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v3.25.3

Securities | 9 Months Ended
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Sep. 30, 2025
Securities [Abstract] |
Securities | Securities The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of securities at Sept. 30, 2025 and Dec. 31, 2024.
Securities at Sept. 30, 2025 | Gross unrealized | Fair value
| Amortized cost
(in millions) | Gains | Losses
Available-for-sale: |  |  |  |
Non-U.S. government (a) | $ | 28,590 |  | $ | 98 |  | $ | 193 |  | $ | 28,495 |
U.S. Treasury | 24,232 |  | 69 |  | 75 |  | 24,226 |
Agency residential mortgage-backed securities (“RMBS”) | 21,130 |  | 171 |  | 284 |  | 21,017 |
Foreign covered bonds | 7,779 |  | 42 |  | 59 |  | 7,762 |
Agency commercial mortgage-backed securities (“MBS”) | 6,920 |  | 10 |  | 145 |  | 6,785 |
Collateralized loan obligations (“CLOs”) | 6,122 |  | 5 |  | 2 |  | 6,125 |
Non-agency commercial MBS | 2,305 |  | 1 |  | 96 |  | 2,210 |
U.S. government agencies | 1,555 |  | 6 |  | 1 |  | 1,560 |
Non-agency RMBS | 1,533 |  | 2 |  | 128 |  | 1,407 |
Other asset-backed securities (“ABS”) | 426 |  | 1 |  | 25 |  | 402 |
Total available-for-sale securities excluding portfolio level basis adjustments | 100,592 |  | 405 |  | 1,008 |  | 99,989 |
Portfolio level basis adjustments (b) | 64 |  | (64) |  | — |  | — |
Total available-for-sale securities | $ | 100,656 |  | $ | 341 |  | $ | 1,008 |  | $ | 99,989 |
Held-to-maturity: |  |  |  |
Agency RMBS | $ | 26,439 |  | $ | 29 |  | $ | 2,521 |  | $ | 23,947 |
U.S. Treasury | 8,818 |  | 13 |  | 218 |  | 8,613 |
Non-U.S. government (a) | 5,815 |  | 25 |  | 21 |  | 5,819 |
Agency commercial MBS | 3,017 |  | 2 |  | 138 |  | 2,881 |
U.S. government agencies | 2,734 |  | — |  | 199 |  | 2,535 |
CLOs | 1,971 |  | 3 |  | 2 |  | 1,972 |
Foreign covered bonds | 734 |  | 3 |  | — |  | 737 |
Other debt securities | 11 |  | — |  | 1 |  | 10 |
Total held-to-maturity securities | $ | 49,539 |  | $ | 75 |  | $ | 3,100 |  | $ | 46,514 |
Total securities | $ | 150,195 |  | $ | 416 |  | $ | 4,108 |  | $ | 146,503 |
(a) Includes supranational securities. (b) Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale securities, which are not allocated to individual securities in the portfolio. See Note 16 for additional information on our hedging activities.
Securities at Dec. 31, 2024 | Gross unrealized |
| Amortized cost | Fair value
(in millions) | Gains | Losses
Available-for-sale: |  |  |  |
Non-U.S. government (a) | $ | 25,042 |  | $ | 61 |  | $ | 356 |  | $ | 24,747 |
Agency RMBS | 20,459 |  | 16 |  | 575 |  | 19,900 |
U.S. Treasury | 16,575 |  | 9 |  | 181 |  | 16,403 |
Agency commercial MBS | 7,467 |  | 5 |  | 247 |  | 7,225 |
Foreign covered bonds | 7,129 |  | 33 |  | 94 |  | 7,068 |
CLOs | 5,809 |  | 10 |  | — |  | 5,819 |
Non-agency commercial MBS | 2,641 |  | 2 |  | 156 |  | 2,487 |
U.S. government agencies | 2,304 |  | 4 |  | 19 |  | 2,289 |
Non-agency RMBS | 1,639 |  | 2 |  | 163 |  | 1,478 |
Other ABS | 654 |  | 1 |  | 40 |  | 615 |
Total available-for-sale securities excluding portfolio level basis adjustments | 89,719 |  | 143 |  | 1,831 |  | 88,031 |
Portfolio level basis adjustments (b) | (92) |  | — |  | (92) |  | — |
Total available-for-sale securities | $ | 89,627 |  | $ | 143 |  | $ | 1,739 |  | $ | 88,031 |
Held-to-maturity: |  |  |  |
Agency RMBS | $ | 25,824 |  | $ | 4 |  | $ | 3,545 |  | $ | 22,283 |
U.S. Treasury | 8,833 |  | — |  | 443 |  | 8,390 |
Non-U.S. government (a) | 4,479 |  | 8 |  | 36 |  | 4,451 |
U.S. government agencies | 3,669 |  | — |  | 322 |  | 3,347 |
Agency commercial MBS | 3,395 |  | — |  | 243 |  | 3,152 |
CLOs | 1,816 |  | 2 |  | — |  | 1,818 |
Foreign covered bonds | 555 |  | 1 |  | 1 |  | 555 |
Non-agency RMBS | 14 |  | — |  | — |  | 14 |
Other debt securities | 11 |  | — |  | 1 |  | 10 |
Total held-to-maturity securities | $ | 48,596 |  | $ | 15 |  | $ | 4,591 |  | $ | 44,020 |
Total securities | $ | 138,223 |  | $ | 158 |  | $ | 6,330 |  | $ | 132,051 |
(a) Includes supranational securities. (b) Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale securities, which are not allocated to individual securities in the portfolio. See Note 16 for additional information on our hedging activities. The following table presents the realized gains and losses, on a gross basis.
