v3.26.1
Financing Receivables (Tables)
 6 Months Ended
Jun. 30, 2026
Financing Receivables  
Rollforward of allowance for credit losses
The following tables present a rollforward of the allowance for credit losses:
Commercial LoansConsumer LoansTotal
(in millions)
Balance at January 1, 2026
$41 $11 $52 
Provisions5 2 7 
Charge-offs(1)(1)(2)
Balance at June 30, 2026
$45 $12 $57 
Balance at January 1, 2025
$45 $9 $54 
Provisions(8)3 (5)
Charge-offs— (2)(2)
Balance at June 30, 2025
$37 $10 $47 
Commercial Loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:
June 30, 2026
Loan-to-Value Ratio20262025202420232022PriorTotal
(in millions)
> 100%$— $— $— $— $— $27 $27 
80% - 100%10 — 3 — 1 32 46 
60% - 80%87 72 20 12 5 117 313 
40% - 60%45 133 89 46 27 334 674 
< 40%12 50 63 11 69 841 1,046 
Total$154 $255 $175 $69 $102 $1,351 $2,106 

December 31, 2025
Loan-to-Value Ratio20252024202320222021PriorTotal
(in millions)
> 100%$— $— $— $— $— $15 $15 
80% - 100%— — — — — 56 56 
60% - 80%83 82 18 12 — 103 298 
40% - 60%129 87 42 26 62 339 685 
< 40%45 15 11 65 108 741 985 
Total$257 $184 $71 $103 $170 $1,254 $2,039 
Commercial Loans | Commercial mortgage loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
LoansPercentage
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
(in millions)
East North Central$198 $185 9 %9 %
East South Central54 51 3 3 
Middle Atlantic141 126 7 6 
Mountain161 168 8 8 
New England53 35 3 2 
Pacific706 696 33 34 
South Atlantic569 552 27 27 
West North Central114 110 5 5 
West South Central110 116 5 6 
Total
$2,106 $2,039 100 %100 %
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
LoansPercentage
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
(in millions)
Apartments$636 $600 30 %29 %
Hotel46 40 2 2 
Industrial417 404 20 20 
Mixed use81 83 4 4 
Office181 190 8 9 
Retail523 528 25 26 
Other222 194 11 10 
Total
$2,106 $2,039 100 %100 %
Commercial Loans | Syndicated loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
June 30, 2026
Internal Risk Rating20262025202420232022PriorTotal
(in millions)
Risk 5$— $— $— $— $— $— $— 
Risk 4— 1 — — — 1 2 
Risk 36 7 1 1 — — 15 
Risk 213 8 9 3 — 3 36 
Risk 1— 9 10 2 — — 21 
Total$19 $25 $20 $6 $— $4 $74 
December 31, 2025
Internal Risk Rating20252024202320222021PriorTotal
(in millions)
Risk 5$— $— $— $— $— $— $— 
Risk 4— — — — — 1 1 
Risk 37 1 1 — — — 9 
Risk 211 15 3 — 3 3 35 
Risk 114 15 5 — — — 34 
Total$32 $31 $9 $— $3 $4 $79 
Commercial Loans | Loans to financial advisors  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of advisor loans by origination year and termination status:
June 30, 2026
Termination Status20262025202420232022PriorTotal
(in millions)
Active$421 $604 $278 $252 $176 $176 $1,907 
Terminated— 2 1 — 1 9 13 
Total$421 $606 $279 $252 $177 $185 $1,920 
December 31, 2025
Termination Status20252024202320222021PriorTotal
(in millions)
Active$637 $309 $280 $215 $79 $142 $1,662 
Terminated— 1 — 1 1 8 11 
Total$637 $310 $280 $216 $80 $150 $1,673 
Consumer Loans | Residential mortgage loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score:
FICO Score
June 30, 2026
2026
2025202420232022
Prior
Total
(in millions)
> 810
$14 $22 $5 $5 $2 $2 $50 
780 - 809
138 185 68 47 21 11 470 
740 - 779
116 138 49 54 20 10 387 
720 - 739
17 31 15 12 3 4 82 
700 - 719
18 18 6 7 5 4 58 
< 699
3 13 6 4 3 3 32 
Total$306 $407 $149 $129 $54 $34 $1,079 
FICO Score
December 31, 2025
2025
2024202320222021
Prior
Total
(in millions)
> 810
$23 $8 $7 $2 $2 $1 $43 
780 - 809
177 76 50 22 7 5 337 
740 - 779
128 56 62 22 7 4 279 
720 - 739
29 17 13 4 4 — 67 
700 - 719
16 8 8 5 3 1 41 
< 699
14 6 6 3 3 — 32 
Total$387 $171 $146 $58 $26 $11 $799 
The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region:
Loans
Percentage
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
(in millions)
Minnesota
$497 $420 46 %53 %
Other U.S. States
582 379 54 47 
Total$1,079 $799 100 %100 %
Consumer Loans | Credit card receivables  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The table below presents the amortized cost basis of credit card receivables by FICO score:
FICO Score
June 30, 2026
December 31, 2025
(in millions)
> 800$37 $39 
750 - 79931 31 
700 - 74928 27 
650 - 69916 16 
< 6509 9 
Total$121 $122