v3.26.1
Fair Value Option (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Fair Value and Unpaid Principal Balance for Items Accounted for Under FVO
The following table summarizes the fair value and unpaid principal balance for items we account for under FVO:
Fair ValueUnpaid Principal BalanceFair Value Over (Under) Unpaid Principal Balance
(in millions)
At June 30, 2026
Commercial loans held for sale(1)
$795 $890 $(95)
Client share repurchase asset137 137 — 
Fixed rate long-term debt802 775 27 
Hybrid instruments:
Structured deposits3,752 3,372 380 
Structured notes7,890 7,499 391 
Client share repurchase liability137 137 — 
At December 31, 2025
Commercial loans held for sale(1)
$626 $721 $(95)
Client share repurchase asset20 20 — 
Fixed rate long-term debt831 791 40 
Hybrid instruments:
Structured deposits3,570 3,260 310 
Structured notes7,435 7,093 342 
Client share repurchase liability20 20 — 
(1)At June 30, 2026 and December 31, 2025, no loans for which FVO has been elected were 90 days or more past due or in nonaccrual status.
Components of Gain on Instruments at Fair Value and Related Derivatives The following table summarizes the components of gain (loss) on instruments designated at fair value and related derivatives reflected in the consolidated statement of income:
Loans Held for SaleLong-Term
Debt		Hybrid
Instruments		Total
(in millions)
Three Months Ended June 30, 2026
Interest rate and other components(1)
$— $8 $(595)$(587)
Credit risk component(2)
(18)— — (18)
Total mark-to-market on financial instruments designated at fair value
(18)8 (595)(605)
Gain (loss) on related derivatives— (8)601 593 
Gain (loss) on instruments designated at fair value and related derivatives
$(18)$— $6 $(12)
Three Months Ended June 30, 2025
Interest rate and other components(1)
$— $(5)$(452)$(457)
Credit risk component(2)
(1)— — (1)
Total mark-to-market on financial instruments designated at fair value
(1)(5)(452)(458)
Gain (loss) on related derivatives— 7 450 457 
Gain (loss) on instruments designated at fair value and related derivatives
$(1)$2 $(2)$(1)
Six Months Ended June 30, 2026
Interest rate and other components(1)
$— $13 $(394)$(381)
Credit risk component(2)
(20)— — (20)
Total mark-to-market on financial instruments designated at fair value
(20)13 (394)(401)
Gain (loss) on related derivatives— (12)396 384 
Gain (loss) on instruments designated at fair value and related derivatives
$(20)$1 $2 $(17)
Six Months Ended June 30, 2025
Interest rate and other components(1)
$— $(21)$(264)$(285)
Credit risk component(2)
(8)— — (8)
Total mark-to-market on financial instruments designated at fair value
(8)(21)(264)(293)
Gain (loss) on related derivatives— 25 264 289 
Gain (loss) on instruments designated at fair value and related derivatives
$(8)$4 $— $(4)
(1)As it relates to hybrid instruments, interest rate and other components primarily includes interest rate and equity contract risks.
(2)The fair value movement on FVO liabilities attributable to our own credit spread is recorded in other comprehensive income (loss).