Loans (Tables)

6 Months Ended

Jun. 30, 2026

Amounts outstanding for Loans, by segment and class, are shown in the following table.

TABLE 43: LOANS


(In Millions)	JUNE 30, 2026		DECEMBER 31, 2025
Commercial(1)
Commercial and Institutional	$	6,776.0	$	6,595.3
Commercial Real Estate	5,316.2		5,272.2
Subscription Finance	4,187.8		3,603.4
Fund Finance	1,544.5		1,357.7
Other	3,538.8		3,602.4
Total Commercial	21,363.3		20,431.0
Personal(2)
Private Client	15,891.9		15,169.3
Residential Real Estate	6,050.5		6,121.0
Other	516.3		227.0
Total Personal	22,458.7		21,517.3
Total Loans	$	43,822.0	$	41,948.3

(1) Commercial loans include $2.8 billion and $2.2 billion of Non-U.S. exposure as of June 30, 2026, and December 31, 2025, respectively.

(2) Personal loans include $822.1 million and $657.4 million of Non-U.S. exposure as of June 30, 2026, and December 31, 2025, respectively.

Schedule of Borrower Ratings

Loan segment and class balances as of June 30, 2026 and December 31, 2025 are provided in the following table, segregated by borrower ratings into “1 to 3,” “4 to 5” and “6 to 9” (watch list, including accrual and nonaccrual status) categories by year of origination at amortized cost basis. Loans that are held for investment are reported at the principal amount outstanding, net of unearned income.

TABLE 44: CREDIT QUALITY INDICATOR AT AMORTIZED COST BASIS BY ORIGINATION YEAR


June 30, 2026	TERM LOANS												REVOLVING LOANS		REVOLVING LOANS CONVERTED TO TERM LOANS
(In Millions)	2026		2025		2024		2023		2022		PRIOR						TOTAL
Commercial
Commercial and Institutional
Risk Rating:
1 to 3 Category	$	105.6	$	381.0	$	379.6	$	68.3	$	43.2	$	165.2	$	1,156.7	$	57.2	$	2,356.8
4 to 5 Category	323.8		542.5		590.8		310.3		246.1		206.7		1,925.1		27.9		4,173.2
6 to 9 Category	—		40.2		34.1		44.3		29.3		3.3		80.0		14.8		246.0
Total Commercial and Institutional	429.4		963.7		1,004.5		422.9		318.6		375.2		3,161.8		99.9		6,776.0
C&I Gross Charge-offs	—		—		—		—		—		(0.4)		—		—		(0.4)
Commercial Real Estate
Risk Rating:
1 to 3 Category	80.8		198.5		83.0		52.5		36.5		138.3		14.3		—		603.9
4 to 5 Category	459.8		930.5		605.9		1,083.9		763.7		491.4		193.3		22.8		4,551.3
6 to 9 Category	—		71.9		31.7		15.1		38.2		4.1		—		—		161.0
Total Commercial Real Estate	540.6		1,200.9		720.6		1,151.5		838.4		633.8		207.6		22.8		5,316.2

Subscription Finance
Risk Rating:
1 to 3 Category	518.4		—		90.5		12.8		—		71.7		3,071.2		—		3,764.6
4 to 5 Category	11.2		1.8		—		26.3		—		—		381.8		—		421.1
6 to 9 Category	—		—		—		—		—		—		2.1		—		2.1
Total Subscription Finance	529.6		1.8		90.5		39.1		—		71.7		3,455.1		—		4,187.8

Fund Finance
Risk Rating:
1 to 3 Category	553.9		—		—		0.4		—		32.1		341.3		—		927.7
4 to 5 Category	379.2		8.5		—		—		—		—		229.1		—		616.8

Total Fund Finance	933.1		8.5		—		0.4		—		32.1		570.4		—		1,544.5


Other
Risk Rating:
1 to 3 Category	1,846.2		—		—		—		—		—		—		—		1,846.2
4 to 5 Category	1,543.1		—		—		—		—		146.3		—		—		1,689.4
6 to 9 Category	3.2		—		—		—		—		—		—		—		3.2
Total Other	3,392.5		—		—		—		—		146.3		—		—		3,538.8

Total Commercial	5,825.2		2,174.9		1,815.6		1,613.9		1,157.0		1,259.1		7,394.9		122.7		21,363.3
Commercial Gross Charge-offs	—		—		—		—		—		(0.4)		—		—		(0.4)
Personal
Private Client
Risk Rating:
1 to 3 Category	160.0		101.6		145.1		86.4		57.8		40.0		5,339.9		83.0		6,013.8
4 to 5 Category	212.7		521.8		462.3		129.8		267.5		194.4		7,537.0		459.7		9,785.2
6 to 9 Category	—		17.1		42.5		14.9		—		—		18.4		—		92.9
Total Private Client	372.7		640.5		649.9		231.1		325.3		234.4		12,895.3		542.7		15,891.9
Private Client Gross Charge-offs	—		—		—		(0.2)		—		—		—		—		(0.2)
Residential Real Estate
Risk Rating:
1 to 3 Category	178.2		356.6		194.7		172.8		527.7		1,719.1		221.7		—		3,370.8
4 to 5 Category	157.6		246.7		171.4		149.5		326.8		1,314.5		226.8		1.8		2,595.1
6 to 9 Category	—		1.0		—		—		8.7		62.7		12.2		—		84.6
Total Residential Real Estate	335.8		604.3		366.1		322.3		863.2		3,096.3		460.7		1.8		6,050.5


