Other assets

9 Months Ended

Sep. 30, 2025

The following table provides the components of other assets presented on the consolidated balance sheet.


Other assets	Sept. 30, 2025		Dec. 31, 2024
(in millions)
Corporate/bank-owned life insurance	$	5,606	$	5,552
Accounts receivable (a)	5,183		4,931
Fails to deliver	3,406		1,292
Tax credit investments	2,888		2,821
Software	2,700		2,676
Prepaid pension assets	2,350		2,035
Equity method investments	928		852
Prepaid expense	833		736
Assets of consolidated investment management funds	826		891
Other equity investments (b)	747		679
Federal Reserve Bank stock	489		478
Income taxes receivable	444		255
Cash collateral receivable on derivative transactions	385		292
Fair value of hedging derivatives	328		781
Seed capital (c)	195		196
Other (d)	1,033		1,223
Total other assets	$	28,341	$	25,690

(a) Includes receivables for securities sold or matured that have not yet settled.

(b) Includes strategic equity, private equity and other investments.

(d) At Sept. 30, 2025 and Dec. 31, 2024, other assets include $57 million and $57 million, respectively, of Federal Home Loan Bank stock, at cost.

Non-readily marketable equity securities

Non-readily marketable equity securities do not have readily determinable fair values. These investments are valued using a measurement alternative where the investments are carried at cost, less any impairment, and plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The observable price changes are recorded in investment and other revenue on the consolidated income statement. Our non-readily marketable equity securities totaled $473 million at Sept. 30, 2025 and $413 million at Dec. 31, 2024, and are included in other equity investments in the table above.

The following table presents the adjustments on the non-readily marketable equity securities.


Adjustments on non-readily marketable equity securities											Life-to- date
(in millions)	3Q25		2Q25		3Q24		YTD25		YTD24		Life-to- date
Upward adjustments	$	2	$	18	$	—	$	32	$	1	$	368
Downward adjustments	—		(1)		—		(1)		—		(56)
Net adjustments	$	2	$	17	$	—	$	31	$	1	$	312

Tax credit investments

Tax credit investments include affordable housing projects and renewable energy investments. We invest in affordable housing projects primarily to satisfy the Company’s requirements under the Community Reinvestment Act. We invest in renewable energy projects to receive an expected after-tax return, which consists of allocated renewable energy tax credits, tax deductions and cash distributions based on the operations of the project.

Our tax credit investments totaled $2.9 billion at Sept. 30, 2025 and $2.8 billion at Dec. 31, 2024. Commitments to fund future investments totaled $897 million at Sept. 30, 2025 and $951 million at Dec. 31, 2024 and are recorded in other liabilities on the consolidated balance sheet. A summary of the commitments to fund future investments as of Sept. 30, 2025 is as follows: remainder of 2025 – $271 million; 2026 – $128 million; 2027 – $128 million; 2028 – $89 million; 2029 – $79 million; and 2030 and thereafter – $202 million.

Tax credits and other tax benefits recognized were $140 million in the third quarter of 2025, $134 million in the second quarter of 2025, $114 million in the third quarter of 2024, $416 million in the first nine months of 2025 and $342 million in the first nine months of 2024.

Amortization expense included in the provision for income taxes was $112 million in the third quarter of 2025, $115 million in the second quarter of 2025, $92 million in the third quarter of 2024, $353 million in the first nine months of 2025 and $276 million in the first nine months of 2024.

Investments valued using net asset value (“NAV”) per share

In our Investment and Wealth Management business segment, we make seed capital investments in certain funds we manage. We also hold private equity investments, primarily small business investment companies (“SBICs”), which are compliant with the

Volcker Rule, and certain other corporate investments. Seed capital, private equity and other corporate investments are included in other assets on the consolidated balance sheet. The fair value of certain of these investments was estimated using the NAV per share for our ownership interest in the funds.

The table below presents information on our investments valued using NAV.


Investments valued using NAV	Sept. 30, 2025					Dec. 31, 2024
(in millions)	Fair value		Unfunded commitments			Fair value		Unfunded commitments
Seed capital (a)	$	7		$	—	$	7		$	—
Private equity investments (b)	138			82		137			59
Other	9			—		8			—
Total	$	154		$	82	$	152		$	59

(a) Seed capital investments at Sept. 30, 2025 are generally redeemable on request. Distributions are received as the underlying investments in the funds, which have redemption notice periods of up to seven days, are liquidated.

(b) Private equity investments primarily include Volcker Rule-compliant investments in SBICs that invest in various sectors of the economy. Private equity investments do not have redemption rights. Distributions from such investments will be received as the underlying investments in the private equity investments, which have a life of 10 years, are liquidated.