| Schedule of Preferred Stock |
The following table summarizes information about our preferred stock. | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Series B preferred stock (a) | | | | | Issuance date | | | April 22, 2021 | Carrying value ($ in millions) | $ | — | | $ | 1,335 | Par value (per share) | $ | — | | $ | 0.01 | Liquidation preference (per share) | $ | — | | $ | 1,000 | | Number of shares authorized | — | | 1,350,000 | | Number of shares issued and outstanding | — | | 1,350,000 | | Dividend/coupon | | | | | Prior to May 15, 2026 | —% | | 4.700% | | On and after May 15, 2026 | —% | | Five Year Treasury + 3.868% | | Series C preferred stock (b) | | | | | 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% | | Series D preferred stock (b) | | | | | Issuance date | May 1, 2026 | | | Carrying value ($ in millions) | $ | 987 | | $ | — | Par value (per share) | $ | 0.01 | | $ | — | Liquidation preference (per share) | $ | 1,000 | | $ | — | | Number of shares authorized | 1,000,000 | | — | | Number of shares issued and outstanding | 1,000,000 | | — | | Dividend/coupon | | | | | Prior to August 15, 2031 | 7.100% | | —% | | On and after August 15, 2031 | Five Year Treasury + 3.148% | | —% |
(a)On May 15, 2026, we redeemed all 1,350,000 shares of our issued and outstanding Series B Preferred Stock. (b)We may, at our option, redeem the Series C and Series D shares on any dividend payment date on or after May 15, 2028, or August 15, 2031, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.
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