Mortgage Loans Held for Portfolio (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Mortgage Loans Held for Portfolio

The following table presents information on the Bank’s mortgage loans held for portfolio (dollars in millions):

	December 31,
	2025		2024
Fixed rate, long-term1 single-family mortgage loans	$	13,549	$	10,961
Fixed rate, medium-term2 single-family mortgage loans	904		856
Total unpaid principal balance	14,453		11,817
Premiums	156		130
Discounts	(54)		(33)
Basis adjustments from mortgage loan purchase commitments	(9)		(13)
Total mortgage loans held for portfolio3	14,546		11,901
Allowance for credit losses	(6)		(5)
Total mortgage loans held for portfolio, net	$	14,540	$	11,896

1    Long-term is defined as an original term of greater than 15 years and up to 30 years.

2    Medium-term is defined as an original term of 15 years or less.

3    Excludes accrued interest receivable of $107 million and $78 million at December 31, 2025 and 2024.

The following table presents the Bank’s mortgage loans held for portfolio by collateral or guarantee type (dollars in millions):

	December 31,
	2025		2024
Conventional mortgage loans	$	14,097	$	11,452
Government-guaranteed or -insured mortgage loans	356		365
Total unpaid principal balance	$	14,453	$	11,817

Financing Receivable Credit Quality Indicators

Payment status is the key credit quality indicator for conventional mortgage loans and allows the Bank to monitor borrower performance. Past due loans are those where the borrower has failed to make contractual principal and/or interest payments for a period of 30 days or more. Other delinquency statistics include non-accrual loans and loans in process of foreclosure.

The following tables presents the payment status for conventional mortgage loans (dollars in millions):

	December 31, 2025
	Origination Year
	Prior to 2021		2021 to 2025		Total
Past due 30 - 59 days	$	36	$	61	$	97
Past due 60 - 89 days	8		12		20
Past due 90 - 179 days	6		12		18
Past due 180 days or more	4		7		11
Total past due mortgage loans	54		92		146
Total current mortgage loans	3,243		10,796		14,039
Total amortized cost of mortgage loans1	$	3,297	$	10,888	$	14,185

	December 31, 2024
	Origination Year
	Prior to 2020		2020 to 2024		Total
Past due 30 - 59 days	$	28	$	41	$	69
Past due 60 - 89 days	8		11		19
Past due 90 - 179 days	5		7		12
Past due 180 days or more	4		4		8
Total past due mortgage loans	45		63		108
Total current mortgage loans	2,347		9,076		11,423
Total amortized cost of mortgage loans1	$	2,392	$	9,139	$	11,531

1    Amortized cost represents the unpaid principal balance adjusted for unamortized premiums, discounts, price adjustment fees, basis adjustments, and direct write-downs. Amortized cost excludes accrued interest receivable.

Past Due Financing Receivables

The following tables present other delinquency statistics for mortgage loans (dollars in millions):

	December 31, 2025
Amortized Cost	Conventional			Government-Insured			Total
In process of foreclosure1	$	2		$	1		$	3
Serious delinquency rate2	—		%	2		%	—		%
Past due 90 days or more and still accruing interest3	$	—		$	8		$	8
Non-accrual mortgage loans4	$	62		$	—		$	62

	December 31, 2024
Amortized Cost	Conventional			Government- Insured			Total
In process of foreclosure1	$	4		$	1		$	5
Serious delinquency rate2	—		%	2		%	—		%
Past due 90 days or more and still accruing interest3	$	—		$	7		$	7
Non-accrual mortgage loans4	$	49		$	—		$	49

1    Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported.

2    Represents mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of total mortgage loans. Serious delinquency rate on conventional loans was less than one percent at December 31, 2025 and 2024.

3    Represents government-insured mortgage loans that are 90 days or more past due.

4    Represents conventional mortgage loans that are 90 days or more past due or for which the collection of interest or principal is doubtful. At December 31, 2025 and 2024, $31 million and $25 million of conventional mortgage loans on non-accrual status were evaluated individually and do not have a related allowance for credit losses because these loans were either previously charged off to the expected recoverable value and/or the fair value of the underlying collateral is greater than the amortized cost of the loans.