| Fair Value, Assets Measured on Recurring Basis |
The following tables present our assets measured at fair value on a recurring basis. Liabilities measured at fair value on a recurring basis were not material for the periods presented: Recurring Fair Value Measurements | | | | | | | | | | | | | | | | | | | | | | | | | At September 30, 2026 ($ in millions) | Level 1 | | Level 2 | | Level 3 | | Total(a) | | Assets | | | | | | | | | Debt securities | | | | | | | | | U.S. government and federal agency | $ | — | | | $ | 3,394 | | | $ | — | | | $ | 3,394 | | | State and municipal | — | | | — | | | 50 | | | 50 | | | Residential mortgage-backed | — | | | 309 | | | — | | | 309 | | | Asset-backed | — | | | 595 | | | — | | | 595 | | | Other | — | | | — | | | 8 | | | 8 | | Other(b) | 12 | | | — | | | 4 | | | 16 | | | Total | $ | 12 | | | $ | 4,298 | | | $ | 62 | | | $ | 4,372 | | | | | | | | | | | At December 31, 2025 ($ in millions) | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | Debt securities | | | | | | | | | U.S. government and federal agency | $ | — | | | $ | 1,492 | | | $ | — | | | $ | 1,492 | | | State and municipal | — | | | — | | | 35 | | | 35 | | | Residential mortgage-backed | — | | | 297 | | | — | | | 297 | | | Asset-backed | — | | | 515 | | | — | | | 515 | | | Other | — | | | — | | | 9 | | | 9 | | Other(b) | 15 | | | — | | | 7 | | | 22 | | | Total | $ | 15 | | | $ | 2,304 | | | $ | 51 | | | $ | 2,370 | |
_______________________ (a) For the nine months ended September 30, 2026 and 2025, there were no fair value measurements transferred between levels and changes in our Level 3 assets were not material. (b) Other is primarily comprised of equity investments measured at fair value, which are included in Other assets in our Condensed Consolidated Statements of Financial Position.
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| Fair Value, by Balance Sheet Grouping |
Financial Assets and Financial Liabilities Carried at Other Than Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying | | Corresponding fair value amount | | At September 30, 2026 ($ in millions) | value | | Total | | Level 1 | | Level 2 | | Level 3 | | Financial Assets | | | | | | | | | | Financial assets for which carrying values equal or approximate fair value(a): | | | | | | | | | | | Cash and equivalents | $ | 15,901 | | | $ | 15,901 | | | $ | 15,901 | | | $ | — | | | $ | — | | | Accrued interest receivable | $ | 49 | | | $ | 49 | | | $ | 49 | | | $ | — | | | $ | — | | Other assets(b) | $ | 796 | | | $ | 796 | | | $ | 796 | | | $ | — | | | $ | — | | | | | | | | | | | | | Financial assets carried at other than fair value: | | | | | | | | | | Loan receivables, net(c) | $ | 93,003 | | | $ | 105,648 | | | $ | — | | | $ | — | | | $ | 105,648 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial Liabilities | | | | | | | | | | Financial liabilities for which carrying values equal or approximate fair value(a): | | | | | | | | | | | Accrued interest payable | $ | 227 | | | $ | 227 | | | $ | 227 | | | $ | — | | | $ | — | | | Financial liabilities carried at other than fair value: | | | | | | | | | | Deposits(d) | $ | 82,951 | | | $ | 82,965 | | | $ | — | | | $ | 82,965 | | | $ | — | | | Borrowings of consolidated securitization entities | $ | 8,915 | | | $ | 8,849 | | | $ | — | | | $ | 5,931 | | | $ | 2,918 | | | | | | | | | | | | | Senior and subordinated unsecured notes | $ | 8,110 | | | $ | 7,888 | | | $ | — | | | $ | 7,888 | | | $ | — | | | | | | | | | | | | | Carrying | | Corresponding fair value amount | | At December 31, 2025 ($ in millions) | value | | Total | | Level 1 | | Level 2 | | Level 3 | | Financial Assets | | | | | | | | | | Financial assets for which carrying values equal or approximate fair value(a): | | | | | | | | | | | Cash and equivalents | $ | 14,973 | | | $ | 14,973 | | | $ | 14,973 | | | $ | — | | | $ | — | | | Accrued interest receivable | $ | 27 | | | $ | 27 | | | $ | 27 | | | $ | — | | | $ | — | | Other assets(b) | $ | 44 | | | $ | 44 | | | $ | 44 | | | $ | — | | | $ | — | | | | | | | | | | | | | Financial assets carried at other than fair value: | | | | | | | | | | Loan receivables, net(c) | $ | 93,364 | | | $ | 106,591 | | | $ | — | | | $ | — | | | $ | 106,591 | | | | | | | | | | | | | | | | | | | | | | | Financial Liabilities | | | | | | | | | | Financial liabilities for which carrying values equal or approximate fair value(a): | | | | | | | | | | | Accrued interest payable | $ | 287 | | | $ | 287 | | | $ | 287 | | | $ | — | | | $ | — | | | Financial liabilities carried at other than fair value: | | | | | | | | | | Deposits(d) | $ | 81,144 | | | $ | 81,374 | | | $ | — | | | $ | 81,374 | | | $ | — | | | Borrowings of consolidated securitization entities | $ | 8,415 | | | $ | 8,477 | | | $ | — | | | $ | 5,559 | | | $ | 2,918 | | | | | | | | | | | | | Senior and subordinated unsecured notes | $ | 6,767 | | | $ | 6,870 | | | $ | — | | | $ | 6,870 | | | $ | — | |
_______________________ (a) Carrying value approximates fair value as the financial assets and liabilities are liquid in nature or have a short-term maturity. (b) This balance relates to restricted cash and equivalents, which is included in Other assets in our Condensed Consolidated Statements of Financial Position. (c) Excludes financial assets for which we have elected the fair value option. Under certain retail partner program agreements, the expected sales proceeds in the event of a sale of their credit card portfolio may be limited to the amounts owed by our customers, which may be less than the fair value indicated above. (d)Includes demand deposits with no defined maturity.
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| Equity Securities without Readily Determinable Fair Value |
| | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | At or for the periods ended September 30 ($ in millions) | 2026 | | 2025 | | 2026 | | 2025 | Carrying value(a) | $ | 272 | | | $ | 268 | | | $ | 272 | | | $ | 268 | | Upward adjustments(b) | $ | — | | | $ | — | | | $ | — | | | $ | — | | Downward adjustments(b) | $ | (3) | | | $ | (8) | | | $ | (3) | | | $ | (8) | |
_______________________(a) Carrying value reflects cumulative purchases and sales in addition to upward and downward carrying value changes, and at December 31, 2025 was $269 million. (b) Between January 1, 2018 and September 30, 2026, cumulative upward and downward carrying value adjustments for equity securities held at September 30, 2026 were $201 million and $(12) million, respectively.
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