Securities purchased under agreements to resell are primarily collateralized by U.S. government or agency securities and are carried at the amounts at which the securities will be subsequently sold, plus accrued interest. Securities borrowed are primarily collateralized by corporate securities. The Company borrows securities and purchases securities under agreements to resell as part of its securities financing activities. On the acquisition date of these securities, the Company and the related counterparty agree on the amount of collateral required to secure the principal amount loaned under these arrangements. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the respective agreements.

For securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of the collateral pledged. This risk is managed by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. Refer to “Note 14. Commitments and Contingencies” for additional information related to pledged securities.

The agreements that govern the Company's securities financing transactions provide for a right of setoff in the event of default or bankruptcy with respect to either party to such transactions. The following table presents the Company's securities financing transactions, including those executed under master netting (or similar) arrangements. Refer to "Note 16. Derivative Financial Instruments" for information about the Company's derivative instruments subject to master netting (or similar) arrangements.


	March 31, 2025														December 31, 2024
(Dollars in millions)			Amount in Consolidated Balance Sheets(1)				Received/Pledged Financial Instruments(2)				Net Amount				Amount in Consolidated Balance Sheets(1)		Received/Pledged Financial Instruments(2)		Net Amount
Assets:
Securities purchased under agreements to resell			$	1,470			$	(1,464)			$	6			$	1,322	$	(1,313)	$	9
Securities borrowed	1,340				(1,306)				34				1,228		(1,192)		36
Total securities borrowed or purchased under agreements to resell	$	2,810			$	(2,770)			$	40			$	2,550	$	(2,505)	$	45
Liabilities:
Securities sold under agreements to repurchase			$	(2,778)			$	2,778			$	—			$	(9,675)	$	9,675	$	—

(1)There were no securities financing transactions subject to legally enforceable master netting arrangements that were eligible for balance sheet netting for the periods presented.

(2)The fair value of received/pledged financial instruments is limited to the carrying amount of the associated asset or liability. The fair value of collateral received that was permitted to be sold or repledged was $2.8 billion as of March 31, 2025 and $2.5 billion as of December 31, 2024. Of the fair value of collateral permitted to be resold or repledged, the fair value of securities repledged or resold was $2.1 billion as of March 31, 2025 and $1.6 billion as of December 31, 2024.

The following table presents additional information related to the Company’s securities sold under agreements to repurchase, by collateral type and remaining contractual maturity:


	March 31, 2025								December 31, 2024
(Dollars in millions)	Overnight and Continuous		Up to 30 days		30-90 days		Total		Overnight and Continuous		Up to 30 days		30-90 days		Total
U.S. Treasury	$	—	$	100	$	503	$	603	$	—	$	2,445	$	300	$	2,745
State and Municipal	337		14		—		351		350		100		—		450

Agency MBS – residential	—		1,000		—		1,000		—		5,750		—		5,750
Corporate and other debt securities	563		261		—		824		450		280		—		730
Total securities sold under agreements to repurchase	$	900	$	1,375	$	503	$	2,778	$	800	$	8,575	$	300	$	9,675