In the ordinary course of business, we have organized or invested in special purpose entities ("SPEs") primarily to facilitate our own and our clients' financing and investing needs. For disclosure purposes, we aggregate SPEs based on the purpose, risk characteristics and business activities of the SPEs. An SPE is a variable interest entity ("VIE") if it lacks sufficient equity investment at risk to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack either a) the power through voting or similar rights to direct the activities of the entity that most significantly impact the entity's economic performance; or b) the obligation to absorb the entity's expected losses, the right to receive the expected residual returns, or both. See Note 2, "Summary of Significant Accounting Policies and New Accounting Pronouncements," and Note 23, "Variable Interest Entities," in our 2025 Form 10-K for further discussion of our accounting policies regarding consolidation of and involvement with VIEs.

Unconsolidated VIEs We have variable interests in VIEs that are not consolidated because we are not the primary beneficiary. The following table and discussion below provide additional information on these unconsolidated VIEs, including the variable interests held by us and our maximum exposure to loss arising from our involvement in these VIEs:


	Total Assets Held by Unconsolidated VIEs		Carrying Value of Variable Interests Held Reported as				Maximum Exposure to Loss
			Assets		Liabilities
	(in billions)
At June 30, 2026

Limited partnership investments(1)	$	8.2	$	1.4	$	.8	$	1.4
Asset-backed financing SPEs	1.7		1.2		—		1.2

Total	$	9.9	$	2.6	$	.8	$	2.6
At December 31, 2025

Limited partnership investments(1)	$	8.2	$	1.3	$	.7	$	1.3
Asset-backed financing SPEs	.4		.2		—		.2
Total	$	8.6	$	1.5	$	.7	$	1.5

Limited partnership investments We invest as a limited partner in partnerships that operate qualified affordable housing and renewable energy projects. The returns of these investments are generated primarily from the tax benefits, including Federal tax credits and tax deductions from operating losses in the project companies. In addition, some of the investments help us comply with the Community Reinvestment Act. Certain limited partnership structures are considered to be VIEs because either (a) they do not have sufficient equity investment at risk or (b) the limited partners with equity at risk do not have substantive kick-out rights through voting rights or substantive participating rights over the general partner. As a limited partner, we are not the primary beneficiary of the VIEs and do not consolidate them. Our investments in these partnerships are recorded in other assets on the consolidated balance sheet. The maximum exposure to loss shown in the table above represents our recorded investments as well as any outstanding funding commitments extended to the partnerships.

We amortize our low income housing investments in proportion to the allocated tax credits under the proportional amortization method and present the associated tax credits and other tax benefits net of investment amortization in income tax expense in the consolidated statement of income, and in operating activities in the consolidated statement of cash flows. We recognized tax credits and other tax benefits related to low income housing investments of $46 million and $94 million during the three and six months ended June 30, 2026, respectively, compared with $32 million and $66 million during the three and six months ended June 30, 2025, respectively. Investment amortization expense totaled $42 million and $84 million during the three and six months ended June 30, 2026, respectively, compared with $28 million and $56 million during the three and six months ended June 30, 2025, respectively. Additionally, non-income-tax-related gains and other returns received, which are recognized in other income (loss) in the consolidated statement of income and in operating activities in the consolidated statement of cash flows, were immaterial during the three and six months ended June 30, 2026 and 2025.

Asset-backed financing SPEs We have sold portfolios of commercial mortgage loans to third-party buyer-sponsored SPEs and, as part of those transactions, provided senior secured loans to the SPEs to finance portions of the purchase prices. The SPEs are asset-backed financing entities that issued residual beneficial interests to third-party investors. The loans we provided to the SPEs are senior to the residual beneficial interests and are secured by the commercial mortgage loans held by the SPEs. The SPEs are VIEs in which we have variable interests through the loans we hold, which are arm's-length transactions. We do not

have the power to direct the activities that most significantly impact the VIEs' economic performance. In addition, the VIEs are designed such that the residual interest holders absorb any expected loss and/or benefit that could be potentially significant to the VIEs and, therefore, we are not the primary beneficiaries. The maximum exposure to loss shown in the table above represents our recorded investments in the loans as well as any unfunded commitments without consideration of any recovery benefits from the value of the commercial mortgage loans.