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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026, or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                          to                         

Commission file number: 1-3754

Ally Financial Inc.

(Exact name of registrant as specified in its charter)

Delaware						38-0572512
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

Ally Detroit Center

500 Woodward Avenue, Floor 10

Detroit, Michigan 48226

(Address of principal executive offices)

(Zip Code)

(866) 710-4623

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Common Stock, par value $0.01 per share

ALLY

NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                    Yes ☑                    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                            Yes ☑                    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐                    No ☑

At May 1, 2026, the number of shares outstanding of the Registrant’s common stock was 306,523,062 shares.

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Table of Contents

Index

Ally Financial Inc. • Form 10-Q

									Page
			Glossary of Abbreviations and Acronyms						3
Part I — Financial Information
Item 1.			Financial Statements						5
			Condensed Consolidated Statement of Comprehensive Income (unaudited) for the Three Months Ended March 31, 2026, and 2025						5
			Condensed Consolidated Balance Sheet (unaudited) at March 31, 2026, and December 31, 2025						7
			Condensed Consolidated Statement of Changes in Equity (unaudited) for the Three Months Ended March 31, 2026, and 2025						9
			Condensed Consolidated Statement of Cash Flows (unaudited) for the Three Months Ended March 31, 2026, and 2025						10
			Notes to Condensed Consolidated Financial Statements (unaudited)						12
			Note 1. Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies						12
			Note 2. Revenue from Contracts with Customers						14
			Note 3. Other Income, Net of Losses						15
			Note 4. Reserves for Insurance Losses and Loss Adjustment Expenses						15
			Note 5. Other Operating Expenses						16
			Note 6. Investment Securities						17
			Note 7. Finance Receivables and Loans, Net						21
			Note 8. Leasing						31
			Note 9. Securitizations and Variable Interest Entities						33
			Note 10. Other Assets						36
			Note 11. Deposit Liabilities						38
			Note 12. Debt						38
			Note 13. Accrued Expenses and Other Liabilities						39
			Note 14. Preferred Stock						40
			Note 15. Accumulated Other Comprehensive Loss						40
			Note 16. Earnings per Common Share						42
			Note 17. Regulatory Capital and Other Regulatory Matters						42
			Note 18. Derivative Instruments and Hedging Activities						46
			Note 19. Income Taxes						51
			Note 20. Fair Value						51
			Note 21. Offsetting Assets and Liabilities						57
			Note 22. Segment Information						58
			Note 23. Contingencies and Other Risks						61
			Note 24. Subsequent Events						61
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						62
Item 3.			Quantitative and Qualitative Disclosures About Market Risk						107
Item 4.			Controls and Procedures						108
Part II — Other Information									109
Item 1.			Legal Proceedings						109
Item 1A.			Risk Factors						109
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds						109
Item 3.			Defaults Upon Senior Securities						109
Item 4.			Mine Safety Disclosures						109
Item 5.			Other Information						109
Item 6.			Exhibits						110
Signatures									111

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Table of Contents

Index of Defined Terms

Ally Financial Inc. • Form 10-Q

Glossary of Abbreviations and Acronyms

The following is a list of abbreviations and acronyms that are used in this Quarterly Report on Form 10-Q.

Term						Definition
ALCO						Asset-Liability Committee
ALM						Asset Liability Management
ASC						Accounting Standards Codification
ASU						Accounting Standards Update
Basel Committee						Basel Committee on Banking Supervision
BHC						Bank holding company
BHC Act						Bank Holding Company Act of 1956, as amended
Board						Ally Financial Inc. Board of Directors
CD						Certificate of deposit
CECL						Accounting Standards Update 2016-13 (and related Accounting Standards Updates), or current expected credit loss
CEO						Chief Executive Officer
CODM						Chief Operating Decision Maker
COH						Corporate overhead
CRA						Community Reinvestment Act of 1977, as amended
CSG						Commercial Services Group
CVA						Credit valuation adjustment
DBRS						Morningstar DBRS
DIF						Deposit Insurance Fund
Dodd-Frank Act						Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended
DTA						Deferred tax asset
DVA						Debit valuation adjustment
EGRRCP Act						Economic Growth, Regulatory Relief, and Consumer Protection Act, as amended
ERM						Enterprise Risk Management
ETF						Exchange-traded fund
EVE						Economic value of equity
Exchange Act						Securities Exchange Act of 1934, as amended
F&I						Finance and insurance
FASB						Financial Accounting Standards Board
FDI Act						Federal Deposit Insurance Act, as amended
FDIC						Federal Deposit Insurance Corporation
FDICIA						Federal Deposit Insurance Corporation Improvement Act of 1991, as amended
FHC						Financial holding company
FHLB						Federal Home Loan Bank
FRB						Federal Reserve Bank, or Board of Governors of the Federal Reserve System, as the context requires
FTP						Funds-transfer pricing
GAP						Guaranteed asset protection
GDP						Gross domestic product of the United States of America
GLB Act						Gramm-Leach-Bliley Act of 1999, as amended
GM						General Motors Company
HTC						Historic tax credit
IB Finance						IB Finance Holding Company, LLC
IDI						Insured Depository Institution
LCR						Liquidity coverage ratio
LGD						Loss given default

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Table of Contents

Index of Defined Terms

Ally Financial Inc. • Form 10-Q

Term						Definition
LIHTC						Low-income housing tax credit
LMI						Low-to-moderate income
LTV						Loan-to-value
MD&A						Management’s Discussion and Analysis of Financial Condition and Results of Operations
NMTC						New market tax credit
NYSE						New York Stock Exchange
OCI						Other comprehensive income
OEM						Automotive original equipment manufacturer
OTC						Over-the-counter
P&C						Property and casualty
PCA						Prompt corrective action
PCD						Purchased credit deteriorated
RC						Risk Committee of the Ally Board of Directors
ROU						Right-of-use
RV						Recreational vehicle
RWA						Risk-weighted asset
S&P						Standard & Poor’s Global
SEC						U.S. Securities and Exchange Commission
Signature						Signature Bank
SPE						Special-purpose entity
Stellantis						Stellantis N.V.
SVB						Silicon Valley Bank
Tailoring Rules						The rules implementing Title IV of the EGRRCP Act
UPB						Unpaid principal balance
U.S. Basel III						The rules implementing the 2010 Basel III capital framework in the United States as well as related provisions of the Dodd-Frank Act, as amended from time to time
U.S. GAAP						Accounting Principles Generally Accepted in the United States of America
VIE						Variable interest entity
VMC						Vehicle maintenance contract
VSC						Vehicle service contract
WAC						Weighted-average coupon
wSTWF						Weighted short-term wholesale funding

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Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Statement of Comprehensive Income (unaudited)

Ally Financial Inc. • Form 10-Q

												Three months ended March 31,
($ in millions)																		2026						2025
Financing revenue and other interest income
Interest and fees on finance receivables and loans																		$	2,658					$	2,709
Interest on loans held-for-sale																		9						5
Interest and dividends on investment securities and other earning assets																		234						230
Interest on cash and cash equivalents																		81						98
Operating leases																		392						351
Total financing revenue and other interest income																		3,374						3,393
Interest expense
Interest on deposits																		1,233						1,403
Interest on short-term borrowings																		19						1
Interest on long-term debt																		265						271
Total interest expense																		1,517						1,675
Net depreciation expense on operating lease assets																		268						240
Net financing revenue and other interest income																		1,589						1,478
Other revenue
Insurance premiums and service revenue earned																		360						364
(Loss) gain on mortgage and automotive loans, net																		(3)						1
Other loss on investments, net																		(21)						(499)
Other income, net of losses																		177						197
Total other revenue																		513						63
Total net revenue																		2,102						1,541
Provision for credit losses																		467						191
Noninterest expense
Compensation and benefits expense																		491						505
Insurance losses and loss adjustment expenses																		121						161
Goodwill impairment																		—						305
Other operating expenses																		623						663
Total noninterest expense																		1,235						1,634
Income (loss) from continuing operations before income tax expense (benefit)																		400						(284)
Income tax expense (benefit) from continuing operations																		81						(59)
Net income (loss) from continuing operations																		319						(225)
Net income (loss)																		$	319					$	(225)
Other comprehensive income, net of tax																		13						662
Comprehensive income																		$	332					$	437

Statement continues on the next page.

The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Condensed Consolidated Statement of Comprehensive Income (unaudited)

Ally Financial Inc. • Form 10-Q

												Three months ended March 31,
($ in millions, except per share data; shares in thousands) (a)																		2026						2025
Net income (loss) from continuing operations attributable to common shareholders																		$	291					$	(253)
Net income (loss) attributable to common shareholders																		$	291					$	(253)
Basic weighted-average common shares outstanding (b)																		310,992						309,006
Diluted weighted-average common shares outstanding (b) (c)																		313,219						309,006
Basic earnings per common share
Net income (loss) from continuing operations																		$	0.94					$	(0.82)
Net income (loss)																		$	0.94					$	(0.82)
Diluted earnings per common share
Net income (loss) from continuing operations																		$	0.93					$	(0.82)
Net income (loss)																		$	0.93					$	(0.82)
Cash dividends declared per common share																		$	0.30					$	0.30

(a)Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.

(b)Includes shares related to share-based compensation that vested but were not yet issued.

(c)Due to the antidilutive effect of the net loss from continuing operations for the three months ended March 31, 2025, basic weighted-average common shares outstanding was used to calculate basic and diluted earnings per share. During the three months ended March 31, 2025, there were 2.7 million in share-based awards excluded because their inclusion would have been antidilutive.

Refer to Note 16 for additional earnings per share information. The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Condensed Consolidated Balance Sheet (unaudited)

Ally Financial Inc. • Form 10-Q

($ in millions, except share data)						March 31, 2026						December 31, 2025
Assets
Cash and cash equivalents
Noninterest-bearing						$	380					$	405
Interest-bearing						9,138						9,625
Total cash and cash equivalents						9,518						10,030
Equity securities						863						876
Available-for-sale securities (amortized cost basis of $25,974 and $25,825)						23,038						22,973
Held-to-maturity securities (fair value of $4,387 and $4,451)						4,337						4,371
Loans held-for-sale, net						337						549
Finance receivables and loans, net
Finance receivables and loans, net of unearned income						139,890						137,454
Allowance for loan losses						(3,540)						(3,490)
Total finance receivables and loans, net						136,350						133,964
Investment in operating leases, net						8,699						8,772
Premiums receivable and other insurance assets						2,817						2,844
Other assets						11,310						11,623
Total assets						$	197,269					$	196,002
Liabilities
Deposit liabilities
Noninterest-bearing						$	137					$	125
Interest-bearing						153,015						151,524
Total deposit liabilities						153,152						151,649
Short-term borrowings						4,126						4,695
Long-term debt						17,349						17,070
Interest payable						852						729
Unearned insurance premiums and service revenue						3,665						3,656
Accrued expenses and other liabilities						2,516						2,705
Total liabilities						181,660						180,504
Contingencies (refer to Note 23)
Equity
Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 522,896,204 and 520,355,804; and outstanding 307,407,671 and 308,492,929)						22,346						22,295
Preferred stock						2,324						2,324
Retained earnings						827						633
Accumulated other comprehensive loss						(2,773)						(2,786)
Treasury stock, at cost (215,488,533 and 211,862,875 shares)						(7,115)						(6,968)
Total equity						15,609						15,498
Total liabilities and equity						$	197,269					$	196,002

Statement continues on the next page.

The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Condensed Consolidated Balance Sheet (unaudited)

Ally Financial Inc. • Form 10-Q

The assets of consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and the liabilities of these entities for which creditors (or beneficial interest holders) do not have recourse to our general credit were as follows.

($ in millions)						March 31, 2026						December 31, 2025
Assets
Finance receivables and loans, net
Consumer automotive						$	3,542					$	3,096
Allowance for loan losses						(133)						(116)
Total finance receivables and loans, net						3,409						2,980
Other assets						344						260
Total assets						$	3,753					$	3,240
Liabilities
Long-term debt						$	2,056					$	1,479
Accrued expenses and other liabilities						4						3
Total liabilities						$	2,060					$	1,482

The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Condensed Consolidated Statement of Changes in Equity (unaudited)

Ally Financial Inc. • Form 10-Q

($ in millions)						Common stock and paid-in capital						Preferred stock						Retained earnings (accumulated deficit)						Accumulated other comprehensive loss						Treasury stock						Total equity
Balance at January 1, 2025						$	22,142					$	2,324					$	270					$	(3,924)					$	(6,909)					$	13,903
Net loss																		(225)																		(225)
Preferred stock dividends — Series B																		(16)																		(16)
Preferred stock dividends — Series C																		(12)																		(12)
Share-based compensation						49																														49
Other comprehensive income																								662												662
Common stock repurchases																														(34)						(34)
Common stock dividends ($0.30 per share)																		(95)																		(95)
Balance at March 31, 2025						$	22,191					$	2,324					$	(78)					$	(3,262)					$	(6,943)					$	14,232
Balance at January 1, 2026						$	22,295					$	2,324					$	633					$	(2,786)					$	(6,968)					$	15,498
Net income																		319																		319
Preferred stock dividends — Series B																		(16)																		(16)
Preferred stock dividends — Series C																		(12)																		(12)
Share-based compensation						51																														51
Other comprehensive income																								13												13
Common stock repurchases																														(147)						(147)
Common stock dividends ($0.30 per share)																		(97)																		(97)
Balance at March 31, 2026						$	22,346					$	2,324					$	827					$	(2,773)					$	(7,115)					$	15,609

The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Condensed Consolidated Statement of Cash Flows (unaudited)

Ally Financial Inc. • Form 10-Q

Three months ended March 31, ($ in millions)			2026						2025
Operating activities
Net income (loss)			$	319					$	(225)
Reconciliation of net income (loss) to net cash provided by operating activities
Depreciation and amortization			378						361
Goodwill impairment			—						305
Provision for credit losses			467						191
Loss (gain) on mortgage and automotive loans, net			3						(1)
Other loss on investments, net			21						499
Originations and purchases of loans held-for-sale			(626)						(490)
Proceeds from sales and repayments of loans held-for-sale			585						543
Net change in
Deferred income taxes			22						(178)
Interest payable			123						64
Other assets			71						(128)
Other liabilities			(80)						(137)
Other, net			88						136
Net cash provided by operating activities			1,371						940
Investing activities
Purchases of equity securities			(331)						(196)
Proceeds from sales of equity securities			333						122
Purchases of available-for-sale securities			(781)						(3,649)
Proceeds from sales of available-for-sale securities			125						2,669
Proceeds from repayments of available-for-sale securities			506						440
Purchases of held-to-maturity securities			(44)						(248)
Proceeds from repayments of held-to-maturity securities			117						109
Purchases of finance receivables and loans held-for-investment			(1,754)						(843)
Proceeds from sales of finance receivables and loans initially held-for-investment			254						5
Originations and repayments of finance receivables and loans initially held-for-investment and other, net			(1,137)						537
Purchases of operating lease assets			(705)						(819)
Disposals of operating lease assets			474						681
Net change in nonmarketable equity investments			26						2
Other, net			(126)						(151)
Net cash used in investing activities			(3,043)						(1,341)
Statement continues on the next page.
The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Condensed Consolidated Statement of Cash Flows (unaudited)

Ally Financial Inc. • Form 10-Q

Three months ended March 31, ($ in millions)			2026						2025
Financing activities
Net change in short-term borrowings			(569)						1,714
Net increase (decrease) in deposits			1,684						(64)
Proceeds from issuance of long-term debt			1,081						24
Repayments of long-term debt			(824)						(1,074)
Repurchases of common stock			(147)						(34)
Common stock dividends paid			(102)						(100)
Preferred stock dividends paid			(28)						(28)
Net cash provided by financing activities			1,095						438
Effect of exchange-rate changes on cash and cash equivalents and restricted cash			(3)						—
Net (decrease) increase in cash and cash equivalents and restricted cash			(580)						37
Cash and cash equivalents and restricted cash at beginning of year			11,809						11,380
Cash and cash equivalents and restricted cash at March 31,			$	11,229					$	11,417
Supplemental disclosures
Cash paid for
Interest			$	1,370					$	1,587
Income taxes			12						13
Noncash items
Finance receivables and loans held-for-investment transferred to loans held-for-sale			7						2,321

The following table provides a reconciliation of cash and cash equivalents and restricted cash from the Condensed Consolidated Balance Sheet to the Condensed Consolidated Statement of Cash Flows.

March 31, ($ in millions)						2026						2025
Cash and cash equivalents on the Condensed Consolidated Balance Sheet						$	9,518					$	10,409
Restricted cash and cash equivalents and restricted cash held for securitization trusts included in other assets on the Condensed Consolidated Balance Sheet (a)						1,711						1,008
Total cash and cash equivalents and restricted cash in the Condensed Consolidated Statement of Cash Flows						$	11,229					$	11,417

(a)Refer to Note 10 for additional details describing the nature of restricted cash and cash equivalent balances.

The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

1.    Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies

Ally Financial Inc. (together with its consolidated subsidiaries unless the context otherwise requires, Ally, the Company, we, us, or our) is a financial-services company with the nation’s largest all-digital bank and an industry-leading automotive financing and insurance business, driven by a mission to “Do It Right” and be a relentless ally for all stakeholders. The Company serves customers with deposits and securities brokerage and investment advisory services as well as automotive financing and insurance offerings. The Company also includes a seasoned corporate finance business that offers capital for equity sponsors and middle-market companies. Ally is a Delaware corporation and is registered as a BHC under the BHC Act and an FHC under the GLB Act.

Our accounting and reporting policies conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Certain reclassifications may have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation, which did not have a material impact on our Condensed Consolidated Financial Statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure, including those of contingent assets and liabilities at the date of the financial statements. It also includes estimates related to the income and expenses during the reporting period and the related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, the valuations of automotive operating lease assets and residuals, the fair value of financial instruments, and the determination of the provision for income taxes.

The Condensed Consolidated Financial Statements at March 31, 2026, and for the three months ended March 31, 2026, and 2025, are unaudited but reflect all adjustments that are, in management’s opinion, necessary for the fair presentation of the results for the interim periods presented. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements (and the related Notes) included in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed on February 25, 2026, with the SEC.

Significant Accounting Policies

Income Taxes

In calculating the provision for interim income taxes, in accordance with ASC 740, Income Taxes, we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year. This method differs from that described in Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology.

Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K regarding additional significant accounting policies.

Recently Issued Accounting Standards

Expense Disaggregation Disclosures (ASU 2024-03)

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Subtopic 220-40): Expense Disaggregation Disclosures. The purpose of this ASU is to provide additional disclosure that will allow investors to better understand an entity’s performance, better assess an entity’s prospects for future cash flows, and more easily compare an entity’s performance over time and in relation to other similar entities. This ASU will require that an entity disclose, on an interim and annual basis, a disaggregation in the notes to the financial statements of certain income statement line items if the line item includes any of the five required expense categories, which are defined as (1) purchases of inventory, (2) employee compensation, (3) depreciation (including amortization of a finance ROU asset and leasehold improvements), (4) intangible asset amortization, and (5) depletion expense. For the “employee compensation” category, banking entities may continue to present compensation expense on the face of the income statement in accordance with Regulation S-X Rule 210.9-04. The disclosure should include a qualitative description of other expenses included within the income statement line item that are otherwise not disaggregated. This ASU will also require entities to disclose their total selling expenses for each reporting period. Selling expenses are not defined within the ASU, which will require entities to determine and disclose how they define selling expenses on an annual basis. The amendments are effective on January 1, 2027, for annual reporting, and for interim reporting thereafter, with early adoption permitted. The amendments must be applied using either a prospective or retrospective approach. We do not expect the impact of these amendments to be material.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The purpose of this ASU is to improve the accounting for internal-use software costs by aligning the accounting with modern software development processes. This ASU removes all references to sequential software development project stages from U.S. GAAP, but does not change the types of costs that are eligible to be capitalized. Under the updated guidance, entities will be required to begin capitalizing software project costs when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed, and the software will be used to perform the function intended (called the “probable-to-complete” threshold). When evaluating whether the probable-to-complete threshold is met, entities must consider whether there is significant development uncertainty associated with the software, including determining whether the software project contains technological innovations or novel, unique, or unproven functions or features. Entities should also consider if there are significant performance requirements (e.g., functions or features) of the software project that have not yet been identified or continue to be substantially revised. The amendments do not define what is considered “significant” and instead will require management judgment. The amendments are effective January 1, 2028, with early adoption permitted. The amendments can be applied using a prospective approach, a retrospective approach, or a modified approach that bases the adoption of the amendments on the completion status of the software project as of the adoption date. We are currently evaluating the impact of these amendments.

Purchased Loans (ASU 2025-08)

In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans. This ASU expands the gross-up approach applied to PCD financial assets to loans that are purchased and considered seasoned, excluding credit card loans, debt securities, and trade receivables accounted for under the revenue recognition guidance. Under the expanded gross-up approach, the amortized cost basis for a seasoned loan receivable will be the purchase price plus the initial measurement of the allowance for loan losses, on the acquisition date. Any remaining discount embedded in the purchase price will be amortized into interest income over the term of the loan. The purchased seasoned loan designation would be evaluated on a loan-by-loan basis. The resulting accounting will reflect no day-one provision expense on qualifying seasoned loans and a lower yield over time than what is currently presented under the non-PCD model. Loans acquired in a business combination would be considered seasoned. For a loan acquired through an asset transfer or by consolidating a VIE, the acquisition must be at least 90 days after loan origination and the acquirer must not have been involved in originating the loan for the loan to be considered seasoned. The amendments are effective January 1, 2027, with early adoption permitted and must be adopted on a prospective basis. We are currently evaluating the impact of these amendments.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

2.    Revenue from Contracts with Customers

Our primary revenue sources, which include financing revenue and other interest income, are addressed by other U.S. GAAP topics and are not in the scope of ASC Topic 606, Revenue from Contracts with Customers. As part of our Insurance operations, we recognize revenue from insurance contracts, which are addressed by other U.S. GAAP topics and are not included in the scope of this standard. Certain noninsurance contracts within our Insurance operations, including VSCs, GAP contracts, and VMCs, are included in the scope of this standard. All revenue associated with noninsurance contracts is recognized over the contract term on a basis proportionate to the anticipated cost emergence. Further, commissions and sales expense incurred to obtain these contracts are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned, and all advertising costs are recognized as expense when incurred.

The following table presents a disaggregated view of our revenue from contracts with customers. For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

Three months ended March 31, ($ in millions)						Automotive Finance operations						Insurance operations						Corporate Finance operations						Corporate and Other						Consolidated
2026
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)						$	—					$	242					$	—					$	—					$	242
Remarketing fee income						32						—						—						—						32
Brokerage commissions and other revenue						—						—						—						19						19
Banking fees and interchange income						—						—						—						5						5
Brokered/agent commissions						—						2						—						—						2
Other						6						—						—						1						7
Total revenue from contracts with customers						38						244						—						25						307
All other revenue						67						98						35						6						206
Total other revenue (d)						$	105					$	342					$	35					$	31					$	513
2025
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)						$	—					$	241					$	—					$	—					$	241
Remarketing fee income						31						—						—						—						31
Brokerage commissions and other revenue						—						—						—						20						20
Banking fees and interchange income (e)						—						—						—						19						19
Brokered/agent commissions						—						5						—						—						5
Other						5						1						—						1						7
Total revenue from contracts with customers						36						247						—						40						323
All other revenue						61						117						29						(467)						(260)
Total other revenue (d)						$	97					$	364					$	29					$	(427)					$	63

(a)We had opening balances of $3.0 billion in unearned revenue associated with outstanding contracts at both January 1, 2026, and 2025, and $239 million and $238 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended March 31, 2026, and 2025, respectively.

(b)At March 31, 2026, we had unearned revenue of $3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $653 million during the remainder of 2026, $751 million in 2027, $599 million in 2028, $440 million in 2029, and $544 million thereafter. At March 31, 2025, we had unearned revenue of $3.0 billion associated with outstanding contracts.

(c)We had deferred insurance assets of $1.8 billion at both March 31, 2026, and December 31, 2025, and recognized $138 million of expense during the three months ended March 31, 2026. We had deferred insurance assets of $1.8 billion at both March 31, 2025, and December 31, 2024, and recognized $141 million of expense during the three months ended March 31, 2025.

(d)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments.

(e)Interchange income is reported net of customer rewards related to Ally Credit Card. Customer rewards expense was $6 million for the three months ended March 31, 2025. We closed the sale of Ally Credit Card on April 1, 2025. Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information.

In addition to the components of other revenue presented above, as part of our Automotive Finance operations, we recognized net remarketing losses on the sale of off-lease vehicles of $10 million and $19 million for the three months ended March 31, 2026, and 2025, respectively. These losses are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Refer to Note 8 for additional information.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

3.    Other Income, Net of Losses

Details of other income, net of losses, were as follows.

												Three months ended March 31,
($ in millions)																		2026						2025
Late charges and other administrative fees																		$	36					$	51
Remarketing fees																		32						31
Income from equity-method investments (a)																		17						26
Other, net																		92						89
Total other income, net of losses (b)																		$	177					$	197

(a)Refer to Note 10 for further information on our equity-method investments.

(b)Includes the activity of Ally Credit Card prior to the sale on April 1, 2025.

4.    Reserves for Insurance Losses and Loss Adjustment Expenses

The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.

($ in millions)						2026						2025
Total gross reserves for insurance losses and loss adjustment expenses at January 1,						$	233					$	189
Less: Reinsurance recoverable						69						60
Net reserves for insurance losses and loss adjustment expenses at January 1,						164						129
Net insurance losses and loss adjustment expenses incurred related to:
Current year						122						161
Prior years (a)						(1)						—
Total net insurance losses and loss adjustment expenses incurred						121						161
Net insurance losses and loss adjustment expenses paid or payable related to:
Current year						(50)						(44)
Prior years						(55)						(54)
Total net insurance losses and loss adjustment expenses paid or payable						(105)						(98)
Net reserves for insurance losses and loss adjustment expenses at March 31,						180						192
Plus: Reinsurance recoverable (b)						71						76
Total gross reserves for insurance losses and loss adjustment expenses at March 31, (c)						$	251					$	268

(a)There have been no material adverse changes to the reserve for prior years.

(b)Included in premiums receivable and other insurance assets on our Condensed Consolidated Balance Sheet.

(c)Included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

5.    Other Operating Expenses

Details of other operating expenses were as follows.

			Three months ended March 31,
($ in millions)			2026						2025
Insurance commissions			$	152					$	161
Technology and communications			101						103
Advertising and marketing			60						61
Property and equipment depreciation			59						63
Lease and loan administration			45						46
Regulatory and licensing fees			36						44
Professional services			35						31
Vehicle remarketing and repossession			34						33
Amortization of intangible assets			—						3
Other			101						118
Total other operating expenses (a)			$	623					$	663

(a)Includes the activity of Ally Credit Card prior to the sale on April 1, 2025. Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

6.    Investment Securities

Our investment portfolio includes various debt and equity securities. Our debt securities, which are classified as available-for-sale or held-to-maturity, include government securities, corporate bonds, asset-backed securities, and mortgage-backed securities. The amortized cost basis, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.

						March 31, 2026																								December 31, 2025
						Amortized cost basis						Gross unrealized												Fair value						Amortized cost basis						Gross unrealized												Fair value
($ in millions)												gains						losses																		gains						losses
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies						$	2,444					$	8					$	(55)					$	2,397					$	2,308					$	22					$	(51)					$	2,279
U.S. States and political subdivisions						593						—						(76)						517						624						1						(74)						551
Foreign government						202						1						(4)						199						191						1						(4)						188
Agency mortgage-backed residential (a)						14,787						16						(2,108)						12,695						14,966						19						(2,084)						12,901
Mortgage-backed residential						226						—						(33)						193						230						—						(32)						198
Agency mortgage-backed commercial (a)						5,729						8						(630)						5,107						5,540						14						(622)						4,932
Asset-backed						2						—						—						2						12						—						—						12
Corporate debt						1,991						8						(71)						1,928						1,954						19						(61)						1,912
Total available-for-sale securities (b) (c) (d) (e) (f)						$	25,974					$	41					$	(2,977)					$	23,038					$	25,825					$	76					$	(2,928)					$	22,973
Held-to-maturity securities
Debt securities
Agency mortgage-backed residential						$	1,337					$	3					$	(157)					$	1,183					$	1,303					$	8					$	(157)					$	1,154
Mortgage-backed residential						2,957						203						—						3,160						3,018						228						—						3,246
Asset-backed retained notes						43						1						—						44						50						1						—						51
Total held-to-maturity securities (d) (f) (g)						$	4,337					$	207					$	(157)					$	4,387					$	4,371					$	237					$	(157)					$	4,451

(a)Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $31 million liability and a $13 million asset for agency mortgage-backed residential securities at March 31, 2026, and December 31, 2025, respectively, and a $10 million asset and a $33 million asset for agency mortgage-backed commercial securities at March 31, 2026, and December 31, 2025, respectively. These basis adjustments would be allocated to the amortized cost basis of specific securities within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.

(b)Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 18 for additional information.

(c)Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $14 million at both March 31, 2026, and December 31, 2025.

(d)Investment securities with a fair value of $3.5 billion and $3.7 billion were pledged as collateral at March 31, 2026, and December 31, 2025, respectively. This primarily included $2.7 billion pledged to secure advances from the FHLB at both March 31, 2026, and December 31, 2025. This also included securities pledged for other purposes as required by contractual obligations or law, under which agreements we granted the counterparty the right to sell or pledge $866 million and $932 million of the underlying available-for-sale securities at March 31, 2026, and December 31, 2025, respectively.

(e)Totals do not include accrued interest receivable, which was $86 million and $87 million at March 31, 2026, and December 31, 2025, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.

(f)There was no allowance for credit losses recorded at both March 31, 2026, and December 31, 2025, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities.

(g)Totals do not include accrued interest receivable, which was $12 million and $13 million at March 31, 2026, and December 31, 2025, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities.

						Total												Due in one year or less												Due after one year through five years												Due after five years through ten years												Due after ten years
($ in millions)						Amount						Yield						Amount						Yield						Amount						Yield						Amount						Yield						Amount						Yield
March 31, 2026
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies						$	2,397					3.5		%				$	68					1.5		%				$	2,050					3.7		%				$	279					2.3		%				$	—					—		%
U.S. States and political subdivisions						517						3.4						39						5.1						54						3.7						53						4.5						371						3.1
Foreign government						199						2.8						14						1.9						92						2.3						93						3.4						—						—
Agency mortgage-backed residential (b)						12,695						2.9						—						—						1						2.8						—						—						12,694						2.9
Mortgage-backed residential						193						2.7						—						—						—						—						—						—						193						2.7
Agency mortgage-backed commercial (b)						5,107						2.7						144						3.1						1,647						3.3						2,491						2.4						825						2.3
Asset-backed						2						1.5						1						1.5						1						1.3						—						—						—						—
Corporate debt						1,928						3.6						214						2.6						892						2.5						700						4.9						122						5.4
Total available-for-sale securities						$	23,038					3.0						$	480					2.8						$	4,737					3.3						$	3,616					3.0						$	14,205					2.9
Amortized cost basis of available-for-sale securities						$	25,974											$	483											$	4,871											$	4,046											$	16,574
Amortized cost basis of held-to-maturity securities (c)
Agency mortgage-backed residential						$	1,337					3.5		%				$	—					—		%				$	—					—		%				$	—					—		%				$	1,337					3.5		%
Mortgage-backed residential						2,957						2.8						—						—						4						2.9						1						5.3						2,952						2.8
Asset-backed retained notes						43						5.4						—						—						30						5.3						13						5.7						—						—
Total held-to-maturity securities						$	4,337					3.0						$	—					—						$	34					5.0						$	14					5.7						$	4,289					3.0
December 31, 2025
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies						$	2,279					3.4		%				$	84					0.8		%				$	1,771					3.9		%				$	424					2.0		%				$	—					—		%
U.S. States and political subdivisions						551						3.4						48						4.8						50						3.7						65						4.3						388						3.1
Foreign government						188						2.8						14						2.0						75						2.3						99						3.3						—						—
Agency mortgage-backed residential (b)						12,901						2.9						—						—						1						2.8						—						—						12,900						2.9
Mortgage-backed residential						198						2.7						—						—						—						—						—						—						198						2.7
Agency mortgage-backed commercial (b)						4,932						2.7						87						3.4						1,453						3.5						2,314						2.4						1,078						2.3
Asset-backed						12						1.5						—						—						12						1.5						—						—						—						—
Corporate debt						1,912						3.4						232						2.4						866						2.5						679						4.6						135						5.5
Total available-for-sale securities						$	22,973					3.0						$	465					2.5						$	4,228					3.4						$	3,581					2.9						$	14,699					2.9
Amortized cost basis of available-for-sale securities						$	25,825											$	468											$	4,298											$	3,968											$	17,091
Amortized cost basis of held-to-maturity securities (c)
Agency mortgage-backed residential						$	1,303					3.5		%				$	—					—		%				$	—					—		%				$	—					—		%				$	1,303					3.5		%
Mortgage-backed residential						3,018						2.8						—						—						5						2.9						1						5.5						3,012						2.8
Asset-backed retained notes						50						5.4						—						—						35						5.3						15						5.7						—						—
Total held-to-maturity securities						$	4,371					3.0						$	—					—						$	40					5.0						$	16					5.7						$	4,315					3.0

(a)Yield is calculated using the effective yield of each security at the end of the period, weighted based on the fair value by security for the securities within each maturity distribution range. The effective yield considers the contractual coupon and amortized cost basis inclusive of hedge basis adjustments for dedesignated hedges, and excludes expected capital gains and losses. Yield does not consider hedging effects for securities in active hedges.

