Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Table - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis

The table below presents our assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments where we have elected the fair value option.

Table 16.1 - Assets and Liabilities Measured at Fair Value on a Recurring Basis

	December 31, 2025
(In millions)	Level 1	Level 2	Level 3	Netting Adjustment(1)	Total
Assets:
Investment securities:
Available-for-sale	$—	$2,616	$700	$—	$3,316
Trading:
Mortgage-related securities	—	8,146	2,786	—	10,932
Non-mortgage-related securities	70,916	248	—	—	71,164
Total trading securities	70,916	8,394	2,786	—	82,096
Total investment securities	70,916	11,010	3,486	—	85,412
Mortgage loans held-for-investment	—	5,587	1,418	—	7,005
Other assets:
Guarantee assets	—	—	4,728	—	4,728
Derivative assets, net	5	5,261	74	(3,874)	1,466
Other assets	—	—	227	—	227
Total other assets	5	5,261	5,029	(3,874)	6,421
Total assets carried at fair value on a recurring basis	$70,921	$21,858	$9,933	($3,874)	$98,838
Liabilities:
Debt issued by consolidated trusts	$—	$5,808	$33	$—	$5,841
Long-term debt	—	125	70	—	195
Other liabilities:
Derivative liabilities, net	—	4,708	52	(3,979)	781
Total liabilities carried at fair value on a recurring basis	$—	$10,641	$155	($3,979)	$6,817

	December 31, 2024
(In millions)	Level 1	Level 2	Level 3	Netting Adjustment(1)	Total
Assets:
Investment securities:
Available-for-sale	$—	$3,316	$583	$—	$3,899
Trading:
Mortgage-related securities	—	6,131	3,027	—	9,158
Non-mortgage-related securities	42,289	425	—	—	42,714
Total trading securities	42,289	6,556	3,027	—	51,872
Total investment securities	42,289	9,872	3,610	—	55,771
Mortgage loans held-for-sale	—	10,099	1,295	—	11,394
Mortgage loans held-for-investment	—	1,572	841	—	2,413
Other assets:
Guarantee assets	—	—	5,126	—	5,126
Derivative assets, net	9	6,387	94	(5,989)	501
Other assets	—	24	219	—	243
Total other assets	9	6,411	5,439	(5,989)	5,870
Total assets carried at fair value on a recurring basis	$42,298	$27,954	$11,185	($5,989)	$75,448
Liabilities:
Debt issued by consolidated trusts	$—	$1,996	$17	$—	$2,013
Long-term debt	—	241	85	—	326
Other liabilities:
Derivative liabilities, net	—	7,116	120	(6,282)	954
Other liabilities	—	5	19	—	24
Total other liabilities	—	7,121	139	(6,282)	978
Total liabilities carried at fair value on a recurring basis	$—	$9,358	$241	($6,282)	$3,317

(1)     Represents counterparty netting and cash collateral netting, and includes accrued interest receivable and payable.

Table - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

The table below presents a reconciliation of all assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our consolidated statements of income for Level 3 assets and liabilities.

Table 16.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs

	Year Ended December 31, 2025
(In millions)	Investment Securities	Mortgage Loans Held-for-Sale	Mortgage Loans Held-for-Investment	Other Assets	Total Liabilities
Balance at January 1, 2025	$3,610	$1,295	$841	$5,439	$241
Total realized/unrealized gains/losses(1)
Included in earnings	(222)	3	(80)	242	(85)
Included in other comprehensive income	14	—	—	—	—
Purchases	663	32	—	(25)	—
Issues	—	—	—	381	30
Sales	(381)	—	—	(14)	—
Settlements, net	(198)	—	(119)	(994)	(30)
Transfers into Level 3(3)	—	—	1,022	—	17
Transfers out of Level 3(3)	—	(1,330)	(246)	—	(18)
Balance at December 31, 2025	$3,486	$—	$1,418	$5,029	$155
Change in unrealized gains/losses(1) included in net income related to assets and liabilities still held as of December 31, 2025(2)	$208	$—	($100)	$242	($86)
Change in unrealized gains/losses(1), net of tax, included in OCI related to assets and liabilities still held as of December 31, 2025	12	—	—	—	—

