Investments in Securities

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments in Securities

Investments in Securities

The following table displays our investments in securities.

	As of
	September 30, 2025		December 31, 2024
Trading securities:	(Dollars in millions)
Mortgage-related securities (includes $265 million and $300 million, respectively, related to consolidated trusts)	$	5,102	$	1,098
Non-mortgage-related securities	66,166		77,630
Total trading securities	71,268		78,728
Available-for-sale securities (amortized cost of $412 million and $487 million, respectively)	388		469
Total investments in securities	$	71,656	$	79,197

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,
	2025		2024		2025		2024
	(Dollars in millions)
Net trading gains (losses)	$	296	$	1,267	$	1,279	$	1,127
Net trading gains (losses) recognized in the period related to securities still held at period end	257		1,074		1,044		938

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

There were no sales of AFS securities in the first nine months of 2025 or the first nine months of 2024.