We use master netting arrangements, which allow us to offset certain financial instruments and collateral with the same counterparty, to minimize counterparty credit exposure. The tables below display information related to derivatives, securities purchased under agreements to resell, and securities sold under agreements to repurchase, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our condensed consolidated balance sheets.


	As of June 30, 2025
			Gross Amount Offset(1)		Net Amount Presented in our Condensed Consolidated Balance Sheets				Amounts Not Offset in our Condensed Consolidated Balance Sheets
	Gross Amount								Financial Instruments(2)			Collateral(3)			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	445	$	(404)		$	41			$	—		$	—	$	41
Cleared risk management derivatives	—		1			1				—			—		1
Mortgage commitment derivatives	141		—			141				(62)			(2)		77
Total derivative assets	586		(403)			183		(4)		(62)			(2)		119
Securities purchased under agreements to resell(5)	63,878		—			63,878				—			(63,878)		—
Total assets	$	64,464	$	(403)		$	64,061			$	(62)		$	(63,880)	$	119
Liabilities:
OTC risk management derivatives	$	(1,567)	$	1,565		$	(2)			$	—		$	—	$	(2)
Cleared risk management derivatives	—		(85)			(85)				—			85		—
Mortgage commitment derivatives	(192)		—			(192)				62			117		(13)


Total liabilities	$	(1,759)	$	1,480		$	(279)	(4)		$	62		$	202	$	(15)


	As of December 31, 2024
			Gross Amount Offset(1)		Net Amount Presented in our Condensed Consolidated Balance Sheets					Amounts Not Offset in our Condensed Consolidated Balance Sheets
	Gross Amount								Financial Instruments(2)				Collateral(3)			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	401	$	(383)		$	18				$	—		$	—		$	18
Cleared risk management derivatives	—		21			21					—			—			21
Mortgage commitment derivatives	112		—			112					(91)			(14)			7
Total derivative assets	513		(362)			151		(4)			(91)			(14)			46
Securities purchased under agreements to resell(5)	56,250		—			56,250					—			(56,250)			—
Total assets	$	56,763	$	(362)		$	56,401				$	(91)		$	(56,264)		$	46
Liabilities:
OTC risk management derivatives	$	(2,368)	$	2,368		$	—				$	—		$	—		$	—
Cleared risk management derivatives	—		(1)			(1)					—			1			—
Mortgage commitment derivatives	(137)		—			(137)					91			9			(37)


Total liabilities	$	(2,505)	$	2,367		$	(138)	(4)			$	91		$	10		$	(37)

(1)Represents the effect of the right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received and accrued interest.

(2)Mortgage commitment derivative amounts reflect where we have recognized both an asset and a liability with the same counterparty under an enforceable master netting arrangement but we have not elected to offset the related amounts in our condensed consolidated balance sheets.

(3)Represents collateral received that has not been recognized and has not been offset in our condensed consolidated balance sheets, as well as collateral posted that has been recognized but not offset in our condensed consolidated balance sheets. Does not include collateral held or posted in excess of our exposure.

(4)Excludes derivative assets of $22 million and $28 million as of June 30, 2025 and December 31, 2024, respectively, and derivative liabilities of $14 million and $16 million as of June 30, 2025 and December 31, 2024, respectively, recognized in our condensed consolidated balance sheets, that were not subject to enforceable master netting arrangements.

(5)Includes $25.9 billion and $25.4 billion in securities purchased under agreements to resell classified as “Cash and cash equivalents” in our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively. Includes $14.2 billion and $14.9 billion in securities purchased under agreements to resell classified as “Restricted cash and cash equivalents” in our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively.

Derivative instruments are recorded at fair value and securities purchased under agreements to resell are recorded at amortized cost in our condensed consolidated balance sheets. For a discussion of how we determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, see “Note 15, Netting Arrangements” in our 2024 Form 10-K.