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Loans and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Net Loans
The following table presents our recorded investment in loans, as of the dates indicated:
(In millions)December 31, 2025December 31, 2024
Subscription finance$13,138 $11,544 
Fund finance(1)
10,916 10,244 
Collateralized loan obligations(2)
12,809 9,488 
Commercial2,851 3,881 
Commercial real estate2,471 2,842 
Overdrafts1,962 1,980 
Other(3)
2,635 3,221 
Total loans(4)(5)
46,782 43,200 
Allowance for credit losses(193)(174)
Loans, net of allowance for credit losses
$46,589 $43,026 
(1) Fund finance loans primarily include loans to real money funds and business development companies of $8.30 billion and $1.75 billion, respectively, as of December 31, 2025, compared to $7.90 billion and $1.44 billion, respectively, as of December 31, 2024.
(2) Collateralized loan obligations include broadly syndicated and middle market CLO loans of $10.30 billion and $2.51 billion, respectively, as of December 31, 2025, compared to $8.39 billion and $1.10 billion, respectively, as of December 31, 2024.
(3) Includes securities finance loans and loans to municipalities of $2.52 billion and $0.12 billion, respectively, as of December 31, 2025 and $3.01 billion and $0.21 billion, respectively, as of December 31, 2024.
(4) Excluding overdrafts, floating rate loans and fixed rate loans totaled $42.37 billion and $2.45 billion, respectively, as of December 31, 2025. We have entered into interest rate swap agreements to hedge forecasted cash flows associated with EURIBOR indexed floating-rate loans. See Note 10 for additional details.
(5) Non-U.S. loans totaled $18.78 billion and $16.79 billion as of December 31, 2025 and 2024, respectively.
Recorded Investment in Each Class of Total Loans and Leases by Credit Quality Indicator
The following tables present our recorded investment in loans to counterparties by risk rating, as noted above, as of the dates indicated:
December 31, 2025Commercial and FinancialCommercial Real EstateTotal Loans
(In millions)
Investment grade$40,854 $1,402 $42,256 
Sub-investment grade
3,157 641 3,798 
Special mention110 132 242 
Substandard48 165 213 
Doubtful50 131 181 
Total(1)(2)
$44,219 $2,471 $46,690 
December 31, 2024Commercial and FinancialCommercial Real EstateTotal Loans 
(In millions)
Investment grade$35,831 $1,969 $37,800 
Sub-investment grade
4,278 409 4,687 
Special mention187 62 249 
Substandard48 211 259 
Doubtful— 191 191 
Total(1)(2)
$40,344 $2,842 $43,186 
(1) Loans include $1.96 billion and $1.98 billion of overdrafts as of December 31, 2025 and 2024, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of December 31, 2025, $1.90 billion overdrafts were investment grade and $0.06 billion overdrafts were sub-investment grade.
(2) Total does not include $92 million and $14 million of loans classified as held-for-sale as of December 31, 2025 and 2024, respectively.
The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2025. For origination years before the fifth annual period, we present the aggregate amortized cost basis of loans. For purchased loans, the date of issuance is used to determine the year of origination, not the date of acquisition. For modified, extended or renewed lending arrangements, we evaluate whether a credit event has occurred which would consider the loan to be a new arrangement.
(In millions)20252024202320222021PriorRevolving Loans
Total(1)
Commercial and financial:
Risk Rating:
Investment grade$8,896 $4,153 $692 $504 $1,313 $119 $25,177 $40,854 
Sub-investment grade
911 1,224 109 46 133 111 623 3,157 
Special mention3 100 — — — 7 — 110 
Substandard— 48 — — — — — 48 
Doubtful— — 10 — 40 — — 50 
Total commercial and financing$9,810 $5,525 $811 $550 $1,486 $237 $25,800 $44,219 
Commercial real estate:
Risk Rating:
Investment grade$— $41 $166 $328 $318 $549 $— $1,402 
Sub-investment grade
— — 47 — 31 563 — 641 
Special mention66 — — 20 — 46 — 132 
Substandard— — — — — 165 — 165 
Doubtful— — — — — 131 — 131 
Total commercial real estate$66 $41 $213 $348 $349 $1,454 $— $2,471 
Total loans(2)
$9,876 $5,566 $1,024 $898 $1,835 $1,691 $25,800 $46,690 
(1) Any reserve associated with accrued interest is not material. As of December 31, 2025, accrued interest receivable of $338 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.
(2) Total does not include $92 million of loans classified as held-for-sale as of December 31, 2025.
The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2024:
(In millions)20242023202220212020PriorRevolving Loans
Total(1)
Commercial and financial:
Risk Rating:
Investment grade$6,189 $2,019 $1,241 $2,234 $6 $197 $23,945 $35,831 
Sub-investment grade
2,441 347 198 633 99 198 362 4,278 
Special mention47 45 26 69 — — — 187 
Substandard— — 12 36 — — — 48 
Total commercial and financing$8,677 $2,411 $1,477 $2,972 $105 $395 $24,307 $40,344 
Commercial real estate:
Risk Rating:
Investment grade$41 $63 $488 $278 $128 $971 $— $1,969 
Sub-investment grade
— 153 20 69 100 67 — 409 
Special mention— — — — — 62 — 62 
Substandard— — — — — 211 — 211 
Doubtful— — — — — 191 — 191 
Total commercial real estate$41 $216 $508 $347 $228 $1,502 $— $2,842 
Total loans(2)
$8,718 $2,627 $1,985 $3,319 $333 $1,897 $24,307 $43,186 
(1) Any reserve associated with accrued interest is not material. As of December 31, 2024, accrued interest receivable of $327 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.
(2) Total does not include $14 million of loans classified as held-for-sale as of December 31, 2024.
Schedule of Activity in the Allowance for Loan Losses
The following tables present the activity in the allowance for credit losses by portfolio and class for the years ended December 31, 2025 and 2024:
Year End December 31, 2025
Commercial and Financial
(In millions)
Commercial Loans
Other Loans(1)
Commercial Real EstateOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$68 $4 $102 $9 $— $183 
Provision16 1 41 (1)2 59 
Charge-offs(2)
(15)— (24)— — (39)
Ending balance$69 $5 $119 $8 $2 $203 
(1) Primarily includes $2 million allowance for credit losses on both subscription finance and fund finance loans.
(2) Primarily related to a commercial real estate loan and certain commercial loans in 2025.
Year Ended December 31, 2024
Commercial and Financial
(In millions)
Commercial Loans
Other Loans(1)
Commercial Real EstateHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsTotal
Allowance for credit losses:
Beginning balance$72 $3 $60 $1 $14 $150 
Provision13 1 67 (1)(5)75 
Charge-offs(2)
(17)— (25)— — (42)
Ending balance$68 $4 $102 $— $9 $183 
(1) Primarily includes $2 million allowance for credit losses on fund finance loans and $1 million related to subscription finance.
(2) Related to the sale of commercial real estate and commercial loans in 2024.