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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Securities

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:
Agency						75,246						0						218						(7,167)						68,297
Non-agency						536						(3)						72						(3)						602
Total RMBS						75,782						(3)						290						(7,170)						68,899
Agency CMBS						8,795						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:
Agency						74,177						0						57						(9,527)						64,707
Non-agency						567						(4)						64						(6)						621
Total RMBS						74,744						(4)						121						(9,533)						65,328
Agency CMBS						8,389						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.

Schedule of Available-for-Sale Securities in 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 Months												12 Months or Longer												Total
(Dollars in millions)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross 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:
Agency						2,014						(5)						48,313						(7,162)						50,327						(7,167)
Non-agency						2						0						8						0						10						0
Total RMBS						2,016						(5)						48,321						(7,162)						50,337						(7,167)
Agency CMBS						466						(2)						5,555						(388)						6,021						(390)
Other securities						530						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 Months												12 Months or Longer												Total
(Dollars in millions)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross 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:
Agency						11,324						(178)						48,707						(9,349)						60,031						(9,527)
Non-agency						3						0						11						(1)						14						(1)
Total RMBS						11,327						(178)						48,718						(9,350)						60,045						(9,528)
Agency CMBS						700						(7)						5,677						(574)						6,377						(581)
Other securities						1,438						(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.

Schedule of Contractual Maturities for 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 Years						Total
Fair value of securities available for sale:
U.S. Treasury securities						$	2,447					$	2,390					$	3,800					$	0					$	8,637
RMBS(1):
Agency						4						123						1,135						67,035						68,297
Non-agency						0						0						31						571						602
Total RMBS						4						123						1,166						67,606						68,899
Agency CMBS(1)						1,156						2,957						2,492						1,835						8,440
Other securities						151						3,539						0						67						3,757
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 sale						4.24%						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.

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- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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