For additional information on the nature of the obligations and related business activities for our commitments and guarantees, refer to page 157 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2024 Form 10-K.

The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and guarantees, as of the dates indicated:


(In millions)	June 30, 2025		December 31, 2024
Commitments:
Unfunded credit facilities	$	35,127	$	34,191
Guarantees(1):
Indemnified securities financing	$	366,337	$	310,814
Standby letters of credit	780		908

(1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties.

Approximately 71% and 75% of our unfunded commitments to extend credit expire within one year as of June 30, 2025 and December 31, 2024, respectively.

For additional information on our indemnified securities financing, refer to page 157 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2024 Form 10-K.

The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated:


(In millions)	June 30, 2025		December 31, 2024
Fair value of indemnified securities financing	$	366,337	$	310,814
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing	383,573		325,611
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements	62,506		63,655
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements	67,179		68,507

In certain cases, we participate in securities finance transactions as a principal. As a principal, we borrow securities from the lending client and then lend such securities to the subsequent borrower, either our client or a broker/dealer. Our right to receive and obligation to return collateral in connection with our securities lending transactions are recorded in other assets and other liabilities, respectively, in our consolidated statement of condition. As of June 30, 2025 and December 31,

2024, we had approximately $39.95 billion and $37.45 billion, respectively, of collateral provided and approximately $4.66 billion and $14.33 billion, respectively, of collateral received from clients in connection with our participation in principal securities finance transactions.

As a sponsoring member in the FICC member program, we provide a guarantee to FICC in the event a customer fails to perform its obligations under a transaction. In order to minimize the risk associated with this guarantee, sponsored members acting as buyers generally grant a security interest in the subject securities received under and held on their behalf by State Street.

Additionally, as a member of certain industry clearing and settlement exchanges, we may be required to pay a pro rata share of the losses incurred by the organization and provide liquidity support in the event of the default of another member to the extent that the defaulting member’s clearing fund obligation and the prescribed loss allocation is depleted. It is difficult to estimate our maximum possible exposure under the membership agreements, since this would require an assessment of future claims that may be made against us that have not yet occurred. At both June 30, 2025 and December 31, 2024, we did not record any liabilities under these arrangements.

For additional information on our repurchase and reverse repurchase agreements, please refer to Note 8 to the consolidated financial statements in this Form 10-Q.