total fair value of investment securities	$75,939	$85,412

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)	March 31, 2026	December 31, 2025
Mortgage-related securities	$11,227	$10,932
Non-mortgage-related securities	61,800	71,164
Total fair value of trading securities	$73,027	$82,096

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)	1Q 2026	1Q 2025
Net trading gains (losses)	($431)	$361
Less: Net trading gains (losses) on securities sold	(30)	18
Net trading gains (losses) related to securities still held at period end	($401)	$343

At both March 31, 2026 and December 31, 2025, all available-for-sale securities were mortgage-related 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


	March 31, 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	$2,371	$12	($45)	$2,338	$5
Other mortgage-related securities	405	188	(19)	574	6
Total available-for-sale securities	$2,776	$200	($64)	$2,912	$11


	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

The fair value of our available-for-sale securities held at March 31, 2026 scheduled to contractually mature after five years through ten years was $0.7 billion, with an additional $1.3 billion scheduled to contractually mature after ten years.

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


	March 31, 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	$136	($1)	$1,423	($44)
Other mortgage-related securities	65	—	20	(19)
Total available-for-sale securities in a gross unrealized loss position	$201	($1)	$1,443	($63)


	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)

At March 31, 2026, the gross unrealized losses in the table above relate to 114 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(1)


(In millions)						1Q 2026
Gross realized gains						$—
Gross realized losses						(1)
Net realized gains (losses)						($1)
Total proceeds						$281