v3.26.3
BORROWINGS
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
Total borrowings and other debt obligations at September 30, 2026 were $42.8 billion, compared to $37.1 billion at December 31, 2025. The Company's debt agreements impose certain limitations on dividend payments and other transactions. The Company is currently in compliance with these limitations.

During the nine months ended September 30, 2026, the Company issued the following debt:
•$325 million of variable rate CLNs due January 2039. These notes contain a financial guarantee on a reference pool of $1.5 billion in commercial loans owned by the Company. These notes bear interest at a rate equal to the SOFR index plus 5.25% and re-sets monthly.
•$280 million of fixed-rate CLNs due July 2034. These notes contain a financial guarantee on a reference pool of $2.6 billion in auto loans owned by the Company. These notes bear a weighted average interest rate of 6.09%.
•$694 million of fixed-rate CLNs due November 2035. These notes contain a financial guarantee on a reference pool of $3.6 billion in auto loans owned by the Company. These notes bear a weighted average interest rate of 6.84%.
•$1.9 billion of secured structured financings in its SDART platform, of which it retained approximately $308 million in interests in the VIE.
•$1.0 billion in aggregate principal amount of its floating rate senior notes due August 2029 issued to Santander. These notes bear interest at a rate equal to the SOFR index plus 105 basis points.
•$1.0 billion in aggregate principal amount of its floating rate senior notes due August 2030 issued to Santander. These notes bear interest at a rate equal to the SOFR index plus 119 basis points.
•$1.0 billion in aggregate principal amount of its 5.04% fixed-to-floating rate senior notes due June 2030.
•$750 million in aggregate principal amount of its 5.22% fixed-to-floating rate senior notes due June 2032.
•$750 million in aggregate principal amount of its 5.70% fixed-to-floating rate senior notes due June 2037.

The Company continues to consolidate these VIEs on its Condensed Consolidated Balance Sheets.

In October 2026, the Company issued $1.2 billion of secured structured financings in its SDART platform, of which it retained approximately $86 million in interest in the VIE.
NOTE 9. BORROWINGS (continued)

Parent Company and other Subsidiary Borrowings and Debt Obligations

The following table presents the Parent Company and its subsidiaries' borrowings and other debt obligations at the dates indicated:

September 30, 2026December 31, 2025
(dollars in millions)Balance
Effective Rate
Balance
Effective Rate
Parent Company Borrowings
Senior notes, due various dates through June 2037 (1) (2)
14,420 
2.57% - 7.73%
11,823 
2.57% - 7.73%
Subordinated notes, due various dates through September 2035 (3)
1,430 
2.88% - 7.18%
1,000 
2.88% - 7.18%
CLNs, due various dates through November 2035
690 6.84 %— — %
Subsidiary Borrowings
Short-term borrowing due within one year, maturing through December 2026
475 3.36 %691 3.61 %
FHLB advances, maturing through September 2039
11,609 4.15 %708 4.16 %
CLNs, due various dates through February 2052
1,203 
6.09% - 19.36%
914 
6.37% - 16.29%
Warehouse lines with third parties, maturing through April 2028
— 
—%
215 4.67 %
Warehouse lines with Santander, maturing through October 2027
— — %2,000 4.44 %
Secured structured financings, maturing through May 2034
12,989 
0.59% -6.73%
19,751 
0.58% - 7.69%
Total Parent Company and subsidiaries' borrowings and other debt obligations$42,816 $37,102 
(1) The Company has entered into fair value hedges for various senior notes. Refer to Note 13 for additional information.
(2) Includes $2.0 billion payable to Santander
(3) Includes $1.0 billion payable to Santander

The Company assumed $4.3 billion in debt resulting from the contribution of Webster, primarily consisting of FHLB advances.


Warehouse Lines

The following tables present information regarding the Company's warehouse lines at the dates indicated:
September 30, 2026
(dollars in millions)BalanceCommitted AmountEffective
Rate		Assets PledgedRestricted Cash Pledged
Warehouse line with Santander due October 2027$— $2,000 — %$— $36 
NOTE 9. BORROWINGS (continued)

The warehouse lines and repurchase facilities are fully collateralized by a designated portion of the Company's RICs, leased vehicles, securitization notes payable, and residuals retained by the Company.

Secured Structured Financings

The following tables present information regarding the Company's secured structured financings at the dates indicated:
September 30, 2026
(dollars in millions)Balance
Initial Note Amounts Issued (3)
Initial Weighted Average Interest Rate Range
Collateral (2)
Restricted Cash
Public securitizations maturing on various dates through May 2034(1)
$12,608 $42,139 
0.59% - 6.45%
$16,997 $1,337 
Privately issued amortizing notes maturing on various dates through August 2030 (3)
381 7,233 
3.13% - 6.73%
870 53 
     Total secured structured financings$12,989 $49,372 
 0.59% - 6.73%
$17,867 $1,390 
(1) Securitizations executed under Rule 144A of the Securities Act are included within this balance.
(2) Secured structured financings may be collateralized by collateral overages of other issuances.
(3) Excludes securitizations which no longer have outstanding debt and excludes any incremental borrowings.
Most of the Company's secured structured financings are in the form of public, SEC-registered securitizations. The Company also executes private securitizations under Rule 144A of the Securities Act, and periodically issues private term amortizing notes, which are structured similarly to securitizations but are acquired by banks and conduits. The Company's securitizations and private issuances are collateralized by vehicle RICs and loans or leases.