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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Securities

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:
Agency						75,561						0						322						(6,742)						69,141
Non-agency						525						(3)						67						(2)						587
Total RMBS						76,086						(3)						389						(6,744)						69,728
Agency CMBS						8,201						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:
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 $1.9 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.

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 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 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						$	0					$	0					$	588					$	0					$	588					$	0
RMBS:
Agency						1,063						(4)						46,859						(6,738)						47,922						(6,742)
Non-agency						2						0						4						0						6						0
Total RMBS						1,065						(4)						46,863						(6,738)						47,928						(6,742)
Agency CMBS						698						(2)						4,795						(342)						5,493						(344)
Other securities						425						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 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 2,270 and 2,740 securities in gross unrealized loss positions as of December 31, 2025 and 2024, respectively.

Schedule of Contractual Maturities for 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 Years						Total
Fair value of securities available for sale:
U.S. Treasury securities						$	3,304					$	1,810					$	4,899					$	0					$	10,013
RMBS(1):
Agency						3						148						1,070						67,920						69,141
Non-agency						0						0						36						551						587
Total RMBS						3						148						1,106						68,471						69,728
Agency CMBS(1)						778						2,896						2,471						1,747						7,892
Other securities						189						3,136						0						93						3,418
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 sale						4.05%						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.

Schedule of Realized Gain (Loss)

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)						2025						2024						2023
Realized gains (losses):
Gross realized gains						$	0					$	0					$	0
Gross realized losses						0						(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.

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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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