Other
Risk Rating:
1 to 3 Category	298.9		—		—		—		—		—		—		—		298.9
4 to 5 Category	217.4		—		—		—		—		—		—		—		217.4

Total Other	516.3		—		—		—		—		—		—		—		516.3

Total Personal	1,224.8		1,244.8		1,016.0		553.4		1,188.5		3,330.7		13,356.0		544.5		22,458.7
Personal Gross Charge-offs	—		—		—		(0.2)		—		—		—		—		(0.2)
Total Loans	$	7,050.0	$	3,419.7	$	2,831.6	$	2,167.3	$	2,345.5	$	4,589.8	$	20,750.9	$	667.2	$	43,822.0
Total Loans Gross Charge-offs	$	—	$	—	$	—	$	(0.2)	$	—	$	(0.4)	$	—	$	—	$	(0.6)


December 31, 2025	TERM LOANS												REVOLVING LOANS		REVOLVING LOANS CONVERTED TO TERM LOANS
(In Millions)	2025		2024		2023		2022		2021		PRIOR						TOTAL
Commercial
Commercial and Institutional
Risk Rating:
1 to 3 Category	$	276.9	$	425.1	$	87.8	$	205.4	$	111.8	$	149.5	$	1,205.7	$	57.6	$	2,519.8
4 to 5 Category	561.4		661.5		353.9		263.7		219.0		116.6		1,566.1		35.7		3,777.9
6 to 9 Category	88.8		19.9		50.3		46.2		21.9		2.7		57.5		10.3		297.6
Total Commercial and Institutional	927.1		1,106.5		492.0		515.3		352.7		268.8		2,829.3		103.6		6,595.3
C&I Gross Charge-offs	—		—		—		—		—		(1.4)		—		—		(1.4)
Commercial Real Estate
Risk Rating:
1 to 3 Category	118.5		98.7		80.8		52.6		157.3		20.8		37.9		—		566.6
4 to 5 Category	946.7		654.8		1,325.1		831.4		404.3		198.7		195.1		22.9		4,579.0
6 to 9 Category	71.9		2.0		6.8		45.5		—		0.4		—		—		126.6
Total Commercial Real Estate	1,137.1		755.5		1,412.7		929.5		561.6		219.9		233.0		22.9		5,272.2
CRE Gross Charge-offs	—		—		—		(2.1)		—		—		—		—		(2.1)
Subscription Finance
Risk Rating:
1 to 3 Category	281.3		68.0		15.4		—		—		74.9		2,879.3		—		3,318.9
4 to 5 Category	—		—		16.1		—		—		—		268.4		—		284.5

Total Subscription Finance	281.3		68.0		31.5		—		—		74.9		3,147.7		—		3,603.4

Fund Finance
Risk Rating:
1 to 3 Category	322.6		—		—		14.9		—		37.6		443.7		—		818.8
4 to 5 Category	404.3		—		0.4		—		—		—		134.2		—		538.9

Total Fund Finance	726.9		—		0.4		14.9		—		37.6		577.9		—		1,357.7

Other
Risk Rating:
1 to 3 Category	1,886.3		51.2		—		—		—		—		24.4		—		1,961.9
4 to 5 Category	1,440.3		18.6		—		—		—		173.6		7.0		—		1,639.5
6 to 9 Category	1.0		—		—		—		—		—		—		—		1.0
Total Other	3,327.6		69.8		—		—		—		173.6		31.4		—		3,602.4

