
June 30, 2026	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in millions)
Securities available-for-sale:
U.S. Treasury	$	15,519	$	13	$	(145)	$	15,387
U.S. Government sponsored enterprises(1)	4,430		2		(805)		3,627
U.S. Government agency issued or guaranteed(1)	9,920		18		(804)		9,134

Asset-backed securities collateralized by:


Home equity mortgages	8		—		—		8

Corporate loans	208		—		—		208
Other	79		—		(8)		71

Foreign debt securities(2)	4,372		11		(1)		4,382
Total available-for-sale securities	$	34,536	$	44	$	(1,763)	$	32,817
Securities held-to-maturity:
U.S. Treasury	$	5,980	$	4	$	(71)	$	5,913
U.S. Government sponsored enterprises(1)	1,014		2		(54)		962
U.S. Government agency issued or guaranteed(1)	13,493		63		(312)		13,244
Obligations of U.S. states and political subdivisions	2		—		—		2


Total held-to-maturity securities	$	20,489	$	69	$	(437)	$	20,121


December 31, 2025	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in millions)
Securities available-for-sale:
U.S. Treasury	$	13,895	$	32	$	(107)	$	13,820
U.S. Government sponsored enterprises(1)	4,603		2		(808)		3,797
U.S. Government agency issued or guaranteed(1)	8,750		11		(752)		8,009

Asset-backed securities collateralized by:


Home equity mortgages	8		—		—		8

Corporate loans	179		—		—		179
Other	85		—		(9)		76

Foreign debt securities(2)	4,131		11		(1)		4,141
Total available-for-sale securities	$	31,651	$	56	$	(1,677)	$	30,030
Securities held-to-maturity:
U.S. Treasury	$	2,846	$	7	$	(4)	$	2,849
U.S. Government sponsored enterprises(1)	1,062		3		(47)		1,018
U.S. Government agency issued or guaranteed(1)	14,383		130		(245)		14,268
Obligations of U.S. states and political subdivisions	2		—		—		2


Total held-to-maturity securities	$	18,293	$	140	$	(296)	$	18,137

Allowance for credit losses On a quarterly basis, we perform an assessment to determine whether there have been any events or economic circumstances to indicate that a debt security available-for-sale in an unrealized loss position has suffered impairment due to credit factors. See Note 2, "Summary of Significant Accounting Policies and New Accounting Pronouncements," in our 2025 Form 10-K for further discussion.

Securities in an unrealized loss position for which no allowance for credit losses has been recognized The following table summarizes gross unrealized losses and related fair values for securities available-for-sale by major security type classified as to the length of time the losses have existed:


	One Year or Less				Greater Than One Year
	Gross Unrealized Losses		Aggregate Fair Value of Investment		Gross Unrealized Losses		Aggregate Fair Value of Investment
	(in millions)
At June 30, 2026
U.S. Treasury	$	(21)	$	4,540	$	(124)	$	3,148
U.S. Government sponsored enterprises	—		—		(805)		3,422
U.S. Government agency issued or guaranteed	(9)		2,080		(795)		5,949

Asset-backed securities	—		—		(8)		103

Foreign debt securities	(1)		1,625		—		—
Securities available-for-sale	$	(31)	$	8,245	$	(1,732)	$	12,622
At December 31, 2025
U.S. Treasury	$	—	$	—	$	(107)	$	3,419
U.S. Government sponsored enterprises	—		—		(808)		3,592
U.S. Government agency issued or guaranteed	—		50		(752)		6,313

Asset-backed securities	—		129		(9)		85

Foreign debt securities	(1)		1,541		—		—
Securities available-for-sale	$	(1)	$	1,720	$	(1,676)	$	13,409

Although the fair value of a particular security may be below its amortized cost, it does not necessarily result in a credit loss and hence an allowance for credit losses. The decline in fair value may be caused by, among other things, higher market rates or the illiquidity of the market. We have reviewed the securities in an unrealized loss position for which no allowance for credit losses has been recognized in accordance with our accounting policies. At June 30, 2026, we do not consider any of these securities to be impaired due to credit factors as we expect to recover their amortized cost basis and we neither intend nor expect to be required to sell these securities prior to recovery, even if that equates to holding them until their individual maturities. However, impairments due to credit factors may occur in future periods if the credit quality of the securities deteriorates.