Net securities gains (losses) |  |  |  |
(in millions) | 3Q25 | 2Q25 | 3Q24 | YTD25 | YTD24
Realized gross gains | $ | 8 |  | $ | 5 |  | $ | 27 |  | $ | 17 |  | $ | 37 |
Realized gross losses | (38) |  | (40) |  | (44) |  | (82) |  | (72) |
Total net securities (losses) | $ | (30) |  | $ | (35) |  | $ | (17) |  | $ | (65) |  | $ | (35) |
The following table presents pre-tax net securities gains (losses) by type.
Net securities gains (losses) |  |  |
(in millions) | 3Q25 | 2Q25 | 3Q24 | YTD25 | YTD24
U.S. Treasury | $ | (3) |  | $ | — |  | $ | — |  | $ | — |  | $ | (12) |
Other ABS | — |  | — |  | (13) |  | — |  | (13) |
Non-agency RMBS | — |  | (3) |  | 24 |  | (3) |  | 24 |
Non-U.S. government | (11) |  | (28) |  | (14) |  | (39) |  | (13) |
Other | (16) |  | (4) |  | (14) |  | (23) |  | (21) |
Total net securities (losses) | $ | (30) |  | $ | (35) |  | $ | (17) |  | $ | (65) |  | $ | (35) |
In the third quarter of 2025, agency RMBS with an aggregate amortized cost of $755 million and fair value of $759 million were transferred from available-for-sale securities to held-to-maturity securities. This transfer reduced the impact of changes in interest rates on accumulated other comprehensive income (“OCI”). Allowance for credit losses – Securities The amortized cost of available-for-sale and held-to-maturity securities is net of the allowance for credit losses. The allowance for credit losses related to securities was less than $1 million at Sept. 30, 2025 and Dec. 31, 2024 and related to other debt securities. Credit quality indicators – Securities At Sept. 30, 2025, the gross unrealized losses on the securities portfolio were primarily attributable to an increase in interest rates from the date of purchase, and for certain securities that were transferred from available-for-sale to held-to-maturity, an increase in interest rates through the date they were transferred. As the transfers created a new cost basis for the securities, if these securities have experienced unrealized losses since the date of transfer, the corresponding unrealized losses would be reflected in the held-to-maturity securities portfolio in the following tables. The following tables show the aggregate fair value of available-for-sale securities with a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or more without an allowance for credit losses.
Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Sept. 30, 2025 | Less than 12 months |  | 12 months or more |  | Total
Fair value | Unrealized losses |  | Fair value | Unrealized losses |  | Fair value | Unrealized losses
(in millions) |  |
U.S. Treasury | $ | 3,900 |  | $ | 8 |  |  | $ | 7,077 |  | $ | 67 |  |  | $ | 10,977 |  | $ | 75 |
Non-U.S. government (a) | 6,605 |  | 24 |  |  | 4,355 |  | 169 |  |  | 10,960 |  | 193 |
Agency RMBS | 3,375 |  | 32 |  |  | 6,240 |  | 252 |  |  | 9,615 |  | 284 |
Agency commercial MBS | 243 |  | 1 |  |  | 4,837 |  | 144 |  |  | 5,080 |  | 145 |
Foreign covered bonds | 768 |  | 2 |  |  | 1,486 |  | 57 |  |  | 2,254 |  | 59 |
Non-agency commercial MBS | 40 |  | — |  |  | 1,950 |  | 96 |  |  | 1,990 |  | 96 |
CLOs | 1,316 |  | 2 |  |  | — |  | — |  |  | 1,316 |  | 2 |
Non-agency RMBS | 185 |  | 2 |  |  | 837 |  | 126 |  |  | 1,022 |  | 128 |
U.S. government agencies | 19 |  | — |  |  | 323 |  | 1 |  |  | 342 |  | 1 |
Other ABS | 11 |  | — |  |  | 320 |  | 25 |  |  | 331 |  | 25 |
Total securities available-for-sale | $ | 16,462 |  | $ | 71 |  |  | $ | 27,425 |  | $ | 937 |  |  | $ | 43,887 |  | $ | 1,008 |
(a) Includes supranational securities.
Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Dec. 31, 2024 | Less than 12 months |  | 12 months or more |  | Total
Fair value | Unrealized losses |  | Fair value | Unrealized losses |  | Fair value | Unrealized losses
(in millions) |  |
Agency RMBS | $ | 10,469 |  | $ | 249 |  |  | $ | 7,003 |  | $ | 326 |  |  | $ | 17,472 |  | $ | 575 |
Non-U.S. government (a) | 7,283 |  | 59 |  |  | 7,305 |  | 297 |  |  | 14,588 |  | 356 |
U.S. Treasury | 4,154 |  | 15 |  |  | 8,334 |  | 166 |  |  | 12,488 |  | 181 |
Agency commercial MBS | 554 |  | 5 |  |  | 5,841 |  | 242 |  |  | 6,395 |  | 247 |
Foreign covered bonds | 892 |  | 2 |  |  | 2,287 |  | 92 |  |  | 3,179 |  | 94 |
Non-agency commercial MBS | 58 |  | — |  |  | 2,127 |  | 156 |  |  | 2,185 |  | 156 |
U.S. government agencies | 576 |  | 9 |  |  | 905 |  | 10 |  |  | 1,481 |  | 19 |
Non-agency RMBS | 139 |  | 2 |  |  | 995 |  | 161 |  |  | 1,134 |  | 163 |
Other ABS | 3 |  | — |  |  | 536 |  | 40 |  |  | 539 |  | 40 |
Total securities available-for-sale | $ | 24,128 |  | $ | 341 |  |  | $ | 35,333 |  | $ | 1,490 |  |  | $ | 59,461 |  | $ | 1,831 |
(a) Includes supranational securities. The following tables show the credit quality of the held-to-maturity securities. We have included certain credit ratings information because the information can indicate the degree of credit risk to which we are exposed. Significant changes in ratings classifications could indicate increased credit risk for us and could be accompanied by an increase in the allowance for credit losses and/or a reduction in the fair value of our securities portfolio.
Held-to-maturity securities portfolio at Sept. 30, 2025 |  |  |  | Ratings (a)
|  |  | Net unrealized gain (loss) |  |  |  |  | BB+ and lower |  |
(dollars in millions) | Amortized cost |  |  | AAA/ AA- | A+/ A- | BBB+/ BBB- | Not rated
Agency RMBS | $ | 26,439 |  |  | $ | (2,492) |  |  | 100 | % | — | % | — | % | — | % |  | — | %
U.S. Treasury | 8,818 |  |  | (205) |  |  | 100 |  | — |  | — |  | — |  |  | — |
Non-U.S. government (b)(c) | 5,815 |  |  | 4 |  |  | 100 |  | — |  | — |  | — |  |  | — |
Agency commercial MBS | 3,017 |  |  | (136) |  |  | 100 |  | — |  | — |  | — |  |  | — |
U.S. government agencies | 2,734 |  |  | (199) |  |  | 100 |  | — |  | — |  | — |  |  | — |
CLOs | 1,971 |  |  | 1 |  |  | 100 |  | — |  | — |  | — |  |  | — |
Foreign covered bonds | 734 |  |  | 3 |  |  | 100 |  | — |  | — |  | — |  |  | — |
Other debt securities | 11 |  |  | (1) |  |  | — |  | — |  | — |  | — |  |  | 100 |
Total held-to-maturity securities | $ | 49,539 |  |  | $ | (3,025) |  |  | 100 | % | — | % | — | % | — | % |  | — | %
(a) Represents ratings by Standard & Poor’s (“S&P”) or the equivalent. (b) Includes supranational securities. (c) Primarily consists of exposure to the UK, the Netherlands, France, Germany and Austria.
