Fair Value Option (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Fair Value and Unpaid Principal Balance for Items Accounted for Under FVO

The following table summarizes the fair value and unpaid principal balance for items we account for under FVO:


	Fair Value		Unpaid Principal Balance		Fair Value Over (Under) Unpaid Principal Balance
	(in millions)
At March 31, 2026
Commercial loans held for sale	$	733	$	843	$	(110)



Fixed rate long-term debt	808		785		23
Hybrid instruments:
Structured deposits	3,539		3,292		247
Structured notes	6,840		6,815		25

At December 31, 2025
Commercial loans held for sale	$	626	$	721	$	(95)



Fixed rate long-term debt	831		791		40
Hybrid instruments:
Structured deposits	3,570		3,260		310
Structured notes	7,435		7,093		342

Components of Gain on Instruments at Fair Value and Related Derivatives

The following table summarizes the components of gain (loss) on instruments designated at fair value and related derivatives reflected in the consolidated statement of income:


	Loans Held for Sale		Long-Term Debt		Hybrid Instruments		Total
	(in millions)














Three Months Ended March 31, 2026
Interest rate and other components(1)	$	—	$	5	$	201	$	206
Credit risk component(2)	(2)		—		—		(2)
Total mark-to-market on financial instruments designated at fair value	(2)		5		201		204
Gain (loss) on related derivatives	—		(4)		(205)		(209)
Gain (loss) on instruments designated at fair value and related derivatives	$	(2)	$	1	$	(4)	$	(5)

Three Months Ended March 31, 2025
Interest rate and other components(1)	$	—	$	(16)	$	188	$	172
Credit risk component(2)	(7)		—		—		(7)
Total mark-to-market on financial instruments designated at fair value	(7)		(16)		188		165
Gain (loss) on related derivatives	—		18		(186)		(168)
Gain (loss) on instruments designated at fair value and related derivatives	$	(7)	$	2	$	2	$	(3)

(1)As it relates to hybrid instruments, interest rate and other components primarily includes interest rate and equity contract risks.

(2)The fair value movement on FVO liabilities attributable to our own credit spread is recorded in other comprehensive income (loss).