(b)Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $31 million liability and a $13 million asset for agency mortgage-backed residential securities at March 31, 2026, and December 31, 2025, respectively, and a $10 million asset and a $33 million asset for agency mortgage-backed commercial securities at March 31, 2026, and December 31, 2025, respectively. These basis adjustments would be allocated to the amortized cost basis of specific securities within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.

(c)Yield is calculated using the effective yield of each security at the end of the period, weighted based on amortized cost basis by security for the securities within each maturity distribution range. The effective yield considers the contractual coupon and amortized cost basis and excludes capital gains, capital losses, and the premium or discount on securities transferred from available-for-sale to held-to-maturity.

The balances of cash equivalents were $444 million and $107 million at March 31, 2026, and December 31, 2025, respectively, and were composed primarily of money-market funds.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table presents interest and dividends on investment securities.

			Three months ended March 31,
($ in millions)			2026						2025
Taxable interest			$	214					$	210
Taxable dividends			4						5
Interest and dividends exempt from U.S. federal income tax			5						6
Interest and dividends on investment securities			$	223					$	221

The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period.

			Three months ended March 31,
($ in millions)			2026						2025
Available-for-sale securities
Gross realized gains			$	3					$	—
Gross realized losses (a)			—						(495)
Net realized gain (loss) on available-for-sale securities			3						(495)
Net realized gain on equity securities			35						8
Net unrealized loss on equity securities			(59)						(12)
Other loss on investments, net			$	(21)					$	(499)

(a)Includes losses reclassified from accumulated other comprehensive loss related to the balance sheet repositioning of our available-for-sale securities portfolio during the three months ended March 31, 2025.

The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of March 31, 2026, and December 31, 2025. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, Fitch, and DBRS. The ratings presented are a composite of the ratings sourced from the agencies or, if the ratings cannot be sourced from the agencies, are based on the asset type of the particular security. All our held-to-maturity securities were current in their payment of principal and interest as of both March 31, 2026, and December 31, 2025. We have not recorded any interest income reversals on our held-to-maturity securities during the three months ended March 31, 2026, or March 31, 2025.

($ in millions)						AAA						AA						A						BBB						Total (a)
March 31, 2026
Debt securities
Agency mortgage-backed residential						$	—					$	1,337					$	—					$	—					$	1,337
Mortgage-backed residential						2,893						63						1						—						2,957
Asset-backed retained notes						38						3						1						1						43
Total held-to-maturity securities						$	2,931					$	1,403					$	2					$	1					$	4,337
December 31, 2025
Debt securities
Agency mortgage-backed residential						$	—					$	1,303					$	—					$	—					$	1,303
Mortgage-backed residential						2,951						66						1						—						3,018
Asset-backed retained notes						45						2						2						1						50
Total held-to-maturity securities						$	2,996					$	1,371					$	3					$	1					$	4,371

(a)Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1. As of March 31, 2026, and December 31, 2025, we did not have the intent to sell available-for-sale securities in an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the three months ended March 31, 2026, or March 31, 2025.

						March 31, 2026																								December 31, 2025
						Less than 12 months												12 months or longer												Less than 12 months												12 months or longer
($ in millions)						Fair value						Unrealized loss						Fair value						Unrealized loss						Fair value						Unrealized loss						Fair value						Unrealized loss
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies						$	267					$	(1)					$	572					$	(54)					$	—					$	—					$	609					$	(51)
U.S. States and political subdivisions						47						(1)						398						(75)						24						—						429						(74)
Foreign government						91						(1)						67						(3)						51						(1)						72						(3)
Agency mortgage-backed residential (a)						552						(7)						9,938						(2,101)						120						—						10,310						(2,084)
Mortgage-backed residential						—						—						193						(33)						—						—						198						(32)
Agency mortgage-backed commercial (a)						678						(6)						3,548						(624)						299						(1)						3,629						(621)
Asset-backed						—						—						2						—						—						—						12						—
Corporate debt						423						(7)						1,030						(64)						86						(1)						1,123						(60)
Total available-for-sale securities						$	2,058					$	(23)					$	15,748					$	(2,954)					$	580					$	(3)					$	16,382					$	(2,925)

(a)Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at March 31, 2026, and December 31, 2025. The basis adjustments would be allocated to the amortized cost basis of specific securities within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.

During the three months ended March 31, 2026, and March 31, 2025, management determined that there were no expected credit losses for securities in an unrealized loss position. This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information, which indicated that contractual cash flows are expected to occur. As a result of this evaluation, management determined that no credit reserves were required at March 31, 2026, or December 31, 2025.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

7.    Finance Receivables and Loans, Net

The composition of finance receivables and loans reported at amortized cost basis was as follows.

($ in millions)						March 31, 2026						December 31, 2025
Consumer automotive (a)						$	86,662					$	85,568
Consumer mortgage (b)						15,311						15,572
Total consumer						101,973						101,140
Commercial
Commercial and industrial
Automotive						18,972						18,339
Other						11,093						10,309
Commercial real estate						7,852						7,666
Total commercial						37,917						36,314
Total finance receivables and loans (c) (d)						$	139,890					$	137,454

(a)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 18 for additional information.

(b)Includes loans originated as interest-only mortgage loans of $2 million at both March 31, 2026, and December 31, 2025, of which all have exited the interest-only period.

(c)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.5 billion and $2.4 billion at March 31, 2026, and December 31, 2025, respectively.

(d)Totals do not include accrued interest receivable, which was $790 million and $800 million at March 31, 2026, and December 31, 2025, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.

The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2026, and 2025, respectively.

Three months ended March 31, 2026 ($ in millions)						Consumer automotive						Consumer mortgage												Commercial						Total
Allowance at January 1, 2026						$	3,208					$	12											$	270					$	3,490
Charge-offs (a)						(671)						—												(1)						(672)
Recoveries						247						8												—						255
Net charge-offs						(424)						8												(1)						(417)
Provision for credit losses						467						(9)												9						467
Other						(1)						—												1						—
Allowance at March 31, 2026						$	3,250					$	11											$	279					$	3,540

(a)Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for information regarding our charge-off policies.

Three months ended March 31, 2025 ($ in millions)						Consumer automotive						Consumer mortgage						Consumer other (a)						Commercial						Total
Allowance at January 1, 2025						$	3,170					$	19					$	319					$	206					$	3,714
Charge-offs (b)						(676)						—						(68)						(1)						(745)
Recoveries						231						1						5						1						238
Net charge-offs						(445)						1						(63)						—						(507)
Provision for credit losses						418						—						(257)						30						191
Other						1						(2)						1						—						—
Allowance at March 31, 2025						$	3,144					$	18					$	—					$	236					$	3,398

(a)Consists of Credit Card. We closed the sale of Ally Credit Card on April 1, 2025. Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information.

(b)Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for information regarding our charge-off policies.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table presents sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value.

						Three months ended March 31,
($ in millions)						2026						2025
Consumer other (a)						$	—					$	2,248
Commercial						7						73
Total sales and transfers						$	7					$	2,321

(a)Consists of credit card finance receivables and loans. We closed the sale of Ally Credit Card on April 1, 2025. Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information.

The following table presents purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.

												Three months ended March 31,
($ in millions)																		2026						2025
Consumer automotive																		$	1,622					$	749
Consumer mortgage																		—						8
Commercial																		2						—
Total purchases of finance receivables and loans																		$	1,624					$	757

Nonaccrual Loans

The following tables present the amortized cost basis of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of March 31, 2026, and December 31, 2025. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status.

																		March 31, 2026
($ in millions)						Nonaccrual status at Jan. 1, 2026												Nonaccrual status						Nonaccrual with no allowance (a)
Consumer automotive						$	1,155											$	1,128					$	410
Consumer mortgage						62												62						40
Total consumer						1,217												1,190						450
Commercial
Commercial and industrial
Automotive						15												3						3
Other						124												112						3
Commercial real estate						10												1						1
Total commercial						149												116						7
Total finance receivables and loans (b)						$	1,366											$	1,306					$	457

(a)Represents a component of nonaccrual status at end of period.

(b)We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $13 million for the three months ended March 31, 2026.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

																		December 31, 2025
($ in millions)						Nonaccrual status at Jan. 1, 2025												Nonaccrual status						Nonaccrual with no allowance (a)
Consumer automotive						$	1,231											$	1,155					$	416
Consumer mortgage						54												62						44
Consumer other (b)						90												—						—
Total consumer						1,375												1,217						460
Commercial
Commercial and industrial
Automotive						15												15						15
Other (c)						94												124						—
Commercial real estate						2												10						10
Total commercial						111												149						25
Total finance receivables and loans (d)						$	1,486											$	1,366					$	485

(a)Represents a component of nonaccrual status at end of period.

(b)Consists of credit card finance receivables and loans. We closed the sale of Ally Credit Card on April 1, 2025.

(c)Includes PCD loans acquired during the year ended December 31, 2025.

(d)We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $4 million for the three months ended March 31, 2025.

Credit Quality Indicators

We evaluate the credit quality of our consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is generally based upon borrower payment activity, relative to the contractual terms of the loan.

The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year.

			Origination year																					Revolving loans converted to term
March 31, 2026 ($ in millions)			2026			2025			2024			2023			2022			2021 and prior			Revolving loans						Total
Consumer automotive
Current			$	10,303		$	30,792		$	17,844		$	11,317		$	7,695		$	4,750		$	—		$	—		$	82,701
30–59 days past due			24			563			567			529			477			356			—			—			2,516
60–89 days past due			1			200			236			236			226			153			—			—			1,052
90 or more days past due			—			83			90			89			86			69			—			—			417
Total consumer automotive (a)			10,328			31,638			18,737			12,171			8,484			5,328			—			—			86,686
Consumer mortgage
Current			—			—			12			26			1,670			13,506			—			7			15,221
30–59 days past due			—			—			—			—			3			35			—			—			38
60–89 days past due			—			—			—			1			1			8			—			—			10
90 or more days past due			—			—			—			1			5			34			—			2			42
Total consumer mortgage			—			—			12			28			1,679			13,583			—			9			15,311
Total consumer			$	10,328		$	31,638		$	18,749		$	12,199		$	10,163		$	18,911		$	—		$	9		$	101,997

(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost basis excludes a liability of $24 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at March 31, 2026. These basis adjustments would be allocated to the amortized cost basis of specific loans within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

			Origination year																					Revolving loans converted to term
December 31, 2025 ($ in millions)			2025			2024			2023			2022			2021			2020 and prior			Revolving loans						Total
Consumer automotive
Current			$	33,588		$	19,891		$	12,759		$	8,885		$	4,253		$	1,696		$	—		$	—		$	81,072
30–59 days past due			483			638			632			600			339			137			—			—			2,829
60–89 days past due			156			272			295			284			148			60			—			—			1,215
90 or more days past due			55			99			103			101			59			29			—			—			446
Total consumer automotive (a)			34,282			20,900			13,789			9,870			4,799			1,922			—			—			85,562
Consumer mortgage
Current			—			15			28			1,690			9,117			4,618			—			7			15,475
30–59 days past due			—			—			2			5			11			17			—			—			35
60–89 days past due			—			—			—			1			6			7			—			—			14
90 or more days past due			—			—			—			5			16			25			—			2			48
Total consumer mortgage			—			15			30			1,701			9,150			4,667			—			9			15,572
Total consumer			$	34,282		$	20,915		$	13,819		$	11,571		$	13,949		$	6,589		$	—		$	9		$	101,134

(a)Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost basis excludes an asset of $6 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2025. These basis adjustments would be allocated to the amortized cost basis of specific loans within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.

We evaluate the credit quality of our commercial loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. We use the following definitions for risk ratings below Pass.

•Special mention — Loans that have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date.

•Substandard — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. These loans have a well-defined weakness or weakness that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

•Doubtful — Loans that have all the weaknesses inherent in those classified as substandard, with the additional characteristic that the weaknesses make collection or liquidation in full, based on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

•Loss — Loans that are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The regulatory risk classification utilized is influenced by internal credit risk ratings, which are based on a variety of factors. A borrower’s internal credit risk rating is updated at least annually, and more frequently when a borrower’s credit profile changes, including when we become aware of potential credit deterioration. The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year.

			Origination year																					Revolving loans converted to term
March 31, 2026 ($ in millions)			2026			2025			2024			2023			2022			2021 and prior			Revolving loans						Total
Commercial
Commercial and industrial
Automotive
Pass			$	630		$	923		$	340		$	243		$	254		$	167		$	14,816		$	—		$	17,373
Special mention			—			5			—			15			9			5			1,509			—			1,543
Substandard			—			—			1			—			1			—			54			—			56
Total automotive			630			928			341			258			264			172			16,379			—			18,972
Other
Pass			256			684			596			193			235			368			7,124			228			9,684
Special mention			—			69			71			—			262			368			390			6			1,166
Substandard			—			—			—			—			—			80			51			—			131
Doubtful			—			—			—			—			—			93			19			—			112
Total other			256			753			667			193			497			909			7,584			234			11,093
Commercial real estate
Pass			389			2,079			998			754			1,032			2,166			66			69			7,553
Special mention			7			22			45			35			65			105			—			—			279
Substandard			—			—			—			2			15			1			—			—			18
Doubtful			—			—			—			2			—			—			—			—			2
Total commercial real estate			396			2,101			1,043			793			1,112			2,272			66			69			7,852
Total commercial			$	1,282		$	3,782		$	2,051		$	1,244		$	1,873		$	3,353		$	24,029		$	303		$	37,917

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

			Origination year																					Revolving loans converted to term
December 31, 2025 ($ in millions)			2025			2024			2023			2022			2021			2020 and prior			Revolving loans						Total
Commercial
Commercial and industrial
Automotive
Pass			$	942		$	391		$	257		$	266		$	113		$	86		$	14,861		$	—		$	16,916
Special mention			2			1			15			10			—			5			1,328			—			1,361
Substandard			1			1			—			1			—			—			59			—			62
Total automotive			945			393			272			277			113			91			16,248			—			18,339
Other
Pass			757			594			173			306			215			166			6,647			191			9,049
Special mention			—			47			—			236			115			260			347			8			1,013
Substandard			—			—			—			—			20			61			42			—			123
Doubtful			—			—			—			—			—			107			17			—			124
Total other			757			641			173			542			350			594			7,053			199			10,309
Commercial real estate
Pass			1,981			1,069			759			1,080			919			1,461			55			59			7,383
Special mention			—			45			44			67			45			61			—			—			262
Substandard			—			—			2			15			—			1			—			—			18
Doubtful			—			—			2			1			—			—			—			—			3
Total commercial real estate			1,981			1,114			807			1,163			964			1,523			55			59			7,666
Total commercial			$	3,683		$	2,148		$	1,252		$	1,982		$	1,427		$	2,208		$	23,356		$	258		$	36,314

The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis.

($ in millions)						30–59 days past due						60–89 days past due						90 days or more past due						Total past due						Current						Total finance receivables and loans
March 31, 2026
Commercial
Commercial and industrial
Automotive						$	—					$	—					$	—					$	—					$	18,972					$	18,972
Other						—						—						71						71						11,022						11,093
Commercial real estate						—						—						2						2						7,850						7,852
Total commercial						$	—					$	—					$	73					$	73					$	37,844					$	37,917
December 31, 2025
Commercial
Commercial and industrial
Automotive						$	—					$	—					$	—					$	—					$	18,339					$	18,339
Other						—						—						70						70						10,239						10,309
Commercial real estate						—						—						3						3						7,663						7,666
Total commercial						$	—					$	—					$	73					$	73					$	36,241					$	36,314

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following tables present gross charge-offs of our finance receivables and loans for each portfolio class by origination year during the three months ended March 31, 2026, and during the year ended December 31, 2025, respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information on our charge-off policy.

			Origination year																					Revolving loans converted to term
March 31, 2026 ($ in millions)			2026			2025			2024			2023			2022			2021 and prior			Revolving loans						Total
Consumer automotive			$	1		$	147		$	162		$	158		$	125		$	78		$	—		$	—		$	671
Total consumer			1			147			162			158			125			78			—			—			671
Commercial
Commercial and industrial
Other			—			—			—			—			—			1			—			—			1
Total commercial			—			—			—			—			—			1			—			—			1
Total finance receivables and loans			$	1		$	147		$	162		$	158		$	125		$	79		$	—		$	—		$	672

			Origination year																					Revolving loans converted to term
December 31, 2025 ($ in millions)			2025			2024			2023			2022			2021			2020 and prior			Revolving loans						Total
Consumer automotive			$	168		$	564		$	747		$	660		$	318		$	153		$	—		$	—		$	2,610
Consumer mortgage (a)			—			—			—			1			1			1			—			—			3
Consumer other (b)			—			—			—			—			—			—			64			4			68
Total consumer			168			564			747			661			319			154			64			4			2,681
Commercial
Commercial and industrial
Automotive			—			—			—			—			1			—			1			—			2
Total commercial			—			—			—			—			1			—			1			—			2
Total finance receivables and loans			$	168		$	564		$	747		$	661		$	320		$	154		$	65		$	4		$	2,683

(a)Excludes $5 million of write-downs from transfers to held-for-sale during the year ended December 31, 2025.

(b)Consists of Credit Card. We closed the sale of Ally Credit Card on April 1, 2025.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Loan Modifications with Borrowers Experiencing Financial Difficulty

The following tables present the amortized cost basis of loans that were modified subsequent to origination during the three months ended March 31, 2026, and 2025, respectively, for each portfolio segment, by modification type. For additional information on loan modification types in scope of this disclosure, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. The below tables exclude consumer mortgage finance receivables and loans currently enrolled in a trial modification program. Trial modifications generally represent a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. If the borrower successfully completes the trial loan modification program, the contractual terms of the loan are updated and the modification is considered permanent. As of March 31, 2026, and December 31, 2025, there were $9 million and $8 million of consumer mortgage finance receivables and loans in a trial modification program, respectively.

			Payment extensions
Three months ended March 31, 2026 ($ in millions)			Payment deferrals						Contractual maturity extensions						Principal forgiveness						Interest rate concessions						Combination						Total (a)
Consumer automotive			$	—					$	199					$	3					$	—					$	—					$	202
Consumer mortgage			—						1						—						—						2						3
Total consumer			—						200						3						—						2						205
Commercial
Commercial and industrial
Automotive			7						—						—						—						—						7
Other			—						54						—						—						—						54
Total commercial			7						54						—						—						—						61
Total finance receivables and loans			$	7					$	254					$	3					$	—					$	2					$	266

(a)Represents 0.2% of total finance receivables and loans outstanding as of March 31, 2026.

			Payment extensions
Three months ended March 31, 2025 ($ in millions)			Payment deferrals						Contractual maturity extensions						Principal forgiveness						Interest rate concessions						Combination						Total (a)
Consumer automotive			$	—					$	105					$	1					$	—					$	—					$	106
Consumer mortgage			—						—						—						—						1						1
Total consumer			—						105						1						—						1						107
Commercial
Commercial and industrial
Automotive			2						—						—						—						—						2
Other			4						22						—						—						—						26
Total commercial			6						22						—						—						—						28
Total finance receivables and loans			$	6					$	127					$	1					$	—					$	1					$	135

(a)Represents 0.1% of total finance receivables and loans outstanding as of March 31, 2025.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following tables present the financial effect of loan modifications that occurred during the three months ended March 31, 2026, and 2025, respectively.

			Payment extensions (a)						Principal forgiveness						Interest rate concessions (a)												Combination (a) (b) (c)
Three months ended March 31, 2026 ($ in millions)			Number of months extended/deferred						Amount forgiven						Initial rate						Revised rate						Remaining term						Revised remaining term						Initial rate						Revised rate
Consumer automotive			36						$	1					—		%				—		%				—						—						—		%				—		%
Consumer mortgage			204						—						—						—						291						402						3.8						2.0
Commercial
Commercial and industrial
Automotive			7						$	—					—		%				—		%				—						—						—		%				—		%
Other			20						—						—						—						—						—						—						—
Total commercial			18						$	—					—						—						—						—						—						—

(a)Calculated using a weighted-average balance for each portfolio class.

(b)Term is presented in number of months.

(c)Some consumer mortgage combination loan modifications include deferrals of principal. The weighted average number of months deferred for these loans was 159 months.

			Payment extensions (a)						Principal forgiveness						Interest rate concessions (a)												Combination (a) (b)
Three months ended March 31, 2025 ($ in millions)			Number of months extended/deferred						Amount forgiven						Initial rate						Revised rate						Remaining term						Revised remaining term						Initial rate						Revised rate
Consumer automotive			29						$	—					—		%				—		%				—						—						—		%				—		%
Consumer mortgage			—						—						—						—						291						480						4.5						2.8
Commercial
Commercial and industrial
Automotive			7						$	—					—		%				—		%				—						—						—		%				—		%
Other			16						—						—						—						—						—						—						—
Total commercial			15						$	—					—						—						—						—						—						—

(a)Calculated using a weighted-average balance for each portfolio class.

(b)Term is presented in number of months.

The following tables present the subsequent performance of loans recorded at amortized cost basis, by portfolio segment and credit quality indicator, that were modified within the 12 months prior to March 31, 2026, and 2025, respectively.

March 31, 2026 ($ in millions)						Current						30–59 days past due						60–89 days past due						90 or more days past due						Total
Consumer automotive
Contractual maturity extensions						$	585					$	97					$	33					$	9					$	724
Principal forgiveness						—						—						1						8						9
Combination						1						—						—						—						1
Total consumer automotive						586						97						34						17						734
Consumer mortgage
Payment deferrals						—						1						—						—						1
Contractual maturity extensions						2						1						—						—						3
Interest rate concessions						—						—						—						1						1
Combination						6						—						—						—						6
Total consumer mortgage						8						2						—						1						11
Total consumer						$	594					$	99					$	34					$	18					$	745

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

March 31, 2026 ($ in millions)						Pass						Special mention						Substandard						Doubtful						Total
Commercial and industrial
Automotive
Payment deferrals						$	—					$	—					$	7					$	—					$	7
Interest rate concessions						—						—						13						—						13
Total automotive						—						—						20						—						20
Other
Payment deferrals						35						—						—						—						35
Contractual maturity extensions						74						71						19						—						164
Total other						109						71						19						—						199
Commercial real estate
Payment deferrals						—						3						—						—						3
Interest rate concessions						—						—						7						—						7
Total commercial real estate						—						3						7						—						10
Total commercial						$	109					$	74					$	46					$	—					$	229

March 31, 2025 ($ in millions)						Current						30–59 days past due						60–89 days past due						90 or more days past due						Total
Consumer automotive
Contractual maturity extensions						$	328					$	62					$	23					$	7					$	420
Principal forgiveness						—						—						—						5						5
Combination						2						—						—						—						2
Total consumer automotive						330						62						23						12						427
Consumer mortgage
Contractual maturity extensions						1						—						—						1						2
Combination						1						—						—						—						1
Total consumer mortgage						2						—						—						1						3
Total consumer						$	332					$	62					$	23					$	13					$	430

March 31, 2025 ($ in millions)						Pass						Special mention						Substandard						Doubtful						Total
Commercial and industrial
Automotive
Payment deferrals						$	—					$	—					$	4					$	—					$	4
Combination						—						—						—						3						3
Total automotive						—						—						4						3						7
Other
Payment deferrals						—						—						4						—						4
Contractual maturity extensions						25						—						22						—						47
Combination						—						—						14						—						14
Total other						25						—						40						—						65
Commercial real estate
Payment deferrals						—						—						—						1						1
Total commercial real estate						—						—						—						1						1
Total commercial						$	25					$	—					$	44					$	4					$	73

As of March 31, 2026, 2,580 consumer automotive loans with a total amortized cost basis of $60 million and 1 consumer mortgage loan with a total amortized cost basis of $1 million redefaulted within 12 months of modification, whereas 1,858 consumer automotive loans with a total amortized cost basis of $46 million redefaulted within 12 months of modification as of March 31, 2025.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

8.    Leasing

Ally as the Lessee

We have operating leases for certain of our corporate facilities, which have remaining lease terms of 1 month to 10 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if we do not consider it reasonably certain that the options will be exercised.

We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception.

During both the three months ended March 31, 2026, and March 31, 2025, we paid $9 million in cash for amounts included in the measurement of lease liabilities. These amounts are included in net cash provided by operating activities in our Condensed Consolidated Statement of Cash Flows. During the three months ended March 31, 2026, and March 31, 2025, we obtained $7 million and $5 million, respectively, of ROU assets in exchange for new lease liabilities. As of March 31, 2026, the weighted-average remaining lease term of our operating lease portfolio was 5 years, and the weighted-average discount rate was 3.68%, compared to 5 years and 3.66% as of December 31, 2025.

The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2026, and that have noncancelable lease terms expiring after March 31, 2026.

($ in millions)
2026						$	29
2027						33
2028						28
2029						10
2030						9
2031 and thereafter						24
Total undiscounted cash flows						133
Difference between undiscounted cash flows and discounted cash flows						(12)
Total lease liability						$	121

The following table details the components of total net operating lease expense.

												Three months ended March 31,
($ in millions)																		2026						2025
Operating lease expense																		$	8					$	8
Variable lease expense																		2						1
Total lease expense, net (a)																		$	10					$	9

(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.

Ally as the Lessor

Investment in Operating Leases

We purchase consumer operating lease contracts and the associated vehicles from automotive dealerships or manufacturers after those contracts are executed. The amount we pay for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, tax credits, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. The consumer, dealership, or automotive manufacturer may have the option to purchase the vehicle at the end of the lease term, which generally ranges from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred.

When we acquire a consumer operating lease, we assume ownership of the vehicle. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. When vehicles are not purchased by

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

customers, the receiving dealer, or automotive manufacturer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value after adjusting for any OEM residual value guarantees. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value after adjusting for any OEM residual value guarantees resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of both March 31, 2026, and December 31, 2025, consumer operating leases with a carrying value, net of accumulated depreciation, of $3.4 billion were covered by OEM residual value guarantees of approximately 50% of the vehicles’ contract residual value.

The following table details our investment in operating leases.

($ in millions)						March 31, 2026						December 31, 2025
Vehicles						$	10,131					$	10,163
Accumulated depreciation						(1,432)						(1,391)
Investment in operating leases, net						$	8,699					$	8,772

The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2026.

($ in millions)
2026						$	1,118
2027						1,041
2028						460
2029						75
2030						3
Total lease payments from operating leases						$	2,697

We recognized operating lease revenue of $392 million and $351 million, for the three months ended March 31, 2026, and 2025, respectively. Depreciation expense on operating lease assets includes net remarketing losses recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.

												Three months ended March 31,
($ in millions)																		2026						2025
Depreciation expense on operating lease assets (excluding remarketing losses) (a)																		$	258					$	221
Remarketing losses, net																		10						19
Net depreciation expense on operating lease assets																		$	268					$	240

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $5 million and $6 million during the three months ended March 31, 2026, and 2025, respectively.

Finance Leases

In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases. Our total gross investment in finance leases, which consists of lease payment receivables, and is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet, was $375 million, and $376 million as of March 31, 2026, and December 31, 2025, respectively. Interest income on finance lease receivables was $8 million and $11 million for the three months ended March 31, 2026, and 2025, respectively, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2026.

($ in millions)
2026						$	102
2027						123
2028						95
2029						66
2030						38
2031 and thereafter						15
Total undiscounted cash flows						439
Difference between undiscounted cash flows and discounted cash flows						(64)
Present value of lease payments recorded as lease receivable						$	375

9.    Securitizations and Variable Interest Entities

We securitize, transfer, and service consumer automotive loans. We often securitize these loans (also referred to as financial assets) using SPEs. An SPE is a legal entity that is designed to fulfill a specified limited need of the sponsor. Our principal use of SPEs is to obtain liquidity by securitizing certain of our financial assets. SPEs are often VIEs and may or may not be included on our Condensed Consolidated Balance Sheet. Additionally, we opportunistically sell consumer automotive whole-loans to SPEs where we have a continuing involvement.

VIEs are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the ability to control the entity’s activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity.

The VIEs included on our Condensed Consolidated Balance Sheet represent SPEs where we are deemed to be the primary beneficiary, primarily due to our servicing activities and our beneficial interests in the VIE that could be potentially significant.

The nature, purpose, and activities of nonconsolidated SPEs are similar to those of our consolidated SPEs with the primary difference being the nature and extent of our continuing involvement. For nonconsolidated SPEs, the transferred financial assets are removed from our balance sheet provided the conditions for sale accounting are met. The financial assets obtained from the sale are primarily reported as cash or retained interests (if applicable). Liabilities incurred as part of these sales, are recorded at fair value at the time of sale and are reported as accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Upon the sale of the loans, we recognize a gain or loss on sale for the difference between the assets recognized, the assets derecognized, and the liabilities recognized as part of the transaction. With respect to our ongoing right to service the assets we sell, the servicing fee we receive represents adequate compensation, and consequently, we do not recognize a servicing asset or liability.

The pretax loss on sales of financial assets into nonconsolidated VIEs was $3 million during the three months ended March 31, 2026. We had no pretax gains or losses during the three months ended March 31, 2025.

We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity. Since we do not have control over the entities or the power to make decisions, we do not consolidate the entities and our involvement is limited to the guarantee and the line of credit.

We are involved with various other nonconsolidated equity investments, including affordable housing entities and venture capital funds and loan funds. We do not consolidate these entities and our involvement is limited to our outstanding investment, additional capital committed to these funds plus any previously recognized LIHTCs that are subject to recapture.

Refer to Note 1 and Note 11 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further description of our securitization activities and our involvement with VIEs.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements. For additional detail related to the assets and liabilities of consolidated variable interest entities, refer to our Condensed Consolidated Balance Sheet.

($ in millions)						Carrying value of total assets						Carrying value of total liabilities						Assets sold to nonconsolidated VIEs (a)						Maximum exposure to loss in nonconsolidated VIEs
March 31, 2026
On‑balance sheet variable interest entities
Consumer automotive						$	12,625		(b)			$	2,191		(c)			$	—					$	—
Off-balance sheet variable interest entities
Consumer automotive (d)						46			(e)			—						3,379						3,425			(f)
Commercial other						2,778			(g)			736			(h)			—						3,539			(i)
Total						$	15,449					$	2,927					$	3,379					$	6,964
December 31, 2025
On-balance sheet variable interest entities
Consumer automotive						$	12,149		(b)			$	1,619		(c)			$	—					$	—
Off-balance sheet variable interest entities
Consumer automotive (d)						53			(e)			—						3,192						3,245			(f)
Commercial other						2,822			(g)			820			(h)			—						3,690			(i)
Total						$	15,024					$	2,439					$	3,192					$	6,935

(a)Represents the current unpaid principal balance of outstanding consumer automotive finance receivables and loans within the VIEs.

(b)Includes $8.9 billion of assets that were not encumbered by VIE beneficial interests held by third parties at both March 31, 2026, and December 31, 2025. Ally or consolidated affiliates hold the interests in these assets.

(c)Includes $131 million and $137 million of liabilities that were not obligations to third-party beneficial interest holders at March 31, 2026, and December 31, 2025, respectively.

(d)Includes activity where we sell loans through a pass-through program to a third party.

(e)Represents retained notes and certificated residual interests, of which $43 million and $50 million were classified as held-to-maturity securities at March 31, 2026, and December 31, 2025, respectively, and $3 million were classified as other assets at both March 31, 2026, and December 31, 2025. These assets represent our compliance with the risk retention rules under the Dodd-Frank Act, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations.

(f)Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. This required disclosure is not an indication of our expected loss.

(g)Amounts are classified as other assets except for $57 million and $56 million classified as equity securities at March 31, 2026, and December 31, 2025, respectively.

(h)Amounts are classified as accrued expenses and other liabilities.

(i)For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of LIHTCs and other tax credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and LIHTCs and other tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Cash Flows with Nonconsolidated Special-Purpose Entities

The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the three months ended March 31, 2026, and March 31, 2025. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period.

						Three months ended March 31,
($ in millions)						2026						2025
Consumer automotive
Cash proceeds from transfers completed during the period						$	480					$	191
Servicing fees						20						14
Cash flows received on retained interests in securitization entities						8						12
Other cash flows received						2						1
Consumer other (a)
Cash proceeds from transfers completed during the period						—						8
Servicing fees						—						1

(a)Includes activity from Ally Credit Card. We closed the sale of Ally Credit Card on April 1, 2025.

Delinquencies and Net Credit Losses

The following tables present quantitative information about off-balance sheet securitizations and whole-loan sales where we have continuing involvement.

						Total amount												Amount 60 days or more past due
($ in millions)						March 31, 2026						December 31, 2025						March 31, 2026						December 31, 2025
Off-balance-sheet securitization entities
Consumer automotive						$	858					$	1,002					$	16					$	18
Whole-loan sales (a)
Consumer automotive						2,521						2,190						143						143
Total						$	3,379					$	3,192					$	159					$	161

(a)Whole-loan sales are not part of a securitization transaction, but represent consumer automotive pools of loans sold to third-party investors.

																		Net credit losses
												Three months ended March 31,
($ in millions)																		2026						2025
Off-balance-sheet securitization entities
Consumer automotive																		$	4					$	5
Whole-loan sales (a)
Consumer automotive																		41						23
Consumer other (b)																		—						7
Total																		$	45					$	35

(a)Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors.

(b)Includes activity from Ally Credit Card. We closed the sale of Ally Credit Card on April 1, 2025.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

10.    Other Assets

The components of other assets were as follows.

