Securities

9 Months Ended

Sep. 30, 2025

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.

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.


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.

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.