	Year Ended December 31, 2024
(In millions)	Investment Securities	Mortgage Loans Held-for-Sale	Mortgage Loans Held-for-Investment	Other Assets	Total Liabilities
Balance at January 1, 2024	$3,449	$896	$473	$5,519	$496
Total realized/unrealized gains/losses(1)
Included in earnings	(435)	(20)	(42)	181	29
Included in other comprehensive income	(3)	—	—	—	—
Purchases	816	2,156	—	(14)	13
Issues	—	—	—	628	69
Sales	—	(1,557)	—	(14)	—
Settlements, net	(207)	(1)	(241)	(861)	(41)
Transfers into Level 3	—	35	688	—	—
Transfers out of Level 3	(10)	(214)	(37)	—	(325)
Balance at December 31, 2024	$3,610	$1,295	$841	$5,439	$241
Change in unrealized gains/losses(1) included in net income related to assets and liabilities still held as of December 31, 2024(2)	$54	($35)	($43)	$172	($6)
Change in unrealized gains/losses(1), net of tax, included in OCI related to assets and liabilities still held as of December 31, 2024	(2)	—	—	—	—

	Year Ended December 31, 2023
(In millions)	Investment Securities	Mortgage Loans Held-for-Sale	Mortgage Loans Held-for-Investment	Other Assets	Total Liabilities
Balance at January 1, 2023	$3,625	$310	$110	$5,573	$485
Total realized/unrealized gains/losses(1)
Included in earnings	(538)	6	(81)	138	(27)
Included in other comprehensive income	(5)	—	—	—	—
Purchases	634	2,038	—	(20)	(3)
Issues	—	—	—	736	98
Sales	—	(1,152)	—	(3)	—
Settlements, net	(225)	(24)	(15)	(905)	(57)
Transfers into Level 3	—	12	530	—	—
Transfers out of Level 3	(42)	(294)	(71)	—	—
Balance at December 31, 2023	$3,449	$896	$473	$5,519	$496
Change in unrealized gains/losses(1) included in net income related to assets and liabilities still held as of December 31, 2023(2)	$112	$32	($84)	$137	($51)
Change in unrealized gains/losses(1), net of tax, included in OCI related to assets and liabilities still held as of December 31, 2023	(4)	—	—	—	—

(1)For assets, increase and decrease in earnings and other comprehensive income is shown as gains and (losses), respectively. For liabilities, increase and decrease in earnings and comprehensive income is shown as (gains) and losses, respectively.

(2)Represents the amount of total gains or losses for the period, included in earnings, attributable to the change in unrealized gains and losses related to assets and liabilities classified as Level 3 that were still held at December 31, 2025, December 31, 2024, and December 31, 2023, respectively.

(3)Transfers into Level 3 at December 31, 2025 were primarily driven by an increase in the use of unobservable inputs for certain multifamily held-for-investment loans. Transfers out of Level 3 at December 31, 2025 were primarily driven by a decline in the significance of the unobservable inputs for certain multifamily loans.

Table - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

The table below presents a reconciliation of all assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our consolidated statements of income for Level 3 assets and liabilities.

Table 16.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs

	Year Ended December 31, 2025
(In millions)	Investment Securities	Mortgage Loans Held-for-Sale	Mortgage Loans Held-for-Investment	Other Assets	Total Liabilities
Balance at January 1, 2025	$3,610	$1,295	$841	$5,439	$241
Total realized/unrealized gains/losses(1)
Included in earnings	(222)	3	(80)	242	(85)
Included in other comprehensive income	14	—	—	—	—
Purchases	663	32	—	(25)	—
Issues	—	—	—	381	30
Sales	(381)	—	—	(14)	—
Settlements, net	(198)	—	(119)	(994)	(30)
Transfers into Level 3(3)	—	—	1,022	—	17
Transfers out of Level 3(3)	—	(1,330)	(246)	—	(18)
Balance at December 31, 2025	$3,486	$—	$1,418	$5,029	$155
Change in unrealized gains/losses(1) included in net income related to assets and liabilities still held as of December 31, 2025(2)	$208	$—	($100)	$242	($86)
Change in unrealized gains/losses(1), net of tax, included in OCI related to assets and liabilities still held as of December 31, 2025	12	—	—	—	—