Held-to-maturity securities portfolio at Dec. 31, 2024 |  |  |  | Ratings (a)
|  |  | Net unrealized gain (loss) |  |  |  |  | BB+ and lower |  |
(dollars in millions) | Amortized cost |  |  | AAA/ AA- | A+/ A- | BBB+/ BBB- | Not rated
Agency RMBS | $ | 25,824 |  |  | $ | (3,541) |  |  | 100 | % | — | % | — | % | — | % |  | — | %
U.S. Treasury | 8,833 |  |  | (443) |  |  | 100 |  | — |  | — |  | — |  |  | — |
Non-U.S. government (b)(c) | 4,479 |  |  | (28) |  |  | 100 |  | — |  | — |  | — |  |  | — |
U.S. government agencies | 3,669 |  |  | (322) |  |  | 100 |  | — |  | — |  | — |  |  | — |
Agency commercial MBS | 3,395 |  |  | (243) |  |  | 100 |  | — |  | — |  | — |  |  | — |
CLOs | 1,816 |  |  | 2 |  |  | 100 |  | — |  | — |  | — |  |  | — |
Foreign covered bonds | 555 |  |  | — |  |  | 100 |  | — |  | — |  | — |  |  | — |
Non-agency RMBS | 14 |  |  | — |  |  | 23 |  | 77 |  | — |  | — |  |  | — |
Other debt securities | 11 |  |  | (1) |  |  | — |  | — |  | — |  | — |  |  | 100 |
Total held-to-maturity securities | $ | 48,596 |  |  | $ | (4,576) |  |  | 100 | % | — | % | — | % | — | % |  | — | %
(a) Represents ratings by S&P or the equivalent. (b) Includes supranational securities. (c) Primarily consists of exposure to the UK, Germany, the Netherlands, Austria and France. Maturity distribution The following table shows the maturity distribution by carrying amount and yield (on a tax equivalent basis) of our securities portfolio.
Maturity distribution and yields on securities at Sept. 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  | 1-5 years |  | 5-10 years |  | After 10 years |  | Total
(dollars in millions) | Amount | Yield (a) |  | Amount | Yield (a) |  | Amount | Yield (a) |  | Amount | Yield (a) |  | Amount | Yield (a)
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-U.S. government (b) | $ | 3,808 |  | 3.73% |  |  | $ | 20,386 |  | 3.31% |  |  | $ | 4,187 |  | 3.03% |  |  | $ | 114 |  | 3.18% |  |  | $ | 28,495 |  | 3.32% |
U.S. Treasury | 565 |  | 1.73 |  |  | 21,351 |  | 3.11 |  |  | 376 |  | 4.44 |  |  | 1,934 |  | 2.94 |  |  | 24,226 |  | 3.09 |
Foreign covered bonds | 1,296 |  | 3.37 |  |  | 5,983 |  | 3.07 |  |  | 483 |  | 3.14 |  |  | — |  | — |  |  | 7,762 |  | 3.13 |
U.S. government agencies | 15 |  | 4.43 |  |  | 983 |  | 3.52 |  |  | 562 |  | 2.61 |  |  | — |  | — |  |  | 1,560 |  | 3.20 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency RMBS |  |  |  |  |  |  |  |  |  |  |  |  | 21,017 |  | 4.49 |
Agency commercial MBS |  |  |  |  |  |  |  |  |  |  |  |  | 6,785 |  | 3.04 |
Non-agency commercial MBS |  |  |  |  |  |  |  |  |  |  |  |  | 2,210 |  | 2.87 |
Non-agency RMBS |  |  |  |  |  |  |  |  |  |  |  |  | 1,407 |  | 3.29 |
CLOs |  |  |  |  |  |  |  |  |  |  |  |  | 6,125 |  | 5.47 |
Other ABS |  |  |  |  |  |  |  |  |  |  |  |  | 402 |  | 2.60 |
Total securities available-for-sale | $ | 5,684 |  | 3.45 | % |  | $ | 48,703 |  | 3.20 | % |  | $ | 5,608 |  | 3.09 | % |  | $ | 2,048 |  | 2.95 | % |  | $ | 99,989 |  | 3.59 | %
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 3,738 |  | 1.08 | % |  | $ | 4,702 |  | 1.20 | % |  | $ | 378 |  | 1.32 | % |  | $ | — |  | — | % |  | $ | 8,818 |  | 1.16 | %
Non-U.S. government (b) | 533 |  | 2.10 |  |  | 5,078 |  | 2.71 |  |  | 204 |  | 2.11 |  |  | — |  | — |  |  | 5,815 |  | 2.64 |
U.S. government agencies | 455 |  | 1.22 |  |  | 1,753 |  | 1.55 |  |  | 482 |  | 1.71 |  |  | 44 |  | 2.11 |  |  | 2,734 |  | 1.53 |
Foreign covered bonds | 190 |  | 2.50 |  |  | 544 |  | 2.59 |  |  | — |  | — |  |  | — |  | — |  |  | 734 |  | 2.57 |
