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Investments in Securities
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments in Securities Investments in Securities
We classify and account for our investments in securities as either trading or available-for-sale (“AFS”). See “Note 1, Summary of Significant Accounting Policies” in our 2025 Form 10-K for additional information on our accounting policies regarding our investments in securities. The following table displays our investments in securities.
As of
September 30, 2026December 31, 2025
Trading securities:(Dollars in millions)
Mortgage-related securities (includes $1.3 billion and $522 million, respectively, related to consolidated trusts)(1)
$23,069 $14,291 
Non-mortgage-related securities(2)
40,087 55,223 
Total trading securities63,156 69,514 
Available-for-sale securities:
Mortgage-related securities (amortized cost of $627 million and $400 million, respectively)(1)
570 375 
Non-mortgage-related securities (amortized cost of $38.5 billion and $0, respectively)(2)
36,997 — 
Total available-for-sale securities37,567 375 
Total investments in securities$100,723 $69,889 
(1)Primarily consists of Fannie Mae, Freddie Mac, and Ginnie Mae mortgage-related securities.
(2)Consists of U.S. Treasury securities.
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,
2026202520262025
(Dollars in millions)
Net trading gains (losses)
$(1,545)$296 $(2,043)$1,279 
Net trading gains (losses) recognized in the period related to securities still held at period end
(1,539)257 (2,041)1,044 
Net unrealized losses on our AFS investment portfolio recorded in accumulated other comprehensive income (loss) were $1.6 billion and $23 million as of September 30, 2026 and December 31, 2025, respectively. The unrealized losses on our AFS investment portfolio were primarily attributable to non-mortgage-related securities, consisting of fixed-rate U.S. Treasury security investments. These unrealized losses resulted from increases in interest rates, rather than credit deterioration. We neither have an intention to sell nor do we expect to be required to sell these U.S. Treasury security investments. The allowance for credit losses on our AFS investment portfolio was not significant as of September 30, 2026 or December 31, 2025.
For the three and nine months ended September 30, 2026, we had $99 million and $4.2 billion in proceeds from sales of AFS securities, respectively, resulting in gross realized losses of less than $1 million and $26 million, respectively. There were no sales of AFS securities during the three and nine months ended September 30, 2025.
The following table displays the amortized cost and fair value of our AFS securities by major security type and remaining contractual maturity, assuming no principal prepayments. The contractual maturity of mortgage-backed securities is not a reliable indicator of their expected life because borrowers generally have the right to prepay their obligations at any time. U.S. Treasury securities do not have prepayment risk, and their contractual maturities are indicative of their expected life.
As of September 30, 2026
Total Amortized Cost
Total
Fair
Value		One Year or LessAfter One Year Through Five YearsAfter Five Years Through Ten YearsAfter Ten Years
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(Dollars in millions)
Mortgage-related securities(1)
$625 $570 $— $— $7 $7 $115 $114 $503 $449 
Non-mortgage-related securities 38,546 36,997 — — 33,982 32,660 4,564 4,337 — — 
Total$39,171 $37,567 $— $— $33,989 $32,667 $4,679 $4,451 $503 $449 
Weighted-average interest rate (2)
4.00 %— %3.97 %4.11 %5.18 %
(1)Amortized cost of mortgage-related securities is presented net of the allowance for credit losses on AFS debt securities.
(2)Weighted-average interest rate includes the effects of discounts, premiums and other cost basis adjustments.