Investments in Securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments in Securities

Investments in SecuritiesThe following table displays our investments in securities.

	As of December 31,
	2024	2023
	(Dollars in millions)
Trading securities:
Mortgage-related securities (includes $300 million and $364 million, respectively, related to consolidated trusts)	$1,098	$4,770
Non-mortgage-related securities (includes $8.9 billion and $5.7 billion, respectively, pledged as collateral)(1)	77,630	47,782
Total trading securities	78,728	52,552
Available-for-sale securities (amortized cost of $487 million and $584 million, respectively)	469	564
Total investments in securities	$79,197	$53,116

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

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

	For the Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Net trading gains (losses)		$570		$1,006		$(3,504)
Net trading gains (losses) recognized in the period related to securities still held at period end		367		1,041		(2,865)

There were no significant gross unrealized gains or losses on our AFS investment portfolio at December 31, 2024 or

2023. Additionally, the allowance for credit losses on our AFS investment portfolio was not significant at December 31,

2024 or 2023.

There were no sales of AFS securities during the years ended December 31, 2024, 2023, or 2022.