($ in millions)						March 31, 2026						December 31, 2025
Property and equipment at cost						$	2,275					$	2,280
Accumulated depreciation						(1,150)						(1,130)
Net property and equipment						1,125						1,150
Net deferred tax assets						2,368						2,334
Proportional amortization investments (a) (b)						2,032						2,094
Restricted cash and cash equivalents (c)						1,390						1,543
Accrued interest, fees, and rent receivables (d)						930						941
Nonmarketable equity investments						901						922
Equity-method investments (e)						741						715
Restricted cash held for securitization trusts (f)						321						236
Other accounts receivable						210						403
Goodwill						190						190
Operating lease right-of-use assets						107						109
Other assets						995						986
Total other assets (g)						$	11,310					$	11,623

(a)Proportional amortization investments includes qualifying LIHTC, NMTC, and HTC investments.

(b)Presented gross of the associated unfunded commitment. Refer to Note 13 for further information.

(c)Primarily represents restricted cash equivalents funded through the issuance of credit-linked notes. Additionally, includes a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, partner, or letter of credit arrangements and corresponding collateral requirements. Refer to Note 17 for further information about the issuance of credit-linked notes.

(d)Primarily relates to accrued interest, fees, and rent receivables related to our consumer automotive and commercial automotive finance receivables and loans.

(e)Primarily relates to investments made in connection with our CRA program.

(f)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.

(g)Includes gross intangible assets of $80 million at both March 31, 2026, and December 31, 2025, and accumulated amortization of $80 million at both March 31, 2026, and December 31, 2025.

The following table summarizes information about our proportional amortization investments.

									Three months ended March 31,
($ in millions)															2026						2025
Tax credits and other tax benefits from proportional amortization investments (a) (b)															$	79					$	56
Investment amortization expense recognized as a component of income tax expense (a)															62						45
Net benefit from proportional amortization investments (a)															$	17					$	11

(a)Amounts are included within income tax expense from continuing operations on our Condensed Consolidated Statement of Comprehensive Income and as a component of operating activities within deferred income taxes, other assets, and other liabilities on our Condensed Consolidated Statement of Cash Flows.

(b)There were no impairment losses recognized during the three months ended March 31, 2026, and March 31, 2025, resulting from the forfeiture or ineligibility of tax credits or other circumstances.

Our proportional amortization investments were $2.0 billion and $2.1 billion at March 31, 2026, and December 31, 2025, respectively, and are included within other assets on our Condensed Consolidated Balance Sheet. Unfunded commitments to provide additional capital to proportional amortization investments were $735 million and $819 million at March 31, 2026, and December 31, 2025, respectively, and are included within accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Substantially all of the unfunded commitments at March 31, 2026, are expected to be paid out within the next five years.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The total carrying value of the nonmarketable equity investments held at March 31, 2026, and December 31, 2025, including cumulative unrealized gains and losses, was as follows.

($ in millions)			March 31, 2026						December 31, 2025
FRB stock			$	454					$	452
FHLB stock			335						359
Equity investments without a readily determinable fair value
Cost basis			94						94
Adjustments
Upward adjustments			56						57
Downward adjustments (including impairment)			(38)						(40)
Carrying amount, equity investments without a readily determinable fair value			112						111
Nonmarketable equity investments			$	901					$	922

During the three months ended March 31, 2026, and March 31, 2025, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of March 31, 2026, and March 31, 2025, were as follows.

									Three months ended March 31,
($ in millions)															2026						2025
Upward adjustments															$	—					$	—
Downward adjustments (including impairment) (a)															$	(1)					$	—

(a)No impairment on FHLB and FRB stock was recognized during the three months ended March 31, 2026, and March 31, 2025.

The carrying balance of goodwill by reportable operating segment was as follows.

($ in millions)						Automotive Finance operations						Insurance operations						Corporate and Other (a)						Total
Goodwill at December 31, 2024						$	20					$	27					$	504					$	551
Goodwill impairment						—						—						(305)						(305)
Transfer to assets of operations held-for-sale (b)						—						—						(56)						(56)
Goodwill at December 31, 2025						$	20					$	27					$	143					$	190
Goodwill impairment						—						—						—						—
Goodwill at March 31, 2026						$	20					$	27					$	143					$	190

(a)Includes $143 million of goodwill associated with Ally Invest at both March 31, 2026, and December 31, 2025.

(b)We closed the sale of Ally Credit Card on April 1, 2025. Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further information on Ally Credit Card.

During the year ended December 31, 2025, we recognized a $305 million goodwill impairment charge at Corporate and Other related to the transfer of Ally Credit Card to held-for-sale on the Condensed Consolidated Balance Sheet. Subsequent to the impairment charge, the goodwill balance of $56 million was transferred to assets of operations held-for-sale on the Condensed Consolidated Balance Sheet. We closed the sale of Ally Credit Card on April 1, 2025. For additional information, refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

11.    Deposit Liabilities

Deposit liabilities consisted of the following.

($ in millions)						March 31, 2026						December 31, 2025
Noninterest-bearing deposits						$	137					$	125
Interest-bearing deposits
Savings, money market, and spending accounts						112,800						109,214
Certificates of deposit						40,215						42,310
Total deposit liabilities						$	153,152					$	151,649

At March 31, 2026, and December 31, 2025, certificates of deposit included $5.9 billion and $6.2 billion, respectively, of those in denominations in excess of $250 thousand.

12.    Debt

Short-Term Borrowings

The following table presents the composition of our short-term borrowings portfolio.

						March 31, 2026																		December 31, 2025
($ in millions)						Unsecured						Secured (a)						Total						Unsecured						Secured (a)						Total
Federal Home Loan Bank						$	—					$	3,600					$	3,600					$	—					$	4,150					$	4,150
Securities sold under agreements to repurchase						—						526						526						—						545						545
Total short-term borrowings						$	—					$	4,126					$	4,126					$	—					$	4,695					$	4,695

(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.

We periodically enter into term repurchase agreements—short-term borrowing agreements in which we sell securities to one or more investors while simultaneously committing to repurchase them at a specified future date, at the stated price plus accrued interest. As of March 31, 2026, the securities sold under agreements to repurchase consisted of $526 million in U.S. Treasury securities, of which $427 million in repurchase agreements were set to mature within 30 days, and the remaining $99 million of repurchase agreements are set to mature within 31 to 60 days.

The primary risk associated with these repurchase agreements is that the counterparty will be unable to perform under the terms of the contract. As the borrower, we are exposed to the excess fair value of the securities pledged over the amount borrowed. Daily mark-to-market collateral management is designed to limit this risk to the initial margin. However, should a counterparty declare bankruptcy or become insolvent, we may incur additional delays and costs. In some instances, we may place or receive cash collateral with counterparties under collateral arrangements associated with our repurchase agreements. As of March 31, 2026, we placed cash collateral of $10 million related to repurchase agreements. As of December 31, 2025, we placed cash collateral of $1 million related to repurchase agreements.

Long-Term Debt

The following table presents the composition of our long-term debt portfolio.

						March 31, 2026																		December 31, 2025
($ in millions)						Unsecured						Secured						Total						Unsecured						Secured						Total
Long-term debt (a) (b)
Due within one year						$	(20)					$	2,459					$	2,439					$	—					$	2,659					$	2,659
Due after one year						9,939						4,971						14,910						10,012						4,399						14,411
Total long-term debt (c)						$	9,919					$	7,430					$	17,349					$	10,012					$	7,058					$	17,070

(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 18 for additional information.

(b)Includes scheduled amortization of original issue discount.

(c)Includes advances from the FHLB of Pittsburgh of $4.2 billion at both March 31, 2026, and December 31, 2025.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table presents the scheduled remaining maturity of long-term debt at March 31, 2026, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.

($ in millions)						2026						2027						2028						2029						2030						2031 and thereafter						Total
Unsecured
Long-term debt						$	59					$	1,595					$	876					$	1,748					$	793					$	5,518					$	10,589
Original issue discount						(63)						(95)						(107)						(123)						(143)						(139)						(670)
Total unsecured						(4)						1,500						769						1,625						650						5,379						9,919
Secured
Long-term debt						2,079						2,751						2,056						435						85						24						7,430
Total long-term debt						$	2,075					$	4,251					$	2,825					$	2,060					$	735					$	5,403					$	17,349

The following table summarizes assets restricted as collateral for the payment of the related debt obligation.

($ in millions)						March 31, 2026						December 31, 2025
Consumer automotive finance receivables						$	37,151											$	36,807
Consumer mortgage finance receivables						15,342												15,604
Commercial finance receivables						7,899												7,686
Investment securities (amortized cost basis of $3,012 and $3,114) (a)						3,187												3,292
Other assets (b)						1,224												1,381
Total assets restricted as collateral (c) (d)						$	64,803											$	64,770
Secured debt (e)						$	11,556											$	11,753

(a)A portion of the restricted investment securities at both March 31, 2026, and December 31, 2025, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements.

(b)Includes the collateral accounts restricted for the payment of credit-linked notes recorded within restricted cash and cash equivalents. Excludes restricted cash and cash reserves for securitization trusts. Refer to Note 10 and Note 17 for additional information.

(c)All restricted assets are those of Ally Bank.

(d)Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $25.9 billion and $26.0 billion at March 31, 2026, and December 31, 2025, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans as well as mortgage-backed securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $33.6 billion and $33.7 billion at March 31, 2026, and December 31, 2025, respectively. These assets were composed of consumer automotive finance receivables and loans. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its other subsidiaries.

(e)Includes $4.1 billion and $4.7 billion of short-term borrowings at March 31, 2026, and December 31, 2025, respectively.

13.    Accrued Expenses and Other Liabilities

The components of accrued expenses and other liabilities were as follows.

($ in millions)						March 31, 2026						December 31, 2025
Unfunded commitments for proportional amortization investments (a)						$	735					$	819
Accounts payable						544						420
Reserves for insurance losses and loss adjustment expenses (b)						251						233
Employee compensation and benefits						242						417
Deferred revenue						135						141
Operating lease liabilities						121						124
Other liabilities						488						551
Total accrued expenses and other liabilities						$	2,516					$	2,705

(a)Primarily relates to unfunded commitments for investments in qualified affordable housing projects.

(b)Refer to Note 4 for further information.

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14.    Preferred Stock

The following table summarizes information about our preferred stock. For additional information regarding our preferred stock, refer to Note 17 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

			March 31, 2026						December 31, 2025
Series B preferred stock (a) (b)
Issuance date			April 22, 2021						April 22, 2021
Carrying value ($ in millions)			$	1,335					$	1,335
Par value (per share)			$	0.01					$	0.01
Liquidation preference (per share)			$	1,000					$	1,000
Number of shares authorized			1,350,000						1,350,000
Number of shares issued and outstanding			1,350,000						1,350,000
Dividend/coupon
Prior to May 15, 2026			4.700%						4.700%
On and after May 15, 2026			Five Year Treasury + 3.868%						Five Year Treasury + 3.868%
Series C preferred stock (a)
Issuance date			June 2, 2021						June 2, 2021
Carrying value ($ in millions)			$	989					$	989
Par value (per share)			$	0.01					$	0.01
Liquidation preference (per share)			$	1,000					$	1,000
Number of shares authorized			1,000,000						1,000,000
Number of shares issued and outstanding			1,000,000						1,000,000
Dividend/coupon
Prior to May 15, 2028			4.700%						4.700%
On and after May 15, 2028			Seven Year Treasury + 3.481%						Seven Year Treasury + 3.481%

(a)We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.

(b)On May 4, 2026, we announced our intent to redeem all of our issued and outstanding 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B on May 15, 2026. Refer to Note 24 for additional information.

15.    Accumulated Other Comprehensive Loss

The following table presents changes, net of tax, in each component of accumulated other comprehensive loss.

			Investment securities
($ in millions)			Available- for-sale securities (a)						Held-to-maturity securities						Translation adjustments and net investment hedges (b)						Cash flow hedges (b)												Accumulated other comprehensive loss
Balance at January 1, 2025			$	(3,307)					$	(616)					$	20					$	(21)											$	(3,924)
Net change			642						15						—						5												662
Balance at March 31, 2025			$	(2,665)					$	(601)					$	20					$	(16)											$	(3,262)
Balance at January 1, 2026			$	(2,260)					$	(551)					$	23					$	2											$	(2,786)
Net change			(5)						14						—						4												13
Balance at March 31, 2026			$	(2,265)					$	(537)					$	23					$	6											$	(2,773)

(a)Represents the after-tax difference between the fair value and amortized cost basis of our available-for-sale securities portfolio. Refer to Note 6 for additional information.

(b)For additional information on derivative instruments and hedging activities, refer to Note 18.

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The following tables present the before- and after-tax changes in each component of accumulated other comprehensive loss.

Three months ended March 31, 2026 ($ in millions)			Before tax						Tax effect						After tax
Investment securities
Available-for-sale securities
Net unrealized losses arising during the period			$	(4)					$	1					$	(3)
Less: Net realized gains reclassified to income from continuing operations			3			(a)			(1)			(b)			2
Net change			(7)						2						(5)
Held-to-maturity securities
Less: Amortization of amounts previously recorded upon transfer from available-for-sale			(19)			(c)			5			(b)			(14)
Translation adjustments
Net unrealized losses arising during the period			(3)						1						(2)
Net investment hedges (d)
Net unrealized gains arising during the period			3						(1)						2
Cash flow hedges (d)
Less: Net realized losses reclassified to income from continuing operations			(5)			(e)			1			(b)			(4)
Net change			5						(1)						4
Other comprehensive income			$	17					$	(4)					$	13

(a)Includes gains reclassified to other loss on investments, net, in our Condensed Consolidated Statement of Comprehensive Income.

(b)Includes amounts reclassified to income tax expense (benefit) from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.

(c)Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income.

(d)For additional information on derivative instruments and hedging activities, refer to Note 18.

(e)Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.

Three months ended March 31, 2025 ($ in millions)			Before tax						Tax effect						After tax
Investment securities
Available-for-sale securities
Net unrealized gains arising during the period			$	346					$	(81)					$	265
Less: Net realized losses reclassified to income from continuing operations			(495)			(a)			118			(b)			(377)
Net change			841						(199)						642
Held-to-maturity securities
Less: Amortization of amounts previously recorded upon transfer from available-for-sale			(20)			(c)			5			(b)			(15)
Cash flow hedges (d)
Less: Net realized losses reclassified to income from continuing operations			(7)			(e)			2			(b)			(5)
Net change			7						(2)						5
Other comprehensive income			$	868					$	(206)					$	662

(a)Includes losses reclassified to other loss on investments, net, in our Condensed Consolidated Statement of Comprehensive Income related to the balance sheet repositioning of our available-for-sale securities portfolio. Refer to Note 8 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information.

(b)Includes amounts reclassified to income tax expense (benefit) from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.

(c)Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income.

(d)For additional information on derivative instruments and hedging activities, refer to Note 18.

(e)Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.

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16.    Earnings per Common Share

The following table presents the calculation of basic and diluted earnings per common share.

												Three months ended March 31,
($ in millions, except per share data; shares in thousands) (a)																		2026						2025
Net income (loss) from continuing operations																		$	319					$	(225)
Preferred stock dividends — Series B																		(16)						(16)
Preferred stock dividends — Series C																		(12)						(12)
Net income (loss) from continuing operations attributable to common shareholders																		$	291					$	(253)
Net income (loss) attributable to common shareholders																		$	291					$	(253)
Basic weighted-average common shares outstanding (b)																		310,992						309,006
Diluted weighted-average common shares outstanding (b) (c)																		313,219						309,006
Basic earnings per common share
Net income (loss) from continuing operations																		$	0.94					$	(0.82)
Net income (loss)																		$	0.94					$	(0.82)
Diluted earnings per common share
Net income (loss) from continuing operations																		$	0.93					$	(0.82)
Net income (loss)																		$	0.93					$	(0.82)

(a)Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.

(b)Includes shares related to share-based compensation that vested but were not yet issued.

(c)Due to the antidilutive effect of the net loss from continuing operations for the three months ended March 31, 2025, basic weighted-average common shares outstanding was used to calculate basic and diluted earnings per share. During the three months ended March 31, 2025, there were 2.7 million in share-based awards excluded because their inclusion would have been antidilutive.

17.    Regulatory Capital and Other Regulatory Matters

Ally is subject to enhanced prudential standards that have been established by the FRB under the Dodd-Frank Act, as amended by the EGRRCP Act and as applied to Category IV firms under the Tailoring Rules. Refer to the discussion below, however, about rules proposed by the U.S. banking agencies in 2023 that would significantly alter the Tailoring Rules. Currently, as a Category IV firm, Ally is (1) subject to supervisory stress testing on a two-year cycle, (2) required to submit an annual capital plan to the FRB, (3) exempted from company-run capital stress testing requirements, (4) required to maintain a buffer of unencumbered highly liquid assets to meet projected net stressed cash outflows over a 30-day planning horizon, (5) exempted from the requirements of the LCR and the net stable funding ratio (provided that our average wSTWF continues to remain under $50 billion), (6) exempted from the requirements of the supplementary leverage ratio, the countercyclical capital buffer, and single-counterparty credit limits, and (7) eligible to exclude most elements of accumulated other comprehensive income from regulatory capital. Even so, we are subject to rules enabling the FRB to conduct supervisory stress testing on a more or less frequent basis based on our financial condition, size, complexity, risk profile, scope of operations, or activities or based on risks to the U.S. economy. Further, we are subject to rules requiring the resubmission of our capital plan if we determine that there has been or will be a material change in our risk profile, financial condition, or corporate structure since we last submitted the capital plan or if the FRB determines that (a) our capital plan is incomplete or our capital plan or internal capital adequacy process contains material weaknesses, (b) there has been, or will likely be, a material change in our risk profile (including a material change in our business strategy or any risk exposure), financial condition, or corporate structure, or (c) the BHC stress scenario(s) are not appropriate for our business model and portfolios, or changes in the financial markets or the macroeconomic outlook that could have a material impact on our risk profile and financial condition require the use of updated scenarios. While a resubmission is pending, without prior approval of the FRB, we would generally be prohibited from paying dividends, repurchasing our common stock, or making other capital distributions. In addition, to satisfy the FRB in its review of our capital plan, we may be required to further cease or limit these capital distributions or to issue capital instruments that could be dilutive to shareholders. The FRB also may prevent us from maintaining or expanding lending or other business activities.

Basel Capital Framework

The FRB and other U.S. banking agencies have adopted risk-based and leverage capital rules that establish minimum capital-to-asset ratios for BHCs, like Ally, and depository institutions, like Ally Bank.

The risk-based capital ratios are based on a banking organization’s RWAs, which are generally determined under the standardized approach applicable to Ally and Ally Bank by (1) assigning on-balance-sheet exposures to broad risk-weight categories according to the counterparty or, if relevant, the guarantor or collateral (with higher risk weights assigned to categories of exposures perceived as representing greater risk), and (2) multiplying off-balance-sheet exposures by specified credit conversion factors to calculate credit equivalent amounts and assigning those credit equivalent amounts to the relevant risk-weight categories. The leverage ratio, in contrast, is based on an institution’s average unweighted on-balance-sheet exposures.

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Under U.S. Basel III, Ally and Ally Bank must maintain a minimum Common Equity Tier 1 risk-based capital ratio of 4.5%, a minimum Tier 1 risk-based capital ratio of 6%, and a minimum total risk-based capital ratio of 8%. On top of the minimum risk-based capital ratios, Ally and Ally Bank are subject to a capital conservation buffer requirement, which must be satisfied entirely with capital that qualifies as Common Equity Tier 1 capital. Failure to maintain more than the full amount of the capital conservation buffer requirement would result in automatic restrictions on the ability of Ally and Ally Bank to make capital distributions, including dividend payments and share repurchases and redemptions, and to pay discretionary bonuses to executive officers. U.S. Basel III also subjects Ally and Ally Bank to a minimum Tier 1 leverage ratio of 4%. While the capital conservation buffer requirement for Ally Bank is fixed at 2.5% of RWAs, the capital conservation buffer requirement for a Category IV firm, like Ally, is equal to its stress capital buffer requirement. The stress capital buffer requirement for Ally, in turn, is the greater of 2.5% and the result of the following calculation: (1) the difference between Ally’s starting and minimum projected Common Equity Tier 1 capital ratios under the severely adverse scenario in the supervisory stress test, plus (2) the sum of the dollar amount of Ally’s planned common stock dividends for each of the fourth through seventh quarters of its nine-quarter capital planning horizon, as a percentage of RWAs. As of March 31, 2026, the stress capital buffer requirement for Ally was 2.6%. Refer to the discussion below regarding a rule proposed by the FRB that would make certain changes to the methodology for determining the stress capital buffer requirement.

Ally and Ally Bank are currently subject to the U.S. Basel III standardized approach for credit risk but not to the U.S. Basel III advanced approaches for credit risk or operational risk. Ally is also not currently subject to the U.S. market-risk capital rule, which applies only to banking organizations with significant trading assets and liabilities. Since Ally and Ally Bank are currently not subject to the advanced approaches risk-based capital rules, we elected to apply a one-time option to exclude most components of accumulated other comprehensive income and loss from regulatory capital. At both March 31, 2026, and December 31, 2025, Ally had $2.8 billion of accumulated other comprehensive loss, net of applicable income taxes, that was excluded from Common Equity Tier 1 capital. Refer to the discussion below about rules proposed by the U.S. banking agencies in 2023 that would require us to recognize all components of accumulated other comprehensive income and loss in regulatory capital, except gains and losses on cash-flow hedges where the hedged items are not recognized on our balance sheet at fair value. Refer also to Note 15 for additional details about our accumulated other comprehensive loss.

Failure to satisfy regulatory-capital requirements could result in significant sanctions—such as bars or other limits on capital distributions and discretionary bonuses to executive officers, limitations on acquisitions and new activities, restrictions on our acceptance of brokered deposits, a loss of our status as an FHC, or informal or formal enforcement and other supervisory actions—and could have a significant adverse effect on the Consolidated Financial Statements or the business, results of operations, financial condition, or prospects of Ally and Ally Bank.

The risk-based capital ratios and the Tier 1 leverage ratio play a central role in PCA, which is an enforcement framework used by the U.S. banking agencies to constrain the activities of depository institutions based on their levels of regulatory capital. Five categories have been established using thresholds for the Common Equity Tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio, the total risk-based capital ratio, and the Tier 1 leverage ratio: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. FDICIA generally prohibits a depository institution from making any capital distribution, including any payment of a cash dividend or a management fee to its BHC, if the depository institution would become undercapitalized after the distribution. An undercapitalized institution is also subject to growth limitations and must submit and fulfill a capital restoration plan. Although BHCs are not subject to the PCA framework, the FRB is empowered to compel a BHC to take measures—such as the execution of financial or performance guarantees—when PCA is required in connection with one of its depository-institution subsidiaries. At both March 31, 2026, and December 31, 2025, Ally Bank met the capital ratios required to be well capitalized under the PCA framework.

Under FDICIA and the PCA framework, IDIs such as Ally Bank must be well capitalized or, with a waiver from the FDIC, adequately capitalized in order to accept brokered deposits, and even adequately capitalized institutions are subject to some restrictions on the rates they may offer for brokered deposits. Our brokered deposits totaled $5.6 billion at March 31, 2026, which represented 3.7% of total deposit liabilities.

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The following table summarizes our capital ratios under U.S. Basel III.

						March 31, 2026												December 31, 2025												Required minimum (a)						Well-capitalized minimum
($ in millions)						Amount						Ratio						Amount						Ratio
Capital ratios
Common Equity Tier 1 (to risk-weighted assets)
Ally Financial Inc.						$	15,695					10.11		%				$	15,629					10.23		%				4.50		%				(b)
Ally Bank						17,914						12.38						17,853						12.50						4.50						6.50		%
Tier 1 (to risk-weighted assets)
Ally Financial Inc.						$	17,934					11.56		%				$	17,885					11.70		%				6.00		%				6.00		%
Ally Bank						17,914						12.38						17,853						12.50						6.00						8.00
Total (to risk-weighted assets)
Ally Financial Inc.						$	20,793					13.40		%				$	20,731					13.56		%				8.00		%				10.00		%
Ally Bank						19,744						13.65						19,659						13.77						8.00						10.00
Tier 1 leverage (to adjusted quarterly average assets) (c)
Ally Financial Inc.						$	17,934					9.16		%				$	17,885					9.25		%				4.00		%				(b)
Ally Bank						17,914						9.72						17,853						9.82						4.00						5.00		%

(a)In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally was subject to a minimum capital conservation buffer of 2.6% at both March 31, 2026, and December 31, 2025, and Ally Bank was subject to a minimum capital conservation buffer of 2.5% at both March 31, 2026, and December 31, 2025.

(b)Currently, there is no ratio component for determining whether a BHC is “well-capitalized.”

(c)Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology.

Under U.S. Basel III, Category I and II firms calculate their risk-weighted assets under two different methodologies—the standardized approach, and the advanced approaches that rely on internal models. These firms are generally bound to the more stringent of the two calculations. Category III and IV firms, and other banking organizations subject to risk-based capital standards apply only the standardized approach under U.S. Basel III. In March 2026, the U.S. banking agencies issued two proposed rules to customize and implement revisions to the global Basel III capital framework that were approved by the Basel Committee in December 2017.

The first proposed rule would replace this dual-stack framework for Category I and II firms with a single, new risk-weighted assets calculation referred to as the expanded risk-based approach. The advanced approaches would be removed from the regulatory capital framework. The standardized approach, as modified by the second proposed rule, would continue to apply to all other firms that are subject to risk-based capital standards. Banking organizations of any size, however, would have the option to elect to use the expanded risk-based approach instead of the revised standardized approach. Relative to the current dual-stack framework, the expanded risk-based approach is a standardized framework intended to promote simplicity, risk sensitivity, transparency, and consistency across the firms to which it would apply. Risk-weighted assets would be assigned to address credit risk, equity risk, operational risk, market risk, and CVA risk. Notably, operational risk capital requirements would be based on a new standardized calculation that would replace the current models-based approach. The proposal would also introduce a new framework for market risk and adjust the thresholds used to determine which firms—in addition to those in Category I and II—are subject to the market risk and CVA risk capital requirements.

The second proposed rule would make targeted revisions within the standardized approach currently used by Category III and IV firms, and other banking organizations subject to risk-based capital standards. These revisions are intended to improve the calibration and risk sensitivity for certain exposure categories. The proposal would require Category III and IV firms to recognize in regulatory capital most elements of accumulated other comprehensive income and loss. This change would be phased in over a period of five years. For firms subject to the standardized approach that do not elect to use the expanded risk-based approach, the proposal would also reduce the risk weight applicable to all assets not specifically assigned a different risk weight under the capital rule (such as consumer automotive loans and leases) from 100 percent to 90 percent, as well as reduce the risk weight applicable to corporate exposures from 100 percent to 95 percent. Residential mortgage exposures would generally be risk weighted using an LTV-based methodology under the proposal. While these risk weights are generally more punitive than those assigned to similar exposure categories under the proposed expanded risk-based approach, the standardized approach would not separately assign risk-weighted assets to address operational risk. The supervisory formula used to assign risk weights for securitization exposures would be adjusted to align with that of the proposed expanded risk-based approach with an output floor that is reduced from 20 percent to 15 percent.

Both proposals would modify the definition of regulatory capital by removing the threshold-based deduction of mortgage servicing assets, and all firms that use the expanded risk-based approach would be required to apply the more stringent threshold test to determine any capital deduction for certain DTAs and investments in the capital instruments of unconsolidated financial institutions. These proposals were issued without effective dates but generally assume transition periods that begin January 1, 2027, and have comment periods that expire June 18, 2026. As proposed, the phase-in of accumulated other comprehensive income and loss would be expected to significantly affect our

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levels of regulatory capital. The impact of lower capital levels would be partially offset by the recalibration of risk weights proposed in the expanded risk-based approach or revised standardized approach. Whether and when final rules related to these proposals may be adopted and take effect, as well as what changes to the proposed rules may be reflected in any final rules after public comments are considered, remain unclear.

In April 2025, the FRB issued a proposed rule that would modify certain aspects of its supervisory stress tests. Under the proposed rule, the stress capital buffer requirement for Category I–III firms subject to the capital plan rule would be calculated using a methodology that averages results from each of the prior two consecutive annual supervisory stress tests. For Category IV firms subject to the capital plan rule, like Ally, the stress capital buffer requirement would be determined under this two-year averaging methodology only if they choose or are otherwise required to be subject to consecutive supervisory stress tests. According to the FRB, this change is intended to reduce the volatility of a firm’s regulatory capital requirement inherent in the current approach of using the results from only the most recent supervisory stress test. Additionally, to provide firms additional time to adjust to their new regulatory capital requirements, the proposal would delay the annual effective date of a firm’s updated stress capital buffer requirement from October 1 to January 1 of the following year.

In October 2025, the FRB issued proposals to enhance the transparency and public accountability of its annual stress test, which is used to set the stress capital buffers for large BHCs, including Ally. The proposals request comment on several elements of the stress test, including the models and scenarios used; an enhanced disclosure process for the scenarios and material model changes in future stress test cycles; modifications to reporting forms; and an adjusted timeline for the annual process to accommodate a comment period for scenarios and material model changes.

In February 2026, the FRB issued final stress test scenarios for the 2026 supervisory stress test, and announced it intends to maintain stress capital buffer requirements at their current level until 2027 when new requirements can be calculated based on models that take public feedback into consideration. Whether and when final rules related to these stress-testing proposals may be adopted and take effect, as well as what changes to the proposed rules may be reflected in any such final rules, remain unclear.

Capital Planning and Stress Tests

Under the Tailoring Rules, we are generally subject to supervisory stress testing on a two-year cycle and exempted from mandated company-run capital stress testing requirements. We are also required to submit an annual capital plan to the FRB. Our annual capital plan must include an assessment of our expected uses and sources of capital and a description of all planned capital actions over a nine-quarter planning horizon, including any issuance of a debt or equity capital instrument, any dividend or other capital distribution, and any similar action that the FRB determines could have an impact on our capital. The plan must also include a detailed description of our process for assessing capital adequacy, including a discussion of how we, under expected and stressful conditions, will maintain capital commensurate with our risks and above the minimum regulatory capital ratios, will serve as a source of strength to Ally Bank, and will maintain sufficient capital to continue our operations by maintaining ready access to funding, meeting our obligations to creditors and other counterparties, and continuing to serve as a credit intermediary.

The Tailoring Rules align capital planning, supervisory stress testing, and stress capital buffer requirements for large banking organizations, like Ally. As a Category IV firm, Ally is expected to have the ability to elect to participate in the supervisory stress test—and receive a correspondingly updated stress capital buffer requirement—in a year in which Ally would not generally be subject to the supervisory stress test. Refer to the section titled Basel Capital Framework above for further discussion about our stress capital buffer requirements. During a year in which Ally does not undergo a supervisory stress test, we would receive an updated stress capital buffer requirement only to reflect our updated planned common-stock dividends. Ally did not elect to participate in the 2023 or 2025 supervisory stress tests, but was subject to the 2024 supervisory stress test.

We submitted our 2024 capital plan to the FRB in April 2024, and received an updated preliminary stress capital buffer requirement from the FRB in June 2024 of 2.6%. The updated 2.6% stress capital buffer requirement was finalized in August 2024, and became effective in October 2024. We submitted our 2025 capital plan to the FRB in April 2025, and received in June 2025 an updated preliminary stress capital buffer requirement that remained unchanged at 2.6%. The 2.6% stress capital buffer requirement was finalized in August 2025, and became effective in October 2025. We submitted our 2026 capital plan to the FRB in April 2026.

In December 2024, we accessed the unsecured debt capital markets and issued $500 million of subordinated notes, which qualify as Tier 2 capital for Ally under U.S. Basel III. During the years ended December 31, 2025, and 2024, we accessed the debt capital markets and issued an aggregate of $1.1 billion and $770 million, respectively, of credit-linked notes based on combined reference portfolios of $10.0 billion and $7.0 billion of consumer automotive loans. The proceeds from these credit-linked notes issuances constitute prefunded credit protection for mezzanine tranches of the respective reference portfolio and are recognized as restricted cash and cash equivalents in other assets on our Condensed Consolidated Balance Sheet. These transactions are structured to enable us to apply the securitization framework under U.S. Basel III when determining RWA for our retained exposure, which recognizes the credit risk mitigation benefits and generally provides lower risk weights relative to those assigned to consumer automotive loans that are not securitized. As of March 31, 2026, and December 31, 2025, $10.7 billion and $12.1 billion, respectively, of our consumer automotive loans and related exposures were included as reference assets in these credit-linked notes transactions.

In December 2025, our Board authorized a share repurchase program, permitting us to repurchase up to $2.0 billion of our common stock under a multi-year program without a set expiration date. Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements,

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S. banking agencies), Ally’s financial and operational performance, alternative uses of capital, the trading price of Ally’s common stock, and general market conditions. The share repurchase program does not obligate Ally to acquire a specific dollar amount or number of shares, and may be extended, modified, or discontinued at any time.

The following table presents information related to our common stock and distributions to our common shareholders.

						Common stock repurchased during period (a)												Number of common shares outstanding												Cash dividends declared per common share (b)
($ in millions, except per share data; shares in thousands)						Approximate dollar value						Number of shares						Beginning of period						End of period
2025
First quarter						$	34					877						305,388						307,152						$	0.30
Second quarter						1						27						307,152						307,787						0.30
Third quarter						1						25						307,787						307,828						0.30
Fourth quarter						23						543						307,828						308,493						0.30
2026
First quarter						$	147					3,624						308,493						307,408						$	0.30

(a)Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans.

