Investment Securities (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Table - Investments Securities

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

Table 7.1 - Investment Securities

(In millions)	December 31, 2025	December 31, 2024
Trading securities	$82,096	$51,872
Available-for-sale securities	3,316	3,899
Total fair value of investment securities	$85,412	$55,771

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 7.2 - Trading Securities

(In millions)	December 31, 2025	December 31, 2024
Mortgage-related securities	$10,932	$9,158
Non-mortgage-related securities	71,164	42,714
Total fair value of trading securities	$82,096	$51,872

Table - Net Trading Gains and Losses

The table below provides details of our net trading gains (losses) recognized during the periods presented.

Table 7.3 - Net Trading Gains (Losses)

	Year Ended December 31,
(In millions)	2025	2024	2023
Net trading gains (losses)	$639	$256	$440
Less: Net trading gains (losses) on securities sold	88	38	105
Net trading gains (losses) related to securities still held at period end	$551	$218	$335

Table - Available-For-Sale Securities

At both December 31, 2025 and December 31, 2024, all available-for-sale securities were mortgage-related securities.

The table below provides details of the securities classified as available-for-sale on our consolidated balance sheets.

Table 7.4 - Available-for-Sale Securities

	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

	December 31, 2024
	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	$3,528	$4	($100)	$3,432	$7
Other mortgage-related securities	287	194	(14)	467	3
Total available-for-sale securities	$3,815	$198	($114)	$3,899	$10

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 7.5 - Available-for-Sale Securities in a Gross Unrealized Loss Position

	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)

	December 31, 2024
	Less than 12 Months		12 Months or Greater
(In millions)	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
Agency mortgage-related securities	$448	($6)	$2,198	($95)
Other mortgage-related securities	33	—	31	(13)
Total available-for-sale securities in a gross unrealized loss position	$481	($6)	$2,229	($108)

Table - Gross Realized Gains and Gross Realized Losses on Sales of Available-For-Sale Securities

Table 7.6 - Total Proceeds, Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities

	Year Ended December 31,
(In millions)	2025	2024	2023
Gross realized gains	$1	$9	$9
Gross realized losses	(1)	(13)	(183)
Net realized gains (losses)	$—	($4)	($174)
Total proceeds	$989	$1,175	$3,164