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SECURITIES FINANCING ACTIVITIES
 9 Months Ended
Sep. 30, 2026
Banking and Thrift, Other Disclosure [Abstract]  
SECURITIES FINANCING ACTIVITIES SECURITIES FINANCING ACTIVITIES
The Company may enter into Securities Financing Activities primarily to deploy the Company’s excess cash and investment positions. Securities Financing Activities are treated as collateralized financings and are included in "Federal funds sold and securities purchased under resale agreements or similar arrangements" and "Federal funds purchased and securities loaned or sold under repurchase agreements" on the Company’s Condensed Consolidated Balance Sheets. Refer to Note 1 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for 2025 for further discussion of accounting for and the offsetting of securities financing assets and liabilities.
Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following at the dates indicated:
(in millions)September 30, 2026December 31, 2025
Securities purchased under agreements to resell$8,585 $7,233 
Securities borrowed1,007 1,407 
Total$9,592 $8,640 

Securities loaned or sold under agreements to repurchase, at their respective carrying values, consisted of the following at the dates indicated:
(in millions)September 30, 2026December 31, 2025
Securities sold under agreements to repurchase$22,779 $19,459 
Securities lending11 1 
Total$22,790 $19,460 
NOTE 12. SECURITIES FINANCING ACTIVITIES (continued)

Securities Financing Activities are generally executed under standard industry agreements, including master agreements that create a single contract under which all transactions between two counterparties are executed, allowing for trade aggregation of receivables and payables into a single net payment or settlement. The amounts of securities financing assets or liabilities qualified for offset in the Condensed Consolidated Balance Sheets were as follows for the dates indicated.

September 30, 2026
Gross amounts not offset on the Consolidated Balance Sheets (2)
(in millions)
Gross amounts of recognized assets
Gross amounts offset on the Condensed Consolidated Balance Sheets (1)
Net amounts of assets included on the Condensed Consolidated Balance Sheets
Financial instruments
Cash collateral received
Net amounts
Securities purchased under agreements to resell$32,246 $(23,661)$8,585 $(8,470)$(80)$35 
Securities borrowed1,007 — 1,007 (982)— $25 
Total$33,253 $(23,661)$9,592 $(9,452)$(80)$60 
September 30, 2026
Gross amounts not offset on the Consolidated Balance Sheets (2)
(in millions)
Gross amounts of recognized liabilities
Gross amounts offset on the Condensed Consolidated Balance Sheets (1)
Net amounts of liabilities included on the Condensed Consolidated Balance Sheets
Financial instruments
Cash collateral pledged
Net amounts
Securities sold under agreements to repurchase$46,123 $(23,661)$22,462 $(22,234)$(108)$120 
Securities lending11 — 11 (10)— $1 
Total securities loaned or sold under agreements to repurchase subject to master netting$46,134 $(23,661)$22,473 $(22,244)$(108)$121 
Securities loaned or sold under agreements to repurchase not subject to master netting$317 $— $317 $(317)$— $— 
Total
$46,451 $(23,661)$22,790 $(22,561)$(108)$121 
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2) In some instances, collateral exceeds the related financial asset/liability, and such excess collateral amounts are excluded from this table. Financial instruments that are pledged to the Company are not reflected in the accompanying Condensed Consolidated Balance Sheets since the Company does not control or have the ability to re-hypothecate these instruments.
NOTE 12. SECURITIES FINANCING ACTIVITIES (continued)

December 31, 2025
(in millions)
Gross amounts of recognized assets
Gross amounts offset on the Consolidated Balance Sheets (1)
Net amounts of assets included on the Consolidated Balance Sheets
Securities purchased under agreements to resell$27,629 $(20,396)$7,233 
Securities borrowed1,407 — 1,407 
Total
$29,036 $(20,396)$8,640 
December 31, 2025
(in millions)
Gross amounts of recognized liabilities
Gross amounts offset on the Consolidated Balance Sheets (1)
Net amounts of liabilities included on the Consolidated Balance Sheets
Securities sold under agreements to repurchase$39,855 $(20,396)$19,459 
Securities lending1 — 1 
Total$39,856 $(20,396)$19,460 
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.

The following table presents the gross amounts of liabilities associated with Securities Financing Activities by remaining contractual maturity as of the date indicated:
September 30, 2026
(in millions)Open and overnightUp to 30 days31-90 daysGreater than 90 daysTotal
Securities sold under agreements to repurchase$28,410 $6,894 $3,628 $7,508 $46,440 
Securities lending11 — — — 11 
Total$28,421 $6,894 $3,628 $7,508 $46,451 


The following table presents the gross amounts of liabilities associated with Securities Financing Activities by class of underlying collateral as of the dates indicated:
September 30, 2026December 31, 2025
(in millions)
Repurchase agreements
Securities lending
Total
Repurchase agreements
Securities lending
Total
U.S. Treasury
$25,280 $— $25,280 $20,707 $— $20,707 
Agency MBS
19,559 — 19,559 17,671 — 17,671 
Corporate and other securities1,601 11 1,612 1,477 1 1,478 
Total
$46,440 $11 $46,451 $39,855 $1 $39,856 

The Company enters into securities lending transactions in which it borrows securities from clients and lends those securities to third parties in exchange for collateral and a lending fee. These transactions are accounted for as secured borrowings under ASC 860. Collateral received in these transactions consists primarily of securities and is associated to the nominee account related to client securities held. In certain arrangements, the Company is not permitted to sell or repledge the collateral received. Accordingly, such collateral is not recognized on the balance sheet. Collateral is recognized only when received in the form of cash or securities that the Company is permitted to sell or repledge. As of September 30, 2026, the Company had securities borrowed and lent of $750 million and received collateral of $784 million under these arrangements. These amounts are not reflected on the consolidated balance sheet. The Company retains exposure to counterparty credit risk in the event that a borrower fails to return the securities. This risk is mitigated through the receipt of collateral and ongoing monitoring of collateral values. Fees earned from borrowers are recorded in non-interest income, while amounts paid to clients are recorded as expense.