(b)On April 14, 2026, our Board declared a quarterly cash dividend of $0.30 per share on all common stock payable on May 15, 2026, to shareholders of record at the close of business on May 1, 2026.

18.    Derivative Instruments and Hedging Activities

We enter into derivative instruments, which may include interest rate swaps, foreign-currency forwards, equity options, and interest rate options, in connection with our risk-management activities. Our primary objective for using derivative financial instruments is to manage interest rate risk associated with our fixed-rate and variable-rate assets and liabilities, foreign exchange risks related to our net investments in foreign subsidiaries, as well as foreign-currency denominated assets and liabilities, and other market risks related to our investment portfolio.

Interest Rate Risk

We monitor our mix of fixed-rate and variable-rate assets and liabilities and may enter into interest rate swaps, forwards, and options to achieve a more desired mix of fixed-rate and variable-rate assets and liabilities. We execute these trades to modify our exposure to interest rate risk by converting certain fixed-rate instruments to a variable-rate and certain variable-rate instruments to a fixed-rate. We use a mix of both derivatives that qualify for hedge accounting treatment and economic hedges that do not qualify for hedge accounting treatment.

Derivatives qualifying for hedge accounting treatment can include receive-fixed swaps designated as fair value hedges of specific fixed-rate unsecured debt obligations, receive-fixed swaps designated as fair value hedges of specific fixed-rate FHLB advances, pay-fixed swaps designated as fair value hedges of securities within our available-for-sale portfolio, and pay-fixed swaps designated as fair value hedges of fixed-rate held-for-investment consumer automotive loan assets. Other derivatives qualifying for hedge accounting consist of interest rate floor contracts designated as cash flow hedges of the expected future cash flows in the form of interest receipts on a portion of our dealer floorplan commercial loans.

Our economic hedges include interest rate swaps that we offer as an accommodation to our customers within our Corporate Finance business. We offset the majority of the market risk of these customer swaps by entering into offsetting derivatives transactions with other counterparties.

We also entered into interest rate lock commitments and forward commitments that were executed as part of our mortgage business that met the accounting definition of a derivative.

We may execute other economic hedges, which could consist of interest rate swaps, forwards, and options to mitigate interest rate risk.

Foreign Exchange Risk

We enter into derivative financial instrument contracts to mitigate the risk associated with variability in cash flows related to our various foreign-currency exposures.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

We enter into foreign-currency forwards with external counterparties as net investment hedges of foreign exchange exposure on our investment in foreign subsidiaries. Our equity is impacted by the cumulative translation adjustments resulting from the translation of foreign subsidiary results; this impact is reflected in our accumulated other comprehensive income and loss. We also periodically enter into foreign-currency forwards to economically hedge any foreign-denominated debt, centralized lending, and foreign-denominated third-party loans. These foreign-currency forwards used as economic hedges are recorded at fair value, with changes recorded as income or expense offsetting the gains and losses on the associated foreign-currency transactions.

Investment Risk

We enter into equity options to mitigate the risk associated with our exposure to the equity markets.

Credit Risk

We entered into various retail automotive-loan purchase agreements with certain counterparties. As part of those agreements, we may have been required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date was better than what was estimated at the time of acquisition. Based upon these terms, these contracts met the accounting definition of a derivative.

We enter into arrangements with certain counterparties through which we issue credit-linked notes covering a specified pool of loans. These notes contain an embedded derivative (referred to as credit-linked note derivatives), which provides us credit protection against the risk of loss when a specified credit event occurs on the reference pool.

Counterparty Credit Risk

Derivative financial instruments contain an element of credit risk if counterparties are unable to meet the terms of the agreements. Credit risk associated with derivative financial instruments is measured as the net replacement cost should the counterparties that owe us under the contract completely fail to perform under the terms of those contracts, with adjustments to reflect the exchange of collateral for margined transactions.

We manage our risk to financial counterparties through internal credit analysis, limits, and monitoring. Additionally, derivatives and repurchase agreements are entered into with approved counterparties using industry standard agreements.

We execute certain OTC derivatives, such as interest rate options, using bilateral agreements with financial counterparties. Bilateral agreements generally require both parties to post collateral in the event the fair values of the derivative financial instruments meet posting thresholds established under the agreements. If either party defaults on the obligation, the secured party may seize the collateral. Payments related to the exchange of collateral for OTC derivatives are recognized as collateral.

We also execute certain derivatives, such as interest rate swaps, with clearinghouses, which require us to post and receive collateral. For these clearinghouse derivatives, these payments are recognized as settlements rather than collateral.

Certain derivative instruments contain provisions that require us to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified credit-risk-related event. No such specified credit-risk-related events occurred during the three months ended March 31, 2026, or 2025.

We placed cash and noncash collateral with counterparties totaling $13 million and $290 million, respectively, supporting our derivative positions at March 31, 2026, compared to $4 million and $328 million, of cash and noncash collateral, respectively, at December 31, 2025. These amounts include noncash collateral placed at clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements. The receivables for cash collateral placed are included on our Condensed Consolidated Balance Sheet in other assets. We granted our counterparties the right to sell or pledge the noncash collateral.

We received cash collateral from counterparties totaling $3 million at March 31, 2026. These amounts exclude cash and noncash collateral pledged under repurchase agreements. The payables for cash collateral received are included on our Condensed Consolidated Balance Sheet in accrued expenses and other liabilities.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Balance Sheet Presentation

The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories.

Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet.

Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.

						March 31, 2026																		December 31, 2025
						Derivative contracts in a												Notional amount						Derivative contracts in a												Notional amount
($ in millions)						receivable position						payable position												receivable position						payable position
Derivatives designated as accounting hedges
Interest rate contracts
Swaps						$	—					$	—					$	22,507					$	—					$	—					$	23,257
Purchased options						—						—						2,250						—						—						3,450
Foreign exchange contracts
Forwards						2						—						187						—						4						199
Total derivatives designated as accounting hedges						2						—						24,944						—						4						26,906
Derivatives not designated as accounting hedges
Interest rate contracts
Swaps						1						1						216						—						—						—
Total interest rate risk						1						1						216						—						—						—
Foreign exchange contracts
Forwards						—						—						35						—						—						71
Total foreign exchange risk						—						—						35						—						—						71
Credit contracts
Credit-linked note derivatives						—						1						1,224						—						—						1,381
Total credit risk						—						1						1,224						—						—						1,381
Equity contracts
Written options						—						1						—						—						—						—
Total equity risk						—						1						—						—						—						—
Total derivatives not designated as accounting hedges						1						3						1,475						—						—						1,452
Total derivatives						$	3					$	3					$	26,419					$	—					$	4					$	28,358

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.

						Carrying amount of the hedged items												Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
																		Total												Discontinued (a)
($ in millions)						March 31, 2026						December 31, 2025						March 31, 2026						December 31, 2025						March 31, 2026						December 31, 2025
Assets
Available-for-sale securities (b)						$	14,968					$	15,240					$	(68)					$	7					$	(51)					$	(54)
Finance receivables and loans, net (c)						23,942						27,808						(23)						7						1						1
Liabilities
Long-term debt						$	3,395					$	3,378					$	76					$	79					$	76					$	79

(a)Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment.

(b)These amounts include the amortized cost basis and unallocated basis adjustments of closed portfolios of available-for-sale securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At March 31, 2026, and December 31, 2025, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $13.5 billion and $13.7 billion, respectively, of which $13.2 billion and $13.4 billion, respectively, represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship. At March 31, 2026, and December 31, 2025, the total cumulative basis adjustments associated with these hedging relationships was a $72 million liability and a $8 million liability, respectively, of which the portion related to discontinued hedging relationships was a $51 million liability and a $54 million liability, respectively. At both March 31, 2026, and December 31, 2025, the notional amounts of the designated hedged items were $11.0 billion, with cumulative basis adjustments of a $21 million liability and a $46 million asset, respectively, which would be allocated across the entire remaining closed pool upon dedesignation of the hedge relationship. Refer to Note 6 for a reconciliation of the amortized cost basis and fair value of available-for-sale securities.

(c)These amounts include the carrying value of closed portfolios of loan receivables used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At March 31, 2026, and December 31, 2025, the carrying value of the closed portfolios used in these hedging relationships was $23.9 billion and $27.8 billion, respectively, of which $19.1 billion and $21.8 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship. At March 31, 2026, and December 31, 2025, the total cumulative basis adjustments associated with these hedging relationships was a $23 million liability and $7 million asset, respectively, of which the portion related to discontinued hedging relationships was a $1 million asset at both March 31, 2026, and December 31, 2025. At March 31, 2026, and December 31, 2025, the notional amounts of the designated hedged items were $10.0 billion and $10.8 billion, respectively, with cumulative basis adjustments of a $24 million liability and a $6 million asset, respectively, which would be allocated across the entire remaining closed pool upon dedesignation of the hedge relationship.

Statement of Income Presentation

The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income.

												Three months ended March 31,
($ in millions)																		2026						2025
Gain (loss) recognized in earnings
Interest rate contracts
Gain on mortgage and automotive loans, net																		$	—					$	1
Total interest rate contracts																		—						1
Foreign exchange contracts
Other operating expenses																		1						—
Total foreign exchange contracts																		1						—
Credit contracts
Other income, net of losses																		(1)						—
Total credit contracts																		(1)						—
Total gain recognized in earnings																		$	—					$	1

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table summarizes the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.

			Interest and fees on finance receivables and loans									Interest and dividends on investment securities and other earning assets															Interest on long-term debt
Three months ended March 31, ($ in millions)			2026			2025									2026			2025																					2026			2025
Gain (loss) on fair value hedging relationships
Interest rate contracts
Hedged available-for-sale securities			$	—		$	—								$	(77)		$	130																				$	—		$	—
Derivatives designated as hedging instruments on available-for-sale securities			—			—									77			(130)																					—			—
Hedged fixed-rate consumer automotive loans			(30)			29									—			—																					—			—
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans			30			(29)									—			—																					—			—
Total gain on fair value hedging relationships			—			—									—			—																					—			—
Loss on cash flow hedging relationships
Interest rate contracts
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive loss into income			(5)			(7)									—			—																					—			—
Total loss on cash flow hedging relationships			$	(5)		$	(7)								$	—		$	—																				$	—		$	—
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income			$	2,658		$	2,709								$	234		$	230																				$	265		$	271

During the next 12 months, we estimate $3 million of losses will be reclassified into pretax earnings from derivatives designated as cash flow hedges.

The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.

			Interest and fees on finance receivables and loans									Interest and dividends on investment securities and other earning assets															Interest on long-term debt
Three months ended March 31, ($ in millions)			2026			2025									2026			2025																					2026			2025
Gain on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments			$	—		$	—								$	—		$	—																				$	2		$	2
Amortization of deferred basis adjustments of available-for-sale securities			—			—									3			5																					—			—
Interest for qualifying accounting hedges of available-for-sale securities			—			—									1			17																					—			—
Amortization of deferred loan basis adjustments			—			2									—			—																					—			—
Interest for qualifying accounting hedges of consumer automotive loans held for investment			5			19									—			—																					—			—
Total gain on fair value hedging relationships			$	5		$	21								$	4		$	22																				$	2		$	2

The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss.

									Three months ended March 31,
($ in millions)															2026						2025
Interest rate contracts
Gain recognized in other comprehensive income															$	5					$	7

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss.

									Three months ended March 31,
($ in millions)															2026						2025
Foreign exchange contracts (a) (b)
Gain recognized in other comprehensive income															$	3					$	—

(a)There were no amounts excluded from effectiveness testing for the three months ended March 31, 2026, or 2025.

(b)Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in our Condensed Consolidated Statement of Comprehensive Income. There were no amounts reclassified for the three months ended March 31, 2026, or 2025.

19.    Income Taxes

We recognized total income tax expense from continuing operations of $81 million for the three months ended March 31, 2026, compared to an income tax benefit of $59 million for the same period in 2025. The increase in income tax expense for the three months ended March 31, 2026, was primarily attributable to the tax effects of a loss on investments recognized as a result of our balance sheet repositioning of a portion of our available-for-sale securities during the three months ended March 31, 2025.

As of each reporting date, we consider existing evidence, both positive and negative, that could impact our view with regard to future realization of deferred tax assets. We continue to believe it is more likely than not that the benefit for certain foreign tax credit carryforwards and state net operating loss carryforwards will not be realized. In recognition of this risk, we continue to provide a partial valuation allowance on the deferred tax assets relating to these carryforwards and it is reasonably possible that the valuation allowance may change in the next 12 months.

20.    Fair Value

Fair Value Measurements

For purposes of this disclosure, fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market in an orderly transaction between market participants at the measurement date under current market conditions. Fair value is based on the assumptions we believe market participants would use when pricing an asset or liability. Additionally, entities are required to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring the fair value of a liability.

U.S. GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels.

Level 1    Inputs are quoted prices in active markets for identical assets or liabilities at the measurement date. Additionally, the entity must have the ability to access the active market, and the quoted prices cannot be adjusted by the entity.

Level 2    Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities.

Level 3    Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management’s best assumptions of how market participants would price the assets or liabilities. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation.

Judgment is used in estimating inputs to our internal valuation models used to estimate our Level 3 fair value measurements. Level 3 inputs such as interest rate movements, prepayment speeds, credit losses, and discount rates are inherently difficult to estimate. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized.

The following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models, and significant assumptions utilized.

•Equity securities — We hold various marketable equity securities measured at fair value with changes in fair value recognized in net income. Measurements based on observable market prices are classified as Level 1.

•Available-for-sale securities — We carry our available-for-sale securities at fair value based on external pricing sources. We classify our securities as Level 1 when fair value is determined using quoted prices available for the same instruments trading in active markets. We classify our securities as Level 2 when fair value is determined using prices for similar instruments trading in active markets. We perform pricing validation procedures for our available-for-sale securities.

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•Derivative instruments — We enter into a variety of derivative financial instruments as part of our risk-management strategies. Certain of these derivatives are exchange traded, such as equity options. To determine the fair value of these instruments, we utilize the quoted market prices for those particular derivative contracts; therefore, we classified these contracts as Level 1.

We also execute OTC and centrally cleared derivative contracts, such as interest rate swaps, foreign-currency denominated forward contracts, interest rate options, and agency to-be-announced securities. We utilize third-party-developed valuation models that are widely accepted in the market to value these derivative contracts. The specific terms of the contract and market observable inputs (such as interest rate forward curves, interpolated volatility assumptions, or equity pricing) are used in the model. We classified these derivative contracts as Level 2 because all significant inputs into these models were market observable.

We also entered into interest rate lock commitments and forward commitments that were executed as part of our mortgage operations, certain of which met the accounting definition of a derivative and therefore were recorded as derivatives on our Condensed Consolidated Balance Sheet. Interest rate lock commitments were valued with unobservable inputs, so they are classified as Level 3. Certain forward commitments are Level 2 and others are Level 3 depending on the valuation model inputs.

We purchased automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, executed opportunistic ad-hoc bulk purchases. As part of those agreements, we were required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date was better than what was estimated at the time of acquisition. Because these contracts met the accounting definition of a derivative, we recognized a liability at fair value for these deferred purchase price payments. The fair value of these liabilities was determined using a discounted cash flow method. To estimate cash flows, we utilized various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and expected credit losses). These liabilities were valued using internal loss models with unobservable inputs, and were classified as Level 3.

We enter into arrangements with certain counterparties through which we issue credit-linked notes covering a specified pool of loans. These notes contain an embedded derivative, which provides us credit protection against the risk of loss when a specified credit event occurs on the reference pool. The embedded derivatives are valued using both market observable inputs and unobservable inputs, as such they are classified as Level 3.

We are required to consider all aspects of nonperformance risk, including our own credit standing, when measuring fair value of derivative assets and liabilities. We reduce credit risk on the majority of our derivatives by entering into legally enforceable agreements that enable the posting and receiving of collateral associated with the fair value of our derivative positions on an ongoing basis. In the event that we do not enter into legally enforceable agreements that enable the posting and receiving of collateral, we will consider our credit risk in the valuation of derivative liabilities through a DVA and the credit risk of our counterparties in the valuation of derivative assets through a CVA, if warranted. When measuring these valuation adjustments, we generally use credit default swap spreads.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Recurring Fair Value

The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk-management activities.

						Recurring fair value measurements
March 31, 2026 ($ in millions)						Level 1						Level 2						Level 3						Total
Assets
Investment securities
Equity securities (a) (b)						$	804					$	—					$	—					$	804
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies						2,397						—						—						2,397
U.S. States and political subdivisions						—						483						34						517
Foreign government						32						167						—						199
Agency mortgage-backed residential						—						12,695						—						12,695
Mortgage-backed residential						—						193						—						193
Agency mortgage-backed commercial						—						5,107						—						5,107
Asset-backed						—						2						—						2
Corporate debt						—						1,928						—						1,928
Total available-for-sale securities						2,429						20,575						34						23,038
Derivative contracts in a receivable position
Interest rate						—						1						—						1
Foreign exchange						—						2						—						2
Total derivative contracts in a receivable position						—						3						—						3
Total assets						$	3,233					$	20,578					$	34					$	23,845
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Interest rate						$	—					$	1					$	—					$	1
Credit						—						—						1						1
Equity						1						—						—						1
Total derivative contracts in a payable position						1						1						1						3
Total liabilities						$	1					$	1					$	1					$	3

(a)Our direct investment in any one industry did not exceed 15%. When performing the concentration calculation, mutual funds and ETFs are not allocated to any one industry.

(b)Excludes $59 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

						Recurring fair value measurements
December 31, 2025 ($ in millions)						Level 1						Level 2						Level 3						Total
Assets
Investment securities
Equity securities (a) (b)						$	819					$	—					$	—					$	819
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies						2,279						—						—						2,279
U.S. States and political subdivisions						—						517						34						551
Foreign government						31						157						—						188
Agency mortgage-backed residential						—						12,901						—						12,901
Mortgage-backed residential						—						198						—						198
Agency mortgage-backed commercial						—						4,932						—						4,932
Asset-backed						—						12						—						12
Corporate debt						—						1,912						—						1,912
Total available-for-sale securities						2,310						20,629						34						22,973
Total assets						$	3,129					$	20,629					$	34					$	23,792
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Foreign exchange						$	—					$	4					$	—					$	4
Total derivative contracts in a payable position						—						4						—						4
Total liabilities						$	—					$	4					$	—					$	4

(a)Our direct investment in any one industry did not exceed 11%. When performing the concentration calculation, mutual funds and ETFs are not allocated to any one industry.

(b)Excludes $57 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities.

									Available-for-sale securities									Loans held-for-sale (a)
($ in millions)												2026			2025						2026			2025
Assets
Fair value at January 1,												$	34		$	35					$	—		$	5
Net realized/unrealized gains
Included in earnings												—			—						—			—
Included in OCI												—			—						—			—
Purchases and originations												—			—						—			8
Sales												—			—						—			(10)
Issuances												—			—						—			—
Settlements												—			—						—			—
Transfers into Level 3												—			—						—			—
Transfers out of Level 3												—			—						—			—
Fair value at March 31,												$	34		$	35					$	—		$	3
Net unrealized gains still held at March 31,
Included in earnings												$	—		$	—					$	—		$	—
Included in OCI												—			—						—			—

(a)Consumer mortgage loans carried at fair value due to fair value option elections.

			Derivative liabilities, net of derivative assets (a)
($ in millions)			2026						2025
Liabilities
Fair value at January 1,			$	—					$	3
Net realized/unrealized losses (gains)
Included in earnings			1						(1)
Included in OCI			—						—
Purchases and originations			—						—
Sales			—						—
Issuances			—						—
Settlements			—						—
Transfers into Level 3			—						—
Transfers out of Level 3 (b)			—						2
Fair value at March 31,			$	1					$	4
Net unrealized losses still held at March 31,
Included in earnings			$	1					$	—
Included in OCI			—						—

(a)Net realized/unrealized losses (gains) are reported as (loss) gain on mortgage and automotive loans, net, and other income, net of losses, in our Condensed Consolidated Statement of Comprehensive Income.

(b)Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during the three months ended March 31, 2025. These transfers are deemed to have occurred at the end of the reporting period.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Nonrecurring Fair Value

We may be required to measure certain assets and liabilities at fair value from time to time. These periodic fair value measures typically result from the application of lower-of-cost or fair value accounting or certain impairment measures. These items would constitute nonrecurring fair value measures.

The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at March 31, 2026, and December 31, 2025, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period.

						Nonrecurring fair value measurements																								Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments						Total gain (loss) included in earnings
March 31, 2026 ($ in millions)						Level 1						Level 2						Level 3						Total
Assets
Loans held-for-sale, net						$	—					$	—					$	336					$	336					$	(15)					n/m			(a)
Commercial finance receivables and loans, net (b)
Other						—						—						12						12						(96)						n/m			(a)
Total commercial finance receivables and loans, net						—						—						12						12						(96)						n/m			(a)
Other assets
Nonmarketable equity investments						—						—						2						2						(1)						n/m			(a)
Repossessed and foreclosed assets (c)						—						—						8						8						(1)						n/m			(a)
Total assets						$	—					$	—					$	358					$	358					$	(113)					n/m

n/m = not meaningful

(a)We consider the applicable valuation reserve, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.

(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.

(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.

						Nonrecurring fair value measurements																								Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments						Total gain (loss) included in earnings
December 31, 2025 ($ in millions)						Level 1						Level 2						Level 3						Total
Assets
Loans held-for-sale, net						$	—					$	—					$	545					$	545					$	(32)					n/m			(a)
Commercial finance receivables and loans, net (b)
Other						—						—						27						27						(97)						n/m			(a)
Total commercial finance receivables and loans, net						—						—						27						27						(97)						n/m			(a)
Other assets
Nonmarketable equity investments						—						9						1						10						4						n/m			(a)
Repossessed and foreclosed assets (c)						—						—						7						7						(1)						n/m			(a)
Total assets						$	—					$	9					$	580					$	589					$	(126)					n/m

n/m = not meaningful

(a)We consider the applicable valuation reserve, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment.

(b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.

(c)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.

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Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Fair Value Option for Financial Assets

We elected the fair value option for an insignificant amount of conforming mortgage loans held-for-sale and certain non-conforming jumbo mortgage loans held-for-sale to mitigate earnings volatility by better matching the accounting for the assets with the related derivatives. Our intent in electing fair value measurement was to mitigate a divergence between accounting gains or losses and economic exposure for certain assets and liabilities.

Fair Value of Financial Instruments

The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at March 31, 2026, and December 31, 2025.

									Estimated fair value
($ in millions)			Carrying value						Level 1						Level 2						Level 3						Total
March 31, 2026
Financial assets
Held-to-maturity securities			$	4,337					$	—					$	4,387					$	—					$	4,387
Loans held-for-sale, net			337						—						—						338						338
Finance receivables and loans, net			136,350						—						—						139,266						139,266
FHLB/FRB stock (a)			789						—						789						—						789
Financial liabilities
Deposit liabilities			$	40,215					$	—					$	—					$	40,362					$	40,362
Short-term borrowings			4,126						—						—						4,123						4,123
Long-term debt			17,349						—						12,891						5,469						18,360
December 31, 2025
Financial assets
Held-to-maturity securities			$	4,371					$	—					$	4,451					$	—					$	4,451
Loans held-for-sale, net			549						—						—						560						560
Finance receivables and loans, net			133,964						—						—						137,579						137,579
FHLB/FRB stock (a)			811						—						811						—						811
Financial liabilities
Deposit liabilities			$	42,310					$	—					$	—					$	42,523					$	42,523
Short-term borrowings			4,695						—						—						4,706						4,706
Long-term debt			17,070						—						12,642						5,707						18,349

(a)Included in other assets on our Condensed Consolidated Balance Sheet.

In addition to the financial instruments presented in the above table, we have various financial instruments for which the carrying value approximates the fair value due to their short-term nature and limited credit risk. These instruments include cash and cash equivalents, restricted cash, cash collateral, accrued interest receivable, accrued interest payable, trade receivables and payables, on-demand deposit liabilities, and other short-term receivables and payables. Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. Classified as Level 1 under the fair value hierarchy, cash and cash equivalents generally expose us to limited credit risk and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates.

21.    Offsetting Assets and Liabilities

Our derivative contracts and repurchase/reverse repurchase transactions are generally supported by qualifying master netting and master repurchase agreements. These agreements are legally enforceable bilateral agreements that (i) create a single legal obligation for all individual transactions covered by the agreement to the nondefaulting entity upon an event of default of the counterparty, including bankruptcy, insolvency, or similar proceeding, and (ii) provide the nondefaulting entity the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to liquidate or set off collateral promptly upon an event of default of the counterparty.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

To further mitigate the risk of counterparty default related to derivative instruments, we maintain collateral agreements with certain counterparties. The agreements require both parties to maintain collateral in the event the fair values of the derivative financial instruments meet established thresholds. In the event that either party defaults on the obligation, the secured party may seize the collateral. Generally, our collateral arrangements are bilateral such that we and the counterparty post collateral for the obligation. Contractual terms provide for standard and customary exchange of collateral based on changes in the market value of the outstanding derivatives. A party posts additional collateral when their obligation rises or removes collateral when it falls, such that the net replacement cost of the nondefaulting party is covered in the event of counterparty default.

In certain instances, as it relates to our derivative instruments, we have the option to report derivative assets and liabilities as well as assets and liabilities associated with cash collateral received or delivered that is governed by a master netting agreement on a net basis as long as certain qualifying criteria are met. Similarly, for our repurchase/reverse repurchase transactions, we have the option to report recognized assets and liabilities subject to a master netting agreement on a net basis if certain qualifying criteria are met. At March 31, 2026, these instruments are reported as gross assets and gross liabilities on our Condensed Consolidated Balance Sheet. For additional information on derivative instruments and hedging activities, refer to Note 18.

The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.

						Gross amounts of recognized assets/liabilities						Gross amounts offset on the Condensed Consolidated Balance Sheet						Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet						Gross amounts not offset on the Condensed Consolidated Balance Sheet
($ in millions)																								Financial instruments						Collateral (a) (b) (c)						Net amount
March 31, 2026
Assets
Derivative assets						$	3					$	—					$	3					$	(1)					$	(2)					$	—
Total assets						$	3					$	—					$	3					$	(1)					$	(2)					$	—
Liabilities
Derivative liabilities (d)						$	3					$	—					$	3					$	(1)					$	(1)					$	1
Securities sold under agreements to repurchase (e)						526						—						526						—						(526)						—
Total liabilities						$	529					$	—					$	529					$	(1)					$	(527)					$	1
December 31, 2025
Assets
Derivative assets						$	—					$	—					$	—					$	—					$	—					$	—
Total assets						$	—					$	—					$	—					$	—					$	—					$	—
Liabilities
Derivative liabilities						$	4					$	—					$	4					$	—					$	(4)					$	—
Securities sold under agreements to repurchase (e)						545						—						545						—						(545)						—
Total liabilities						$	549					$	—					$	549					$	—					$	(549)					$	—

(a)Financial collateral received or pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty.

(b)Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record noncash collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met.

(c)Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements.

(d)Includes derivative liabilities with no offsetting arrangements of $1 million as of March 31, 2026.

(e)For additional information on securities sold under agreements to repurchase, refer to Note 12.

22.    Segment Information

Operating segments are defined as components of an enterprise that engage in business activity from which revenues are earned and expenses incurred for which discrete financial information is available that is evaluated regularly by our CODM in deciding how to allocate resources and in assessing performance. We define our CODM as the CEO. The CODM uses pretax income to evaluate income generated from segment assets, and to assess a segment’s performance by comparing the results, relative to other segments. Additionally, the budgeting and forecasting process monitors budget versus actual results with emphasis on pretax income, which are also used in assessing the performance of a segment.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

We report our results of operations on a business-line basis through three operating segments: Automotive Finance operations, Insurance operations, and Corporate Finance operations, with the remaining activity reported in Corporate and Other. The operating segments are determined based on the products and services offered, and reflect the manner in which financial information is currently evaluated by our CODM and management. The following is a description of each of our reportable operating segments.

Dealer Financial Services

Dealer Financial Services comprises the following two segments.

•Automotive Finance operations — One of the largest full-service automotive finance operations in the United States providing automotive financing services to consumers, automotive dealers and retailers, companies, and municipalities. Our automotive finance services include providing retail installment sales contracts, loans and operating leases, offering term loans to dealers, financing dealer floorplans and other lines of credit to dealers, warehouse lines to automotive retailers, fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles, and vehicle-remarketing services.

•Insurance operations — A complementary automotive-focused business offering both consumer finance protection and insurance products sold primarily through the automotive dealer channel, and commercial insurance products sold directly to dealers. As part of our focus on offering dealers a broad range of consumer financial and insurance products, we provide VSCs, VMCs, and GAP products. We also underwrite select commercial insurance coverages, which primarily insure dealers’ vehicle inventory.

Corporate Finance operations

Our Corporate Finance operations provide senior secured asset-based and leveraged cash flow loans to primarily U.S.-based middle-market companies, with a focus on businesses owned by private equity sponsors. These loans are typically used for leveraged buyouts, refinancing and recapitalizations, mergers and acquisitions, growth, turnarounds, and debtor-in-possession financings. We also provide, through our Private Credit Finance business, asset managers and other financing sources with partial funding for their direct-lending activities, which is principally leveraged loans. We have a commercial real estate product primarily focused on lending to skilled nursing facilities, senior housing, and medical office buildings. Additionally, we have an energy and infrastructure vertical that finances large-scale energy and infrastructure projects.

Corporate and Other

Corporate and Other primarily consists of centralized corporate treasury activities, such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, original issue discount, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes certain equity investments, which primarily consist of FHLB and FRB stock—as well as other equity investments through Ally Ventures, our strategic investment business, and reclassifications and eliminations between the reportable operating segments. Financial results related to Ally Invest, our digital brokerage and advisory offering, Ally Credit Card, the management of our consumer mortgage portfolio, and CRA loans and investments are also included within Corporate and Other. Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio. Additionally, we closed the sale of Ally Credit Card on April 1, 2025.

We utilize an FTP methodology for the majority of our business operations. The FTP methodology assigns charge rates and credit rates to classes of assets and liabilities on a match funded basis, utilizing a benchmark rate curve plus an assumed credit spread. The assumed credit spread is calculated based on a composite investment grade unsecured yield curve or based on advance rates published by the FHLB for any asset that is eligible to be pledged as collateral to the FHLB. While the baseline FTP components at Ally assume 100% debt funding, the methodology also incorporates a credit on the allocated capital for each business line based on the business line’s allocated cost of funding. For business lines not subject to an FTP funding allocation, the FTP methodology applies a capital charge to the amount of excess equity that the business line holds, relative to its regulatory capital and other adjustments. The net residual impact of the FTP methodology is included within the results of Corporate and Other.

The information presented in our reportable operating segments is based in part on internal allocations and methodologies, including a COH methodology, which involves management judgment. COH methodology is used for measuring the profit and loss of our reportable operating segments. We have various enterprise functions, such as technology, marketing, finance, compliance, internal audit, and risk. Operating expenses from the enterprise functions are either directly allocated to the reportable operating segment, indirectly allocated to the reportable operating segment utilizing the COH methodology, or remain in Corporate and Other. COH methodology considers the reportable operating segment expense base and enterprise function expenses. The reportable operating segment expense base is used to determine the allocation mix. This mix is applied to the allocable expenses in Corporate and Other to determine the COH for the respective reportable operating segment. Allocable enterprise function costs are primarily technology, marketing expenses, and marketing sponsorships. Generally, costs that remain within Corporate and Other that are not allocated to our reportable operating segments include operating costs of deposits, treasury activities, and other corporate activities.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

Financial information for our reportable operating segments is summarized as follows.

Three months ended March 31, ($ in millions)						Automotive Finance operations						Insurance operations						Corporate Finance operations						Corporate and Other						Consolidated (a)
2026
Net financing revenue and other interest income
Total financing revenue and other interest income						$	2,687					$	49					$	243					$	395					$	3,374
Total interest expense						1,128						13						130						246						1,517
Net depreciation expense on operating lease assets						268						—						—						—						268
Net financing revenue and other interest income						1,291						36						113						149						1,589
Other revenue						105						342						35						31						513
Total net revenue						1,396						378						148						180						2,102
Provision for credit losses						468						—						8						(9)						467
Noninterest expense
Compensation and benefits expense						191						32						26						242						491
Insurance losses and loss adjustment expenses						—						121						—						—						121
Other operating expenses
Technology and communications expenses						28						4						1						68						101
Other (b)						373						193						19						(63)						522
Total other operating expenses						401						197						20						5						623
Total noninterest expense						592						350						46						247						1,235
Income (loss) from continuing operations before income tax expense (benefit)						$	336					$	28					$	94					$	(58)					$	400
Total assets						$	117,612					$	9,888					$	13,803					$	55,966					$	197,269
2025
Net financing revenue and other interest income
Total financing revenue and other interest income						$	2,571					$	44					$	221					$	557					$	3,393
Total interest expense						1,065						14						117						479						1,675
Net depreciation expense on operating lease assets						240						—						—						—						240
Net financing revenue and other interest income						1,266						30						104						78						1,478
Other revenue						97						364						29						(427)						63
Total net revenue						1,363						394						133						(349)						1,541
Provision for credit losses						434						—						14						(257)						191
Noninterest expense
Compensation and benefits expense						183						30						25						267						505
Insurance losses and loss adjustment expenses						—						161						—						—						161
Goodwill impairment (c)						—						—						—						305						305
Other operating expenses
Technology and communications expenses						29						5						1						68						103
Other (b)						342						196						17						5						560
Total other operating expenses						371						201						18						73						663
Total noninterest expense						554						392						43						645						1,634
Income (loss) from continuing operations before income tax expense (benefit)						$	375					$	2					$	76					$	(737)					$	(284)
Total assets						$	111,672					$	9,489					$	11,002					$	61,168					$	193,331

(a)Net financing revenue and other interest income after the provision for credit losses totaled $1.1 billion and $1.3 billion for the three months ended March 31, 2026, and 2025, respectively.

