Our loan portfolio consists of loans held for investment, including loans held in our consolidated trusts, and loans held for sale. We further divide our loans held for investment into three segments: Credit Card, Consumer Banking and Commercial Banking. The Credit Card segment consists of domestic credit card loans, international credit card loans and personal loans. The Consumer Banking segment consists of auto and retail banking loans. The Commercial Banking segment consists of commercial and multifamily real estate as well as commercial and industrial loans. The information presented in the tables in this note excludes loans held for sale, which are carried at either fair value (if we elect the fair value option) or at the lower of cost or fair value.

Table 4.1: Loan Portfolio Composition and Aging Analysis


	June 30, 2026
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	250,235	$	2,682	$	1,902	$	4,186	$	8,770	$	259,005
Personal loans	8,468		61		46		44		151		8,619
International card businesses	7,414		122		76		172		370		7,784
Total credit card	266,117		2,865		2,024		4,402		9,291		275,408
Consumer Banking:
Auto	85,023		2,821		1,189		278		4,288		89,311
Retail banking	1,133		16		2		5		23		1,156
Total consumer banking	86,156		2,837		1,191		283		4,311		90,467
Commercial Banking:
Commercial and multifamily real estate	33,952		73		104		161		338		34,290
Commercial and industrial	56,645		—		40		318		358		57,003
Total commercial banking	90,597		73		144		479		696		91,293
Total loans(1)	$	442,870	$	5,775	$	3,359	$	5,164	$	14,298	$	457,168
% of Total loans	96.87%		1.26%		0.74%		1.13%		3.13%		100.00%


	December 31, 2025
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	251,932	$	3,015	$	2,308	$	5,148	$	10,471	$	262,403
Personal loans	9,325		72		53		49		174		9,499
International card businesses	7,304		117		83		164		364		7,668
Total credit card	268,561		3,204		2,444		5,361		11,009		279,570
Consumer Banking:
Auto	78,758		3,165		1,323		354		4,842		83,600
Retail banking	1,171		12		2		5		19		1,190
Total consumer banking	79,929		3,177		1,325		359		4,861		84,790
Commercial Banking:
Commercial and multifamily real estate	33,501		54		1		62		117		33,618
Commercial and industrial	55,330		57		3		254		314		55,644
Total commercial banking	88,831		111		4		316		431		89,262
Total loans(1)	$	437,321	$	6,492	$	3,773	$	6,036	$	16,301	$	453,622
% of Total loans	96.41%		1.43%		0.83%		1.33%		3.59%		100.00%

__________

The following table presents our loans held for investment that are 90 days or more past due that continue to accrue interest, loans that are classified as nonperforming and loans that are classified as nonperforming without an allowance as of June 30, 2026 and December 31, 2025. Nonperforming loans generally include loans that have been placed on nonaccrual status. We recognized interest income for loans classified as nonperforming of $4 million and $23 million for the three and six months ended June 30, 2026, respectively, and $3 million and $20 million for the three and six months ended June 30, 2025, respectively.


	June 30, 2026									December 31, 2025
(Dollars in millions)	> 90 Days and Accruing			Nonperforming Loans			Nonperforming Loans Without an Allowance			> 90 Days and Accruing			Nonperforming Loans			Nonperforming Loans Without an Allowance
Credit Card:
Domestic credit card	$	4,186		N/A			$	—		$	5,148		N/A			$	—
Personal loans	42			$	10		—			47			$	12		—
International card businesses	163			14			—			157			12			—
Total credit card	4,391			24			—			5,352			24			—
Consumer Banking:
Auto	—			546			—			—			566			—
Retail banking	—			18			7			—			17			4
Total consumer banking	—			564			7			—			583			4
Commercial Banking:
Commercial and multifamily real estate	—			443			260			—			320			191
Commercial and industrial	—			758			445			—			892			527
Total commercial banking	—			1,201			705			—			1,212			718
Total	$	4,391		$	1,789		$	712		$	5,352		$	1,819		$	722
% of Total loans held for investment	0.96		%	0.39		%	0.16		%	1.18		%	0.40		%	0.16		%

Our Credit Card segment is highly diversified across millions of accounts and numerous geographies without significant individual exposure. We therefore generally manage credit risk based on portfolios with common risk characteristics. The risk in our Credit Card segment correlates to broad economic trends, such as the U.S. unemployment rate and U.S. Real Gross Domestic Product growth rate, as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we assess in monitoring the credit quality and risk of our Credit Card segment is delinquency trends, including an analysis of loan migration between delinquency categories over time.


