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Investment Securities
 12 Months Ended
Dec. 31, 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 December 31, 2025 and 2024, respectively.
The table below presents the amortized cost basis, allowance for credit losses, gross unrealized gains and losses and fair value of our investment securities aggregated by major security type as of December 31, 2025 and 2024. Accrued interest receivable of $327 million and $262 million as of December 31, 2025 and 2024, respectively, is not included in the table below.
Table 3.1: Investment Securities Available for Sale
December 31, 2025
(Dollars in millions)
Amortized
Cost Basis
Allowance
 for Credit
 Losses		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Investment securities available for sale:
U.S. Treasury securities$9,958 $0 $55 $0 $10,013 
RMBS:
Agency75,561 0 322 (6,742)69,141 
Non-agency525 (3)67 (2)587 
Total RMBS76,086 (3)389 (6,744)69,728 
Agency CMBS8,201 0 35 (344)7,892 
Other securities(1)
3,411 0 7 0 3,418 
Total investment securities available for sale$97,656 $(3)$486 $(7,088)$91,051 
 December 31, 2024
(Dollars in millions)
Amortized
Cost Basis
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 $1.9 billion and $2.0 billion of asset-backed securities (“ABS”) as of December 31, 2025 and 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 December 31, 2025 and 2024. The amounts include securities available for sale without an allowance for credit losses.
Table 3.2: Securities in a Gross Unrealized Loss Position
December 31, 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$0 $0 $588 $0 $588 $0 
RMBS:
Agency1,063 (4)46,859 (6,738)47,922 (6,742)
Non-agency2 0 4 0 6 0 
Total RMBS1,065 (4)46,863 (6,738)47,928 (6,742)
Agency CMBS698 (2)4,795 (342)5,493 (344)
Other securities425 0 0 0 425 0 
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)
$2,188 $(6)$52,246 $(7,080)$54,434 $(7,086)
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 2,270 and 2,740 securities in gross unrealized loss positions as of December 31, 2025 and 2024, respectively.
Maturities and Yields of Investment Securities
The table below summarizes, as of December 31, 2025, the fair value of our investment securities by major security type and contractual maturity as well as the total fair value, amortized cost basis 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 basis 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
December 31, 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$3,304$1,810$4,899$0$10,013
RMBS(1):
Agency31481,07067,92069,141
Non-agency0036551587
Total RMBS31481,10668,47169,728
Agency CMBS(1)
7782,8962,4711,7477,892
Other securities1893,1360933,418
Total securities available for sale$4,274$7,990$8,476$70,311$91,051
Amortized cost basis of securities available for sale
$4,276$8,030$8,622$76,728$97,656
Weighted-average yield for securities available for sale4.05%3.89%3.98%3.39%3.51%
__________
(1)As of December 31, 2025, the weighted-average expected maturities of RMBS and Agency CMBS were 7.6 years and 4.4 years, respectively.
Table 3.4 Net Securities Gains or Losses and Proceeds from Sales
The following table presents the gross realized gains or losses and proceeds from the sale of securities available for sale for the years ended December 31, 2025, 2024 and 2023.
 Year Ended December 31,
(Dollars in millions)202520242023
Realized gains (losses):
Gross realized gains$0 $0 $0 
Gross realized losses0 (35)(34)
Net realized gains (losses)$0 $(35)$(34)
Total proceeds from sales(1)
9,697 $175 $290 
__________
(1)For the year ended December 31, 2025, proceeds from sales relate to securities acquired in the Transaction and resulted in immaterial losses.
Securities Pledged and Received
We pledged investment securities totaling $39.7 billion and $39.4 billion as of December 31, 2025 and 2024, respectively. These securities are primarily pledged to support our advances from the FHLB 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 less than $1 million as of December 31, 2025 and approximately $18 million as of December 31, 2024 related to our derivative transactions.