(b)Primarily consists of insurance commissions, advertising and marketing, and property and equipment depreciation expenses. Refer to Note 5 for additional information.

(c)Impairment of goodwill related to Ally Credit Card for the three months ended March 31, 2025. Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information on Ally Credit Card.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc. • Form 10-Q

23.    Contingencies and Other Risks

As a financial-services company, we are regularly involved in pending or threatened legal proceedings and other matters and are or may be subject to potential liability in connection with them. These legal matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Our legal matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our business lines and operations. Claims may be based in law or equity — such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, tax, employment, and other laws — and some can present novel legal theories and allege substantial or indeterminate damages.

Ally and its subsidiaries, including Ally Bank, also are or may be subject to potential liability under other contingent exposures, including indemnification, domestic and foreign taxes, self-insurance, and other miscellaneous contingencies.

We accrue for a legal matter or other contingent exposure when a loss becomes probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment after consultation with counsel. No assurance exists that our accruals will not need to be adjusted in the future. When a probable or reasonably possible loss on a legal matter or other contingent exposure could be material to our consolidated financial condition, results of operations, or cash flows, we provide disclosure in this note as prescribed by ASC Topic 450, Contingencies. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information related to our policy for establishing accruals.

The course and outcome of legal matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. Other contingent exposures and their ultimate resolution are similarly unpredictable for reasons that can vary based on the circumstances.

As a result, we often are unable to determine how or when threatened or pending legal matters and other contingent exposures will be resolved and what losses may be incrementally and ultimately incurred. Actual losses may be higher or lower than any amounts accrued or estimated for those matters and other exposures, possibly to a significant degree.

Subject to the foregoing, based on our current knowledge and after consultation with counsel, we do not believe that the ultimate outcomes of currently threatened or pending legal matters and other contingent exposures are likely to be material to our consolidated financial condition after taking into account existing accruals. In light of the uncertainties inherent in these matters and other exposures, however, one or more of them could be material to our results of operations or cash flows during a particular reporting period, depending on factors such as the amount of the loss or liability and the level of our income for that period.

24.    Subsequent Events

Declaration of Common Dividend

On April 14, 2026, our Board declared a quarterly cash dividend of $0.30 per share on all common stock. The dividend is payable on May 15, 2026, to shareholders of record at the close of business on May 1, 2026.

Series D Preferred Stock Offering and Redemption of Series B Preferred Stock

On May 1, 2026, we issued 1,000,000 shares of 7.100% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D with $0.01 par value and liquidation preference of $1,000 per share. Dividends, if declared by our Board, will be paid on a non-cumulative basis quarterly, in arrears, at a rate equal to (i) 7.100% from the original issue date to, but excluding, August 15, 2031, and (ii) from the August 15, 2031 dividend date and during each subsequent reset period at a rate per annum equal to the five-year treasury rate plus 3.148%. We intend to treat the Series D Preferred Stock as “Additional Tier 1” capital (or its equivalent) for purposes of the capital adequacy rules of the Federal Reserve (or, as and if applicable, the capital adequacy rules or regulations of any successor appropriate federal banking agency) applicable to us.

On May 4, 2026, we announced that we will redeem all 1,350,000 outstanding shares of our 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B on May 15, 2026, at a redemption price equal to $1,000 per share plus any declared and unpaid dividends up to, but excluding, the redemption date. This represents 100% of the issued and outstanding Series B Preferred Stock and an aggregate liquidation preference of $1.35 billion.

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Notice about Forward-Looking Statements and Other Terms

From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results.

This report, including any information incorporated by reference in this report, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, or others.

All forward-looking statements, by their nature, are subject to assumptions, risks, uncertainties, and other important factors which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, or uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include:

•evolving local, regional, national, or international business, economic, or geopolitical conditions;

•changes in laws or the regulatory or supervisory environment, including as a result of financial-services legislation, regulation, or policies or changes in government officials or other personnel;

•changes in monetary, fiscal, or trade laws or policies, including as a result of actions by governmental agencies, central banks, or supranational authorities;

•changes in accounting standards or policies;

•changes in the automotive industry or the markets for new or used vehicles, including the rise of vehicle sharing and ride hailing, the development of autonomous and alternative-energy vehicles, and the impact of demographic shifts on attitudes and behaviors toward vehicle type, ownership, and use;

•any instability or breakdown in the financial system, including as a result of the failure of a financial institution or other participants in it (such as the banking failures during 2023);

•disruptions or shifts in investor sentiment or behavior in the securities, capital, commodity, or other financial markets, including financial or systemic shocks and volatility or changes in market price, liquidity, interest or currency rates, or valuations;

•changes in business or consumer sentiment, preferences, purchasing power, creditworthiness, or behavior, including spending, borrowing, or saving by businesses or households;

•changes in our corporate or business strategies, the composition of our assets, or the way in which we fund those assets;

•our ability to execute our business strategy for Ally Bank, including its digital focus;

•our ability to grow and optimize our automotive finance and insurance businesses and to continue diversifying into and growing other consumer and commercial business lines, including corporate finance, brokerage, and personal advice;

•our ability to develop capital plans acceptable to the FRB and our ability to implement them, including any payment of dividends or share repurchases;

•our ability to conduct appropriate stress tests and effectively plan for and manage capital or liquidity consistent with evolving business or operational needs, risk-management standards, and regulatory or supervisory requirements or expectations;

•our ability to cost-effectively fund our business and operations, including through deposits (which could be subject to sudden withdrawals) and the capital markets;

•changes in any credit rating assigned to Ally, including Ally Bank, or the ratings for our insurance business;

•adverse publicity or other reputational harm to us, our service providers, or our senior officers;

•our ability to develop, maintain, or market our products or services or to absorb unanticipated costs or liabilities associated with those products or services;

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•our ability to innovate, to anticipate the needs of current or future customers, to successfully compete, to increase or hold market share in changing competitive environments, or to respond to pricing or other competitive pressures;

•the continuing profitability and viability of our dealer-centric automotive finance and insurance businesses, especially in the face of competition from captive finance companies and their automotive manufacturing sponsors and challenges to the dealer’s role as intermediary between manufacturers and purchasers;

•our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk;

•changes in the credit, liquidity, or other financial condition of our customers, counterparties, service providers, or competitors;

•our ability to effectively respond to economic, business, or market slowdowns or disruptions;

•our ability to address heightened scrutiny or changing expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies;

•judicial, regulatory, or administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for, or are adverse to, us or the financial services industry;

•the potential outcomes of judicial, regulatory, or administrative inquiries, examinations, investigations, proceedings, or disputes to which we are or may be subject, and our ability to absorb and address any damages or other remedies that are sought or awarded, and any collateral consequences;

•the performance and availability of third-party service providers on whom we rely in delivering products and services to our customers and otherwise conducting our business and operations;

•our ability to manage and mitigate security risks, including our capacity to withstand cyberattacks;

•our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure;

•the adequacy of our corporate governance, risk-management framework, compliance programs, or internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting or to effectively mitigate or manage operational risk;

•the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;

•our ability to keep pace with changes in technology, such as AI, that affect us or our customers, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property;

•our ability to successfully make acquisitions or divestitures or to integrate acquired businesses;

•the adequacy of our succession planning for key executives or other personnel and our ability to attract or retain qualified employees;

•natural or man-made disasters, calamities, or conflicts, including terrorist events, cyber-warfare, and pandemics;

•our ability to meet stakeholder expectations on sustainability-related issues;

•policies and other actions of governments to manage and mitigate climate and other sustainability issues, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; or

•other assumptions, risks, or uncertainties described in the Risk Factors (Part II, Item 1A herein), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Part I, Item 2 herein), or the Notes to the Condensed Consolidated Financial Statements (Part I, Item 1 herein) in this Quarterly Report on Form 10-Q or described in any of the Company’s annual, quarterly or current reports.

Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K.

Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or

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acquisition of loans, or our purchase of operating leases, as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts. The term “partnerships” means business arrangements rather than partnerships as defined by law.

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Overview

Ally Financial Inc. (together with its consolidated subsidiaries unless the context otherwise requires, Ally, the Company, we, us, or our) is a financial-services company with the nation’s largest all-digital bank and an industry-leading automotive financing and insurance business, driven by a mission to “Do It Right” and be a relentless ally for all stakeholders. The Company serves customers with deposits and securities brokerage and investment advisory services as well as automotive financing and insurance offerings. The Company also includes a seasoned corporate finance business that offers capital for equity sponsors and middle-market companies. Ally is a Delaware corporation and is registered as a BHC under the BHC Act and an FHC under the GLB Act.

Primary Business Lines

Dealer Financial Services, which includes our Automotive Finance and Insurance operations, and Corporate Finance are our primary business lines. The remaining activity is reported in Corporate and Other, which primarily consists of centralized treasury activities (including deposit operations) as well as Ally Invest, our digital brokerage and personal advice offering, Ally Credit Card, the management of our consumer mortgage portfolio, CRA loans and investments, and certain strategic investments through Ally Ventures. Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio. We closed the sale of Ally Credit Card on April 1, 2025. The following table summarizes the operating results excluding discontinued operations of each business line. Operating results for each of the business lines are more fully described in the MD&A sections that follow.

									Three months ended March 31,
($ in millions)																					2026						2025												Favorable/(unfavorable) % change
Total net revenue
Dealer Financial Services
Automotive Finance																					$	1,396					$	1,363											2
Insurance																					378						394												(4)
Corporate Finance																					148						133												11
Corporate and Other																					180						(349)												152
Total																					$	2,102					$	1,541											36
Income (loss) from continuing operations before income tax expense (benefit)
Dealer Financial Services
Automotive Finance																					$	336					$	375											(10)
Insurance																					28						2												n/m
Corporate Finance																					94						76												24
Corporate and Other																					(58)						(737)												92
Total																					$	400					$	(284)											n/m

n/m = not meaningful

•Our Dealer Financial Services business is one of the largest full-service automotive finance operations in the country and offers a wide range of financial services and insurance products to automotive dealerships and their customers. Dealer Financial Services comprises our Automotive Finance and Insurance segments.

Our Automotive Finance operations include purchasing retail installment sales contracts and operating leases from dealers and automotive retailers, extending automotive loans directly to consumers, offering term loans to dealers, financing dealer floorplans and providing other lines of credit to dealers, offering automotive-fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles, and supplying vehicle-remarketing services. Our success as an automotive finance provider is driven by the consistent presence and breadth of products and services we offer to dealers and automotive retailers. The automotive marketplace continues to evolve, including varying levels of investment in electric vehicle technologies by automotive manufacturers and suppliers. We continue to identify and cultivate relationships with automotive retailers, including those with leading e-commerce platforms, and we also operate an online direct lending platform for consumers seeking direct financing. We believe these products enable us to respond to the ongoing trends toward more streamlined and digital automotive financing processes that serve both dealers and consumers. Additionally, we provide comprehensive automotive remarketing services, including the use of SmartAuction, our online auction platform, which efficiently supports dealer-to-dealer and other commercial wholesale vehicle transactions. SmartAuction provides diversified fee-based revenue and serves as a means of deepening relationships with our dealership customers. Beyond offering a full suite of solutions for our dealership customers, we also offer application pass-through programs for credit applications that do not meet our underwriting criteria, allowing dealers to provide expanded access to credit for consumers and improve sales at their dealership. Through our pass-through programs, we are able to monetize our declined applications by generating a combination of acquisition fee and servicing revenue for loans that are

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originated, sold to, and serviced on behalf of third-party lenders, or one-time acquisition fees for loans funded and serviced by a third party. Our strong and expansive dealer relationships, comprehensive suite of products and services, full spectrum financing, and depth of experience position us to adapt as vehicle technologies and consumer preferences evolve. We have provided and continue to provide automobile financing for battery electric and, to a lesser extent, plug-in hybrid vehicles, including brands such as Tesla, Jeep, Alfa Romeo, and Chevrolet. While we expect most of these vehicles to continue to be sold through dealerships and automotive retailers with whom we have established relationships, we also partner with automotive manufacturers that use a direct-to-consumer model. During the three months ended March 31, 2026, $509 million of our consumer automotive retail loan originations and purchases, and $63 million of our operating lease originations and purchases, were for battery-electric and plug-in hybrid vehicles. As of March 31, 2026, $3.3 billion of our consumer automotive finance receivables and loans had battery-electric or plug-in hybrid vehicles as the underlying collateral, and $4.0 billion of our investment in operating leases, net of accumulated depreciation, were battery-electric or plug-in hybrid vehicles.

We have focused on developing dealer relationships beyond those relationships that primarily were developed through our previous role as a captive finance company for GM and a preferred provider for Stellantis. We have established relationships with thousands of automotive dealers through our customer-centric approach and specialized incentive programs designed to drive loyalty amongst dealers to our products and services. Outside of GM and Stellantis, our other OEM-franchised dealers include brands such as Ford, Toyota, Hyundai, Kia, Nissan, Honda, and others, including automotive manufacturers who use a direct-to-consumer model. Our non-OEM-franchised dealers and automotive retailers include used-vehicle-only retailers with a national presence, such as CarMax and EchoPark, as well as primarily online automotive retailers, such as Carvana.

Our Insurance operations offer both consumer finance protection and insurance products sold primarily through the automotive dealer channel in the U.S. and Canada, and commercial insurance products sold directly to dealers in the U.S. Our insurance business provides a strong dealer value proposition through our deep industry knowledge, strong service levels, and diversified product suite that complements our automotive finance business in order to drive strong retention rates and help protect and grow the business of our dealer customers. In addition to our product offerings, we provide consultative services and training to assist dealers in optimizing F&I results while achieving high levels of customer satisfaction and regulatory compliance. We also advise dealers regarding necessary liability and physical damage coverages critical to protecting a dealer’s business. We continue to evolve our product suite and digital capabilities to position our business for future opportunities through growing third-party relationships and sales through our online direct-lending platform.

We are a market-leading provider of dealer insurance products, offering a variety of commercial products and levels of coverage. Vehicle inventory insurance for dealers provides physical damage protection for dealers’ floorplan vehicles that may be financed by Ally, another lender, or may be owned by the dealer. Dealers who receive wholesale financing from us are eligible for insurance incentives such as automatic eligibility for our preferred insurance programs. We continue to grow our market position leveraging our scale and significant experience in this space. We also offer property, liability, and other ancillary coverages to dealers.

Our dealer F&I products are primarily distributed indirectly through the automotive dealer network, which includes dealer relationships of approximately 1,600 in the U.S. where we serve 2.4 million customers. As part of our focus on offering dealers a broad range of consumer F&I products, we offer VSCs, VMCs, and GAP products. Ally Premier Protection is our flagship VSC offering, which provides coverage for new and used vehicles of virtually all makes and models offering owners and lessees mechanical repair protection and roadside assistance beyond the manufacturer’s new vehicle warranty. Our GAP products cover certain amounts owed by a customer beyond their covered vehicle’s value in the event the vehicle is damaged or stolen and declared a total loss. We offer F&I products in Canada, where we serve over 550,000 customers and are the preferred VSC and other protection plan provider for GM. Our contract to serve as the preferred VSC and protection plan provider for GM Canada extends into the third quarter of 2027.

We also underwrite ClearGuard on the SmartAuction platform, which is a protection product designed to minimize the risk to dealers from arbitration claims for eligible vehicles sold at auction. On a smaller scale, we also periodically direct write or assume other non-automotive insurance risks. We typically assume other non-automotive insurance risks through quota share arrangements and perform services as an underwriting carrier for insurance programs managed by a third party where we cede the majority of such business to external reinsurance markets.

Our dealer-centric business model, value-added products and services, full-spectrum financing, and business expertise proven over many credit cycles, make us a premier automotive finance and insurance company ready to support and strengthen over 21,400 active dealer relationships as of March 31, 2026. A dealer is considered to have an active relationship with us if we provided automotive financing, remarketing, or insurance services during the three months ended March 31, 2026.

•Our Corporate Finance operations primarily offer senior-secured loans to private equity sponsor-owned U.S.-based middle-market companies and to well-established asset managers that mostly provide leveraged loans. The portfolio is composed of floating-rate leveraged asset-based and cash flow/enterprise value loans. Our Corporate Finance operations had $13.8 billion of assets at March 31, 2026, and generated $148 million of total net revenue during the three months ended March 31, 2026, and continues to offer attractive returns and diversification benefits to our broader lending portfolio. Our Sponsor Finance business focuses on companies owned by private-equity sponsors with loans typically used for leveraged buyouts, refinancing and recapitalizations,

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mergers and acquisitions, growth, co-lending arrangements, turnarounds, and debtor-in-possession financings. Additionally, our Private Credit Finance business provides asset managers and other financing sources with facilities to partially fund their direct-lending activities. We have a commercial real estate product primarily focused on lending to skilled nursing facilities, senior housing, and medical office buildings. Additionally, we have an energy and infrastructure vertical that finances large-scale energy and infrastructure projects.

•Corporate and Other primarily consists of centralized corporate treasury activities (including deposit operations) such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, original issue discount, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes activity related to certain equity investments, which primarily consist of FHLB and FRB stock, as well as other equity investments through Ally Ventures, our strategic investment business. Additionally, Corporate and Other includes the management of our consumer mortgage portfolio, CRA loans and investments, and reclassifications and eliminations between the reportable operating segments. Costs that are not allocated to our reportable operating segments as part of our COH methodology, which involves management judgment, are also included in Corporate and Other. These costs include operating costs of deposits, treasury activities, and other corporate activities.

Corporate and Other includes the results of Ally Invest, our digital brokerage and advisory offering, which enables us to complement our competitive deposit products with low-cost investing. The digital advisory business aligns with our strategy to create a premier digital financial services company and provides additional sources of fee income through asset management and certain other fees, with minimal balance sheet utilization. This business also provides an additional source of low-cost deposits through arrangements with Ally Invest’s clearing broker.

Corporate and Other included Ally Credit Card prior to the sale, which was completed on April 1, 2025. For further information, refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

Corporate and Other includes the financial results of our mortgage operations, which consist of our held-for-sale and held-for-investment consumer mortgage loan portfolios. Our direct-to-consumer conforming mortgages and certain direct-to-consumer non-conforming jumbo mortgages were originated as held-for-sale and sold. The remaining jumbo and LMI mortgages were originated as held-for-investment and are subserviced by a third party. Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio.

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Macroeconomic Environment

We employ an internal team of economists to enhance our planning and forecasting capabilities. This team conducts industry and market research, monitors economic risks, and helps support various forms of scenario planning and stress testing. This group closely monitors macroeconomic trends, such as unemployment rate and sales of new light motor vehicles, given the nature of our business and the potential impact on us given our exposure to these trends. As of March 31, 2026, the unemployment rate decreased to 4.3%. Sales of new light motor vehicles fell to an average annual rate of 15.6 million during the first quarter of 2026. Sales of new light motor vehicles remained below the pre-pandemic annual pace of 17.0 million in 2019, which has limited incoming used vehicle supply and supported used vehicle values.

Our baseline forecast utilized in calculating the quantitative allowance for loan losses as of March 31, 2026, anticipated the unemployment rate peaking at approximately 4.6% in the second quarter of 2026, before reverting to the historical mean of approximately 5.7% by the first quarter of 2029. Additionally, our baseline forecast anticipated GDP growth slowing to 2.0% as measured on a quarter-over-quarter seasonally adjusted annualized rate basis in 2026 and 2027, before reverting to the historical mean of approximately 2.2% by the first quarter of 2029, and increases in new light vehicle sales on a seasonally adjusted annualized rate basis peaking at more than 16 million units in the fourth quarter of 2026, before reverting to the historical mean of 15 million units by the first quarter of 2029. We also maintain a qualitative allowance framework to account for ongoing risks and volatility in the macroeconomic environment, including the impacts from tariffs, inflation, which includes the effects of elevated energy prices, consumer financial health, and geopolitical conflict and related uncertainty, that could adversely impact frequency of loss and LGD. Refer to the Risk Management section of this MD&A for further discussion on our allowance for loan losses.

Macroeconomic risks remain elevated due to persistent inflationary pressures, uncertainty regarding the path of interest rates, evolving trade policies (including tariffs), and heightened geopolitical tensions. In addition, uncertainty around the scope and timing of changes to fiscal, regulatory, and trade policies, as well as the impacts from legislative and regulatory developments, could create volatility in our baseline forecasts, particularly with respect to real GDP growth, inflation, unemployment, vehicle sales, and other consumer measures, which could materially impact our risk profile.

Risks related to geopolitical developments, including the ongoing conflicts in the Middle East, could disrupt global supply chains, energy markets, and financial markets, and could adversely impact economic conditions. For example, rising gasoline prices could suppress demand for vehicles which could reduce used vehicle values. Sustained increased in oil and gasoline prices could contribute to broader inflationary pressures, weaken discretionary spending, and adversely affect employment and income in certain sectors, further pressuring household budgets, and credit performance.

Risks associated with elevated interest rates, including their effects on funding costs, consumer affordability, and credit performance, as well as uncertainty regarding the timing and magnitude of potential monetary policy easing, could further contribute to economic volatility. Risks related to the continuation or escalation of tariffs and other trading restrictions, particularly those affecting the automobile industry and related sectors, and their potential effects on inflation, global trade, new and used automobile prices and sales, consumer purchasing power, customer creditworthiness and general economic conditions, could cause our financial results to differ from the anticipated results expressed or implied in any forward-looking statements.

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Consolidated Results of Operations

The following table summarizes our consolidated operating results for the periods shown. Refer to the reportable operating segment sections of the MD&A that follow for a more complete discussion of operating results by business line.

												Three months ended March 31,
($ in millions)																								2026						2025															Favorable/(unfavorable) % change
Net financing revenue and other interest income
Total financing revenue and other interest income																								$	3,374					$	3,393														(1)
Total interest expense																								1,517						1,675															9
Net depreciation expense on operating lease assets																								268						240															(12)
Net financing revenue and other interest income																								1,589						1,478															8
Other revenue
Insurance premiums and service revenue earned																								360						364															(1)
(Loss) gain on mortgage and automotive loans, net																								(3)						1															n/m
Other loss on investments, net																								(21)						(499)															96
Other income, net of losses																								177						197															(10)
Total other revenue																								513						63															n/m
Total net revenue																								2,102						1,541															36
Provision for credit losses																								467						191															(145)
Noninterest expense
Compensation and benefits expense																								491						505															3
Insurance losses and loss adjustment expenses																								121						161															25
Goodwill impairment																								—						305															100
Other operating expenses																								623						663															6
Total noninterest expense																								1,235						1,634															24
Income (loss) from continuing operations before income tax expense (benefit)																								400						(284)															n/m
Income tax expense (benefit) from continuing operations																								81						(59)															n/m
Net income (loss) from continuing operations																								$	319					$	(225)														n/m
Financial ratios:
Return on average assets (a)																								0.67		%				(0.48)		%													n/m
Return on average equity (a)																								8.20		%				(6.43)		%													n/m
Equity to assets (a)																								8.16		%				7.48		%													n/m
Common dividend payout ratio (b)																								31.91		%				n/m															n/m

n/m = not meaningful

(a)The ratios were based on average assets and average total equity using an average daily balance methodology.

(b)During the three months ended March 31, 2026, the common dividend payout ratio was calculated using basic earnings per common share. During the three months ended March 31, 2025, we paid dividends of $0.30 per share and incurred a loss of $0.82 per share. Due to the relationship of this calculation and the net loss incurred, this ratio is not meaningful for the three months ended March 31, 2025.

We earned net income from continuing operations of $319 million for the three months ended March 31, 2026, compared to a loss of $225 million for the three months ended March 31, 2025. The increase for the three months ended March 31, 2026, was primarily driven by higher total other revenue, lower total noninterest expense, and lower total interest expense. The increase was partially offset by higher provision for credit losses.

Net financing revenue and other interest income increased $111 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by lower total interest expense in response to lower benchmark interest rates, which decreased our cost of funds associated with our deposit liabilities. The increase was partially offset by the sale of Ally Credit Card, which closed on April 1, 2025.

Insurance premiums and service revenue earned was $360 million for the three months ended March 31, 2026, compared to $364 million for the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026, was primarily due to lower P&C and VSC volume. The decrease was partially offset by growth of GAP and other ancillary F&I products.

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Other loss on investments, net, was $21 million for the three months ended March 31, 2026, compared to $499 million for the three months ended March 31, 2025. The decrease in loss for the three months ended March 31, 2026, was primarily attributable to a balance sheet repositioning of a portion of our available-for-sale securities during the three months ended March 31, 2025.

Other income, net of losses decreased $20 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease was primarily driven by lower late charges and other administrative fees as a result of the sale of Ally Credit Card, which closed on April 1, 2025.

The provision for credit losses increased $276 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by a provision benefit within our consumer other portfolio associated with the transfer of Ally Credit Card to held-for-sale that occurred during the three months ended March 31, 2025, and an increase in portfolio growth within our consumer automotive portfolio during the three months ended March 31, 2026. The increase was partially offset by lower net charge-offs within our consumer other portfolio as a result of the sale of Ally Credit Card and lower net charge-offs within our consumer automotive portfolio. Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses.

Total noninterest expense decreased $399 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease was primarily driven by the impairment of goodwill associated with the transfer of Ally Credit Card to held-for-sale during the three months ended March 31, 2025. Additionally, the decrease was driven by lower other operating expenses due to the sale of Ally Credit Card and lower insurance losses and loss adjustment expenses from our vehicle inventory insurance business.

We recognized total income tax expense from continuing operations of $81 million for the three months ended March 31, 2026, compared to an income tax benefit of $59 million for the three months ended March 31, 2025. The increase in income tax expense for the three months ended March 31, 2026, was primarily attributable to the tax effects of a loss on investments recognized as a result of our balance sheet repositioning of a portion of our available-for-sale securities during the three months ended March 31, 2025.

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Dealer Financial Services

Results for Dealer Financial Services are presented by reportable operating segment, which includes our Automotive Finance and Insurance operations.

Automotive Finance

Results of Operations

The following table summarizes the operating results of our Automotive Finance operations. The amounts presented are before the elimination of balances and transactions with our other reportable operating segments.

												Three months ended March 31,
($ in millions)																								2026						2025												Favorable/(unfavorable) % change
Net financing revenue and other interest income
Consumer																								$	1,960					$	1,878											4
Commercial																								332						341												(3)
Loans held-for-sale																								3						1												n/m
Operating leases																								392						351												12
Total financing revenue and other interest income																								2,687						2,571												5
Interest expense																								1,128						1,065												(6)
Net depreciation expense on operating lease assets (a)																								268						240												(12)
Net financing revenue and other interest income																								1,291						1,266												2
Other revenue
Loss on automotive loans, net																								(3)						—												n/m
Other income, net of losses																								108						97												11
Total other revenue																								105						97												8
Total net revenue																								1,396						1,363												2
Provision for credit losses																								468						434												(8)
Noninterest expense
Compensation and benefits expense																								191						183												(4)
Other operating expenses																								401						371												(8)
Total noninterest expense																								592						554												(7)
Income from continuing operations before income tax expense																								$	336					$	375											(10)
Total assets																								$	117,612					$	111,672											5

n/m = not meaningful

(a)Includes net remarketing losses of $10 million and $19 million for the three months ended March 31, 2026, and 2025, respectively.

Our Automotive Finance operations earned income from continuing operations before income tax expense of $336 million for the three months ended March 31, 2026, compared to $375 million for the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026, was primarily due to higher interest expense, higher total noninterest expense, and higher provision for credit losses. The decrease was partially offset by higher total financing revenue and other interest income.

Consumer automotive loan financing revenue and other interest income increased $82 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by higher average consumer assets resulting from origination growth and higher portfolio yields as higher yielding originations replace maturity of lower yielding assets resulting from pricing actions due to our deliberate focus on maximizing risk-adjusted returns across our credit tiers.

Commercial loan financing revenue and other interest income decreased $9 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease was primarily due to lower yield driven by lower benchmark interest rates, as our commercial automotive loans are generally variable-rate. The decrease was partially offset by higher average outstanding commercial balances.

Interest expense increased $63 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by higher asset balances and higher funding costs as a result of a gradual shift in the composition of our consumer portfolios to loans and leases originated during a higher interest rate environment.

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Ally Financial Inc. • Form 10-Q

Total net operating lease revenue increased $13 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase in net operating lease revenue was driven by higher average operating lease assets and lower net remarketing losses. We recognized net remarketing losses of $10 million for the three months ended March 31, 2026, compared to net remarketing losses of $19 million for the three months ended March 31, 2025. The decrease in remarketing losses for the three months ended March 31, 2026, was primarily driven by lower termination volume and slightly improved remarketing performance. In the near term, our ability to optimize remarketing gains may be limited due to used vehicle market pressures on certain plug-in hybrid vehicles following the elimination of federal electric-vehicle tax credits for both new and used vehicles, vehicle recalls, and increased OEM marketing incentives on new vehicles. Additionally, our operating lease portfolio mix has shifted towards contracts with a residual value guarantee, and towards a more diverse mix of OEMs for contracts without a residual value guarantee, which may reduce volatility in remarketing gains and losses in future years. Refer to the Operating Lease Residual Risk Management section of this MD&A for further discussion.

The provision for credit losses increased $34 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by portfolio growth within our consumer automotive portfolio, partially offset by lower net charge-offs within our consumer automotive portfolio. Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses.

Total noninterest expense increased $38 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily due to higher direct and allocated expenses related to the growth of the business.

The following table presents the average balance and yield of the loan and operating lease portfolios of our Automotive Financing operations.

						2026									2025
Three months ended March 31, ($ in millions)						Average balance (a)			Yield						Average balance (a)			Yield
Finance receivables and loans, net (b)
Consumer automotive (c)						$	85,853		9.26		%				$	83,740		9.10		%
Commercial
Wholesale floorplan (d)						15,466			5.84						15,324			6.68
Other commercial automotive (e)						7,460			5.94						6,339			5.66
Investment in operating leases, net (f)						8,805			5.73						7,955			5.69

(a)Average balances are calculated using an average daily balance methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further information regarding our basis of presentation and significant accounting policies, which are in accordance with U.S. GAAP.

(b)Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

(c)Excludes the effects of derivative financial instruments designated as hedges, which is included within Corporate and Other. Including the impact of hedging activities, the yield was 9.28% and 9.20% for the three months ended March 31, 2026, and 2025, respectively.

(d)Excludes the effects of derivative financial instruments designated as hedges, which is included within Corporate and Other. Including the impact of hedging activities, the yield was 5.70% and 6.50%, for the three months ended March 31, 2026, and 2025, respectively.

(e)Consists primarily of automotive dealer term loans, including those to finance dealership land and buildings, and dealer and other fleet financing.

(f)Yield includes net losses on the sale of off-lease vehicles of $10 million and $19 million for the three months ended March 31, 2026, and 2025, respectively. Excluding these losses on sale, the yield was 6.19% and 6.66% for the three months ended March 31, 2026, and 2025, respectively.

Our portfolio yield for consumer automotive loans excluding the impact of hedging activities increased 16 basis points for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by a shift in portfolio mix as higher yielding originations replace the maturity of lower yielding assets resulting from pricing actions due to our deliberate focus on maximizing risk-adjusted returns across our credit tiers. Our portfolio yield for consumer automotive loans including the effects of derivative financial instruments designated as hedges was 2 basis points higher than our portfolio yield for consumer automotive loans excluding the effects of derivative financial instruments designated as hedges for the three months ended March 31, 2026. This is attributable to the execution of hedging strategies that are used to mitigate interest rate risks. The effects of derivative financial instruments designated as hedges are included within Corporate and Other. Refer to Note 18 to the Condensed Consolidated Financial Statements for further discussion.

Our portfolio yield for commercial wholesale floorplan loans excluding the impact of hedging activities decreased 84 basis points for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease was primarily due to lower benchmark interest rates, as our commercial automotive loans are generally variable-rate.

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Ally Financial Inc. • Form 10-Q

Our portfolio yield for investment in operating leases, net, including losses on the sale of off-lease vehicles, increased 4 basis points for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was due to lower net remarketing losses, which decreased $9 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. In the near term, our ability to optimize remarketing gains may be limited due to used vehicle market pressures on certain plug-in hybrid vehicles following the elimination of federal electric-vehicle tax credits for both new and used vehicles, vehicle recalls, and increased OEM marketing incentives on new vehicles. Additionally, our operating lease portfolio mix has shifted towards contracts with a residual value guarantee, and towards a more diverse mix of OEMs for contracts without a residual value guarantee, which may reduce volatility in remarketing gains and losses in future years. Refer to the Operating Lease Residual Risk Management section of this MD&A for further discussion.

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Ally Financial Inc. • Form 10-Q

Automotive Financing Volume

Consumer Automotive Financing

The following table presents retail loan originations and purchases by credit tier and product type.