	June 30, 2026						December 31, 2025
(Dollars in millions)	Revolving Loans		Revolving Loans Converted to Term		Total		Revolving Loans		Revolving Loans Converted to Term		Total
Credit Card:
Domestic credit card:
Current	$	248,429	$	1,806	$	250,235	$	250,332	$	1,600	$	251,932
30-59 days	2,587		95		2,682		2,925		90		3,015
60-89 days	1,831		71		1,902		2,233		75		2,308
Greater than 90 days	4,072		114		4,186		5,016		132		5,148
Total domestic credit card	256,919		2,086		259,005		260,506		1,897		262,403

International card businesses:
Current	7,369		45		7,414		7,260		44		7,304
30-59 days	117		5		122		112		5		117
60-89 days	73		3		76		80		3		83
Greater than 90 days	168		4		172		158		6		164
Total international card businesses	$	7,727	$	57	$	7,784	$	7,610	$	58	$	7,668


	June 30, 2026
	Term Loans by Vintage Year
(Dollars in millions)	2026		2025		2024		2023		2022		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Personal loans—Delinquency status:
Current	$	1,704	$	3,131	$	1,957	$	1,095	$	424	$	157	$	8,468	$	—	$	—	$	8,468
30-59 days	2		16		19		15		6		3		61		—		—		61
60-89 days	1		13		14		11		5		2		46		—		—		46
Greater than 90 days	1		9		13		13		6		2		44		—		—		44
Total personal loans	$	1,708	$	3,169	$	2,003	$	1,134	$	441	$	164	$	8,619	$	—	$	—	$	8,619


	December 31, 2025
	Term Loans by Vintage Year
(Dollars in millions)	2025		2024		2023		2022		2021		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Personal loans—Delinquency status:
Current	$	4,050	$	2,727	$	1,614	$	658	$	208	$	68	$	9,325	$	—	$	—	$	9,325
30-59 days	14		22		22		10		3		1		72		—		—		72
60-89 days	8		17		16		8		3		1		53		—		—		53
Greater than 90 days	5		16		17		8		2		1		49		—		—		49
Total personal loans	$	4,077	$	2,782	$	1,669	$	684	$	216	$	71	$	9,499	$	—	$	—	$	9,499

Our Consumer Banking segment consists of auto and retail banking loans. Similar to our Credit Card segment, the risk in our Consumer Banking segment correlates to broad economic trends as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we consider when assessing the credit quality and risk of our auto loan portfolio is borrower credit scores as they measure the creditworthiness of borrowers. Delinquency trends are the key indicator we assess in monitoring the credit quality and risk of our retail banking loan portfolio.

The table below presents loans held for investment in our Consumer Banking segment loans held for investment by credit quality indicator as of June 30, 2026 and December 31, 2025. We present our auto loan portfolio by Fair Isaac Corporation (“FICO”) scores at origination and our retail banking loan portfolio by delinquency status, which includes all past due loans, both performing and nonperforming.


	June 30, 2026
	Term Loans by Vintage Year
(Dollars in millions)	2026		2025		2024		2023		2022		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Auto—At origination FICO scores:(1)
Greater than 660	$	11,139	$	14,547	$	9,302	$	3,945	$	3,232	$	1,853	$	44,018	$	—	$	—	$	44,018
621-660	4,131		5,724		3,267		1,751		1,207		730		16,810		—		—		16,810
620 or below	7,761		10,714		4,892		2,515		1,530		1,071		28,483		—		—		28,483
Total auto	23,031		30,985		17,461		8,211		5,969		3,654		89,311		—		—		89,311

Retail banking—Delinquency status:
Current	67		80		121		65		74		395		802		329		2		1,133
30-59 days	—		3		1		—		—		4		8		8		—		16
60-89 days	—		—		—		—		—		—		—		2		—		2
Greater than 90 days	—		1		2		1		—		1		5		—		—		5
Total retail banking	67		84		124		66		74		400		815		339		2		1,156
Total consumer banking	$	23,098	$	31,069	$	17,585	$	8,277	$	6,043	$	4,054	$	90,126	$	339	$	2	$	90,467


	December 31, 2025
	Term Loans by Vintage Year
(Dollars in millions)	2025		2024		2023		2022		2021		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Auto—At origination FICO scores:(1)
Greater than 660	$	17,601	$	11,622	$	5,209	$	4,634	$	2,706	$	512	$	42,284	$	—	$	—	$	42,284
621-660	6,691		4,002		2,258		1,683		988		263		15,885		—		—		15,885
620 or below	12,319		5,947		3,213		2,115		1,290		547		25,431		—		—		25,431
Total auto	36,611		21,571		10,680		8,432		4,984		1,322		83,600		—		—		83,600

