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Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investment Debt Securities Table [Line Items]  
Major Security Types
AFS securities by major security type were as follows (dollars in millions):
December 31, 2025
Amortized
Cost1
Gross
Unrealized
Gains		Gross
Unrealized
Losses
Fair
Value
Non-mortgage-backed securities
Other U.S. obligations2
$14 $— $— $14 
GSE and Tennessee Valley Authority obligations280 30 — 310 
State or local housing agency obligations369 2 (1)370 
Other3
18 1 — 19 
Total non-mortgage-backed securities681 33 (1)713 
Mortgage-backed securities
U.S. obligations single-family2
5,683 25 (1)5,707 
GSE single-family 217 1 (1)217 
GSE multifamily20,755 152 (25)20,882 
Total mortgage-backed securities26,655 178 (27)26,806 
Total$27,336 $211 $(28)$27,519 


December 31, 2024
Amortized
Cost1
Gross
Unrealized
Gains		Gross
Unrealized
Losses
Fair
Value
Non-mortgage-backed securities
Other U.S. obligations2
$102 $— $— $102 
GSE and Tennessee Valley Authority obligations285 24 — 309 
State or local housing agency obligations504 1 (6)499 
Other3
41 1 — 42 
Total non-mortgage-backed securities932 26 (6)952 
Mortgage-backed securities
U.S. obligations single-family2
5,192 13 (5)5,200 
GSE single-family197 — (2)195 
GSE multifamily19,037 45 (98)18,984 
Total mortgage-backed securities24,426 58 (105)24,379 
Total$25,358 $84 $(111)$25,331 

1    Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $89 million and $86 million at December 31, 2025 and 2024.

2    Represents investment securities backed by the full faith and credit of the U.S. Government.

3    Consists of taxable municipal bonds.


The Bank had no sales of AFS securities during the years ended December 31, 2025, 2024, and 2023.
Unrealized Losses
The following tables summarize AFS securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in millions). In cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported.
December 31, 2025
Less than 12 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
Non-mortgage-backed securities
Other U.S. obligations1
$7 $— $3 $— $10 $— 
State or local housing agency obligations82 (1)123 — 205 (1)
Total non-mortgage-backed securities89 (1)126 — 215 (1)
Mortgage-backed securities
U.S. obligations single-family1
181 — 488 (1)669 (1)
GSE single-family— — 71 (1)71 (1)
GSE multifamily216 — 3,831 (25)4,047 (25)
Total mortgage-backed securities397 — 4,390 (27)4,787 (27)
Total$486 $(1)$4,516 $(27)$5,002 $(28)

December 31, 2024
Less than 12 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
Non-mortgage-backed securities
Other U.S. obligations1
$— $— $21 $— $21 $— 
State or local housing agency obligations108 (1)347 (5)455 (6)
Total non-mortgage-backed securities108 (1)368 (5)476 (6)
Mortgage-backed securities
U.S. obligations single-family1
995 (4)808 (1)1,803 (5)
GSE single-family45 — 85 (2)130 (2)
GSE multifamily3,325 (10)7,587 (88)10,912 (98)
Total mortgage-backed securities4,365 (14)8,480 (91)12,845 (105)
Total$4,473 $(15)$8,848 $(96)$13,321 $(111)

1    Represents investment securities backed by the full faith and credit of the U.S. Government.
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]
Trading securities by major security type were as follows (dollars in millions):
December 31,
20252024
Non-mortgage-backed securities
U.S. Treasury obligations1
$6,104 $4,508 
Other U.S. obligations1
57 59 
GSE and Tennessee Valley Authority obligations48 47 
Other2
94 106 
Total fair value$6,303 $4,720 

1    Represents investment securities backed by the full faith and credit of the U.S. Government.

2    Consists of taxable municipal bonds.
Major Security Types
HTM securities by major security type were as follows (dollars in millions):
December 31, 2025
Amortized
Cost1
Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Fair
Value
Non-mortgage-backed securities
GSE and Tennessee Valley Authority obligations$124 $8 $— $132 
State or local housing agency obligations21 1 — 22 
Total non-mortgage-backed securities145 9 — 154 
Mortgage-backed securities
U.S. obligations single-family2
1 — — 1 
GSE single-family299 — (4)295 
Private-label2 — — 2 
Total mortgage-backed securities302 — (4)298 
Total$447 $9 $(4)$452 

December 31, 2024
Amortized
Cost1
Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Fair
Value
Non-mortgage-backed securities
GSE and Tennessee Valley Authority obligations$358 $6 $(2)$362 
State or local housing agency obligations29 — — 29 
Total non-mortgage-backed securities387 6 (2)391 
Mortgage-backed securities
U.S. obligations single-family2
2 — — 2 
GSE single-family369 — (7)362 
Private-label2 — — 2 
Total mortgage-backed securities373 — (7)366 
Total$760 $6 $(9)$757 

1    Amortized cost includes adjustments made to the cost basis of an investment for accretion or amortization and excludes accrued interest receivable of $2 million and $5 million at both December 31, 2025 and 2024.

2    Represents investment securities backed by the full faith and credit of the U.S. Government.
Gain (Loss) on Securities
The following table summarizes the components of “Net gains (losses) on trading securities” as presented on the Statements of Income (dollars in millions):
For the Years Ended December 31,
202520242023
Net unrealized gains (losses) on trading securities held at period-end$82 $18 $67 
Net gains (losses) on trading securities no longer held at period-end15 — 26 
Net gains (losses) on trading securities$97 $18 $93 
Available-for-Sale Securities [Member]  
Investment Debt Securities Table [Line Items]  
Investments Classified by Contractual Maturity Date [Table Text Block]
The following table summarizes AFS securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities, as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
December 31, 2025December 31, 2024
Year of Contractual MaturityAmortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Non-mortgage-backed securities
Due in one year or less$11 $11 $88 $88 
Due after one year through five years47 49 234 236 
Due after five years through ten years224 227 212 210 
Due after ten years399 426 398 418 
Total non-mortgage-backed securities681 713 932 952 
Mortgage-backed securities26,655 26,806 24,426 24,379 
Total$27,336 $27,519 $25,358 $25,331 
Held-to-Maturity Securities [Member]  
Investment Debt Securities Table [Line Items]  
Investments Classified by Contractual Maturity Date [Table Text Block]
The following table summarizes HTM securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities, as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
December 31, 2025December 31, 2024
Year of Contractual MaturityAmortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Non-mortgage-backed securities
Due in one year or less$3 $3 $233 $233 
Due after one year through five years27 28 12 12 
Due after five years through ten years69 74 72 73 
Due after ten years46 49 70 73 
Total non-mortgage-backed securities145 154 387 391 
Mortgage-backed securities302 298 373 366 
Total$447 $452 $760 $757