	Year Ended December 31, 2024
(In millions)	Investment Securities	Mortgage Loans Held-for-Sale	Mortgage Loans Held-for-Investment	Other Assets	Total Liabilities
Balance at January 1, 2024	$3,449	$896	$473	$5,519	$496
Total realized/unrealized gains/losses(1)
Included in earnings	(435)	(20)	(42)	181	29
Included in other comprehensive income	(3)	—	—	—	—
Purchases	816	2,156	—	(14)	13
Issues	—	—	—	628	69
Sales	—	(1,557)	—	(14)	—
Settlements, net	(207)	(1)	(241)	(861)	(41)
Transfers into Level 3	—	35	688	—	—
Transfers out of Level 3	(10)	(214)	(37)	—	(325)
Balance at December 31, 2024	$3,610	$1,295	$841	$5,439	$241
Change in unrealized gains/losses(1) included in net income related to assets and liabilities still held as of December 31, 2024(2)	$54	($35)	($43)	$172	($6)
Change in unrealized gains/losses(1), net of tax, included in OCI related to assets and liabilities still held as of December 31, 2024	(2)	—	—	—	—

	Year Ended December 31, 2023
(In millions)	Investment Securities	Mortgage Loans Held-for-Sale	Mortgage Loans Held-for-Investment	Other Assets	Total Liabilities
Balance at January 1, 2023	$3,625	$310	$110	$5,573	$485
Total realized/unrealized gains/losses(1)
Included in earnings	(538)	6	(81)	138	(27)
Included in other comprehensive income	(5)	—	—	—	—
Purchases	634	2,038	—	(20)	(3)
Issues	—	—	—	736	98
Sales	—	(1,152)	—	(3)	—
Settlements, net	(225)	(24)	(15)	(905)	(57)
Transfers into Level 3	—	12	530	—	—
Transfers out of Level 3	(42)	(294)	(71)	—	—
Balance at December 31, 2023	$3,449	$896	$473	$5,519	$496
Change in unrealized gains/losses(1) included in net income related to assets and liabilities still held as of December 31, 2023(2)	$112	$32	($84)	$137	($51)
Change in unrealized gains/losses(1), net of tax, included in OCI related to assets and liabilities still held as of December 31, 2023	(4)	—	—	—	—

(1)For assets, increase and decrease in earnings and other comprehensive income is shown as gains and (losses), respectively. For liabilities, increase and decrease in earnings and comprehensive income is shown as (gains) and losses, respectively.

(2)Represents the amount of total gains or losses for the period, included in earnings, attributable to the change in unrealized gains and losses related to assets and liabilities classified as Level 3 that were still held at December 31, 2025, December 31, 2024, and December 31, 2023, respectively.

(3)Transfers into Level 3 at December 31, 2025 were primarily driven by an increase in the use of unobservable inputs for certain multifamily held-for-investment loans. Transfers out of Level 3 at December 31, 2025 were primarily driven by a decline in the significance of the unobservable inputs for certain multifamily loans.

Table - Quantitative Information about Recurring Level 3 Fair Value Measurements

The table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis.

Table 16.3 - Quantitative Information about Recurring Level 3 Fair Value Measurements

	December 31, 2025
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)			Type	Range	Weighted Average(1)
Assets
Investment securities	$2,532	External pricing sources	Price	$0.0 - $3,520.6	$82.1
	954	Other
Mortgage loans held-for-investment	1,418	External pricing sources	Price	$48.4 - $105.8	$89.0
Other assets	4,424	Discounted cash flows	OAS	17 - 8,850 bps	50 bps
	605	Other
Total Level 3 assets	$9,933
Liabilities
Total Level 3 liabilities	$155

	December 31, 2024
	Level 3 Fair Value	Predominant Valuation Technique(s)	Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)			Type	Range	Weighted Average(1)
Assets
Investment securities	$2,344	External pricing sources	Price	$0.0 - $3,652.7	$99.1
	1,266	Other
Mortgage loans held-for-sale	1,295	External pricing sources	Price	$87.8 - $104.4	$96.4
Mortgage loans held-for-investment	841	External pricing sources	Price	$29.2 - $100.0	$83.1
Other assets	4,816	Discounted cash flows	OAS	17 - 3,500 bps	48 bps
	623	Other
Total Level 3 assets	$11,185
Liabilities
Total Level 3 liabilities	$241

(1) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments.

Table - Asset Measured at Fair Value on a Non-Recurring Basis

We may be required, from time to time, to measure certain assets at fair value on a non-recurring basis. These adjustments usually result from the application of lower-of-cost-or-fair-value accounting or an allowance for credit losses based on the fair value of the underlying collateral.

The table below presents assets measured on our consolidated balance sheets at fair value on a non-recurring basis.