Retail banking—Delinquency status:
Current	103		126		69		78		40		411		827		341		3		1,171
30-59 days	1		—		—		—		—		1		2		10		—		12
60-89 days	—		—		—		—		—		1		1		1		—		2
Greater than 90 days	—		—		—		—		—		2		2		3		—		5
Total retail banking	104		126		69		78		40		415		832		355		3		1,190
Total consumer banking	$	36,715	$	21,697	$	10,749	$	8,510	$	5,024	$	1,737	$	84,432	$	355	$	3	$	84,790

__________

The key credit quality indicator for our Commercial Banking segment is our internal risk ratings. We assign internal risk ratings to loans based on relevant information about the ability of the borrowers to repay their debt. In determining the risk rating of a particular loan, some of the factors considered are the borrower’s current financial condition, historical and projected future credit performance, prospects for support from financially responsible guarantors, the estimated realizable value of any collateral and current economic trends. The scale based on our internal risk rating system is as follows:

•Criticized nonperforming: Loans that are not adequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans classified as criticized nonperforming have a well-defined weakness, or weaknesses, which jeopardize the full repayment of the debt. These loans are characterized by the distinct possibility that we will sustain a credit loss if the deficiencies are not corrected and are generally placed on nonaccrual status.

We use our internal risk rating system for regulatory reporting, determining the frequency of credit exposure reviews, and evaluating and determining the allowance for credit losses. Generally, loans that are designated as criticized performing and criticized nonperforming are reviewed quarterly by management to determine if they are appropriately classified/rated and whether any impairment exists. Noncriticized loans are generally reviewed, at least annually, to determine the appropriate risk rating. In addition, we evaluate the risk rating during the renewal process of any loan or if a loan becomes past due.


	June 30, 2026
	Term Loans by Vintage Year
(Dollars in millions)	2026		2025		2024		2023		2022		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized	$	1,923	$	2,259	$	1,252	$	1,564	$	2,638	$	4,895	$	14,531	$	17,611	$	50	$	32,192
Criticized performing	—		—		153		70		381		929		1,533		33		89		1,655
Criticized nonperforming	—		9		23		—		—		411		443		—		—		443
Total commercial and multifamily real estate	1,923		2,268		1,428		1,634		3,019		6,235		16,507		17,644		139		34,290
Commercial and industrial
Noncriticized	4,283		7,144		4,433		4,280		6,551		8,576		35,267		18,534		41		53,842
Criticized performing	1		169		267		232		514		688		1,871		532		—		2,403
Criticized nonperforming	—		4		65		8		112		391		580		127		51		758
Total commercial and industrial	4,284		7,317		4,765		4,520		7,177		9,655		37,718		19,193		92		57,003
Total commercial banking	$	6,207	$	9,585	$	6,193	$	6,154	$	10,196	$	15,890	$	54,225	$	36,837	$	231	$	91,293


	December 31, 2025
	Term Loans by Vintage Year
(Dollars in millions)	2025		2024		2023		2022		2021		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized	$	2,288	$	1,516	$	2,034	$	3,178	$	1,357	$	4,573	$	14,946	$	16,352	$	140	$	31,438
Criticized performing	—		172		145		428		109		975		1,829		29		2		1,860
Criticized nonperforming	10		17		—		—		76		217		320		—		—		320
Total commercial and multifamily real estate	2,298		1,705		2,179		3,606		1,542		5,765		17,095		16,381		142		33,618
Commercial and industrial
Noncriticized	8,077		5,391		4,623		7,531		3,284		6,667		35,573		16,643		219		52,435
Criticized performing	3		162		185		391		726		309		1,776		541		—		2,317
Criticized nonperforming	12		71		12		158		246		196		695		162		35		892
Total commercial and industrial	8,092		5,624		4,820		8,080		4,256		7,172		38,044		17,346		254		55,644
Total commercial banking	$	10,390	$	7,329	$	6,999	$	11,686	$	5,798	$	12,937	$	55,139	$	33,727	$	396	$	89,262

__________

As part of our loss mitigation efforts, we may provide short-term (one to twelve months) or long-term (greater than twelve months) modifications to a borrower experiencing financial difficulty to improve long-term collectibility of the loan and to avoid the need for repossession or foreclosure of collateral. Our modification programs and balances include those in place at Discover prior to the Transaction. The Company also allows permanent loan modifications for Credit Card customers who request financial assistance through external sources. The Company will in certain cases accept partial payment in full satisfaction of the outstanding receivable known as settlements. The settlement typically includes a waiver of unpaid principal, interest or fees.