						Used retail																		New retail
Credit Tier (a)						Volume ($ in billions)						% Share of volume						Average FICO®						Volume ($ in billions)						% Share of volume						Average FICO®
Three months ended March 31, 2026
S						$	2.7					36						760						$	1.8					57						771
A						3.1						41						685						1.1						34						686
B						1.3						17						636						0.3						9						646
C						0.3						4						592						—						—						613
D						0.1						2						548						—						—						583
Total retail loan originations						$	7.5					100						696						$	3.2					100						725
Three months ended March 31, 2025
S						$	2.5					39						764						$	1.6					55						772
A						2.7						42						690						1.1						38						687
B						0.9						14						645						0.2						7						650
C						0.3						5						609						—						—						609
Total retail loan originations						$	6.4					100						708						$	2.9					100						728

(a)Represents Ally’s internal credit score, incorporating numerous borrower and structure attributes including: severity and aging of delinquency; number of credit inquiries; LTV ratio; term; payment-to-income ratio; and debt-to-income ratio. We periodically update our underwriting scorecard, which can have an impact on our credit tier scoring.

The following table presents the percentage of total retail loan originations and purchases, in dollars, by the loan term in months.

						Three months ended March 31,
						2026						2025
0–71						17		%				17		%
72–75						61						60
76 +						22						23
Total retail loan originations						100		%				100		%

Retail loan originations with a term of 76 months or more represented 22% of total retail loan originations for the three months ended March 31, 2026, compared to 23% for the three months ended March 31, 2025. Substantially all the loans originated with a term of 76 months or more during both the three months ended March 31, 2026, and 2025, were considered to be prime and in credit tiers S, A, or B. Our underwriting processes are designed to consider various deal structure variables—such as payment-to-income, LTV, debt-to-income, and FICO® score—that compensate for longer loan terms and mitigate underwriting risk.

During the three months ended March 31, 2026, approximately 81% of our used retail loan originations were for vehicles with a model year of 2020 or newer. According to the Bureau of Transportation Statistics, the average age of light vehicles in operation in the United States during 2025 was approximately 13 years. Substantially all used retail loan originations with a term of 76 months or more during the three months ended March 31, 2026, were for vehicles with a model year of 2020 or newer.

The following table presents the percentage of total outstanding retail loans by origination year.

March 31,						2026						2025
Pre-2022						6		%				15		%
2022						10						17
2023						14						23
2024						22						34
2025						36						11
2026						12						—
Total retail						100		%				100		%

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Ally Financial Inc. • Form 10-Q

The following tables present the total retail loan and operating lease origination and purchase dollars and percentage mix by product type and by channel.

			Consumer automotive financing originations												% Share of Ally originations
Three months ended March 31, ($ in millions)			2026						2025						2026						2025
Used retail			$	7,549					$	6,391					66						63
New retail			3,218						2,885						28						28
Lease			720						877						6						9
Total consumer automotive financing originations (a)			$	11,487					$	10,153					100						100

(a)Includes CSG originations of $1.2 billion and $891 million for the three months ended March 31, 2026, and 2025, respectively.

						Consumer automotive financing originations															% Share of Ally originations
Three months ended March 31, ($ in millions)						2026						2025									2026						2025
GM dealers						$	2,751					$	2,338								24						23
Stellantis dealers						1,446						1,395									13						14
Other dealers and automotive retailers
OEM-franchised dealers (a)						4,124						4,198									36						41
Non-OEM-franchised dealers and automotive retailers						3,166						2,222									27						22
Total other dealers and automotive retailers						7,290						6,420									63						63
Total consumer automotive financing originations						$	11,487					$	10,153								100						100

(a)Includes automotive manufacturers with a direct-to-consumer model.

Total consumer automotive loan and operating lease originations increased $1.3 billion for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by strategic partnerships, strong dealer engagement, and growth in application volume from our dealer network.

We have included origination metrics by loan term and FICO® Score within this MD&A. In addition, we employ our own risk evaluation, including proprietary risk models, in evaluating credit risk, as described in the section titled Automotive Financing Volume—Acquisition and Underwriting within the MD&A in our 2025 Annual Report on Form 10-K.

The following table presents the percentage of retail loan and operating lease originations and purchases, in dollars, by FICO® Score and product type. We define prime consumer automotive loans primarily as those loans with a FICO® Score at origination of 620 or greater.

						Used retail												New retail												Lease
Three months ended March 31,						2026						2025						2026						2025						2026						2025
760 +						23		%				26		%				30		%				31		%				40		%				53		%
720–759						13						15						12						13						15						17
660–719						27						28						22						25						24						21
620–659						19						18						15						15						13						6
540–619						12						9						5						4						6						2
< 540						3						1						1						—						—						—
Unscored (a)						3						3						15						12						2						1
Total consumer automotive financing originations						100		%				100		%				100		%				100		%				100		%				100		%

(a)Unscored are primarily CSG contracts with business entities that have no FICO® Score.

Originations with a FICO® Score of less than 620 (considered nonprime) represented 12% of total consumer loan and operating lease originations for the three months ended March 31, 2026, compared to 8% for the three months ended March 31, 2025, reflecting our strategy to focus on maximizing risk-adjusted returns across our credit tiers. Consumer loans and operating leases with FICO® Scores of less than 540 represented 2% of total originations for the three months ended March 31, 2026, as compared to 1% for the three months ended March 31, 2025. Nonprime applications are subject to more stringent underwriting criteria (for example, maximum payment-to-income ratio, maximum debt-to-income ratio, and maximum amount financed), and our nonprime loan portfolio generally does not include any loans with a term of 76 months or more. The carrying value of our held-for-investment, nonprime consumer automotive loans before allowance for loan losses was $9.1 billion and $8.6 billion at March 31, 2026, and December 31, 2025, respectively, or approximately 10.5% and 10.1% of our total consumer automotive loans at March 31, 2026, and December 31, 2025, respectively. For discussion of our credit-risk-management practices and performance, refer to the section below titled Risk Management.

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Ally Financial Inc. • Form 10-Q

During the fourth quarter of 2025, we amended our agreement with Carvana, a leading e-commerce platform for buying and selling used vehicles. Specifically, we increased our committed facility by $2.0 billion to a maximum of $6.0 billion to support our continued efforts to optimize risk-adjusted returns. This commitment is effective for 364 days. As part of the agreement, we are committed to purchase finance receivables, related to both new and used vehicles, on a periodic basis within prescribed eligibility requirements and risk appetite, consistent with purchase practices in prior years. All the finance receivables purchased through this channel are included in non-OEM-franchised dealers and automotive retailers in our consumer origination metrics. While different vintages and credit tiers exhibit varying performance, collectively to date, finance receivables purchased from Carvana have generally exhibited consistent delinquency and loss performance compared to loans with similar credit characteristics acquired through our indirect dealer channel. Consumer finance receivables and loans sourced from Carvana represented 11.1% and 10.4% of our total consumer automotive finance receivables and loans as of March 31, 2026, and December 31, 2025, respectively. Loan purchases from Carvana were 14% of our total consumer automotive financing originations during the three months ended March 31, 2026, compared to 7% during the three months ended March 31, 2025.

Commercial Wholesale Financing Volume

The following table presents the percentage of average balance of our commercial wholesale floorplan finance receivables, in dollars, by product type and by channel.

						Average balance
Three months ended March 31, ($ in millions)						2026						2025
Stellantis new vehicles						31		%				30		%
GM new vehicles						25						28
Other new vehicles						24						24
Used vehicles						20						18
Total						100		%				100		%
Total commercial wholesale finance receivables						$	15,466					$	15,324

Average commercial wholesale financing receivables outstanding increased $142 million during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily due to an increase within the Stellantis dealer channel.

Carvana's commercial line of credit totals $1.5 billion, with a scheduled maturity in the second quarter of 2027. The line of credit represents a commitment to fund Carvana’s wholesale floorplan financing of used vehicles and is consistent in form and structure with our other wholesale floorplan financing arrangements. This includes the line of credit being fully collateralized to mitigate counterparty credit risk in the event of a default. At March 31, 2026, Carvana’s gross wholesale floorplan assets outstanding balance was $79 million.

Other Commercial Automotive Financing

We also provide other forms of commercial financing for the automotive industry including automotive dealer term and revolving loans and automotive fleet financing. Automotive dealer term and revolving loans are loans that we make to dealers to finance other aspects of the dealership business, including acquisitions. These loans are usually secured by real estate or other dealership assets and are typically personally guaranteed by the individual owners of the dealership. Additionally, these loans generally include cross-collateral and cross-default provisions. Automotive fleet financing credit lines may be obtained by dealers, their affiliates, and other independent companies that are used to purchase vehicles, which they lease or rent to others. The average balance of other commercial automotive loans increased $1.1 billion to $7.5 billion for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

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Ally Financial Inc. • Form 10-Q

Insurance

Results of Operations

The following table summarizes the operating results of our Insurance operations. The amounts presented are before the elimination of balances and transactions with our other reportable segments.

						Three months ended March 31,
($ in millions)						2026						2025						Favorable/(unfavorable) % change
Insurance premiums and other income
Insurance premiums and service revenue earned						$	360					$	364					(1)
Interest and dividends on investment securities, cash and cash equivalents, and other earning assets, net (a)						36						30						20
Other loss on investments, net (b)						(21)						(4)						n/m
Other income, net of losses						3						4						(25)
Total insurance premiums and other income						378						394						(4)
Expense
Insurance losses and loss adjustment expenses						121						161						25
Acquisition and underwriting expense
Compensation and benefits expense						32						30						(7)
Insurance commissions expense						152						161						6
Other expenses						45						40						(13)
Total acquisition and underwriting expense						229						231						1
Total expense						350						392						11
Income from continuing operations before income tax expense						$	28					$	2					n/m
Total assets						$	9,888					$	9,489					4
Insurance premiums and service revenue written						$	389					$	385					1
Combined ratio (c)						96.2		%				106.5		%

n/m = not meaningful

(a)Includes interest expense of $13 million and $14 million for the three months ended March 31, 2026, and 2025, respectively.

(b)Includes net unrealized losses on equity securities of $59 million and $15 million for the three months ended March 31, 2026, and 2025, respectively.

(c)Management uses a combined ratio as a primary measure of underwriting profitability. Underwriting profitability is indicated by a combined ratio under 100% and is calculated as the sum of all incurred losses and expenses (excluding interest and income tax expense) divided by the total of premiums and service revenue earned and other income (excluding interest, dividends, and other investment activity).

Our Insurance operations earned income from continuing operations before income tax expense of $28 million for the three months ended March 31, 2026, compared to $2 million for the three months ended March 31, 2025. The increase for the three months ended March 31, 2026, was primarily driven by lower insurance losses and loss adjustment expenses and higher interest and dividends on investment securities, cash and cash equivalents, and other earning assets, net. The increase was partially offset by higher other loss on investments, net.

Insurance premiums and service revenue earned was $360 million for the three months ended March 31, 2026, compared to $364 million for the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026, was primarily due to lower P&C and VSC volume. The decrease was partially offset by growth of GAP and other ancillary F&I products.

Other loss on investments, net was $21 million for the three months ended March 31, 2026, compared to $4 million for the three months ended March 31, 2025. This included realized gains of $38 million during the three months ended March 31, 2026, compared to $11 million for the three months ended March 31, 2025. The increase for the three months ended March 31, 2026, was driven by net unrealized losses on equity securities of $59 million for the three months ended March 31, 2026, compared to net unrealized losses on equity securities of $15 million during the three months ended March 31, 2025. The increase for the three months ended March 31, 2026, was primarily due to equity securities performance in line with the broader market.

Insurance losses and loss adjustment expenses totaled $121 million for the three months ended March 31, 2026, compared to $161 million for the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026, was primarily due to lower weather losses. Weather-related loss and loss adjustment expenses from our vehicle inventory insurance business were $16 million during the three months ended March 31, 2026, compared to $58 million during the three months ended March 31, 2025. In April 2026, we renewed our annual excess of loss reinsurance agreement and continue to utilize this coverage for our vehicle inventory insurance to manage our risk of weather-related losses, under which retention limits vary for each quarter.

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Ally Financial Inc. • Form 10-Q

Our combined ratio was 96.2% for the three months ended March 31, 2026, compared to 106.5% for the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026, was primarily driven by lower weather losses.

Premium and Service Revenue Written

The following table summarizes premium and service revenue written by product, net of premiums ceded to reinsurers, and premiums and service revenue assumed from third parties. VSC and GAP revenue are earned over the life of the service contract on a basis proportionate to the anticipated loss pattern. Refer to Note 3 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further discussion of this revenue stream.

						Three months ended March 31,
($ in millions)						2026						2025
Finance and insurance products
Vehicle service contracts						$	158					$	166
Guaranteed asset protection and other finance and insurance products (a)						94						73
Total finance and insurance products						252						239
Property and casualty insurance (b)						130						134
Other premium and service revenue written (c)						7						12
Total						$	389					$	385

(a)Other financial and insurance products include VMCs, ClearGuard, and other ancillary products.

(b)P&C insurance includes vehicle inventory insurance and dealer ancillary products including property and liability coverage earned on a straight-line basis.

(c)Primarily includes non-automotive assumed reinsurance and revenue associated with performing services as an underwriting carrier.

Insurance premiums and service revenue written increased $4 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily due to growth in our GAP and other ancillary F&I products. The increase was partially offset by lower VSC volume.

Cash and Investments

A significant aspect of our Insurance operations is the investment of proceeds from premiums and other revenue sources. We use these investments to satisfy our obligations related to future claims at the time these claims are settled. Our Insurance operations have an Investment Committee, which develops guidelines and strategies for these investments. The guidelines established by this committee reflect our risk appetite, liquidity requirements, regulatory requirements, and rating agency considerations, among other factors.

The following table summarizes the composition of our Insurance operations cash and investment portfolio at fair value.

($ in millions)						March 31, 2026						December 31, 2025
Cash and cash equivalents
Noninterest-bearing cash						$	56					$	120
Interest-bearing cash						561						508
Total cash and cash equivalents						617						628
Equity securities						861						875
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies						590						597
U.S. States and political subdivisions						300						314
Foreign government						199						188
Agency mortgage-backed residential						1,090						1,129
Mortgage-backed residential						193						198
Corporate debt						1,928						1,912
Total available-for-sale securities (amortized cost basis of $4,605 and $4,609)						4,300						4,338
Total cash, cash equivalents, and securities						$	5,778					$	5,841

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Ally Financial Inc. • Form 10-Q

In addition to these cash and investment securities, the Insurance segment has interest-bearing intercompany arrangements with Corporate and Other, callable on demand. The intercompany loan balance due to Insurance was $854 million and $807 million at March 31, 2026, and December 31, 2025, respectively, and related interest income of $6 million and $5 million was recognized for the three months ended March 31, 2026, and 2025, respectively.

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Ally Financial Inc. • Form 10-Q

Corporate Finance

Results of Operations

The following table summarizes the activities of our Corporate Finance operations. The amounts presented are before the elimination of balances and transactions with our reportable segments.

																		Three months ended March 31,
($ in millions)																														2026						2025												Favorable/(unfavorable) % change
Net financing revenue and other interest income
Interest and fees on finance receivables and loans																														$	242					$	218											11
Interest on loans held-for-sale																														1						3												(67)
Interest expense																														130						117												(11)
Net financing revenue and other interest income																														113						104												9
Total other revenue																														35						29												21
Total net revenue																														148						133												11
Provision for credit losses																														8						14												43
Noninterest expense
Compensation and benefits expense																														26						25												(4)
Other operating expenses																														20						18												(11)
Total noninterest expense																														46						43												(7)
Income from continuing operations before income tax expense																														$	94					$	76											24
Total assets																														$	13,803					$	11,002											25

Our Corporate Finance operations earned income from continuing operations before income tax expense of $94 million for the three months ended March 31, 2026, compared to $76 million for the three months ended March 31, 2025. The increase for the three months ended March 31, 2026, was primarily due to higher net financing revenue and other interest income, higher total other revenue, and lower provision for credit losses.

Net financing revenue and other interest income was $113 million for the three months ended March 31, 2026, compared to $104 million for the three months ended March 31, 2025. The increase for the three months ended March 31, 2026, was primarily due to higher interest and fees on finance receivables and loans, driven by portfolio growth, partially offset by higher interest expense.

Other revenue increased $6 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by higher realized gains on nonmarketable equity investments and higher syndication income.

The provision for credit losses decreased $6 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease was primarily driven by lower portfolio growth and specific reserve activity as compared to the same period in 2025. Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses.

Total noninterest expense increased $3 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily due to higher direct and allocated expenses related to the growth of the business.

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Ally Financial Inc. • Form 10-Q

Credit Portfolio

The following table presents loans held-for-sale, the amortized cost basis of finance receivables and loans outstanding, unfunded lending commitments, and total serviced loans of our Corporate Finance operations. As of March 31, 2026, 64% of our loans and 65% of our lending commitments were asset based, with all in a first-lien position. Additionally, total criticized exposures were 10.3% and 9.7% of total Corporate Finance finance receivables and loans at March 31, 2026, and December 31, 2025, respectively.

($ in millions)						March 31, 2026						December 31, 2025
Loans held-for-sale, net						$	121					$	87
Finance receivables and loans (a)						$	13,714					$	12,930
Unfunded lending commitments (b)						$	8,260					$	8,526
Total serviced loans						$	15,474					$	15,127

(a)Includes $10.9 billion and $10.2 billion of commercial and industrial loans at March 31, 2026, and December 31, 2025, respectively, and $2.8 billion and $2.7 billion of commercial real estate loans at March 31, 2026, and December 31, 2025, respectively. Our commercial real estate loans are primarily focused on lending to skilled nursing facilities, senior housing, and medical office buildings. There are no exposures related to commercial office buildings.

(b)Includes unused revolving credit line commitments for loans held-for-sale and finance receivables and loans, signed commitment letters, and standby letter of credit facilities, which are issued on behalf of clients and may contingently require us to make payments to a third-party beneficiary in the event of a draw by the beneficiary thereunder. As many of these commitments are subject to borrowing base agreements and other restrictive covenants or may expire without being fully drawn, the stated amounts of these unfunded commitments are not necessarily indicative of future cash requirements.

The following table presents the percentage of total finance receivables and loans of our Corporate Finance operations by industry concentration. The finance receivables and loans are reported at amortized cost basis.

						March 31, 2026						December 31, 2025
Industry
Financial services (a)						43.1		%				43.0		%
Health services						19.4						20.7
Services						12.9						13.2
Chemicals and metals						7.0						7.1
Machinery, equipment, and electronics						4.9						5.5
Automotive and transportation						4.6						4.6
Wholesale						2.8						2.7
Paper, printing, and publishing						1.6						0.2
Construction						1.3						1.2
Other manufactured products						1.0						0.7
Other						1.4						1.1
Total finance receivables and loans						100.0		%				100.0		%

(a)Primarily relates to loans to non-depository financial institutions within our Private Credit Finance portfolio, where we serve as lead agent. All loans within the Private Credit Finance portfolio are performing and rated pass.

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Corporate and Other

The following table summarizes the activities of Corporate and Other, which primarily consist of centralized corporate treasury activities such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, original issue discount, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes certain equity investments, which primarily consist of FHLB and FRB stock as well as other strategic investments through Ally Ventures, the management of our consumer mortgage portfolio, the activity related to Ally Invest, Ally Credit Card, CRA loans and investments, and reclassifications and eliminations between the reportable operating segments. We closed the sale of Ally Credit Card on April 1, 2025. Additionally, Corporate and Other includes costs that are not allocated to our reportable operating segments as part of our COH methodology, which involves management judgment. Refer to Note 22 to the Condensed Consolidated Financial Statements for more information.

												Three months ended March 31,
($ in millions)																								2026						2025												Favorable/(unfavorable) % change
Net financing revenue and other interest income
Interest and fees on finance receivables and loans (a)																								$	118					$	267											(56)
Interest on loans held-for-sale																								5						1												n/m
Interest and dividends on investment securities and other earning assets (b)																								196						196												—
Interest on cash and cash equivalents																								76						93												(18)
Total financing revenue and other interest income																								395						557												(29)
Interest expense
Original issue discount amortization (c)																								19						18												(6)
Other interest expense (d)																								227						461												51
Total interest expense																								246						479												49
Net financing revenue and other interest income																								149						78												91
Other revenue
Gain on mortgage and automotive loans, net																								—						1												(100)
Other loss on investments, net																								—						(495)												100
Other income, net of losses																								31						67												(54)
Total other revenue																								31						(427)												107
Total net revenue																								180						(349)												152
Provision for credit losses																								(9)						(257)												(96)
Total noninterest expense (e)																								247						645												62
Loss from continuing operations before income tax benefit																								$	(58)					$	(737)											92
Total assets																								$	55,966					$	61,168											(9)

n/m = not meaningful

(a)Includes financing revenue from our consumer mortgage portfolio and impacts associated with hedging activities within our automotive loan portfolio. Additionally includes financing revenue from our consumer other portfolio prior to the completion of the sale of Ally Credit Card on April 1, 2025.

(b)Includes impacts associated with hedging activities of our available-for-sale securities.

(c)Amortization is included as interest on long-term debt in our Condensed Consolidated Statement of Comprehensive Income.

(d)Includes the residual impacts of our FTP methodology and impacts of hedging activities of certain debt obligations.

(e)Includes reductions of $245 million and $217 million for the three months ended March 31, 2026, and 2025, respectively, related to the allocation of COH expenses to other segments. The receiving segments record their allocation of COH expense within other operating expense.

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The following table summarizes total assets for Corporate and Other.

($ in millions)						March 31, 2026						December 31, 2025
Cash and cash equivalents and securities						$	31,976					$	32,408
Other investments						3,536						3,605
Mortgage finance receivables and loans, net						15,300						15,560
Other (a)						5,154						5,756
Total assets						$	55,966					$	57,329

(a)Primarily includes net deferred tax assets and net property and equipment. Refer to Note 10 to the Condensed Consolidated Financial Statements for additional information.

The following table presents the scheduled remaining amortization of the original issue discount at March 31, 2026.

Year ended December 31, ($ in millions)						2026						2027						2028						2029						2030						2031 and thereafter (a)						Total
Original issue discount
Outstanding balance at year end						$	607					$	512					$	405					$	282					$	139					$	—
Total amortization (b)						63						95						107						123						143						139						$	670

(a)The maximum annual scheduled amortization for any individual year is $143 million in 2030.

(b)The amortization is included as interest on long-term debt in the Condensed Consolidated Statement of Comprehensive Income.

Corporate and Other incurred a loss from continuing operations before income tax benefit of $58 million for the three months ended March 31, 2026, compared to $737 million for the three months ended March 31, 2025. The decrease in loss for the three months ended March 31, 2026, was primarily driven by higher total other revenue and lower noninterest expense, partially offset by higher provision for credit losses.

Total financing revenue and other interest income was $395 million for the three months ended March 31, 2026, compared to $557 million for the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026, was primarily driven by lower average assets due to the sale of Ally Credit Card on April 1, 2025, lower income from our hedging activities, and the continued run-off of our consumer mortgage portfolio.

Total interest expense decreased $233 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Interest expense in our Corporate and Other segment includes our external borrowing costs less the amount charged to our operating segments, which is based on our FTP methodology. The decrease in interest expense for the three months ended March 31, 2026, was primarily driven by a lower interest rate environment and the sale of Ally Credit Card.

Total other revenue increased $458 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by a balance sheet repositioning of a portion of our available-for-sale securities during the first quarter of 2025.

The provision for credit losses increased $248 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was driven by a provision benefit associated with the transfer of Ally Credit Card to held-for-sale during the three months ended March 31, 2025. Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses.

Noninterest expense decreased $398 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease in noninterest expense was primarily driven by the impairment of goodwill associated with the transfer of Ally Credit Card to held-for-sale during the three months ended March 31, 2025, and lower other operating expenses due to the sale of Ally Credit Card. Refer to Note 10 to the Condensed Consolidated Financial Statements for additional information on the impairment of goodwill.

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Cash and Securities

The following table summarizes the composition of the cash and securities portfolio at fair value for Corporate and Other.

($ in millions)						March 31, 2026						December 31, 2025
Cash and cash equivalents
Noninterest-bearing cash						$	324					$	285
Interest-bearing cash						8,577						9,117
Total cash and cash equivalents						8,901						9,402
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies						1,807						1,682
U.S. States and political subdivisions						217						237
Agency mortgage-backed residential						11,605						11,772
Agency mortgage-backed commercial						5,107						4,932
Asset-backed						2						12
Total available-for-sale securities (amortized cost basis of $21,369 and $21,216)						18,738						18,635
Held-to-maturity securities
Debt securities
Agency mortgage-backed residential						1,183						1,154
Mortgage-backed residential						3,160						3,246
Asset-backed retained notes						44						51
Total held-to-maturity securities (amortized cost basis of $4,337 and $4,371)						4,387						4,451
Total cash, cash equivalents, and securities						$	32,026					$	32,488

Other Investments

The following table summarizes other investments at carrying value for Corporate and Other. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further information on these investments.

($ in millions)						March 31, 2026						December 31, 2025
Other assets
Proportional amortization investments (a)						$	2,032					$	2,094
Nonmarketable equity investments						832						854
Equity-method investments (b)						672						657
Total other investments						$	3,536					$	3,605

(a)Proportional amortization investments includes qualifying LIHTC, NMTC, and HTC investments.

(b)Primarily comprises 85 and 82 investments made in connection with our CRA program at March 31, 2026, and December 31, 2025, respectively. The carrying value of these investments was $662 million and $647 million at March 31, 2026, and December 31, 2025, respectively.

Nonmarketable equity investments and equity-method investments include strategic investments made through Ally Ventures. Ally Ventures identifies, invests in, and builds relationships with key startups. At March 31, 2026, the carrying value of investments made through Ally Ventures was $37 million, comprising 16 investments, as compared to $38 million, comprising 18 investments at December 31, 2025. Refer to Note 10 to the Condensed Consolidated Financial Statements for additional information.

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Ally Invest

Ally Invest is our digital brokerage and advisory offering, which enables us to complement our competitive deposit products with low-cost and commission-free investing. The following table presents trading days and average customer trades per day, the number of funded accounts, total net customer assets, and total customer cash balances as of the end of each of the last five quarters.

			March 31, 2026						December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025
Trading days (a)			61.0						63.0						63.5						62.0						60.0
Average customer trades per day, (in thousands)			26.6						26.3						26.6						26.6						30.6
Funded accounts (b) (in thousands)			536						534						534						532						533
Total net customer assets (b) ($ in millions)			$	20,123					$	21,056					$	21,049					$	19,257					$	17,130
Total customer cash balances (b) ($ in millions)			$	1,463					$	1,509					$	1,508					$	1,476					$	1,406

(a)Represents the number of days the NYSE and other U.S. stock exchange markets are open for trading. A half day represents a day when the U.S. markets close early.

(b)Represents activity across the brokerage, robo and advisory portfolios.

During the three months ended March 31, 2026, total funded accounts remained relatively flat from the prior quarter and increased 1% from the first quarter of 2025. Average customer trades per day increased 1% from the prior quarter and decreased 13% from the first quarter of 2025, driven by evolving market conditions and customer engagement. Additionally, net customer assets decreased 4% from the prior quarter and increased 17% from the first quarter of 2025, as a result of changes in equity market valuations.

Mortgage

Mortgage operations consist of our held-for-sale and held-for-investment consumer mortgage loan portfolios. Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio.

The following table presents the net UPB, net UPB as a percentage of total, WAC, premium net of discounts, LTV, and FICO® Scores for the products in our consumer mortgage held-for-investment loan portfolio.

Product						Net UPB (a) ($ in millions)						% of total net UPB						WAC						Net premium (discount) ($ in millions)						Average refreshed LTV (b)						Average refreshed FICO® (c)
March 31, 2026
Fixed-rate						$	15,322					100						3.13		%				$	(11)					45.10		%				781
Total						$	15,322					100						3.13						$	(11)					45.10						781
December 31, 2025
Fixed-rate						$	15,583					100						3.14		%				$	(11)					46.31		%				782
Total						$	15,583					100						3.14						$	(11)					46.31						782

(a)Represents UPB, net of charge-offs.

(b)Updated home values were derived using a combination of appraisals, broker price opinions, automated valuation models, and metropolitan statistical area level house price indices.

(c)Updated to reflect changes in credit score since loan origination.

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Risk Management

Managing the risk/reward trade-off is a fundamental component of operating our businesses, and all employees are responsible for managing risk. We use multiple layers of defense to identify, monitor, and manage current and emerging risks.

•Business lines — Responsible for owning and managing all the risks that emanate from their risk-taking activities, including business units and support functions.

•Independent risk management — Operates independent of the business lines and is responsible for establishing and maintaining our risk-management framework and promulgating it enterprise-wide. Independent risk management also provides an objective, critical assessment of risks and — through oversight, effective challenge, and other means — evaluates whether Ally remains aligned with its risk appetite.

•Internal audit — Provides its own independent assessments regarding the quality of our loan portfolios as well as the effectiveness of our risk management, internal controls, and governance. Internal audit includes Audit Services and the Loan Review Group.

Our risk-management framework is overseen by the RC. The RC sets the risk appetite across our company while risk-oriented management committees, the executive leadership team, and our associates identify and monitor current and emerging risks and manage those risks within our risk appetite. Our primary types of risks include credit risk, insurance/underwriting risk, liquidity risk, market risk, business/strategic risk, reputation risk, model risk, operational risk, information technology/cybersecurity/data risk, compliance risk, and conduct risk. For more information on our risk management process, refer to the Risk Management MD&A section of our 2025 Annual Report on Form 10-K.

Loan and Operating Lease Exposure

The following table summarizes the exposures from our loan and operating-lease activities based on our reportable operating segments.

($ in millions)						March 31, 2026						December 31, 2025
Finance receivables and loans
Automotive Finance (a)						$	110,600					$	108,711
Insurance (b)						6						8
Corporate Finance						13,714						12,930
Corporate and Other (c)						15,570						15,805
Total finance receivables and loans						139,890						137,454
Loans held-for-sale
Automotive Finance						27						12
Corporate Finance						121						87
Corporate and Other						189						450
Total loans held-for-sale						337						549
Total on-balance-sheet loans						140,227						138,003
Off-balance-sheet securitized loans
Automotive Finance						858						1,002
Whole-loan sales
Automotive Finance						2,521						2,190
Total off-balance-sheet loans (d)						3,379						3,192
Operating lease assets
Automotive Finance						8,699						8,772
Total operating lease assets						8,699						8,772
Total loan and operating lease exposure						$	152,305					$	149,967

(a)Includes a liability of $23 million and an asset of $7 million associated with fair value hedging adjustments at March 31, 2026, and December 31, 2025, respectively. Refer to Note 18 to the Condensed Consolidated Financial Statements for additional information.

(b)Represents insurance advance agreements with dealers that we administer through a noninsurance entity. These advances are included within our automotive commercial and industrial portfolio class.

(c)Primarily includes our consumer mortgage portfolio at both March 31, 2026, and December 31, 2025.

(d)Represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions.

The risks inherent in our loan and operating lease exposures are largely driven by changes in the overall economy (including GDP trends and inflationary pressures), used vehicle and housing prices, unemployment levels, real personal income, household savings, and their impact

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on our borrowers. The potential financial statement impact of these exposures varies depending on the accounting classification and future expected disposition strategy. We retain most of our consumer automotive loans as they complement our core business model, but we do sell loans from time to time on an opportunistic basis. We ultimately manage the associated risks based on the underlying economics of the exposure. Our operating lease residual risk may be more volatile than credit risk in stressed macroeconomic scenarios. While all operating leases are exposed to potential reductions in used vehicle values, only those where we take possession of the vehicle are affected by potential reductions in used vehicle values.

Credit Risk

Credit risk is defined as the risk of loss arising from an obligor not meeting its contractual obligations to us. Credit risk includes consumer credit risk, commercial credit risk, and counterparty credit risk.

Credit risk is a major source of potential economic loss to us. Credit risk is monitored by the executive leadership team and our associates, and is regularly reported to and reviewed with the RC. Management oversees credit decisioning, account servicing activities, and credit-risk-management processes, and manages credit risk exposures within our risk appetite. In addition, our Loan Review Group provides an independent assessment of the quality of our credit portfolios and credit-risk-management practices and reports its findings to the RC on a regular basis.

To mitigate risk, we have implemented specific policies and practices across business lines, utilizing both qualitative and quantitative analyses. This reflects our commitment to maintaining an independent and ongoing assessment of credit risk and credit quality. Our policies require an objective and timely assessment of the overall quality of the consumer and commercial loan and operating lease portfolios. This includes the identification of relevant trends that affect the collectability of the portfolios, microsegments of the portfolios that are potential problem areas, loans and operating leases with potential credit weaknesses, and the assessment of the adequacy of internal credit risk policies and procedures. Our consumer and commercial loan and operating lease portfolios are subject to periodic stress tests, which include economic scenarios whose severity mirrors those developed and distributed by the FRB to assess how the portfolios may perform in a severe economic downturn. In addition, we establish and maintain underwriting policies and limits across our portfolios and higher risk segments (for example, nonprime) based on our risk appetite.

Another important aspect to managing credit risk involves the need to carefully monitor and manage the performance and pricing of our loan products with the aim of generating appropriate risk-adjusted returns. When considering pricing, various granular risk-based factors are considered such as expected loss rates, loss volatility, anticipated operating costs, and targeted returns on equity. We carefully monitor credit losses and trends in credit losses relative to expected credit losses at contract inception. We closely monitor our loan performance and profitability in light of forecasted economic conditions and manage credit risk and expectations of losses in the portfolio.