Table 16.4 - Assets Measured at Fair Value on a Non-Recurring Basis

(In millions)	December 31, 2025	December 31, 2024
Mortgage loans:(1)
Level 1	$—	$—
Level 2	109	303
Level 3(2)	508	1,474
Total	$617	$1,777

(1)Includes loans that are classified as held-for-investment where we recognize credit losses, either through an allowance for credit losses or charge-off, based on the fair value of the underlying collateral and held-for-sale loans where the fair value is below cost. The valuation date for certain items may occur during the period and not at period end.

(2)The predominant valuation technique used for Level 3 non-recurring fair value measurement at both December 31, 2025 and December 31, 2024 was external pricing sources. The unobservable inputs included a range of $24.0-$104.3 and weighted average of $85.7 at December 31, 2025 and a range of $74.1 - $100.4 and weighted average of $82.3 at December 31, 2024.

Table - Fair Value of Financial Instruments

The table below presents the carrying value and estimated fair value of our financial instruments. For certain types of financial instruments, such as cash and cash equivalents, securities purchased under agreements to resell, secured lending, and certain debt, the carrying value on our GAAP balance sheets approximates fair value, as these assets and liabilities are short-term in nature and have limited fair value volatility.

Table 16.5 - Fair Value of Financial Instruments

		December 31, 2025
	GAAP Measurement Category(1)	Carrying  Amount(2)	Fair Value
(In millions)			Level 1	Level 2	Level 3	Netting  Adjustments(3)	Total
Financial assets
Cash and cash equivalents	Amortized cost	$5,327	$5,327	$—	$—	$—	$5,327
Securities purchased under agreements to resell	Amortized cost	71,919	—	78,378	—	(6,459)	71,919
Investments securities:
Available-for-sale	FV - OCI	3,316	—	2,616	700	—	3,316
Trading	FV - NI	82,096	70,916	8,394	2,786	—	82,096
Total investments securities		85,412	70,916	11,010	3,486	—	85,412
Mortgage loans held-for-sale	Various(4)	1,014	—	139	939	—	1,078
Mortgage loans held-for-investment, net of allowance for credit losses	Various(5)	3,290,066	—	2,626,057	382,754	—	3,008,811
Other assets:
Guarantee assets	FV - NI	4,728	—	—	4,730	—	4,730
Derivative assets, net	FV - NI	1,466	5	5,261	74	(3,874)	1,466
Other assets(6)	Various(7)	2,607	—	445	2,442	—	2,887
Total other assets		8,801	5	5,706	7,246	(3,874)	9,083
Total financial assets		$3,462,539	$76,248	$2,721,290	$394,425	($10,333)	$3,181,630
Financial liabilities
Debt issued by consolidated trusts	Various(8)	$3,198,008	$—	$2,913,353	$434	$—	$2,913,787
Short-term debt	Amortized cost	37,718	—	37,727	—	—	37,727
Long-term debt	Various(9)	169,296	—	167,440	2,674	—	170,114
Securities sold under agreements to repurchase	Amortized cost	—	—	6,459	—	(6,459)	—
Other liabilities:
Guarantee obligations	Amortized cost	4,494	—	92	6,104	—	6,196
Derivative liabilities, net	FV - NI	781	—	4,708	52	(3,979)	781
Other liabilities(6)	FV - NI	—	—	184	78	—	262
Total other liabilities		5,275	—	4,984	6,234	(3,979)	7,239
Total financial liabilities		$3,410,297	$—	$3,129,963	$9,342	($10,438)	$3,128,867