Allowance for credit losses We exclude from our calculation of lifetime expected credit losses ("lifetime ECL") securities for which we expect that non-payment of the amortized cost basis will be zero ("Zero Expected Credit Loss Exception"). Due to the composition of our portfolio of securities held-to-maturity, substantially all of our portfolio qualifies for the Zero Expected Credit Loss Exception and has been excluded from our lifetime ECL calculation. At both June 30, 2026 and December 31, 2025, the allowance for credit losses on securities held-to-maturity was nil.

Credit risk profile Securities are assigned a credit rating based on the estimated probability of default. The credit ratings are used as a credit quality indicator to monitor our securities held-to-maturity portfolio. We utilize Standard and Poor's ("S&P") as the primary source of our credit ratings. If S&P ratings are not available, ratings by Moody's and Fitch are used in that order. Investment grade includes securities with credit ratings of at least BBB- or above. At both June 30, 2026 and December 31, 2025, all of our securities held-to-maturity were investment grade.

Contractual Maturities and Yields The following table summarizes the amortized cost and fair values of securities available-for-sale and securities held-to-maturity at June 30, 2026 by contractual maturity. Expected maturities differ from contractual maturities because borrowers have the right to prepay obligations without prepayment penalties in certain cases. The table below also reflects the distribution of maturities of debt securities held at June 30, 2026, together with the approximate yield of the portfolio. The yields shown are calculated by dividing annualized interest income, including the accretion of discounts and the amortization of premiums, by the amortized cost of securities outstanding at June 30, 2026.


	Within One Year				After One But Within Five Years				After Five But Within Ten Years				After Ten Years
	Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield
	(dollars are in millions)
Available-for-sale:
U.S. Treasury	$	118	1.67	%	$	9,381	3.67	%	$	3,663	4.10	%	$	2,357	3.36	%
U.S. Government sponsored enterprises	58		1.88		289		1.68		1		2.61		4,082		1.85
U.S. Government agency issued or guaranteed	—		—		—		—		58		3.13		9,862		3.41

Asset-backed securities	—		—		33		4.35		46		3.88		216		4.98

Foreign debt securities	1,635		1.12		1,857		4.05		840		4.20		40		4.64
Total amortized cost	$	1,811	1.18	%	$	11,560	3.68	%	$	4,608	4.10	%	$	16,557	3.04	%
Total fair value	$	1,810			$	11,538			$	4,611			$	14,858
Held-to-maturity:
U.S. Treasury	$	114	4.03	%	$	3,222	3.69	%	$	2,644	4.07	%	$	—	—	%
U.S. Government sponsored enterprises	—		—		172		2.94		561		3.65		281		2.91
U.S. Government agency issued or guaranteed	—		—		—		—		7		6.06		13,486		4.69
Obligations of U.S. states and political subdivisions	—		—		2		3.47		—		—		—		—


Total amortized cost	$	114	4.03	%	$	3,396	3.65	%	$	3,212	4.00	%	$	13,767	4.65	%
Total fair value	$	114			$	3,350			$	3,160			$	13,497

On a quarterly basis, we perform an assessment to determine whether any equity securities without readily determinable fair values are impaired. In the event an equity security is deemed impaired, the security is written down to fair value with impairment recorded in earnings. During the six months ended June 30, 2026 and 2025, impairment losses on equity securities without readily determinable fair values were immaterial.

Also included in other assets were investments in Federal Home Loan Bank ("FHLB") stock and Federal Reserve Bank stock of $95 million and $437 million, respectively, at both June 30, 2026 and December 31, 2025. Our investment in Federal Reserve Bank stock represents approximately half of the total subscription price for our subscribed shares. The remaining half is unpaid and remains subject to call by the Federal Reserve Board ("FRB").