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Investments in Securities
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments in Securities Investments in Securities
The following table displays our investments in securities.
As of
June 30, 2025December 31, 2024
Trading securities:(Dollars in millions)
Mortgage-related securities (includes $275 million and $300 million, respectively, related to consolidated trusts)
$1,185 $1,098 
Non-mortgage-related securities75,807 77,630 
Total trading securities76,992 78,728 
Available-for-sale securities (amortized cost of $451 million and $487 million, respectively)
438 469 
Total investments in securities$77,430 $79,197 
The following table displays information about our net trading gains (losses).
For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
(Dollars in millions)
Net trading gains (losses)
$329 $121 $983 $(140)
Net trading gains (losses) recognized in the period related to securities still held at period end
306 105 887 (157)

There were no significant gross unrealized gains or losses on our available-for-sale (“AFS”) investment portfolio as of June 30, 2025 or December 31, 2024. Additionally, the allowance for credit losses on our AFS investment portfolio was not significant as of June 30, 2025 or 2024.
There were no sales of AFS securities in the first half of 2025 or the first half of 2024.