		December 31, 2024
	GAAP Measurement Category(1)	Carrying Amount(2)	Fair Value
(In millions)			Level 1	Level 2	Level 3	Netting Adjustments(3)	Total
Financial assets
Cash and cash equivalents	Amortized cost	$5,534	$5,534	$—	$—	$—	$5,534
Securities purchased under agreements to resell	Amortized cost	100,118	—	108,338	—	(8,220)	100,118
Investments securities:
Available-for-sale	FV - OCI	3,899	—	3,316	583	—	3,899
Trading	FV - NI	51,872	42,289	6,556	3,027	—	51,872
Total investments securities		55,771	42,289	9,872	3,610	—	55,771
Mortgage loans held-for-sale	Various(4)	15,560	—	11,943	3,764	—	15,707
Mortgage loans held-for-investment, net of allowance for credit losses	Various(5)	3,172,329	—	2,469,708	286,371	—	2,756,079
Other assets:
Guarantee assets	FV - NI	5,126	—	—	5,128	—	5,128
Derivative assets, net	FV - NI	501	9	6,387	94	(5,989)	501
Other assets(6)	Various(7)	1,801	—	323	1,607	—	1,930
Total other assets		7,428	9	6,710	6,829	(5,989)	7,559
Total financial assets		$3,356,740	$47,832	$2,606,571	$300,574	($14,209)	$2,940,768
Financial liabilities
Debt issued by consolidated trusts	Various(8)	$3,122,941	$—	$2,699,412	$380	$—	$2,699,792
Short-term debt	Amortized cost	14,675	—	14,679	—	—	14,679
Long-term debt	Various(9)	167,333	—	164,388	3,283	—	167,671
Securities sold under agreements to repurchase	Amortized cost	—	—	8,220	—	(8,220)	—
Other liabilities:
Guarantee obligations	Amortized cost	5,072	—	98	6,362	—	6,460
Derivative liabilities, net	FV - NI	954	—	7,116	120	(6,282)	954
Other liabilities(6)	FV - NI	23	—	701	109	—	810
Total other liabilities		6,049	—	7,915	6,591	(6,282)	8,224
Total financial liabilities		$3,310,998	$—	$2,894,614	$10,254	($14,502)	$2,890,366

(1)FV - NI denotes fair value through net income. FV - OCI denotes fair value through other comprehensive income.

(2)Excludes allowance for credit losses on off-balance sheet credit exposure.

(3)Represents counterparty netting and cash collateral netting, and includes accrued interest receivable and payable.

(4)The GAAP carrying amounts measured at lower-of-cost-or-fair-value and FV - NI were $1.0 billion and $0.0 billion as of December 31, 2025, respectively, and, $4.2 billion and $11.4 billion as of December 31, 2024, respectively.

(5)The GAAP carrying amounts measured at amortized cost and FV - NI were $3.3 trillion and $7.0 billion as of December 31, 2025, respectively, and $3.2 trillion and $2.4 billion as of December 31, 2024, respectively.

(6)For other assets, includes advances to lenders, secured lending, and loan commitments. For other liabilities, includes loan commitments.

(7)The GAAP carrying amounts measured at amortized cost and FV - NI were $2.4 billion and $0.2 billion as of December 31, 2025, respectively, and $1.6 billion and $0.2 billion as of December 31, 2024, respectively.

(8)The GAAP carrying amounts measured at amortized cost and FV - NI were $3.2 trillion and $5.8 billion as of December 31, 2025, respectively, and $3.1 trillion and $2.0 billion as of December 31, 2024, respectively.

(9)The GAAP carrying amounts measured at amortized cost and FV - NI were $0.2 trillion and $0.2 billion as of December 31, 2025, respectively, and $0.2 trillion and $0.3 billion as of December 31, 2024, respectively.

Table - Difference between Fair Value and Unpaid Principal Balance for Certain Financial Instruments with Fair Value Option Elected

The table below presents the fair value and UPB related to items for which we have elected the fair value option.

Table 16.6 - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected(1)

	December 31, 2025			December 31, 2024
(In millions)	Fair value	UPB	Difference	Fair value	UPB	Difference
Mortgage loans held-for-sale	$—	$—	$—	$11,394	$11,470	($76)
Mortgage loans held-for-investment	7,005	7,148	(143)	2,413	2,710	(297)
Long-term debt	51	48	3	152	150	2
Debt issued by consolidated trusts	5,387	5,445	(58)	1,689	1,817	(128)
Other assets (other liabilities)	—	N/A	N/A	1	N/A	N/A

(1)    Excludes interest-only securities related to debt issued by consolidated trusts and long-term debt with a fair value of $0.6 billion and $0.5 billion as of December 31, 2025 and December 31, 2024, respectively.

The table below presents the changes in fair value related to items for which we have elected the fair value option. These amounts are included in investment gains, net, on our consolidated statements of income.

Table 16.7 - Changes in Fair Value under the Fair Value Option Election

	December 31, 2025	December 31, 2024	December 31, 2023
(In millions)	Gains (losses)
Mortgage loans held-for-sale	$238	($189)	($59)
Mortgage loans held-for-investment	48	(39)	(29)
Long-term debt	53	14	30
Debt issued by consolidated trusts	(63)	51	(6)
Other assets/other liabilities	128	516	207

Changes in fair value attributable to instrument-specific credit risk were not material for the periods presented for assets or liabilities for which we elected the fair value option.