v3.26.1
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated:
 June 30, 2026December 31, 2025
 Amortized
Cost		Gross
Unrealized		Fair
Value		Amortized
Cost		Gross
Unrealized		Fair
Value
(In millions)GainsLossesGainsLosses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$24,428 $41 $12 $24,457 $23,210 $55 $5 $23,260 
Mortgage-backed securities(1)
16,943 97 83 16,957 15,550 90 54 15,586 
Total U.S. Treasury and federal agencies41,371 138 95 41,414 38,760 145 59 38,846 
Non-U.S. debt securities:
Mortgage-backed securities2,690 3 2 2,691 2,573 6 1 2,578 
Asset-backed securities(2)
2,591 4 1 2,594 2,081 5 1 2,085 
Non-U.S. sovereign, supranational and non-U.S. agency19,655 40 56 19,639 17,693 73 35 17,731 
Other(3)
2,741 24 3 2,762 2,784 42 — 2,826 
Total non-U.S. debt securities27,677 71 62 27,686 25,131 126 37 25,220 
Asset-backed securities:
Student loans(4)
36 — — 36 63 1 — 64 
Collateralized loan obligations(5)
3,043 2 — 3,045 2,904 2 1 2,905 
Non-agency CMBS and RMBS(6)
— — — — — 3 — 3 
Other90 1 — 91 90 1 — 91 
Total asset-backed securities3,169 3 — 3,172 3,057 7 1 3,063 
State and political subdivisions25 — — 25 25 — — 25 
Total available-for-sale securities(7)(8)
$72,242 $212 $157 $72,297 $66,973 $278 $97 $67,154 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$275 $— $2 $273 $573 $— $3 $570 
Mortgage-backed securities(9)
31,410 3 4,145 27,268 32,876 9 3,965 28,920 
Total U.S. Treasury and federal agencies31,685 3 4,147 27,541 33,449 9 3,968 29,490 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency1,579 1 26 1,554 2,461 4 31 2,434 
Total non-U.S. debt securities1,579 1 26 1,554 2,461 4 31 2,434 
Asset-backed securities:
Student loans(4)
2,026 6 23 2,009 2,261 5 24 2,242 
Total asset-backed securities2,026 6 23 2,009 2,261 5 24 2,242 
Total held-to-maturity securities(7)(10)
$35,290 $10 $4,196 $31,104 $38,171 $18 $4,023 $34,166 
(1) As of June 30, 2026 and December 31, 2025, the total fair value included $2.33 billion and $2.81 billion, respectively, of agency CMBS and $14.62 billion and $12.78 billion, respectively, of agency MBS.
(2) As of June 30, 2026 and December 31, 2025, the fair value includes non-U.S. CLOs of $0.97 billion and $0.77 billion, respectively.
(3) As of June 30, 2026 and December 31, 2025, the fair value includes non-U.S. corporate bonds of $2.61 billion and $2.40 billion, respectively.
(4) Primarily comprises securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans.
(5) Excludes CLOs in loan form. Refer to Note 4 for additional information.
(6) Consists entirely of non-agency RMBS as of December 31, 2025.
(7) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the periods ended June 30, 2026 and December 31, 2025.
(8) As of both June 30, 2026 and December 31, 2025, we had no allowance for credit losses on AFS investment securities.
(9) As of June 30, 2026 and December 31, 2025, the total amortized cost included $5.04 billion and $5.08 billion of agency CMBS, respectively.
(10) As of both June 30, 2026 and December 31, 2025, the allowance for credit losses on HTM investment securities was less than $1 million.