The following tables present the major modification types, amortized cost basis amounts for each modification type and financial effects for all FDMs undertaken during the three and six months ended June 30, 2026 and 2025. For the three and six months ended June 30, 2025, the tables include amounts of FDMs from the acquired Discover portfolio, including loans which were modified prior to the Closing Date.

Table 4.7: Financial Difficulty Modifications to Borrowers



	Three Months Ended June 30, 2026
	Credit Card												Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card			Personal Loans			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	1,002		$	—		$	69		$	1,071		$	—		$	—		$	—		$	—		$	—		$	—		$	1,071
Term extension	—			10			—			10			66			1			67			129			198			327			404
Principal balance reduction	—			—			—			—			12			—			12			—			—			—			12
Principal balance reduction and term extension:	—			—			—			—			—			—			—			—			—			—			—
Interest rate reduction and term extension	6			17			—			23			377			—			377			—			—			—			400
Other(1)	—			23			—			23			4			—			4			—			184			184			211
Total loans modified	$	1,008		$	50		$	69		$	1,127		$	459		$	1		$	460		$	129		$	382		$	511		$	2,098
% of total class of receivables	0.39		%	0.59		%	0.88		%	0.41		%	0.51		%	0.04		%	0.51		%	0.37		%	0.67		%	0.56		%	0.46		%


	Six Months Ended June 30, 2026
	Credit Card												Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card			Personal Loans			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	1,992		$	—		$	108		$	2,100		$	—		$	—		$	—		$	—		$	—		$	—		$	2,100
Term extension	—			20			—			20			112			2			114			149			261			410			544
Principal balance reduction	—			—			—			—			19			—			19			—			—			—			19
Principal balance reduction and term extension	—			—			—			—			—			—			—			—			—			—			—
Interest rate reduction and term extension	9			36			—			45			826			—			826			—			—			—			871
Other(1)	—			49			—			49			5			1			6			5			263			268			323
Total loans modified	$	2,001		$	105		$	108		$	2,214		$	962		$	3		$	965		$	154		$	524		$	678		$	3,857
% of total class of receivables	0.77		%	1.21		%	1.39		%	0.80		%	1.08		%	0.30		%	1.07		%	0.45		%	0.92		%	0.74		%	0.84		%


	Three Months Ended June 30, 2025
	Credit Card												Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card(2)			Personal Loans			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	1,023		—			$	58		$	1,081		—			—			—			—			—			—			$	1,081
Term extension	—			$	10		—			10			$	41		$	1		$	42		$	262		$	164		$	426		478
Principal balance reduction	—			—			—			—			9			—			9			—			—			—			9
Interest rate reduction and term extension	4			18			—			22			263			—			263			—			50			50			335
Other(1)	—			31			—			31			2			—			2			22			111			133			166
Total loans modified	$	1,027		$	59		$	58		$	1,144		$	315		$	1		$	316		$	284		$	325		$	609		$	2,069
% of total class of receivables	0.41		%	0.60		%	0.78		%	0.42		%	0.39		%	0.08		%	0.39		%	0.86		%	0.59		%	0.69		%	0.47		%


	Six Months Ended June 30, 2025
	Credit Card												Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card(2)			Personal Loans			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	2,185		—			$	93		$	2,278		—			—			—			$	3		$	16		$	19		$	2,297
Term extension	—			$	22		—			22			$	60		$	1		$	61		470			325			795			878
Principal balance reduction	—			—			—			—			16			—			16			—			—			—			16
Interest rate reduction and term extension	7			36			—			43			479			—			479			—			50			50			572
Other(1)	—			63			—			63			2			—			2			54			194			248			313
Total loans modified	$	2,192		$	121		$	93		$	2,406		$	557		$	1		$	558		$	527		$	585		$	1,112		$	4,076
% of total class of receivables	0.87		%	1.24		%	1.24		%	0.89		%	0.70		%	0.08		%	0.69		%	1.60		%	1.06		%	1.26		%	0.93		%

We monitor loan performance trends, including FDMs, to assess and manage our exposure to credit risk. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K for additional information on how the allowance for modified loans is calculated for each portfolio. FDMs are accumulated and the performance of each loan that received an FDM is reported on a rolling 12-month basis.