We manage credit risk based on the risk profile of the borrower, the source of repayment, the underlying collateral, and current market and economic conditions. We monitor the credit risk profile of individual borrowers, various segmentations (for example, geographic region, product type, industry segment), as well as the aggregate portfolio. We perform quarterly analyses of the consumer automotive, consumer mortgage, consumer other, and commercial portfolios to assess the adequacy of the allowance for loan losses based on historical, current, and anticipated trends. Refer to Note 7 to the Condensed Consolidated Financial Statements for additional information.

Additionally, we utilize numerous collection strategies to mitigate loss and provide ongoing support to customers in financial distress. We have enhanced our collection strategies to include customized messaging, digital communication, and proactive monitoring of vendor performance. We may offer several types of assistance to aid our customers based on their willingness and ability to repay their loan. As part of certain programs, we offer loan modifications to qualified borrowers, including payment extensions, interest rate concessions, and principal forgiveness.

Furthermore, we manage our credit exposure to financial counterparties based on the risk profile of the counterparty. Within our policies we have established standards and requirements for managing counterparty risk exposures in a safe and sound manner. Counterparty credit risk is derived from multiple exposure types including derivatives, securities trading, securities financing transactions, lending arrangements, and certain cash balances. For more information on derivative counterparty credit risk, refer to Note 18 to the Condensed Consolidated Financial Statements.

We employ an internal team of economists to enhance our planning and forecasting capabilities. This team conducts industry and market research, monitors economic risks, and helps support various forms of scenario planning and stress testing. This group closely monitors macroeconomic trends, such as unemployment rate and sales of new light motor vehicles, given the nature of our business and the potential impact on us given our exposure to these trends. As of March 31, 2026, the unemployment rate decreased to 4.3%. Sales of new light motor vehicles fell to an average annual rate of 15.6 million during the first quarter of 2026. Sales of new light motor vehicles remained below the pre-pandemic annual pace of 17.0 million in 2019, which has limited incoming used vehicle supply and supported used vehicle values. Additionally, used vehicle values may be impacted by availability, the price of new vehicles, or changes in customer preferences. However, macroeconomic risks remain elevated as a result of impacts from tariffs, inflation, which includes the effects of elevated energy prices, consumer financial health, and geopolitical conflict and related uncertainty.

Consumer Credit Portfolio

During the three months ended March 31, 2026, the credit performance of the consumer loan portfolio reflected our underwriting strategy to originate a diversified portfolio of consumer automotive loan assets, including new, used, and prime and nonprime finance

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receivables and loans. Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio. Following the expected sale of the remaining mortgage loans that were transferred to held-for-sale in the fourth quarter of 2025, our consumer mortgage portfolio will be all first-lien fixed-rate mortgages. The carrying value of our nonprime held-for-investment consumer automotive loans before allowance for loan losses represented approximately 10.5% and 10.1% of our total consumer automotive loans at March 31, 2026, and December 31, 2025, respectively. For information on our consumer credit risk practices and policies regarding delinquencies, nonperforming status, and charge-offs, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

The following table includes consumer finance receivables and loans recorded at amortized cost basis.

						Outstanding												Nonperforming												Accruing past due 90 days or more (a)
($ in millions)						March 31, 2026						December 31, 2025						March 31, 2026						December 31, 2025						March 31, 2026						December 31, 2025
Consumer automotive (b) (c)						$	86,662					$	85,568					$	1,128					$	1,155					$	—					$	—
Consumer mortgage						15,311						15,572						62						62						—						—
Total consumer finance receivables and loans						$	101,973					$	101,140					$	1,190					$	1,217					$	—					$	—

(a)Loans are generally in nonaccrual status when principal or interest has been delinquent for 90 days or more, or when full collection is not expected. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status.

(b)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 18 to the Condensed Consolidated Financial Statements for additional information.

(c)Includes outstanding CSG loans of $9.1 billion and $9.0 billion at March 31, 2026, and December 31, 2025, respectively, and RV loans of $264 million and $282 million at March 31, 2026, and December 31, 2025, respectively.

Total consumer finance receivables and loans increased $833 million to $102.0 billion at March 31, 2026, compared to December 31, 2025. The increase was primarily driven by an increase of $1.1 billion of consumer automotive finance receivables and loans, due to loan originations outpacing portfolio paydown. The increase in consumer finance receivables and loans was partially offset by a decrease of $261 million of our consumer mortgage finance receivables and loans, primarily due to portfolio runoff, as we ceased mortgage originations during the second quarter of 2025.

Total consumer nonperforming finance receivables and loans decreased $27 million to $1.2 billion at March 31, 2026, compared to December 31, 2025. Nonperforming consumer finance receivables and loans as a percentage of total outstanding consumer finance receivables and loans was 1.2% at both March 31, 2026, and December 31, 2025.

Consumer automotive loans 30 days or more past due decreased $505 million to $4.0 billion at March 31, 2026, compared to December 31, 2025. During the three months ended March 31, 2026, we observed a decline in delinquency trends within our consumer automotive portfolio, primarily driven by seasonality.

The following table presents consumer net charge-offs from finance receivables and loans at amortized cost basis and related ratios.

						Three months ended March 31,
						Net charge-offs (recoveries)																					Net charge-off ratios (a)
($ in millions)						2026			2025																								2026			2025
Consumer automotive						$	424		$	445																							2.0		%	2.1		%
Consumer mortgage						(8)			(1)																								(0.2)			—
Consumer other (b)						—			63																								—			11.1
Total consumer finance receivables and loans						$	416		$	507																							1.6			2.0

(a)Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category.

(b)Consists of Credit Card. We closed the sale of Ally Credit Card on April 1, 2025.

Our net charge-offs from total consumer finance receivables and loans were $416 million for the three months ended March 31, 2026, compared to $507 million for the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026, was driven by lower net charge-offs within our consumer other portfolio due to the sale of Ally Credit Card, which closed on April 1, 2025. The decrease was also driven by lower net charge-offs within our consumer automotive portfolio, reflecting our pricing and underwriting strategies, and overall stability in used vehicle prices in recent years.

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The following table summarizes total consumer loan originations for the periods shown. Total consumer loan originations include loans classified as finance receivables and loans held-for-sale during the period.

						Three months ended March 31,
($ in millions)						2026						2025
Consumer automotive (a)						$	11,276					$	9,478
Consumer mortgage (b)						—						91
Total consumer loan originations						$	11,276					$	9,569

(a)Includes loans purchased under forward flow agreements with automotive retailers, as well as $509 million of loans originated as held-for-sale for the three months ended March 31, 2026, and $202 million for the three months ended March 31, 2025.

(b)Excludes bulk loan purchases and includes $91 million of loans originated as held-for-sale for the three months ended March 31, 2025. Consumer mortgage originations ceased during the second quarter of 2025.

Total consumer loan originations increased $1.7 billion for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by strong dealer engagement and growth in application volume from our dealer network. The increase was partially offset by a decrease in consumer mortgage originations, as mortgage originations ceased during the second quarter of 2025.

The following table shows the percentage of consumer finance receivables and loans by state concentration based on amortized cost basis.

						March 31, 2026 (a)												December 31, 2025
						Consumer automotive						Consumer mortgage						Consumer automotive						Consumer mortgage
California						8.2		%				40.6		%				8.3		%				40.5		%
Texas						13.6						7.1						13.6						7.1
Florida						9.1						6.2						9.1						6.2
North Carolina						4.9						1.8						4.8						1.8
Pennsylvania						4.5						2.2						4.5						2.2
Georgia						4.1						2.8						4.1						2.9
New York						4.0						1.8						4.0						1.8
New Jersey						3.2						2.5						3.2						2.5
Illinois						3.0						2.8						3.0						2.8
Ohio						3.2						0.4						3.2						0.4
Other United States						42.2						31.8						42.2						31.8
Total consumer loans						100.0		%				100.0		%				100.0		%				100.0		%

(a)Presentation is in descending order as a percentage of total consumer finance receivables and loans at March 31, 2026.

We monitor our consumer loan portfolio for concentration risk across the states in which we lend. The highest concentrations of consumer loans are in California and Texas, which represented an aggregate of 25.8% of our total outstanding consumer finance receivables and loans at both March 31, 2026, and December 31, 2025. Our consumer mortgage loan portfolio concentration within California is primarily composed of high-quality jumbo mortgage loans.

Commercial Credit Portfolio

For information on our commercial credit risk practices and policies regarding delinquencies, nonperforming status, and charge-offs, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

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The following table includes total commercial finance receivables and loans reported at amortized cost basis.

			Outstanding												Nonperforming												Accruing past due 90 days or more (a)
($ in millions)			March 31, 2026						December 31, 2025						March 31, 2026						December 31, 2025						March 31, 2026						December 31, 2025
Commercial
Commercial and industrial
Automotive			$	18,972					$	18,339					$	3					$	15					$	—					$	—
Other (b)			11,093						10,309						112						124						—						—
Commercial real estate			7,852						7,666						1						10						—						—
Total commercial finance receivables and loans			$	37,917					$	36,314					$	116					$	149					$	—					$	—

(a)Loans are generally in nonaccrual status when principal or interest has been delinquent for 90 days or more, or when full collection is not expected. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status.

(b)Other commercial and industrial primarily includes senior secured commercial lending largely associated with our Corporate Finance operations.

Total commercial finance receivables and loans outstanding increased $1.6 billion to $37.9 billion at March 31, 2026, compared to December 31, 2025. The increase was primarily due to a $795 million increase in our Automotive Finance operations and a $784 million increase in our Corporate Finance operations.

Total commercial nonperforming finance receivables and loans were $116 million at March 31, 2026, reflecting a decrease of $33 million compared to December 31, 2025. Nonperforming commercial finance receivables and loans as a percentage of outstanding commercial finance receivables and loans was 0.3% and 0.4% at March 31, 2026, and December 31, 2025, respectively.

The following table includes total commercial net charge-offs from finance receivables and loans at amortized cost basis and related ratios.

						Three months ended March 31,
						Net charge-offs (recoveries)												Net charge-off ratios (a)
($ in millions)						2026						2025						2026						2025
Commercial
Commercial and industrial
Other						$	1					$	—					—		%				—		%
Total commercial finance receivables and loans						$	1					$	—					—						—

(a)Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category.

Commercial Real Estate

The commercial real estate portfolio consists of finance receivables and loans issued primarily to automotive dealers. Commercial real estate finance receivables and loans were $7.9 billion and $7.7 billion at March 31, 2026, and December 31, 2025, respectively, which represented 5.6% of total outstanding finance receivables and loans at both March 31, 2026, and December 31, 2025. There were $5.0 billion and $4.8 billion of commercial real estate loans included in the Automotive Finance segment at March 31, 2026, and December 31, 2025, respectively, and $2.8 billion and $2.7 billion of commercial real estate loans included in the Corporate Finance segment at March 31, 2026, and December 31, 2025. As of both March 31, 2026, and December 31, 2025, we had no exposures related to commercial office buildings.

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The following table presents the percentage of total commercial real estate finance receivables and loans by state concentration based on amortized cost basis.

						March 31, 2026						December 31, 2025
Florida						23.0		%				22.1		%
Texas						11.9						12.1
California						8.0						8.0
New York						7.8						7.9
Ohio						5.4						5.4
North Carolina						3.4						3.6
Michigan						3.3						3.4
Georgia						3.0						3.0
Illinois						2.5						2.4
Missouri						2.1						2.2
Other United States						29.6						29.9
Total commercial real estate finance receivables and loans						100.0		%				100.0		%

Commercial Criticized Exposure

Finance receivables and loans classified as special mention, substandard, or doubtful are reported as criticized. These classifications are based on regulatory definitions and generally represent finance receivables and loans within our portfolio that have a higher default risk or have already defaulted. These finance receivables and loans require additional monitoring and review including specific actions to mitigate our potential loss.

Total criticized exposures increased $341 million from December 31, 2025, to $3.3 billion at March 31, 2026. The increase was primarily driven by a increase in Special Mention loans within the commercial and industrial portfolio class of our Automotive Finance and Corporate Finance operations. Total criticized exposures were 8.7% and 8.2% of total commercial finance receivables and loans at March 31, 2026, and December 31, 2025, respectively, representing strong overall credit performance.

The following table presents the percentage of total commercial criticized finance receivables and loans by industry concentration based on amortized cost basis.

						March 31, 2026						December 31, 2025
Industry
Automotive						62.2		%				61.7		%
Services						13.0						12.4
Electronics						11.1						11.2
Other						13.7						14.7
Total commercial criticized finance receivables and loans						100.0		%				100.0		%

Repossessed and Foreclosed Assets

We classify a repossessed or foreclosed asset as held-for-sale, which is included in other assets on our Condensed Consolidated Balance Sheet, when physical possession of the collateral is taken. We dispose of the acquired collateral in a timely fashion in accordance with regulatory requirements. For more information on repossessed and foreclosed assets, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

Repossessed consumer automotive loan assets in our Automotive Finance operations were $202 million and $220 million at March 31, 2026, and December 31, 2025, respectively, and foreclosed consumer mortgage assets were $1 million at both March 31, 2026, and December 31, 2025. Repossessed commercial automotive loan assets in our Automotive Finance operations were $1 million at both March 31, 2026, and December 31, 2025.

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Allowance for Loan Losses

Our quantitatively determined allowance under CECL is impacted by certain forecasted economic factors as further described in Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. For example, our consumer automotive allowance for loan losses is most sensitive to state-level unemployment rates. Our process for determining the allowance for loan losses considers a borrower’s willingness and ability to pay and considers other factors, including loan modification programs. In addition to our quantitative allowance for loan losses, we also incorporate qualitative adjustments that may relate to idiosyncratic risks, climate-related events, changes in current economic conditions that may not be reflected in quantitatively derived results, and other macroeconomic uncertainty.

We also monitor model performance, using model error and related assessments, and we may incorporate qualitative reserves to adjust our quantitatively determined allowance if we observe deterioration in model performance. Additionally, we perform a sensitivity analysis of our allowance utilizing varying macroeconomic scenarios, as described further within Critical Accounting Estimates — Allowance for Credit Losses within the MD&A of our 2025 Annual Report on Form 10-K.

Through March 31, 2026, forecasted economic variables incorporated into our quantitative allowance processes were updated to include the current macroeconomic environment and our future expectations reflecting slow GDP growth in the near term. This included (but was not limited to) the following: the unemployment rate peaking at approximately 4.6% in the second quarter of 2026, before reverting to the historical mean of approximately 5.7% by the first quarter of 2029, GDP growth slowing to 2.0% as measured on a quarter-over-quarter seasonally adjusted annualized rate basis in 2026 and 2027, before reverting to the historical mean of approximately 2.2% by the first quarter of 2029, and increases in new light vehicle sales on a seasonally adjusted annualized rate basis peaking at more than 16 million units in the fourth quarter of 2026, before reverting to the historical mean of 15 million units by the first quarter of 2029. Additionally, we maintain a qualitative allowance framework to account for ongoing risks and volatility in the macroeconomic environment, including the impacts from tariffs, inflation, which includes the effects of elevated energy prices, consumer financial health, and geopolitical conflict and related uncertainty, that could adversely impact frequency of loss and LGD. Our overall allowance for loan losses increased $50 million from the prior quarter to $3.5 billion at March 31, 2026, representing 2.5% as a percentage of total finance receivables at both March 31, 2026, and December 31, 2025.

The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2026, and March 31, 2025, respectively.

($ in millions)						Consumer automotive						Consumer mortgage						Total consumer						Commercial						Total
Allowance at January 1, 2026						$	3,208					$	12					$	3,220					$	270					$	3,490
Charge-offs (a)						(671)						—						(671)						(1)						(672)
Recoveries						247						8						255						—						255
Net charge-offs						(424)						8						(416)						(1)						(417)
Provision for credit losses
Provision due to change in portfolio size						42						—						42						9						51
Provision due to incremental charge-offs						424						(8)						416						1						417
Provision due to all other factors						1						(1)						—						(1)						(1)
Total provision for credit losses						467						(9)						458						9						467
Other						(1)						—						(1)						1						—
Allowance at March 31, 2026						$	3,250					$	11					$	3,261					$	279					$	3,540
Net charge-offs to average finance receivables and loans outstanding for the three months ended March 31, 2026						2.0		%				(0.2)		%				1.6		%				—		%				1.2		%
Allowance for loan losses to total nonperforming finance receivables and loans at March 31, 2026 (b)						288.2		%				17.5		%				274.1		%				239.4		%				271.0		%
Nonaccrual loans to finance receivables and loans outstanding at March 31, 2026						1.3		%				0.4		%				1.2		%				0.3		%				0.9		%
Ratio of allowance for loan losses to annualized net charge-offs at March 31, 2026						1.9						(0.3)						2.0						66.4						2.1

(a)Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for information regarding our charge-off policies.

(b)Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the amortized cost basis.

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($ in millions)						Consumer automotive						Consumer mortgage						Consumer other (a)						Total consumer						Commercial						Total
Allowance at January 1, 2025						$	3,170					$	19					$	319					$	3,508					$	206					$	3,714
Charge-offs (b)						(676)						—						(68)						(744)						(1)						(745)
Recoveries						231						1						5						237						1						238
Net charge-offs						(445)						1						(63)						(507)						—						(507)
Provision for credit losses
Provision due to change in portfolio size						3						—						—						3						11						14
Provision due to incremental charge-offs						445						(1)						63						507						—						507
Provision due to all other factors						(30)						1						(320)						(349)						19						(330)
Total provision for credit losses						418						—						(257)						161						30						191
Other						1						(2)						1						—						—						—
Allowance at March 31, 2025						$	3,144					$	18					$	—					$	3,162					$	236					$	3,398
Net charge-offs to average finance receivables and loans outstanding for the three months ended March 31, 2025						2.1		%				—		%				11.1		%				2.0		%				—		%				1.5		%
Allowance for loan losses to total nonperforming finance receivables and loans at March 31, 2025 (c)						269.4		%				32.1		%				—		%				258.6		%				121.6		%				239.8		%
Nonaccrual loans to finance receivables and loans outstanding at March 31, 2025						1.4		%				0.3		%				—		%				1.2		%				0.6		%				1.1		%
Ratio of allowance for loan losses to annualized net charge-offs at March 31, 2025						1.8						(32.5)						—						1.6						(578.8)						1.7

(a)Consists of Credit Card. We closed the sale of Ally Credit Card on April 1, 2025.

(b)Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for information regarding our charge-off policies.

(c)Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the amortized cost basis.

The allowance for consumer loan losses as of March 31, 2026, increased $99 million compared to March 31, 2025, reflecting an increase of $106 million in the consumer automotive allowance, primarily driven by portfolio growth. The increase was partially offset by a decrease of $7 million in the consumer mortgage allowance, primarily driven by higher net recoveries.

The allowance for commercial loan losses as of March 31, 2026, increased $43 million compared to March 31, 2025. The increase was primarily driven by higher specific reserves and portfolio growth in our Corporate Finance operations, partially offset by lower specific reserves in our Automotive Finance operations.

Provision for Loan Losses

The following table summarizes the provision for loan losses by loan portfolio class.

						Three months ended March 31,
($ in millions)						2026						2025
Consumer automotive						$	467					$	418
Consumer mortgage						(9)						—
Consumer other (a)						—						(257)
Total consumer						458						161
Commercial
Commercial and industrial
Automotive						1						16
Other						8						11
Commercial real estate						—						3
Total commercial						9						30
Total provision for loan losses						$	467					$	191

(a)Consists of Credit Card. We closed the sale of Ally Credit Card on April 1, 2025.

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The provision for consumer credit losses increased $297 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by a provision benefit within our consumer other portfolio associated with the transfer of Ally Credit Card to held-for-sale that occurred during the three months ended March 31, 2025, and an increase in portfolio growth within our consumer automotive portfolio during the three months ended March 31, 2026. The increase was partially offset by lower net charge-offs within our consumer other portfolio as a result of the sale of Ally Credit Card and lower net charge-offs within our consumer automotive portfolio.

The provision for commercial credit losses decreased $21 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease was primarily driven by lower specific reserve activity in both Automotive Finance and Corporate Finance operations, and lower portfolio growth in our Corporate Finance operations as compared to the three months ended March 31, 2025.

Allowance for Loan Losses by Type

The following table summarizes the allocation of the allowance for loan losses by loan portfolio class.

						2026																		2025
March 31, ($ in millions)						Allowance for loan losses						Allowance as a % of loans outstanding						Allowance as a % of total allowance for loan losses						Allowance for loan losses						Allowance as a % of loans outstanding						Allowance as a % of total allowance for loan losses
Consumer automotive						$	3,250					3.8						91.8						$	3,144					3.7						92.5
Consumer mortgage						11						0.1						0.3						18						0.1						0.5
Total consumer loans						3,261						3.2						92.1						3,162						3.1						93.0
Commercial
Commercial and industrial
Automotive						22						0.1						0.6						34						0.2						1.0
Other						202						1.8						5.7						162						1.8						4.8
Commercial real estate						55						0.7						1.6						40						0.6						1.2
Total commercial loans						279						0.7						7.9						236						0.7						7.0
Total allowance for loan losses						$	3,540					2.5						100.0						$	3,398					2.5						100.0

Market Risk

Our financing, investing, and insurance activities give rise to market risk, or the potential change in the value of our assets (including securities, assets held-for-sale, loans, and operating leases) and liabilities (including deposits and debt) due to movements in market variables, such as interest rates, spreads, foreign-exchange rates, equity prices, off-lease vehicle prices, and other components such as liquidity.

The impact of changes in benchmark interest rates on our balance sheet represents an exposure to market risk and can affect our expected earnings. We primarily use interest rate derivatives to manage our interest rate risk exposure.

During the first quarter of 2026, the Federal Reserve maintained the federal funds target range at 3.50–3.75%. Continued high benchmark interest rates led to pricing impacts across the balance sheet. Refer to the section below titled Net Financing Revenue Sensitivity Analysis for additional information on how future rate changes may impact net financing revenue.

The fair value of our spread-sensitive assets is also exposed to spread risk. Spread is the amount of additional return over the benchmark interest rates that an investor would demand for taking exposure to primarily credit and liquidity risk of an instrument. Generally, an increase in spreads would result in a decrease in fair value measurement.

We are also exposed to marginal foreign-currency risk primarily from Canadian denominated assets and liabilities. We enter into foreign currency hedges to mitigate foreign exchange risk.

We have exposure to changes in the value of equity securities with readily determinable fair values primarily related to our Insurance operations. For such equity securities, we use equity derivatives to manage our exposure to equity price fluctuations.

As part of our CRA program, we make investments in small business investment company funds, community and workforce development funds, tax credit funds, and other CRA-eligible funds that do not qualify as proportional amortization investments. Many of these CRA funds feature private equity or venture capital structures and are accounted for using the equity method of accounting. We recognize our share of the investee’s earnings based on the performance of the funds. We recognized a gain of $6 million related to these investments during the three months ended March 31, 2026, as compared to $14 million during the three months ended March 31, 2025. The gain for the three months ended March 31, 2026, was primarily due to the underlying performance of several investments in venture capital firms. There were no indications of impairment within our portfolio of CRA-eligible funds as of March 31, 2026.

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In addition, we are exposed to changes in the value of other nonmarketable equity investments without readily determinable fair market values, which may cause volatility in our earnings.

As of March 31, 2026, we had $2.8 billion of cumulative net unrealized losses, inclusive of tax effects, on our debt securities. During the three months ended March 31, 2026, we recorded $3 million of net unrealized losses, inclusive of tax effects, on our available-for-sale securities. Unrealized gains and losses are recorded in other comprehensive income within our Condensed Consolidated Statement of Comprehensive Income, and are generally not realized unless we sell the securities prior to their stated maturity date. As of March 31, 2026, and December 31, 2025, we did not have the intent to sell available-for-sale securities in an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For the three months ended March 31, 2026, management determined that there were no expected credit losses for available-for-sale or held-to-maturity securities in an unrealized loss position. Refer to Note 6 and Note 15 to the Condensed Consolidated Financial Statements for additional information.

The composition of our balance sheet, including shorter-duration fixed-rate consumer automotive loans and variable-rate commercial loans, along with our primary funding source of retail deposits, partially mitigates market risk. Additionally, we maintain risk-management controls that measure and monitor market risk using a variety of analytical techniques including market value and sensitivity analysis. Refer to Note 18 to the Condensed Consolidated Financial Statements for additional information. For information regarding our insured and uninsured deposit liabilities, refer to the Liquidity Management, Funding, and Regulatory Capital section of this MD&A.

Net Financing Revenue Sensitivity Analysis

Interest rate risk represents one of our most significant exposures to market risk. We actively monitor the level of exposure to movements in interest rates and take actions to mitigate adverse impacts these movements may have on future earnings. We use a sensitivity analysis of net financing revenue as our primary metric to measure and manage the interest rate risk of our financial instruments. In addition to net financing revenue sensitivities, EVE is used as a long-term interest rate risk measurement tool and a component of our interest rate risk management framework. EVE measures the present value of aggregate lifetime cash flows based on balance sheet and off-balance sheet positions at a specific point-in-time. We determine EVE sensitivities using a multitude of rate scenarios where the present value of future cash flows is recalculated using shocked interest rates. Interest rate risk metrics are reported at each regularly scheduled meeting of the ALCO and of the RC. Reporting includes exposure relative to risk limits, impacts to a range of rate scenarios, and sensitivity tests of key assumptions.

The execution of our current business strategy generally results in shorter-duration, fixed-rate consumer automotive loans comprising the majority of our assets and liquid, floating-rate retail deposits comprising the majority of our liabilities. This, in turn, results in a structurally liability sensitive balance sheet as our floating-rate retail deposits reprice faster than our fixed-rate consumer automotive loans when interest rates change. We prepare forward-looking baseline forecasts of pretax net financing revenue as well as anticipated future business growth, actions to alter our asset/liability positioning, and interest rates based on the implied forward curve. The analysis is highly dependent upon a variety of assumptions, one of the most significant being the repricing characteristics of retail deposits with both contractual and non-contractual maturities. We monitor industry and competitive repricing activity along with other business and market factors when developing deposit pricing assumptions.

Modeled simulations are then used to assess changes in pretax net financing revenue in multiple interest rate scenarios relative to the baseline forecast. The changes in net financing revenue relative to the baseline are defined as the sensitivity. Our simulations incorporate contractual cash flows and assumed repricing characteristics for assets, liabilities, and off-balance sheet exposures and incorporate the assumed effects of changing interest rates on the prepayment and attrition rates of certain assets and liabilities. Our simulations do not assume any specific future actions are taken to mitigate the impacts of changing interest rates.

These simulations measure the potential changes in our pretax net financing revenue over the following 12 months. We test a number of alternative rate scenarios, including immediate and gradual parallel shocks to the implied forward curve. We also evaluate nonparallel shocks to interest rates and stresses to certain term points on the yield curve in isolation to capture and monitor a variety of risks.

Simulation results are driven by underlying models and assumptions that are based on trend behavior and other historical information. The underlying models and assumptions, including retail deposit pricing, are regularly monitored and evaluated, and may be updated accordingly as observed trends materialize. As a result, if future trends or behaviors deviate from those reflected in the models, actual sensitivities may vary, perhaps significantly, from those that are modeled. Actual sensitivities may differ for other reasons as well, including unplanned changes in balance sheet composition, timing of asset and liability repricing, the yield curve, customer behavior, macroeconomic conditions, the competitive environment, and management strategies. Accordingly, we do not treat the sensitivities as forecasts of net financing revenue but instead use them as a tool in managing interest rate risk. We also assess Ally’s sensitivity to interest rate risk through the performance of sensitivity testing of key assumptions including, but not limited to, prepayments and retail automotive and deposit repricing on a routine basis.

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The following table presents the pretax dollar impact to baseline forecasted net financing revenue over the next 12 months assuming various parallel shocks to the implied forward curve as of March 31, 2026, and December 31, 2025.

						March 31, 2026												December 31, 2025
						Gradual (a)						Instantaneous						Gradual (a)						Instantaneous
Change in interest rates						($ in millions)												($ in millions)
+200 basis points						$	3					$	(243)					$	18					$	(221)
+100 basis points						3						(114)						9						(106)
-100 basis points						(11)						44						(20)						22
-200 basis points						(32)						14						(44)						(31)

(a)Gradual changes in interest rates are recognized over 12 months.

Since December 31, 2025, the implied forward curve has flattened, driven by the front end, as expected declines in the Federal Funds Rate decreased. During the three months ended March 31, 2026, our asset balances increased primarily due to growth in floating-rate commercial loans and fixed-rate retail automotive loans, partially offset by the continued run-off of our consumer mortgage portfolio. The impact of these changes is reflected in our baseline net financing revenue forecast. As of March 31, 2026, our balance sheet is modestly asset sensitive in the near term due to our floating-rate assets and pay-fixed hedge position. However, our balance sheet remains liability sensitive over the medium term, driven by the assumed repricing of our deposits and market-based funding outpacing the assumed repricing of our floating-rate assets and pay-fixed swaps.

Our interest rate risk position is influenced by the impact of hedging activity, which primarily consists of interest rate swaps designated as fair value hedges of certain fixed-rate assets and fixed-rate debt instruments. Additionally, we use interest rate floor contracts designated as cash flow hedges on certain floating-rate assets. The size, maturity, and mix of our hedging activities are adjusted as our balance sheet, ALM objectives, and the interest rate environment evolve over time.

Operating Lease Residual Risk Management

We are exposed to residual risk on vehicles in the consumer operating lease portfolio. This operating lease residual risk represents the possibility that the actual proceeds realized upon the sale of returned vehicles will be lower than the projection of these values used in establishing the pricing at lease inception. Our operating lease portfolio, net of accumulated depreciation was $8.7 billion and $8.8 billion as of March 31, 2026, and December 31, 2025, respectively. The expected lease residual value of our operating lease portfolio at scheduled termination was $7.0 billion and $7.1 billion as of March 31, 2026, and December 31, 2025, respectively. Certain of our operating leases are covered by residual guarantees with counterparties, which partially mitigates the residual value risk to the extent the counterparties are able to meet the terms of the contractual agreements. As of both March 31, 2026, and December 31, 2025, consumer operating leases with a carrying value, net of accumulated depreciation, of $3.4 billion, were covered by OEM residual value guarantees. Refer to Note 8 to the Condensed Consolidated Financial Statements for further information. For information on our valuation of automotive operating lease residuals including periodic revisions through adjustments to depreciation expense based on current and forecasted market conditions, refer to the section titled Critical Accounting Estimates—Valuation of Automotive Operating Lease Assets and Residuals within the MD&A of our 2025 Annual Report on Form 10-K.

Operating Lease Vehicle Terminations and Remarketing

The following table summarizes the volume of operating lease terminations and average loss per vehicle, as well as our methods of vehicle sales at lease termination, stated as a percentage of total operating lease vehicle disposals.

						Three months ended March 31,
						2026						2025
Off-lease vehicles terminated (in units)						15,162						21,943
Average loss per vehicle ($ per unit)						$	(663)					$	(863)
Method of vehicle sales
Sale to dealer, lessee, and other						40		%				42		%
Auction
SmartAuction						53						45
Physical						7						13

We recognized an average loss per vehicle of $663 for the three months ended March 31, 2026, compared to $863 for the three months ended March 31, 2025. The method of vehicle sales is largely dependent on used vehicle values at lease termination compared to contractual residual values at lease inception. In the near term, our ability to optimize remarketing gains may be limited due to used vehicle market pressures on certain plug-in hybrid vehicles following the elimination of federal electric-vehicle tax credits for both new and used vehicles, vehicle recalls, and increased OEM marketing incentives on new vehicles. During the first quarter of 2026, we adjusted the rate of

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

depreciation to recognize more depreciation on vehicles scheduled to terminate through September 30, 2027, primarily driven by used market pressures on certain plug-in hybrid vehicles. We will continue to evaluate our depreciation rate for leased vehicles based on expected residual values and adjust depreciation expense over the remaining life of the lease, if deemed necessary. Additionally, our operating lease portfolio mix has shifted towards contracts with a residual value guarantee, and towards a more diverse mix of OEMs for contracts without a residual value guarantee, which may reduce volatility in remarketing gains and losses in future years.

Operating Lease Portfolio Mix

We monitor concentrations of our consumer operating lease portfolio by OEM, vehicle type, and OEM residual value guarantee status. The following table presents the concentration of our outstanding operating lease exposures by OEM, disaggregated by those with and without OEM residual value guarantees.

			March 31, 2026						December 31, 2025
Operating lease exposures with OEM residual value guarantees (a)			39		%				39		%
Operating lease exposures without OEM residual value guarantees
Stellantis			29						34
GM			21						18
Other OEMs			11						9
Total exposures without OEM residual value guarantees			61						61
Total operating lease exposures			100		%				100		%

(a)Represents an exposure with one automotive manufacturer at both March 31, 2026, and December 31, 2025.

As of March 31, 2026, and December 31, 2025, $4.0 billion and $4.2 billion of our investment in operating leases, net of accumulated depreciation, were battery-electric or plug-in hybrid vehicles, respectively. Substantially all of our investment in operating leases of battery-electric vehicles are covered by OEM residual value guarantees of approximately 50% of the vehicles’ contract residual value. Refer to Note 8 to the Condensed Consolidated Financial Statements for more information regarding our investment in operating leases.

The following table presents the mix of operating lease assets by vehicle type, based on volume of units outstanding.

						March 31, 2026						December 31, 2025
Sport utility vehicle						66		%				67		%
Car						23						22
Truck						11						11

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Liquidity Management, Funding, and Regulatory Capital

Overview

The purpose of liquidity management is to enable us to meet loan and operating lease demand, debt maturities, deposit withdrawals, and other cash commitments under both normal operating conditions as well as periods of economic or financial stress. Our primary objective is to maintain cost-effective, stable and diverse sources of funding capable of sustaining the organization throughout all market cycles. Sources of funding include both retail and brokered deposits and secured and unsecured market-based funding across various maturity, interest rate, and investor profiles. Additional liquidity is available through a pool of unencumbered highly liquid securities, repurchase agreements, advances from the FHLB of Pittsburgh, the FRB Standing Repo Facility, and the FRB Discount Window.

