v3.26.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
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)March 31, 2026December 31, 2025
Trading securities$73,027 $82,096 
Available-for-sale securities2,912 3,316 
Total fair value of investment securities$75,939 $85,412 
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)March 31, 2026December 31, 2025
Mortgage-related securities$11,227 $10,932 
Non-mortgage-related securities61,800 71,164 
Total fair value of trading securities$73,027 $82,096 
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)1Q 20261Q 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 
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
March 31, 2026
Amortized
Cost
Basis		Gross Unrealized Gains in Other Comprehensive IncomeGross Unrealized
Losses in Other Comprehensive Income		Fair ValueAccrued Interest Receivable
(In millions)
Agency mortgage-related securities$2,371 $12 ($45)$2,338 $5 
Other mortgage-related securities405 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 IncomeGross Unrealized
Losses in Other Comprehensive Income		Fair ValueAccrued Interest Receivable
(In millions)
Agency mortgage-related securities$2,726 $16 ($40)$2,702 $6 
Other mortgage-related securities423 209 (18)614 7 
Total available-for-sale securities$3,149 $225 ($58)$3,316 $13 
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
March 31, 2026
Less than 12 Months12 Months or Greater
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Agency mortgage-related securities$136 ($1)$1,423 ($44)
Other mortgage-related securities65 — 20 (19)
Total available-for-sale securities in a gross unrealized loss position$201 ($1)$1,443 ($63)
December 31, 2025
Less than 12 Months12 Months or Greater
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Agency mortgage-related securities$178 $— $1,713 ($40)
Other mortgage-related securities43 — 22 (18)
Total available-for-sale securities in a gross unrealized loss position$221 $— $1,735 ($58)
Table - Gross Realized Gains and Gross Realized Losses on Sales of Available-For-Sale Securities
The table below summarizes the total proceeds, gross realized gains, and gross realized losses from sales of available-for-sale securities.
Table 6.6 - Total Proceeds, Gross Realized Gains, and Gross Realized Losses from Sales of Available-for-Sale Securities(1)
(In millions)1Q 2026
Gross realized gains$— 
Gross realized losses(1)
Net realized gains (losses)($1)
Total proceeds$281 
(1)There were no sales of available-for-sale securities during the quarter ended March 31, 2025.