Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions

The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions:


(Dollars in Millions)	Overnight and Continuous		Less Than 30 Days		30-89 Days		Greater Than 90 Days		Total
September 30, 2025
Repurchase agreements
U.S. Treasury and agencies	$	23,411	$	—	$	—	$	—	$	23,411
Residential agency mortgage-backed securities	325		—		—		—		325
Corporate debt securities	2,652		—		—		—		2,652
Asset-backed securities	400		—		—		—		400
Total repurchase agreements	26,788		—		—		—		26,788
Securities loaned
Corporate debt securities	152		—		—		—		152
Total securities loaned	152		—		—		—		152
Gross amount of recognized liabilities	$	26,940	$	—	$	—	$	—	$	26,940
December 31, 2024
Repurchase agreements
U.S. Treasury and agencies	$	5,918	$	—	$	—	$	—	$	5,918
Residential agency mortgage-backed securities	319		—		—		—		319
Corporate debt securities	1,116		—		—		—		1,116
Asset-backed securities	270		22		—		—		292
Total repurchase agreements	7,623		22		—		—		7,645
Securities loaned
Corporate debt securities	90		—		—		—		90
Total securities loaned	90		—		—		—		90
Gross amount of recognized liabilities	$	7,713	$	22	$	—	$	—	$	7,735

Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Assets

The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:


	Gross Recognized Assets		Gross Amounts Offset on the Consolidated Balance Sheet(a)		Net Amounts Presented on the Consolidated Balance Sheet		Gross Amounts Not Offset on the Consolidated Balance Sheet				Net Amount
(Dollars in Millions)							Financial Instruments(b)		Collateral Received(c)
September 30, 2025
Derivative assets(d)	$	6,941	$	(3,282)	$	3,659	$	(124)	$	(11)	$	3,524
Reverse repurchase agreements	24,974		(19,637)		5,337		(32)		(5,300)		5
Securities borrowed	1,852		—		1,852		(1)		(1,782)		69
Total	$	33,767	$	(22,919)	$	10,848	$	(157)	$	(7,093)	$	3,598
December 31, 2024
Derivative assets(d)	$	6,422	$	(2,979)	$	3,443	$	(177)	$	(5)	$	3,261
Reverse repurchase agreements	6,383		—		6,383		(851)		(5,508)		24
Securities borrowed	1,516		—		1,516		—		(1,453)		63
Total	$	14,321	$	(2,979)	$	11,342	$	(1,028)	$	(6,966)	$	3,348

(a)Includes $1.1 billion and $1.9 billion of cash collateral related payables that were netted against derivative assets at September 30, 2025 and December 31, 2024, respectively.

(b)For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.

(c)Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.

(d)Excludes $31 million and $15 million at September 30, 2025 and December 31, 2024, respectively, of derivative assets not subject to netting arrangements.

Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Liabilities


	Gross Recognized Liabilities		Gross Amounts Offset on the Consolidated Balance Sheet(a)		Net Amounts Presented on the Consolidated Balance Sheet		Gross Amounts Not Offset on the Consolidated Balance Sheet				Net Amount
(Dollars in Millions)							Financial Instruments(b)		Collateral Pledged(c)
September 30, 2025
Derivative liabilities(d)	$	6,850	$	(3,838)	$	3,012	$	(124)	$	—	$	2,888
Repurchase agreements	26,788		(19,637)		7,151		(32)		(7,119)		—
Securities loaned	152		—		152		(1)		(147)		4
Total	$	33,790	$	(23,475)	$	10,315	$	(157)	$	(7,266)	$	2,892
December 31, 2024
Derivative liabilities(d)	$	8,081	$	(2,949)	$	5,132	$	(177)	$	—	$	4,955
Repurchase agreements	7,645		—		7,645		(851)		(6,787)		7
Securities loaned	90		—		90		—		(88)		2
Total	$	15,816	$	(2,949)	$	12,867	$	(1,028)	$	(6,875)	$	4,964

(a)Includes $1.7 billion and $1.9 billion of cash collateral related receivables that were netted against derivative liabilities at both September 30, 2025 and December 31, 2024.

(b)For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.

(c)Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.

(d)Excludes $119 million and $79 million at September 30, 2025 and December 31, 2024, respectively, of derivative liabilities not subject to netting arrangements.