We define liquidity risk as the risk that an institution’s financial condition or overall safety and soundness is adversely affected by the actual or perceived inability to liquidate assets or obtain adequate funding or to easily unwind or offset specific exposures without significantly lowering market prices because of inadequate market depth or market disruptions. Liquidity risk can arise from a variety of institution-specific or market-related events that could have a negative impact on cash flows available to the organization. Effective management of liquidity risk positions an organization to meet cash flow obligations caused by unanticipated events. Managing liquidity needs and contingent funding exposures has proven essential to the solvency of financial institutions.

The ALCO, chaired by the Corporate Treasurer, is responsible for overseeing our funding and liquidity strategies. Corporate Treasury is responsible for managing our liquidity positions within limits approved by the RC. As part of managing liquidity risk, Corporate Treasury prepares monthly forecasts depicting anticipated funding needs and sources of funds, executes our funding strategies, and manages liquidity under normal as well as more severely stressed macroeconomic environments. Oversight and monitoring of liquidity risk are provided by Independent Risk Management.

The monthly liquidity forecasts demonstrate our ability to generate and obtain adequate amounts of cash to meet loan and operating lease demand, debt maturities, deposit withdrawals, and other cash commitments under normal operating conditions throughout the forecast horizon (currently through December 2028). Refer to Note 12 to the Condensed Consolidated Financial Statements for a summary of the scheduled maturity of long-term debt as of March 31, 2026.

Funding Strategy

Liquidity and ongoing profitability are largely dependent on the timely and cost-effective access to retail deposits and funding in various segments of the capital markets. We focus on maintaining diversified funding sources across a broad base of depositors, lenders, and investors to meet liquidity needs throughout different economic cycles, including periods of financial distress. These funding sources include retail and brokered deposits, public and private asset-backed securitizations, unsecured debt, FHLB advances, and repurchase agreements. Our access to diversified funding sources enhances funding flexibility and results in a more cost-effective funding strategy over the long term. We evaluate funding markets on an ongoing basis to achieve an appropriate balance of unsecured and secured funding sources and maturity profiles.

We manage our funding to achieve a well-balanced portfolio across a spectrum of risk, maturity, and cost-of-funds characteristics. Optimizing funding at Ally Bank continues to be a key part of our long-term liquidity strategy. We optimize our funding sources at Ally Bank by prioritizing retail deposits and maintaining access to diversified funding sources. Retail deposits are complemented by brokered deposits, repurchase agreements, securitizations, and access to FHLB funding.

Assets are primarily originated by Ally Bank to utilize retail deposit funding. This allows us to use bank funding for substantially all our automotive finance and other assets and to provide a sustainable long-term funding channel for the business, while also improving the cost of funds for the enterprise.

Liquidity Risk Management

Multiple metrics are used to measure liquidity risk, manage the liquidity position, identify related trends, and monitor these trends and metrics against established limits. These metrics include comprehensive stress tests that measure the sufficiency of the liquidity portfolio over stressed horizons ranging from overnight to 12 months, a stability ratio that measures longer-term structural liquidity, and concentration ratios that enable prudent funding diversification. In addition, we have established internal management routines designed to review all aspects of liquidity and funding plans, evaluate the adequacy of liquidity buffers, review stress testing results, and assist management in the execution of its funding strategy and risk-management accountabilities.

Our liquidity stress testing is designed to allow us to operate our businesses and to meet our contractual and contingent obligations, including unsecured debt maturities, for at least 12 months, assuming our normal access to funding is disrupted by severe market-wide and enterprise-specific events. We maintain available liquidity in the form of cash, unencumbered highly liquid securities, available FHLB capacity, and the FRB Discount Window capacity. This available liquidity is held at various legal entities and is subject to regulatory restrictions and tax implications that may limit our ability to transfer funds across entities.

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The following table summarizes our total available liquidity.

($ in millions)						March 31, 2026						December 31, 2025
Liquid cash and equivalents (a)						$	8,880					$	9,676
FHLB unused pledged borrowing capacity (b)						9,509						9,115
Unencumbered highly liquid securities (c)						20,433						20,328
FRB Discount Window pledged capacity (d)						26,957						26,935
Total available liquidity						$	65,779					$	66,054

(a)Excludes restricted cash and foreign currency cash balances.

(b)Pledged assets are primarily composed of consumer mortgage finance receivables and loans, as well as real-estate-backed loans within our Automotive Finance and Corporate Finance businesses, and non-agency mortgage-backed securities.

(c)Includes unencumbered U.S. federal government, U.S. agency, and highly liquid corporate debt securities.

(d)Pledged assets are composed of consumer automotive finance receivables and loans. Refer to Note 12 to the Condensed Consolidated Financial Statements for information on assets pledged to the FRB.

Recent Funding and Liquidity Developments

Key funding highlights from January 1, 2026, to date were as follows:

•We raised $758 million through the completion of a term securitization transaction backed by consumer automotive loans.

Funding Sources

The following table summarizes our sources of funding and the amount outstanding under each category for the periods shown.

						March 31, 2026												December 31, 2025
($ in millions)						On-balance-sheet funding						% Share of funding						On-balance-sheet funding						% Share of funding
Deposits						$	153,152					88						$	151,649					87
Debt
Secured financings						11,556						7						11,753						7
Institutional term debt						9,303						5						9,284						6
Retail term notes						616						—						728						—
Total debt (a)						21,475						12						21,765						13
Total on-balance-sheet funding						$	174,627					100						$	173,414					100

(a)Includes hedge basis adjustments as described in Note 18 to the Condensed Consolidated Financial Statements.

Refer to Note 12 to the Condensed Consolidated Financial Statements for a summary of the scheduled maturity of long-term debt at March 31, 2026.

Deposits

Ally Bank is a digital direct bank with no branch network that obtains retail deposits directly from customers. We offer competitive rates and fees on a full spectrum of retail deposit products, including savings accounts, money-market demand accounts, CDs, interest-bearing spending accounts, trust accounts, and IRAs. Our primary funding source is retail deposits, which we believe, at scale, is the most efficient and stable source of funding for us when compared to other funding sources. Retail deposits constituted 84% of our total on-balance-sheet funding sources at March 31, 2026. Total deposits, which include brokered deposits obtained through third-party intermediaries, constituted 88% of total on-balance-sheet funding at March 31, 2026.

Total uninsured deposits as calculated per regulatory guidance includes affiliate and intercompany deposits, which we believe have different risk profiles than other uninsured deposits. The amounts presented below remove affiliate and intercompany deposits from total uninsured deposits. We believe that the presentation of uninsured deposits adjusted for the impact of the affiliate deposits provides enhanced clarity of uninsured deposits at risk.

						March 31, 2026									December 31, 2025
($ in millions)						Amount			% of total deposits						Amount			% of total deposits
Uninsured deposits
Total uninsured deposits, as calculated per regulatory guidelines						$	16,952		11						$	16,712		11
Less: Affiliate and intercompany deposits						4,756			3						4,877			3
Total uninsured deposits, excluding affiliate and intercompany deposits						$	12,196		8						$	11,835		8

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On November 16, 2023, the FDIC finalized a rule that imposes a special assessment to recover the costs to the DIF resulting from the FDIC’s use, in March 2023, of the systemic risk exception to the least-cost resolution test under the FDI Act in connection with the receiverships of SVB and Signature. In December 2025, the FDIC reduced the rate at which the special assessment is collected for the eighth and final quarter of the collection period, with an invoice payment date of March 30, 2026. We paid $4 million in special assessments during the three months ended March 31, 2026. We do not expect to make any additional payments related to this special assessment.

The following table shows Ally Bank’s total primary retail deposit customers and deposit balances as of the end of each of the last five quarters.

			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Total primary retail deposit customers (in thousands)			3,525			3,450			3,405			3,360			3,330
Deposits ($ in millions)
Retail			$	146,132		$	143,529		$	141,843		$	143,158		$	146,069
Brokered			5,591			6,703			5,037			3,244			3,949
Other (a)			1,429			1,417			1,530			1,464			1,410
Total deposits			$	153,152		$	151,649		$	148,410		$	147,866		$	151,428

(a)Other deposits include mortgage escrow deposits. Other deposits also include a deposit related to Ally Invest customer cash balances deposited at Ally Bank by a third party of $1.3 billion as of both March 31, 2026, and December 31, 2025, $1.4 billion as of September 30, 2025, and $1.3 billion as of both June 30, 2025, and March 31, 2025.

During the three months ended March 31, 2026, our total deposit base increased $1.5 billion and we added approximately 75,000 retail deposit customers, ending with approximately 3.5 million retail deposit customers as of March 31, 2026. Total retail deposits increased $2.6 billion during the three months ended March 31, 2026, bringing the total retail deposits portfolio to $146.1 billion as of March 31, 2026. During the three months ended March 31, 2026, we implemented pricing actions to reduce rates paid on several of our key deposit product offerings. These pricing actions reduced deposit balances from our most rate sensitive customers, which were more than offset by deposit growth from new customers. Brokered deposits decreased $1.1 billion during the three months ended March 31, 2026, due to brokered deposit maturities and calls. During the three months ended March 31, 2026, our CD deposit liabilities decreased $2.1 billion while our savings, money market, and spending account deposit liabilities increased $3.6 billion. This trend was primarily due to customer migration to liquid savings as fixed-rate CD maturities occurred during the three months ended March 31, 2026. Strong customer acquisition and retention rates continue to deliver a favorable funding mix. Overall, we continue to maintain a relentless focus on customer experience and competitive rates.

Approximately 92% of retail deposits at Ally Bank, excluding affiliate and intercompany deposits, were FDIC-insured as of March 31, 2026. Our total available liquidity exceeded our uninsured retail deposit liabilities by $53.6 billion as of March 31, 2026. For additional information on our deposit funding by type, refer to Note 11 to the Condensed Consolidated Financial Statements.

We continue to be recognized for the total experience and value we deliver to our customers - combining strong products, intuitive digital tools, and trusted service. In 2026, Ally was named one of Forbes’ World’s Best Banks and Best National Retail Bank by Newsweek, reinforcing our position as a customer-first financial institution. Newsweek also recognized Ally among America’s Most Reliable and Most Trustworthy Companies, reflecting the confidence customers place in our brand. Ally’s digital leadership and service excellence continue to set us apart. Money recognized Ally among the Best Banks for Digital Investing and FinanceBuzz awarded Ally the Best Account for Automated Savings in 2026. Our commitment to customer care was further recognized by Newsweek and USA Today, which rank Ally among America’s Best Customer Service organizations in Financial Services.

Securitizations and Secured Financings

In addition to our growing deposits base, we maintain a presence in the securitization markets to finance our automotive loan portfolios. Securitizations and secured funding transactions, collectively referred to as securitization transactions due to their similarities, allow us to convert our automotive finance receivables into cash earlier than what would have occurred in the normal course of business.

As part of these securitization transactions, we sell assets to various SPEs in exchange for the proceeds from the issuance of debt and other beneficial interest in the assets. The activities of the SPEs are generally limited to acquiring the assets, issuing and making payments on the debt, paying related expenses, and periodically reporting to investors.

These securitization transactions may meet the criteria to be accounted for as off-balance-sheet securitization transactions if we do not hold a potentially significant economic interest or do not provide servicing or asset management functions for the financial assets held by the securitization entity. Our securitization transactions may not meet the required criteria to be accounted for as off-balance-sheet securitization transactions; therefore, they are accounted for as secured borrowings. For information regarding our off-balance sheet arrangements and securitization activities, refer to Note 1 and Note 11 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

We have access to funding through advances with the FHLB. These advances are primarily secured by consumer and commercial mortgage finance receivables and loans and investment securities. As of March 31, 2026, we had pledged $25.9 billion of assets to the FHLB resulting in $17.3 billion in total funding capacity with $7.8 billion of debt outstanding.

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At March 31, 2026, $64.8 billion of our total assets were restricted as collateral for the payment of debt obligations accounted for as secured borrowings. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion.

Unsecured Financings

We have long-term unsecured debt outstanding from retail term note programs. These programs are composed of callable fixed-rate instruments with fixed maturity dates. There were $616 million of retail term notes outstanding at March 31, 2026. The remainder of our unsecured debt is composed of institutional term debt. Refer to Note 12 to the Condensed Consolidated Financial Statements for additional information about our outstanding long-term unsecured debt.

Other Secured and Unsecured Short-term Borrowings

We have access to repurchase agreements. A repurchase agreement is a transaction in which the firm sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date. The securities sold in repurchase agreements include U.S. government and federal agency obligations. As of March 31, 2026, we had $526 million debt outstanding under repurchase agreements.

Additionally, we have access to the FRB Discount Window and can borrow funds to meet short-term liquidity demands. The FRB, however, is not a primary source of funding for day-to-day business. Instead, it is a liquidity source that can be accessed in stressed environments or periods of market disruption. As of March 31, 2026, we had assets pledged and restricted as collateral to the FRB totaling $33.6 billion, resulting in $27.0 billion in total funding capacity with no debt outstanding.

Guaranteed Securities

Certain senior notes (collectively, the Guaranteed Notes) issued by Ally Financial Inc. (referred to within this section as the Parent) are unconditionally guaranteed on a joint and several basis by IB Finance, a subsidiary of the Parent and the direct parent of Ally Bank, and Ally US LLC, a subsidiary of the Parent (together, the Guarantors, and the guarantee provided by each such Guarantor, the Note Guarantees). The Guarantors are primary obligors with respect to payment when due, whether at maturity, by acceleration or otherwise, of all payment obligations of the Parent in respect of the Guaranteed Notes pursuant to the terms of the applicable indenture. At both March 31, 2026, and December 31, 2025, the outstanding principal balance of the Guaranteed Notes was $2.0 billion, with the last scheduled maturity to take place in 2031.

The Note Guarantees rank equally in right of payment with the applicable Guarantor’s existing and future unsubordinated unsecured indebtedness and are subordinate to any secured indebtedness of the applicable Guarantor to the extent of the value of the assets securing such indebtedness. The Note Guarantees are structurally subordinate to indebtedness and other liabilities (including trade payables and lease obligations, and in the case of Ally Bank, its deposits) of any nonguarantor subsidiaries of the applicable Guarantor to the extent of the value of the assets of such subsidiaries.

The Note Guarantees and all other obligations of the Guarantors will terminate and be of no further force or effect (i) upon a permissible sale, disposition, or other transfer (including through merger or consolidation) of a majority of the equity interests (including any sale, disposition or other transfer following which the applicable Guarantor is no longer a subsidiary of the Parent), of the applicable Guarantor, or (ii) upon the discharge of the Parent’s obligations related to the Guaranteed Notes.

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The following tables present summarized financial data for the Parent and the Guarantors on a combined basis. The Guarantors, both of which the Parent is deemed to possess control over, are fully consolidated after eliminating intercompany balances and transactions. Summarized financial data for nonguarantor subsidiaries is excluded.

						Three months ended March 31,
($ in millions)						2026						2025
Net financing loss and other interest income (a)						$	(233)					$	(240)
Dividends from bank subsidiaries						450						44
Total other revenue						53						—
Total net revenue						270						(196)
Provision for credit losses						1						2
Total noninterest expense						108						120
Income (loss) from continuing operations before income tax benefit						161						(318)
Income tax benefit from continuing operations (b)						(69)						(80)
Income (loss) from continuing operations						230						(238)
Net income (loss) (c)						$	230					$	(238)

(a)Net financing loss and other interest income is primarily driven by interest expense on long-term debt.

(b)There is a significant variation in the customary relationship between pretax income and income tax benefit due to our accounting policy elections and consolidated tax adjustments. The income tax benefit excludes tax effects on dividends from subsidiaries.

(c)Excludes the Parent’s and Guarantors’ share of income of all nonguarantor subsidiaries.

($ in millions)						March 31, 2026						December 31, 2025
Total assets (a)						$	6,265					$	6,284
Total liabilities						$	11,665					$	11,697

(a)Excludes investments in all nonguarantor subsidiaries.

Capital Planning and Stress Tests

Under the Tailoring Rules, we are generally subject to supervisory stress testing on a two-year cycle and exempted from mandated company-run capital stress testing requirements. We are also required to submit an annual capital plan to the FRB. Our annual capital plan must include an assessment of our expected uses and sources of capital and a description of all planned capital actions over a nine-quarter planning horizon, including any issuance of a debt or equity capital instrument, any dividend or other capital distribution, and any similar action that the FRB determines could have an impact on our capital. The plan must also include a detailed description of our process for assessing capital adequacy, including a discussion of how we, under expected and stressful conditions, will maintain capital commensurate with our risks and above the minimum regulatory capital ratios, will serve as a source of strength to Ally Bank, and will maintain sufficient capital to continue our operations by maintaining ready access to funding, meeting our obligations to creditors and other counterparties, and continuing to serve as a credit intermediary.

The Tailoring Rules align capital planning, supervisory stress testing, and stress capital buffer requirements for large banking organizations, like Ally. As a Category IV firm, Ally is expected to have the ability to elect to participate in the supervisory stress test—and receive a correspondingly updated stress capital buffer requirement—in a year in which Ally would not generally be subject to the supervisory stress test. Refer to the section titled Basel Capital Framework in Note 17 to the Condensed Consolidated Financial Statements for further discussion about our stress capital buffer requirements. During a year in which Ally does not undergo a supervisory stress test, we would receive an updated stress capital buffer requirement only to reflect our updated planned common-stock dividends. Ally did not elect to participate in the 2023 or 2025 supervisory stress tests, but was subject to the 2024 supervisory stress test.

We submitted our 2024 capital plan to the FRB in April 2024, and received an updated preliminary stress capital buffer requirement from the FRB in June 2024 of 2.6%. The updated 2.6% stress capital buffer requirement was finalized in August 2024, and became effective in October 2024. We submitted our 2025 capital plan to the FRB in April 2025, and received in June 2025 an updated preliminary stress capital buffer requirement that remained unchanged at 2.6%. The 2.6% stress capital buffer requirement was finalized in August 2025, and became effective in October 2025. We submitted our 2026 capital plan to the FRB in April 2026.

In December 2024, we accessed the unsecured debt capital markets and issued $500 million of subordinated notes, which qualify as Tier 2 capital for Ally under U.S. Basel III. During the years ended December 31, 2025, and 2024, we accessed the debt capital markets and issued an aggregate of $1.1 billion and $770 million, respectively, of credit-linked notes based on combined reference portfolios of $10.0 billion and $7.0 billion of consumer automotive loans. The proceeds from these credit-linked notes issuances constitute prefunded credit protection for mezzanine tranches of the respective reference portfolio and are recognized as restricted cash and cash equivalents in other assets on our Condensed Consolidated Balance Sheet. These transactions are structured to enable us to apply the securitization framework under U.S. Basel III when determining RWA for our retained exposure, which recognizes the credit risk mitigation benefits and generally provides lower risk

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weights relative to those assigned to consumer automotive loans that are not securitized. As of March 31, 2026, and December 31, 2025, $10.7 billion and $12.1 billion, respectively, of our consumer automotive loans and related exposures were included as reference assets in these credit-linked notes transactions.

In December 2025, our Board authorized a share repurchase program, permitting us to repurchase up to $2.0 billion of our common stock under a multi-year program without a set expiration date. Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S. banking agencies), Ally’s financial and operational performance, alternative uses of capital, the trading price of Ally’s common stock, and general market conditions. The share repurchase program does not obligate Ally to acquire a specific dollar amount or number of shares, and may be extended, modified, or discontinued at any time.

Regulatory Capital

We became subject to U.S. Basel III on January 1, 2015, although a number of its provisions—including capital buffers and certain regulatory capital deductions—were subject to phase-in periods. For further information on U.S. Basel III, refer to Note 17 to the Condensed Consolidated Financial Statements. The following table presents selected regulatory capital data under U.S. Basel III.

						March 31,
($ in millions)						2026												2025
Common Equity Tier 1 capital ratio						10.11		%										9.50		%
Tier 1 capital ratio						11.56		%										10.97		%
Total capital ratio						13.40		%										12.83		%
Tier 1 leverage ratio (to adjusted quarterly average assets) (a)						9.16		%										8.73		%
Total equity						$	15,609											$	14,232
Preferred stock						(2,324)												(2,324)
Goodwill and certain other intangibles						(187)												(295)
Deferred tax assets arising from net operating loss and tax credit carryforwards (b)						(200)												(288)
Accumulated other comprehensive loss related adjustments (c)						2,797												3,282
Common Equity Tier 1 capital						15,695												14,607
Preferred stock						2,324												2,324
Other adjustments						(85)												(68)
Tier 1 capital						17,934												16,863
Qualifying subordinated debt and other instruments qualifying as Tier 2						984												983
Qualifying allowance for loan losses and other adjustments						1,875												1,871
Total capital						$	20,793											$	19,717
Risk-weighted assets (d)						$	155,201											$	153,693

(a)Tier 1 leverage ratio equals Tier 1 capital divided by adjusted quarterly average total assets, which both reflect adjustments for disallowed goodwill, certain intangible assets, and disallowed deferred tax assets.

(b)Contains deferred tax assets required to be deducted from capital under U.S. Basel III.

(c)Comprises adjustments related to our accumulated other comprehensive income opt-out election, which allows us to exclude most elements of accumulated other comprehensive income from regulatory capital.

(d)Risk-weighted assets are defined by regulation and are generally determined by allocating assets and specified off-balance sheet exposures to various risk categories.

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Credit Ratings

The cost and availability of unsecured financing are influenced by credit ratings, which are intended to be an indicator of the creditworthiness of a particular company, security, or obligation. Lower ratings result in higher borrowing costs and reduced access to capital markets. This is particularly true for certain institutional investors whose investment guidelines require investment-grade ratings on term debt and the two highest rating categories for short-term debt (particularly money-market investors).

Nationally recognized statistical rating organizations rate substantially all our debt. The following table summarizes our current ratings and outlook by the respective nationally recognized rating agencies.

Rating agency

Short-term

Senior unsecured debt

Outlook

Fitch (a)

F3

BBB-

Positive

Moody’s (b)

P-3

Baa3

Stable

S&P (c)

A-3

BBB-

Stable

DBRS (d)

R-2 (high)

BBB

Stable

(a)Fitch affirmed our senior unsecured debt rating of BBB-, short-term rating of F3, and changed our outlook to Positive from Stable on February 26, 2026.

(b)Moody’s affirmed our senior unsecured rating of Baa3, our short-term rating of P-3, and affirmed our outlook of Stable on February 23, 2026.

(c)S&P affirmed our senior unsecured debt rating of BBB-, short-term rating of A-3, and affirmed our outlook of Stable on October 27, 2025.

(d)DBRS affirmed our senior unsecured debt rating of BBB, short-term rating of R-2 (high), and affirmed our outlook of Stable on February 10, 2026.

As illustrated by the issuer ratings above, as of March 31, 2026, Ally holds an investment-grade rating from all the respective nationally recognized rating agencies.

Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. Rating agencies themselves could make or be required to make substantial changes to their ratings policies and practices—particularly in response to legislative and regulatory changes. Potential changes in rating methodology, as well as in the legislative and regulatory environment, and the timing of those changes could impact our ratings, which as noted above could increase our borrowing costs and reduce our access to capital.

A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.

Critical Accounting Estimates

We identified critical accounting estimates that, as a result of judgments, uncertainties, uniqueness, and complexities of the underlying accounting standards and operations involved could result in material changes to our financial condition, results of operations, or cash flows under different conditions or using different assumptions.

Our most critical accounting estimates are as follows:

•Allowance for loan losses

•Valuation of automotive lease assets and residuals

•Fair value of financial instruments

•Determination of provision for income taxes

We did not substantively change any material aspect of our methodologies and processes used in developing any of the estimates described above from what was described in the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

Refer to Note 1 to the Condensed Consolidated Financial Statements for further discussion regarding the methodology used in calculating the provision for income taxes for interim financial reporting.

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Statistical Table

The accompanying supplemental information should be read in conjunction with the more detailed information, including our Condensed Consolidated Financial Statements and the notes thereto, which appears elsewhere in this Quarterly Report.

Net Interest Margin Table

The following table presents an analysis of net yield on interest-earning assets (or net interest margin) for the periods shown.

						2026																		2025																														Increase (decrease) due to
Three months ended March 31, ($ in millions)						Average balance (a)						Interest income/interest expense						Yield/rate						Average balance (a)						Interest income/interest expense						Yield/rate																								Volume						Yield/rate						Total
Assets
Interest-bearing cash and cash equivalents (b) (c)						$	9,100					$	81					3.61		%				$	9,345					$	98					4.23		%																						$	(3)					$	(14)					$	(17)
Investment securities (d)						28,235						223						3.21						27,812						221						3.22																								3						(1)						2
Loans held-for-sale, net						415						9						9.21						166						5						11.83																								8						(4)						4
Finance receivables and loans, net (d) (e) (f)						137,797						2,658						7.82						135,178						2,709						8.13																								52						(103)						(51)
Investment in operating leases, net (g)						8,805						124						5.73						7,955						111						5.69																								12						1						13
Other earning assets						719						11						6.23						623						9						5.88																								1						1						2
Total interest-earning assets						185,071						3,106						6.81						181,079						3,153						7.06																																				(47)
Noninterest-bearing cash and cash equivalents						286																		279
Other assets						11,510																		12,078
Allowance for loan losses						(3,501)																		(3,708)
Total assets						$	193,366																	$	189,728
Liabilities and equity
Interest-bearing deposit liabilities (d)						$	151,722					$	1,233					3.30		%				$	150,495					$	1,403					3.78		%																						$	11					$	(181)					$	(170)
Short-term borrowings						1,941						19						3.92						124						1						3.10																								15						3						18
Long-term debt						17,049						265						6.31						17,245						271						6.37																								(3)						(3)						(6)
Total interest-bearing liabilities						170,712						1,517						3.60						167,864						1,675						4.05																																				(158)
Noninterest-bearing deposit liabilities						145																		145
Total funding sources						170,857						1,517						3.60						168,009						1,675						4.05
Other liabilities						6,727																		7,529
Total liabilities						177,584																		175,538
Total equity						15,782																		14,190
Total liabilities and equity						$	193,366																	$	189,728
Net financing revenue and other interest income												$	1,589																	$	1,478																																									$	111
Net interest spread (h)																		3.21		%																3.01		%
Net yield on interest-earning assets (i)																		3.48		%																3.31		%

(a)Average balances are calculated using an average daily balance methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further information regarding our basis of presentation and significant accounting policies, which are in accordance with U.S. GAAP.

(b)Includes restricted interest-bearing cash and cash equivalents recorded in other assets on the Condensed Consolidated Balance Sheet.

(c)Includes interest expense related to margin received on derivative contracts of $3 million for the three months ended March 31, 2025. Excluding this expense, the annualized yield was 4.37% for the three months ended March 31, 2025.

(d)Includes the effects of derivative financial instruments designated as hedges. Refer to Note 18 to the Condensed Consolidated Financial Statements for further information about the effects of our hedging activities.

(e)Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

(f)Includes average balances of credit card finance receivables and loans, net, that were transferred to loans held-for-sale on March 31, 2025, prior to the completion of the sale of Ally Credit Card on April 1, 2025. Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further information.

(g)Yield includes losses on the sale of off-lease vehicles of $10 million and $19 million for the three months ended March 31, 2026, and 2025, respectively. Excluding losses on the sale of off-lease vehicles, the annualized yield was 6.19% and 6.66% for the three months ended March 31, 2026, and 2025, respectively.

(h)Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities.

(i)Net yield on interest-earning assets represents annualized net financing revenue and other interest income as a percentage of total interest-earning assets.

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Management’s Discussion and Analysis

Ally Financial Inc. • Form 10-Q

Recently Issued Accounting Standards

Refer to Note 1 to the Condensed Consolidated Financial Statements.

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Quantitative and Qualitative Disclosures about Market Risk

Ally Financial Inc. • Form 10-Q

Item 3.     Quantitative and Qualitative Disclosures about Market Risk

Refer to the Market Risk section of Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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Controls and Procedures

Ally Financial Inc. • Form 10-Q

Item 4.    Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act), designed to ensure that information required to be disclosed in reports filed under the Exchange Act is recorded, processed, summarized, and reported within the specified time periods. Our disclosure controls and procedures are also designed to ensure that information required to be disclosed in the reports we file and submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), to allow for timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system of internal control including the possibility of human error or the circumvention or overriding of controls through individual actions or collusion. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met.

As of the end of the period covered by this report, our Principal Executive Officer and Principal Financial Officer evaluated, with the participation of our management, the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) and concluded that our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

In the normal course of business, we review our controls and procedures and make enhancements or modifications intended to support the quality of our financial reporting. During the first quarter of 2026, we implemented a new Enterprise Resource Planning (“ERP”) system, which replaced the former financial application. This change was not undertaken in response to any identified deficiency in our internal control over financial reporting. We adjusted internal control frameworks for related processes to reflect changes to information systems and business processes that occurred as part of the implementation. We also added, modified, and eliminated certain controls to account for new and modified technology and business processes. While this new platform will help us continue to expand our capabilities, there are inherent risks in implementing any new system. We will continue to monitor the newly implemented platform to ensure that the system is performing as intended. There were no other changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the quarter ended March 31, 2026, that have materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

Ally Financial Inc. • Form 10-Q

Item 1.    Legal Proceedings

Refer to Note 23 to the Condensed Consolidated Financial Statements (incorporated herein by reference) for a discussion related to our legal proceedings, which supplements the discussion of legal proceedings set forth in Note 29 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

Item 1A.    Risk Factors

There have been no material changes to the Risk Factors described in our 2025 Annual Report on Form 10-K.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

Ally did not have any unregistered sales of equity securities during the three months ended March 31, 2026.

Purchases of Equity Securities by the Issuer

The following table presents repurchases of our common stock, by month, for the three months ended March 31, 2026.

Three months ended March 31, 2026						Total number of shares repurchased (a) (in thousands)						Weighted-average price paid per share (a) (in dollars)						Total number of shares repurchased as part of publicly announced program (a) (c) (in thousands)						Maximum approximate dollar value of shares that may yet be repurchased under the program (a) (b) (c) ($ in millions)
January 2026						1,294						$	42.69					1,294						$	1,931
February 2026						940						41.44						940						1,892
March 2026						1,390						38.11						1,390						1,839
Total						3,624						40.61						3,624

(a)Includes common stock withheld to cover income taxes owed by participants in our share-based incentive plans.

(b)Excludes excise tax and brokerage commissions.

(c)On December 10, 2025, we announced a multi-year share repurchase program of up to $2.0 billion in common stock. The program commenced in the fourth quarter of 2025 and does not have an expiration date.

Item 3.    Defaults upon Senior Securities

None.

Item 4.    Mine Safety Disclosures

Not applicable.

Item 5.    Other Information

(a) None.

(b) None.

(c) The following provides a description of Rule 10b5-1 trading arrangements and non-Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Exchange Act) adopted during the three months ended March 31, 2026, by any director or executive officer who is subject to the filing requirements of Section 16 of the Exchange Act:

On January 30, 2026, Stephanie N. Richard, Chief Risk Officer, adopted an arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act for the sale of up to 20,000 shares of common stock in the amounts and at prices determined in accordance with the formulae set forth in the arrangement. The arrangement will expire on May 5, 2027, subject to early termination in accordance with the terms of the arrangement.

No directors or executive officers modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” during the three months ended March 31, 2026.

Certain of our executive officers have made elections to participate in, and are participating in, our Employee Stock Purchase Program. By participating in this program, executive officers have made, and may from time to time make, contributory elections or other elections to have shares withheld to cover withholding taxes or pay the exercise price of stock awards, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements as such terms are defined under Item 408 of Regulation S-K.

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Ally Financial Inc. • Form 10-Q

Item 6.    Exhibits

The exhibits listed on the following index of exhibits are filed as a part of this report.

Exhibit			Description			Method of Filing
3.1			Certificate of Designation of 7.100% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D of Ally Financial Inc.			Filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K, dated as of May 1, 2026, (File No. 1-3754), incorporated herein by reference.
22.1			Subsidiary Guarantors			Filed as Exhibit 22 to the Company’s Quarterly Report for the period ended March 31, 2020, on Form 10-Q (File No. 1-3754), incorporated herein by reference.
31.1			Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a)			Filed herewith.
31.2			Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a)			Filed herewith.
32			Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350			Filed herewith.
101			The following information from our Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL: (i) Condensed Consolidated Statement of Comprehensive Income (unaudited), (ii) Condensed Consolidated Balance Sheet (unaudited), (iii) Condensed Consolidated Statement of Changes in Equity (unaudited), (iv) Condensed Consolidated Statement of Cash Flows (unaudited), and (v) the Notes to the Condensed Consolidated Financial Statements (unaudited)			Filed herewith.
104			The cover page of our Form 10-Q for the quarter ended March 31, 2026, (formatted in Inline XBRL and contained in Exhibit 101)			Filed herewith.

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Signatures

Ally Financial Inc. • Form 10-Q

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized, this 5th day of May, 2026.

			Ally Financial Inc. (Registrant)
			/S/ RUSSELL E. HUTCHINSON
			Russell E. Hutchinson Chief Financial Officer

			/S/ AUSTIN T. MCGRATH
			Austin T. McGrath Vice President, Controller, and Chief Accounting Officer

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