	June 30, 2026
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	3,098	$	210	$	147	$	288	$	645	$	3,743
Personal loans	159		19		12		6		37		196
International card businesses	84		13		11		45		69		153
Total credit card	3,341		242		170		339		751		4,092
Consumer Banking:
Auto	1,165		204		127		33		364		1,529
Retail banking	4		—		1		1		2		6
Total consumer banking	1,169		204		128		34		366		1,535
Commercial Banking:
Commercial and multifamily real estate	194		—		—		—		—		194
Commercial and industrial	610		—		16		153		169		779
Total commercial banking	804		—		16		153		169		973
Total	$	5,314	$	446	$	314	$	526	$	1,286	$	6,600


	June 30, 2025
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card(2)	$	3,423	$	200	$	141	$	297	$	638	$	4,061
Personal loans	171		20		12		5		37		208
International card businesses	77		12		10		36		58		135
Total credit card	3,671		232		163		338		733		4,404
Consumer Banking:
Auto	646		104		63		21		188		834
Retail banking	2		—		—		—		—		2
Total consumer banking	648		104		63		21		188		836
Commercial Banking:
Commercial and multifamily real estate	748		21		—		—		21		769
Commercial and industrial	917		—		9		48		57		974
Total commercial banking	1,665		21		9		48		78		1,743
Total	$	5,984	$	357	$	235	$	407	$	999	$	6,983

FDMs may subsequently enter default. A default occurs if a FDM is either 90 days or more delinquent, has been charged off, or has been reclassified from accrual to nonaccrual status. Loans that entered a modification program while in default are not considered to have subsequently defaulted for purposes of this disclosure. The allowance for any FDMs that have subsequently defaulted is measured using the same methodology as the allowance for loans held for investment. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K for additional information.


	Three Months Ended June 30, 2026
(Dollars in millions)	Interest Rate Reduction		Term Extension		Principal balance reduction		Interest Rate Reduction and Term Extension		Other Modifications		Total Loans
Credit Card:
Domestic credit card	$	150	$	—	$	—	$	2	$	—	$	152
Personal loans	—		3		—		3		11		17
International card businesses	26		—		—		—		—		26
Total credit card	176		3		—		5		11		195
Consumer Banking:
Auto	—		3		—		189		—		192
Retail banking	—		—		—		—		—		—
Total consumer banking	—		3		—		189		—		192
Commercial Banking:
Commercial and multifamily real estate	—		—		—		—		—		—
Commercial and industrial	—		—		—		—		—		—
Total commercial banking	—		—		—		—		—		—
Total	$	176	$	6	$	—	$	194	$	11	$	387


	Six Months Ended June 30, 2026
(Dollars in millions)	Interest Rate Reduction		Term Extension		Principal balance reduction		Interest Rate Reduction and Term Extension		Other Modifications		Total Loans
Credit Card:
Domestic credit card	$	312	$	—	$	—	$	3	$	—	$	315
Personal loans	—		5		—		6		23		34
International card businesses	50		—		—		—		—		50
Total credit card	362		5		—		9		23		399
Consumer Banking:
Auto	—		6		—		331		—		337
Retail banking	—		—		—		—		1		1
Total consumer banking	—		6		—		331		1		338
Commercial Banking:
Commercial and multifamily real estate	—		—		—		—		—		—
Commercial and industrial	—		—		5		—		—		5
Total commercial banking	—		—		5		—		—		5
Total	$	362	$	11	$	5	$	340	$	24	$	742


	Three Months Ended June 30, 2025
(Dollars in millions)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Other modifications		Total Loans
Credit Card:
Domestic credit card	$	190	$	—	$	1	$	—	$	191
Personal loans	—		1		3		6		10
International card businesses	23		—		—		—		23
Total credit card	213		1		4		6		224
Consumer Banking:
Auto	—		2		86		—		88
Retail banking	—		—		—		—		—
Total consumer banking	—		2		86		—		88
Commercial Banking:
Commercial and multifamily real estate	—		—		—		2		2
Commercial and industrial	—		20		—		3		23
Total commercial banking	—		20		—		5		25
Total	$	213	$	23	$	90	$	11	$	337

We pledged loan collateral of $5.9 billion and $6.6 billion as of June 30, 2026 and December 31, 2025, respectively, to secure a portion of our FHLB borrowing capacity, which remained at $34.4 billion for both periods. We also pledged loan collateral of $86.7 billion and $91.6 billion to secure our Federal Reserve Discount Window borrowing capacity of $55.0 billion and $53.3 billion as of June 30, 2026 and December 31, 2025, respectively. In addition to loans pledged, we have securitized a portion of our credit card and auto loan portfolios. See “Note 6—Variable Interest Entities and Securitizations” for additional information.

For the three and six months ended June 30, 2026, we converted $371 million and $777 million of revolving loans to term loans, respectively, primarily in our domestic credit card and commercial banking loan portfolios. For the three and six months ended June 30, 2025, we converted $263 million and $404 million of revolving loans to term loans, respectively, primarily in our domestic credit card and commercial banking loan portfolios.