v3.26.1
Financing Receivables (Tables)
 3 Months Ended
Mar. 31, 2026
Financing Receivables  
Rollforward of allowance for credit losses
The following tables present a rollforward of the allowance for credit losses:
 Commercial LoansConsumer LoansTotal
(in millions)
Balance at January 1, 2026
$41 $11 $52 
Provisions3 — 3 
Charge-offs(1)— (1)
Balance at March 31, 2026
$43 $11 $54 
Balance at January 1, 2025
$45 $9 $54 
Provisions(9)2 (7)
Charge-offs— (1)(1)
Balance at March 31, 2025
$36 $10 $46 
Commercial Loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:
March 31, 2026
Loan-to-Value Ratio20262025202420232022PriorTotal
(in millions)
> 100%$— $— $— $— $— $18 $18 
80% - 100%3 — 3 — — 69 75 
60% - 80%23 75 68 15 11 72 264 
40% - 60%20 133 90 44 27 380 694 
< 40%— 48 15 11 64 839 977 
Total$46 $256 $176 $70 $102 $1,378 $2,028 
December 31, 2025
Loan-to-Value Ratio20252024202320222021PriorTotal
(in millions)
> 100%$— $— $— $— $— $15 $15 
80% - 100%— — — — — 56 56 
60% - 80%83 82 18 12 — 103 298 
40% - 60%129 87 42 26 62 339 685 
< 40%45 15 11 65 108 741 985 
Total$257 $184 $71 $103 $170 $1,254 $2,039 
Commercial Loans | Commercial mortgage loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
 LoansPercentage
March 31, 2026
December 31, 2025
March 31, 2026
December 31, 2025
(in millions)  
East North Central$192 $185 9 %9 %
East South Central55 51 3 3 
Middle Atlantic126 126 6 6 
Mountain164 168 8 8 
New England34 35 2 2 
Pacific684 696 34 34 
South Atlantic547 552 27 27 
West North Central112 110 5 5 
West South Central114 116 6 6 
Total
$2,028 $2,039 100 %100 %
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
 LoansPercentage
March 31, 2026
December 31, 2025
March 31, 2026
December 31, 2025
(in millions)  
Apartments$609 $600 30 %29 %
Hotel40 40 2 2 
Industrial402 404 20 20 
Mixed use82 83 4 4 
Office186 190 9 9 
Retail515 528 25 26 
Other194 194 10 10 
Total
$2,028 $2,039 100 %100 %
Commercial Loans | Syndicated loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
March 31, 2026
Internal Risk Rating20262025202420232022PriorTotal
(in millions)
Risk 5$— $— $— $— $— $— $— 
Risk 4— — — — — 1 1 
Risk 33 6 1 1 — 3 14 
Risk 26 13 9 3 — 3 34 
Risk 11 9 13 3 — — 26 
Total$10 $28 $23 $7 $— $7 $75 
December 31, 2025
Internal Risk Rating20252024202320222021PriorTotal
(in millions)
Risk 5$— $— $— $— $— $— $— 
Risk 4— — — — — 1 1 
Risk 37 1 1 — — — 9 
Risk 211 15 3 — 3 3 35 
Risk 114 15 5 — — — 34 
Total$32 $31 $9 $— $3 $4 $79 
Commercial Loans | Loans to financial advisors  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of advisor loans by origination year and termination status:
March 31, 2026
Termination Status20262025202420232022PriorTotal
(in millions)
Active$199 $623 $299 $267 $203 $197 $1,788 
Terminated— 2 1 — 1 10 14 
Total$199 $625 $300 $267 $204 $207 $1,802 
December 31, 2025
Termination Status20252024202320222021PriorTotal
(in millions)
Active$637 $309 $280 $215 $79 $142 $1,662 
Terminated— 1 — 1 1 8 11 
Total$637 $310 $280 $216 $80 $150 $1,673 
Consumer Loans | Residential mortgage loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score:
FICO Score
March 31, 2026
2026
2025202420232022
Prior
Total
(in millions)
> 810
$3 $22 $4 $4 $2 $2 $37 
780 - 809
40 184 71 48 22 12 377 
740 - 779
40 147 52 58 22 12 331 
720 - 739
10 32 16 13 3 4 78 
700 - 719
7 17 7 7 5 4 47 
< 699
1 15 7 6 3 3 35 
Total$101 $417 $157 $136 $57 $37 $905 
FICO Score
December 31, 2025
2025
2024202320222021
Prior
Total
(in millions)
> 810
$23 $8 $7 $2 $2 $1 $43 
780 - 809
177 76 50 22 7 5 337 
740 - 779
128 56 62 22 7 4 279 
720 - 739
29 17 13 4 4 — 67 
700 - 719
16 8 8 5 3 1 41 
< 699
14 6 6 3 3 — 32 
Total$387 $171 $146 $58 $26 $11 $799 
The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region:
Loans
Percentage
March 31, 2026
December 31, 2025
March 31, 2026
December 31, 2025
(in millions)
Minnesota
$438 $420 48 %53 %
Other U.S. States
467 379 52 47 
Total$905 $799 100 %100 %
Consumer Loans | Credit card receivables  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The table below presents the amortized cost basis of credit card receivables by FICO score:
FICO Score
March 31, 2026
December 31, 2025
(in millions)
> 800$36 $39 
750 - 79929 31 
700 - 74927 27 
650 - 69916 16 
< 6509 9 
Total$117 $122