Schedule of Gross Pre-tax Unrealized Losses on Investment Securities
The following tables present the aggregate fair values of AFS investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated:
June 30, 2026
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$3,629 $11 $966 $1 $4,595 $12 
Mortgage-backed securities4,171 33 3,193 50 7,364 83 
Total U.S. Treasury and federal agencies7,800 44 4,159 51 11,959 95 
Non-U.S. debt securities:
Mortgage-backed securities1,027 2 47 — 1,074 2 
Asset-backed securities928 1 103 — 1,031 1 
Non-U.S. sovereign, supranational and non-U.S. agency8,590 49 781 7 9,371 56 
Other401 3 — — 401 3 
Total non-U.S. debt securities10,946 55 931 7 11,877 62 
Asset-backed securities:
Collateralized loan obligations507 — 50 — 557 — 
Total asset-backed securities507 — 50 — 557 — 
Total$19,253 $99 $5,140 $58 $24,393 $157 

December 31, 2025
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$756 $2 $2,063 $3 $2,819 $5 
Mortgage-backed securities1,267 3 4,018 51 5,285 54 
Total U.S. Treasury and federal agencies2,023 5 6,081 54 8,104 59 
Non-U.S. debt securities:
Mortgage-backed securities617 1 73 — 690 1 
Asset-backed securities425 — 168 1 593 1 
Non-U.S. sovereign, supranational and non-U.S. agency3,871 28 1,943 7 5,814 35 
Other129 — — — 129 — 
Total non-U.S. debt securities5,042 29 2,184 8 7,226 37 
Asset-backed securities:
Collateralized loan obligations1,068 1 — — 1,068 1 
Total asset-backed securities1,068 1 — — 1,068 1 
Total$8,133 $35 $8,265 $62 $16,398 $97 
Investments Classified by Contractual Maturity Date
The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of June 30, 2026. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties.
June 30, 2026
(In millions)Under 1 Year1 to 5 Years6 to 10 YearsOver 10 YearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$3,520 $3,521 $20,882 $20,910 $26 $26 $— $— $24,428 $24,457 
Mortgage-backed securities66 66 1,759 1,751 514 510 14,604 14,630 16,943 16,957 
Total U.S. Treasury and federal agencies3,586 3,587 22,641 22,661 540 536 14,604 14,630 41,371 41,414 
Non-U.S. debt securities:
Mortgage-backed securities166 166 372 372 14 14 2,138 2,139 2,690 2,691 
Asset-backed securities22 22 323 323 1,323 1,326 923 923 2,591 2,594 
Non-U.S. sovereign, supranational and non-U.S. agency3,463 3,464 15,794 15,777 398 398 — — 19,655 19,639 
Other757 760 1,883 1,902 101 100 — — 2,741 2,762 
Total non-U.S. debt securities4,408 4,412 18,372 18,374 1,836 1,838 3,061 3,062 27,677 27,686 
Asset-backed securities:
Student loans— — — — — — 36 36 36 36 
Collateralized loan obligations102 102 — — 1,230 1,231 1,711 1,712 3,043 3,045 
Other90 91 — — — — — — 90 91 
Total asset-backed securities192 193 — — 1,230 1,231 1,747 1,748 3,169 3,172 
State and political subdivisions25 25 — — — — — — 25 25 
Total$8,211 $8,217 $41,013 $41,035 $3,606 $3,605 $19,412 $19,440 $72,242 $72,297 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$244 $244 $25 $23 $— $— $6 $6 $275 $273 
Mortgage-backed securities279 262 4,102 3,716 1,601 1,482 25,428 21,808 31,410 27,268 
Total U.S. Treasury and federal agencies523 506 4,127 3,739 1,601 1,482 25,434 21,814 31,685 27,541 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency485 484 1,051 1,028 43 42 — — 1,579 1,554 
Total non-U.S. debt securities485 484 1,051 1,028 43 42 — — 1,579 1,554 
Asset-backed securities:
Student loans68 66 483 484 358 359 1,117 1,100 2,026 2,009 
Total asset-backed securities68 66 483 484 358 359 1,117 1,100 2,026 2,009 
Total$1,076 $1,056 $5,661 $5,251 $2,002 $1,883 $26,551 $22,914 $35,290 $31,104