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Investment Securities
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
NOTE 3—INVESTMENT SECURITIES
Our investment securities portfolio consists of the following: U.S. government-sponsored enterprise or agency (“GSE” or “Agency”) and non-agency residential mortgage-backed securities (“RMBS”), agency commercial mortgage-backed securities (“CMBS”), U.S. Treasury securities and other securities. Agency securities include securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”) and securities issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The carrying value of our investments in Agency and U.S. Treasury securities represented 97% and 96% of our total investment securities portfolio as of September 30, 2025 and December 31, 2024, respectively.
The table below presents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our investment securities aggregated by major security type as of September 30, 2025 and December 31, 2024. Accrued interest receivable of $302 million and $262 million as of September 30, 2025 and December 31, 2024, respectively, is not included in the table below.
Table 3.1: Investment Securities Available for Sale
September 30, 2025
(Dollars in millions)Amortized
Cost		Allowance
 for Credit
 Losses		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Investment securities available for sale:
U.S. Treasury securities$8,613 $0 $28 $(4)$8,637 
RMBS:
Agency75,246 0 218 (7,167)68,297 
Non-agency536 (3)72 (3)602 
Total RMBS75,782 (3)290 (7,170)68,899 
Agency CMBS8,795 0 35 (390)8,440 
Other securities(1)
3,749 0 8 0 3,757 
Total investment securities available for sale$96,939 $(3)$361 $(7,564)$89,733 
 December 31, 2024
(Dollars in millions)Amortized
Cost		Allowance
 for Credit
 Losses		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Investment securities available for sale:
U.S. Treasury securities$6,114 $0 $5 $(9)$6,110 
RMBS:
Agency74,177 0 57 (9,527)64,707 
Non-agency567 (4)64 (6)621 
Total RMBS74,744 (4)121 (9,533)65,328 
Agency CMBS8,389 0 17 (581)7,825 
Other securities(1)
3,748 0 5 (3)3,750 
Total investment securities available for sale$92,995 $(4)$148 $(10,126)$83,013 
__________
(1)Includes $1.8 billion and $2.0 billion of asset-backed securities as of September 30, 2025 and December 31, 2024, respectively. The remaining amount is primarily comprised of supranational bonds, foreign government bonds and U.S. agency debt bonds.
Investment Securities in a Gross Unrealized Loss Position
The table below provides the gross unrealized losses and fair value of our securities available for sale aggregated by major security type and the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2025 and December 31, 2024. The amounts include securities available for sale without an allowance for credit losses.
Table 3.2: Securities in a Gross Unrealized Loss Position
September 30, 2025
Less than 12 Months12 Months or LongerTotal
(Dollars in millions)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
Investment securities available for sale without an allowance for credit losses:
U.S. Treasury securities$712 $(1)$1,204 $(3)$1,916 $(4)
RMBS:
Agency2,014 (5)48,313 (7,162)50,327 (7,167)
Non-agency2 0 8 0 10 0 
Total RMBS2,016 (5)48,321 (7,162)50,337 (7,167)
Agency CMBS466 (2)5,555 (388)6,021 (390)
Other securities530 0 0 0 530 0 
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)
$3,724 $(8)$55,080 $(7,553)$58,804 $(7,561)
December 31, 2024
Less than 12 Months12 Months or LongerTotal
(Dollars in millions)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
Investment securities available for sale without an allowance for credit losses:
U.S. Treasury securities$1,724 $(6)$931 $(3)$2,655 $(9)
RMBS:
Agency11,324 (178)48,707 (9,349)60,031 (9,527)
Non-agency3 0 11 (1)14 (1)
Total RMBS11,327 (178)48,718 (9,350)60,045 (9,528)
Agency CMBS700 (7)5,677 (574)6,377 (581)
Other securities1,438 (3)0 0 1,438 (3)
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)
$15,189 $(194)$55,326 $(9,927)$70,515 $(10,121)
__________
(1)    Consists of approximately 2,330 and 2,740 securities in gross unrealized loss positions as of September 30, 2025 and December 31, 2024, respectively.
Maturities and Yields of Investment Securities
The table below summarizes, as of September 30, 2025, the fair value of our investment securities by major security type and contractual maturity as well as the total fair value, amortized cost and weighted-average yields of our investment securities by contractual maturity. Since borrowers may have the right to call or prepay certain obligations, the expected maturities of our securities are likely to differ from the scheduled contractual maturities presented below. The weighted-average yield below represents the effective yield for the investment securities presented on a pre-tax basis and is calculated based on the amortized cost of each security, inclusive of the contractual coupon, the impact of any premium amortization or discount accretion and any hedge accounting relationships.
Table 3.3: Contractual Maturities and Weighted-Average Yields of Securities
September 30, 2025
(Dollars in millions)Due in
1 Year or Less		Due > 1 Year
through
5 Years		Due > 5 Years
through
10 Years		Due > 10 YearsTotal
Fair value of securities available for sale:
U.S. Treasury securities$2,447$2,390$3,800$0$8,637
RMBS(1):
Agency41231,13567,03568,297
Non-agency0031571602
Total RMBS41231,16667,60668,899
Agency CMBS(1)
1,1562,9572,4921,8358,440
Other securities1513,5390673,757
Total securities available for sale$3,758$9,009$7,458$69,508$89,733
Amortized cost of securities available for sale$3,761$9,071$7,641$76,466$96,939
Weighted-average yield for securities available for sale4.24%3.77%4.09%3.93%3.94%
__________
(1)As of September 30, 2025, the weighted-average expected maturities of RMBS and Agency CMBS were 8.0 years and 4.3 years, respectively.
Net Securities Gains or Losses and Proceeds from Sales
We had no sales of securities for the three months ended September 30, 2025. For the nine months ended September 30, 2025 total proceeds from sales of our securities were $9.7 billion with immaterial losses. For the three and nine months ended September 30, 2024, total proceeds from sales of our securities were $175 million with losses of $35 million.
Securities Pledged and Received
We pledged investment securities totaling $37.4 billion and $39.4 billion as of September 30, 2025 and December 31, 2024, respectively. These securities are primarily pledged to support our advances from Federal Home Loan Bank (“FHLB”) advances and Public Fund Deposits, as well as for other purposes as required or permitted by law. We accepted pledges of securities with a fair value of approximately $1 million and $18 million as of September 30, 2025 and December 31, 2024, respectively, related to our derivative transactions.