Investments in Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments In Trading Securities

The following table displays our investments in trading securities.

	As of
	September 30, 2024		December 31, 2023
	(Dollars in millions)
Mortgage-related securities (includes $320 million and $364 million, respectively, related to consolidated trusts)	$	1,198	$	4,770
Non-mortgage-related securities (includes $9.0 billion and $5.7 billion, respectively, pledged as collateral)(1)	60,100		47,782
Total trading securities	$	61,298	$	52,552

(1)Primarily includes U.S. Treasury securities.

Schedule of Trading Securities Gains (Losses), Net

The following table displays information about our net trading gains (losses).

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Net trading gains (losses)	$	1,267	$	(318)	$	1,127	$	(295)
Net trading gains (losses) recognized in the period related to securities still held at period end	1,074		(297)		938		(259)

Schedule of Available-for-sale Securities Reconciliation

The following tables display the amortized cost, allowance for credit losses, gross unrealized gains and losses in accumulated other comprehensive income (loss) (“AOCI”), and fair value by major security type for AFS securities.

	As of September 30, 2024
	Total Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains in AOCI		Gross Unrealized Losses in AOCI		Total Fair Value
	(Dollars in millions)
Agency securities	$	375	$	—	$	2	$	(25)	$	352
Other mortgage-related securities	131		(2)		11		—		140
Total	$	506	$	(2)	$	13	$	(25)	$	492

	As of December 31, 2023
	Total Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains in AOCI		Gross Unrealized Losses in AOCI		Total Fair Value
	(Dollars in millions)
Agency securities	$	405	$	—	$	1	$	(29)	$	377
Other mortgage-related securities	179		(2)		10		—		187
Total	$	584	$	(2)	$	11	$	(29)	$	564

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following table displays additional information regarding gross unrealized losses and fair value for AFS securities in an unrealized loss position, excluding allowance for credit losses.

	As of
	September 30, 2024										December 31, 2023
	Less Than 12 Consecutive Months					12 Consecutive Months or Longer					Less Than 12 Consecutive Months					12 Consecutive Months or Longer
	Gross Unrealized Losses in AOCI			Fair Value		Gross Unrealized Losses in AOCI			Fair Value		Gross Unrealized Losses in AOCI			Fair Value		Gross Unrealized Losses in AOCI			Fair Value
	(Dollars in millions)
Agency securities		$	(1)	$	41		$	(24)	$	233		$	(3)	$	66		$	(26)	$	238