Total Commercial	6,400.0		1,999.8		1,936.6		1,459.7		914.3		774.8		6,819.3		126.5		20,431.0
Commercial Gross Charge-offs	—		—		—		(2.1)		—		(1.4)		—		—		(3.5)
Personal
Private Client
Risk Rating:
1 to 3 Category	149.9		130.7		133.0		58.7		47.2		44.6		5,813.0		38.7		6,415.8
4 to 5 Category	429.2		581.0		141.7		313.5		151.0		184.2		6,350.9		547.9		8,699.4
6 to 9 Category	22.6		7.6		15.2		—		—		—		8.7		—		54.1
Total Private Client	601.7		719.3		289.9		372.2		198.2		228.8		12,172.6		586.6		15,169.3
Private Client Gross Charge-offs	—		—		—		—		—		(0.1)		—		—		(0.1)
Residential Real Estate (RRE)
Risk Rating:
1 to 3 Category	357.1		138.7		131.8		343.3		334.6		993.2		232.3		—		2,531.0
4 to 5 Category	256.2		264.2		232.1		576.3		658.6		1,313.0		194.3		1.9		3,496.6
6 to 9 Category	1.0		—		0.9		8.1		31.3		31.6		20.5		—		93.4
Total Residential Real Estate	614.3		402.9		364.8		927.7		1,024.5		2,337.8		447.1		1.9		6,121.0
RRE Gross Charge-offs	—		—		—		—		—		(0.1)		—		—		(0.1)
Other
Risk Rating:
1 to 3 Category	86.0		—		—		—		—		—		—		—		86.0
4 to 5 Category	141.0		—		—		—		—		—		—		—		141.0
Total Other	227.0		—		—		—		—		—		—		—		227.0
Other Gross Charge-offs	(0.2)		—		—		—		—		—		—		—		(0.2)
Total Personal	1,443.0		1,122.2		654.7		1,299.9		1,222.7		2,566.6		12,619.7		588.5		21,517.3
Personal Gross Charge-Offs	(0.2)		—		—		—		—		(0.2)		—		—		(0.4)
Total Loans	$	7,843.0	$	3,122.0	$	2,591.3	$	2,759.6	$	2,137.0	$	3,341.4	$	19,439.0	$	715.0	$	41,948.3
Total Loans Gross Charge-Offs	$	(0.2)	$	—	$	—	$	(2.1)	$	—	$	(1.6)	$	—	$	—	$	(3.9)

Schedule of Delinquency Status

The following table provides balances and delinquency status of accrual and nonaccrual loans by segment and class as of June 30, 2026 and December 31, 2025.

TABLE 45: DELINQUENCY STATUS


	ACCRUAL														NONACCRUAL WITH NO ALLOWANCE
(In Millions)	CURRENT		30 – 59 DAYS PAST DUE		60 – 89 DAYS PAST DUE		90 DAYS OR MORE PAST DUE		TOTAL ACCRUAL		NONACCRUAL		TOTAL LOANS
June 30, 2026
Commercial
Commercial and Institutional	$	6,721.3	$	6.8	$	3.3	$	—	$	6,731.4	$	44.6	$	6,776.0	$	2.4
Commercial Real Estate	5,204.6		92.7		11.1		5.7		5,314.1		2.1		5,316.2		2.1
Subscription Finance	4,166.7		19.6		1.5		—		4,187.8		—		4,187.8		—
Fund Finance	1,544.3		—		0.2		—		1,544.5		—		1,544.5		—
Other	3,538.3		—		—		—		3,538.3		0.5		3,538.8		—
Total Commercial	21,175.2		119.1		16.1		5.7		21,316.1		47.2		21,363.3		4.5
Personal
Private Client	15,693.1		84.0		91.8		17.6		15,886.5		5.4		15,891.9		—
Residential Real Estate	6,024.4		1.1		1.6		4.7		6,031.8		18.7		6,050.5		17.7
Other	516.3		—		—		—		516.3		—		516.3		—
Total Personal	22,233.8		85.1		93.4		22.3		22,434.6		24.1		22,458.7		17.7
Total Loans	$	43,409.0	$	204.2	$	109.5	$	28.0	$	43,750.7	$	71.3	$	43,822.0	$	22.2


	ACCRUAL														NONACCRUAL WITH NO ALLOWANCE
(In Millions)	CURRENT		30 – 59 DAYS PAST DUE		60 – 89 DAYS PAST DUE		90 DAYS OR MORE PAST DUE		TOTAL ACCRUAL		NONACCRUAL		TOTAL LOANS
December 31, 2025
Commercial
Commercial and Institutional	$	6,509.6	$	39.2	$	0.8	$	6.0	$	6,555.6	$	39.7	$	6,595.3	$	21.3
Commercial Real Estate	5,222.1		37.3		3.6		9.2		5,272.2		—		5,272.2		—
Subscription Finance	3,562.4		41.0		—		—		3,603.4		—		3,603.4		—
Fund Finance	1,354.4		—		—		3.3		1,357.7		—		1,357.7		—
Other	3,601.8		—		—		—		3,601.8		0.6		3,602.4		—
Total Commercial	20,250.3		117.5		4.4		18.5		20,390.7		40.3		20,431.0		21.3
Personal
Private Client	15,022.2		128.8		8.5		3.1		15,162.6		6.7		15,169.3		—
Residential Real Estate	6,050.7		11.7		25.5		3.4		6,091.3		29.7		6,121.0		26.9
Other	227.0		—		—		—		227.0		—		227.0		—
Total Personal	21,299.9		140.5		34.0		6.5		21,480.9		36.4		21,517.3		26.9
Total Loans	$	41,550.2	$	258.0	$	38.4	$	25.0	$	41,871.6	$	76.7	$	41,948.3	$	48.2