Other debt securities | — |  | — |  |  | — |  | — |  |  | 11 |  | 4.75 |  |  | — |  | — |  |  | 11 |  | 4.75 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency RMBS |  |  |  |  |  |  |  |  |  |  |  |  | 26,439 |  | 2.53 |
Agency commercial MBS |  |  |  |  |  |  |  |  |  |  |  |  | 3,017 |  | 2.63 |
CLOs |  |  |  |  |  |  |  |  |  |  |  |  | 1,971 |  | 5.66 |
Total securities held-to-maturity | $ | 4,916 |  | 1.26 | % |  | $ | 12,077 |  | 1.95 | % |  | $ | 1,075 |  | 1.68 | % |  | $ | 44 |  | 2.11 | % |  | $ | 49,539 |  | 2.37 | %
Total securities | $ | 10,600 |  | 2.44 | % |  | $ | 60,780 |  | 2.95 | % |  | $ | 6,683 |  | 2.86 | % |  | $ | 2,092 |  | 2.94 | % |  | $ | 149,528 |  | 3.19 | %
(a) Yields are based upon the amortized cost of securities and consider the contractual coupon, amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives. (b) Includes supranational securities. Pledged assets At Sept. 30, 2025, BNY had pledged assets of $141 billion, including $86 billion pledged as collateral for potential borrowings at the Federal Reserve Discount Window and $10 billion pledged as collateral for borrowing at the Federal Home Loan Bank. The components of the assets pledged at Sept. 30, 2025 included $119 billion of securities, $15 billion of loans, $6 billion of trading assets and $1 billion of interest-bearing deposits with banks. If there has been no borrowing at the Federal Reserve Discount Window, the Federal Reserve generally allows banks to freely move assets in and out of their pledged assets account to sell or repledge the assets for other purposes. BNY regularly moves assets in and out of its pledged assets account at the Federal Reserve as there have been no borrowings. At Dec. 31, 2024, BNY had pledged assets of $138 billion, including $88 billion pledged as collateral for potential borrowing at the Federal Reserve Discount Window and $10 billion pledged as collateral for borrowing at the Federal Home Loan Bank. The components of the assets pledged at Dec. 31, 2024 included $117 billion of securities, $15 billion of loans, $5 billion of trading assets and $1 billion of interest-bearing deposits with banks. At Sept. 30, 2025 and Dec. 31, 2024, pledged assets included $24 billion and $23 billion, respectively, for which the recipients were permitted to sell or repledge the assets delivered. We also obtain securities as collateral, including receipts under resale agreements, securities borrowed, derivative contracts and custody agreements, on terms which permit us to sell or repledge the securities to others. At Sept. 30, 2025 and Dec. 31, 2024, the market value of the securities received that can be sold or repledged was $366 billion and $300 billion, respectively. We routinely sell or repledge these securities through delivery to third parties. As of Sept. 30, 2025 and Dec. 31, 2024, the market value of securities collateral sold or repledged was $326 billion and $264 billion, respectively. Restricted cash and securities Cash and securities may be segregated under federal and other regulations or requirements. At Sept. 30, 2025 and Dec. 31, 2024, cash segregated under federal and other regulations or requirements was $3 billion and $1 billion, respectively. Restricted cash is primarily included in interest-bearing deposits with banks on the consolidated balance sheet. Securities segregated under federal and other regulations or requirements were $3 billion at Sept. 30, 2025 and $5 billion at Dec. 31, 2024. Restricted securities were sourced from securities purchased under resale agreements and securities borrowings and are included in federal funds sold and securities purchased under resale agreements on the consolidated balance sheet.

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