Table 18.1 provides the carrying values of assets recognized on our consolidated balance sheet that we have pledged to third parties. Assets pledged in transactions where our counterparty has the right to sell or repledge those assets are presented parenthetically on our consolidated balance sheet.

VIE RELATED. We also pledge assets in connection with various types of transactions entered into with VIEs, which are excluded from Table 18.1. These pledged assets can only be used to settle the liabilities of those entities. We also have loans recognized on our consolidated balance sheet which represent certain delinquent loans that are eligible for repurchase from GNMA loan securitizations. See Note 15 (Securitizations and Variable Interest Entities) for additional information on consolidated and unconsolidated VIE assets.


(in millions)	Dec 31, 2025		Dec 31, 2024
Pledged to counterparties that had the right to sell or repledge:
Trading assets (1)	$	145,519	95,916
Available-for-sale debt securities	563		3,078
Loans	1,161		461
Total assets pledged to counterparties that had the right to sell or repledge	147,243		99,455
Pledged to counterparties that did not have the right to sell or repledge:
Trading assets (1)	6,953		6,078
Available-for-sale debt securities	150,765		97,025
Held-to-maturity debt securities	189,730		213,829
Loans	524,290		485,701

All other assets (1)	1,183		2,046
Total assets pledged to counterparties that did not have the right to sell or repledge	872,921		804,679
Total pledged assets	$	1,020,164	904,134

(1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).