Investments in Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments in Securities

Investments in Securities.

	As of
	March 31, 2025		December 31, 2024
Trading securities:	(Dollars in millions)
Mortgage-related securities (includes $289 million and $300 million, respectively, related to consolidated trusts)	$	1,018	$	1,098
Non-mortgage-related securities	77,884		77,630
Total trading securities	78,902		78,728
Available-for-sale securities (amortized cost of $470 million and $487 million, respectively)	445		469
Total investments in securities	$	79,347	$	79,197

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

		For the Three Months Ended March 31,
		2025		2024
	(Dollars in millions)
Net trading gains (losses)		$	654	$	(261)
Net trading gains (losses) recognized in the period related to securities still held at period end		619		(242)

There were no significant gross unrealized gains or losses on our AFS investment portfolio as of March 31, 2025 or December 31, 2024. Additionally, the allowance for credit losses on our AFS investment portfolio was not significant as of March 31, 2025 or 2024.

There were no sales of AFS securities during the first quarter of 2025