v3.25.1
Fair Value Option (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
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 ValueUnpaid Principal BalanceFair Value Over (Under) Unpaid Principal Balance
 (in millions)
At March 31, 2025
Student loans held for investment$10 $12 $(2)
Commercial loans held for sale519 538 (19)
Fixed rate long-term debt853 838 15 
Hybrid instruments:
Structured deposits4,862 4,799 63 
Structured notes6,661 6,811 (150)
At December 31, 2024
Student loans held for investment$11 $13 $(2)
Commercial loans held for sale395 399 (4)
Client share repurchase asset16 16 — 
Fixed rate long-term debt851 847 4 
Hybrid instruments:
Structured deposits3,956 3,892 64 
Structured notes7,044 6,888 156 
Client share repurchase liability16 16 — 
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 for the three months ended March 31, 2025 and 2024:
Loans and Loans Held for SaleLong-Term
Debt		Hybrid
Instruments		Total
(in millions)
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 
Mark-to-market on related derivatives— 17 (186)(169)
Net realized gain (loss) on related long-term debt derivatives— 1 — 1 
Gain (loss) on instruments designated at fair value and related derivatives
$(7)$2 $2 $(3)
Three Months Ended March 31, 2024
Interest rate and other components(1)
$— $23 $(141)$(118)
Credit risk component(2)
1 — — 1 
Total mark-to-market on financial instruments designated at fair value
1 23 (141)(117)
Mark-to-market on related derivatives— (27)125 98 
Net realized gain (loss) on related long-term debt derivatives— (1)— (1)
Gain (loss) on instruments designated at fair value and related derivatives
$1 $(5)$(16)$(20)
(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 fair value option liabilities attributable to our own credit spread is recorded in other comprehensive income (loss).