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Loans and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2026
Credit Loss [Abstract]  
Net Loans
The following table presents our recorded investment in loans, as of the dates indicated:
(In millions)March 31, 2026December 31, 2025
Subscription Finance$14,415 $13,138 
Fund finance(1)
11,060 10,916 
Collateralized loan obligations(2)
13,046 12,809 
Commercial2,523 2,851 
Commercial real estate2,311 2,471 
Overdrafts3,345 1,962 
Other(3)
2,490 2,635 
Total loans(4)(5)
49,190 46,782 
Allowance for credit losses(168)(193)
Loans, net of allowance$49,022 $46,589 
(1) Fund finance loans primarily include loans to real money funds and business development companies of $8.74 billion and $1.57 billion, respectively, as of March 31, 2026, compared to $8.30 billion and $1.75 billion, respectively, as of December 31, 2025.
(2) CLOs include broadly syndicated and middle market CLO loans of $10.23 billion and $2.81 billion, respectively, as of March 31, 2026, compared to $10.30 billion and $2.51 billion, respectively, as of December 31, 2025.
(3) Includes securities finance loans and loans to municipalities of $2.37 billion and $0.12 billion, respectively, as of March 31, 2026, compared to $2.52 billion and $0.12 billion, respectively, as of December 31, 2025.
(4) Excluding overdrafts, floating rate loans and fixed rate loans totaled $43.49 billion and $2.35 billion, respectively, as of March 31, 2026. We have entered into interest rate swap agreements to hedge the forecasted cash flows associated with EURIBOR indexed floating-rate loans. See Note 10 to the consolidated financial statements in our 2025 Form 10-K for additional details.
(5) Non-U.S. loans totaled $20.36 billion and $18.78 billion as of March 31, 2026 and December 31, 2025, 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:
March 31, 2026Commercial and FinancialCommercial Real EstateTotal Loans
(In millions)
Investment grade$43,827 $1,305 $45,132 
Sub-investment grade
2,879 579 3,458 
Special mention70 132 202 
Substandard28 165 193 
Doubtful— 130 130 
Total(1)(2)
$46,804 $2,311 $49,115 
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 
(1) Loans include $3.35 billion and $1.96 billion of overdrafts as of March 31, 2026 and December 31, 2025, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of March 31, 2026, $2.85 billion overdrafts were investment grade and $0.49 billion overdrafts were sub-investment grade.
(2) Total does not include $74 million and $92 million of loans classified as held-for-sale as of March 31, 2026 and December 31, 2025, respectively.
The following table presents the amortized cost basis, by year of origination and credit quality indicator, as of March 31, 2026. 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)20262025202420232022PriorRevolving Loans
Total(1)
Commercial and financial:
Risk Rating:
Investment grade$4,496 $6,873 $4,041 $161 $288 $1,225 $26,743 $43,827 
Sub-investment grade
491 642 1,123 106 36 241 240 2,879 
Special mention— — 70 — — — — 70 
Substandard— — 28 — — — — 28 
Total commercial and financial$4,987 $7,515 $5,262 $267 $324 $1,466 $26,983 $46,804 
Commercial real estate:
Risk Rating:
Investment grade$— $— $41 $166 $269 $829 $— $1,305 
Sub-investment grade
— — — 47 — 532 — 579 
Special mention— 67 — — 20 45 — 132 
Substandard— — — — — 165 — 165 
Doubtful— — — — — 130 — 130 
Total commercial real estate$— $67 $41 $213 $289 $1,701 $— $2,311 
Total loans(2)
$4,987 $7,582 $5,303 $480 $613 $3,167 $26,983 $49,115 
(1) Any reserve associated with accrued interest is not material. As of March 31, 2026, accrued interest receivable of $311 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 $74 million of loans classified as held-for-sale as of March 31, 2026.
The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2025:
(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 financial$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.
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 periods indicated:
Three Months Ended March 31, 2026
Commercial and Financial
(In millions)Commercial Loans
Other Loans(1)
Commercial Real EstateOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$69 $5 $119 $8 $2 $203 
Provision10 6 (1)1 — 16 
Charge-offs(2)
(40)— — — — (40)
Ending balance$39 $11 $118 $9 $2 $179 
(1) Includes $4 million allowance for credit losses on both fund finance and subscription finance and $3 million on CLO loans.
(2) Related to the sale of certain commercial loans in the first quarter of 2026.
Three Months Ended March 31, 2025
Commercial and Financial
(In millions)
Commercial Loans
Other Loans(1)
Commercial Real EstateOff-Balance Sheet CommitmentsTotal
Allowance for credit losses:
Beginning balance$68 $4 $102 $9 $183 
Provision
6 2 3 1 12 
Charge-offs(2)
(9)— — — (9)
Ending balance$65 $6 $105 $10 $186 
(1) Includes $2 million allowance for credit losses on both fund finance and subscription finance and $1 million on both CLO loans and other loans.
(2) Related to the sale of certain commercial loans in the first quarter of 2025.