v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Borrowings
The following table presents the composition of our short-term borrowings portfolio.
March 31, 2026December 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 $1 million related to repurchase agreements.
Long-Term Debt
The following table presents the composition of our long-term debt portfolio.
March 31, 2026December 31, 2025
($ in millions)UnsecuredSecuredTotalUnsecuredSecuredTotal
Long-term debt (a) (b)
Due within one year$(20)$2,459 $2,439 $— $2,659 $2,659 
Due after one year9,939 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 $4.2 billion at both March 31, 2026, and December 31, 2025.
The following table presents the scheduled remaining maturity of long-term debt at March 31, 2026, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202620272028202920302031 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, 2026December 31, 2025
Consumer automotive finance receivables$37,151 $36,807 
Consumer mortgage finance receivables15,342 15,604 
Commercial finance receivables7,899 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.