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Liabilities arising from securities | 12 Months Ended
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Dec. 31, 2025
Liabilities Arising From Securities |
Liabilities arising from securities |
| 18. | Liabilities arising from securities
The breakdown, by classification and type, of “Liabilities arising from securities” is as follows:
Schedule of liabilities arising from securities |  |
Thousand of Reais | 2025 | 2024
Classification: |  |
Financial Liabilities Measured at Fair Value in Income Held for Trading | 3,263,266 | 4,045,496
Financial liabilities at amortized cost | 156,662,290 | 135,632,632
Total | 159,925,556 | 139,678,128
Type: |  |
Real estate credit notes - LCI (1) | 53,374,694 | 45,798,532
Eurobonds | 18,052,632 | 19,851,326
Financial Bills (2) | 38,233,834 | 24,515,804
Agribusiness credit notes - LCA | 38,740,151 | 32,447,165
Secured Real Estate Notes (3) | 11,524,245 | 17,065,301
Total | 159,925,556 | 139,678,128
(1) | Real estate credit notes ("LCI") are fixed income securities backed by real estate loans and secured by either mortgage or fiduciary transfer of properties. As of December 31, 2025, their maturity dates ranged from 2026 to 2034 (2024 - with maturity dates from 2025 to 2034).
(2) | The key attributes of financial bills include a minimum term of two years, a minimum nominal value of R$50, and the permission for early redemption of only 5% of the issued amount. As of December 31, 2025, their maturity dates ranged from 2026 to 2035 (2024 - with maturity dates from 2025 to 2034).
(3) | Secured real estate notes are fixed-income securities backed by real estate loans collateralized by the issuer and by a pool of real estate loans segregated from the issuer's other assets. As of December 31, 2025, their maturity dates ranged from 2026 to 2045 (2024 - with maturity dates from 2025 to 2035)."
Schedule of indexing |  |
Indexing Units: | Domestic Currency | Foreign Currency
Financial Bills | 100% to 106,75% of CDI | —
| 100% of IPCA | —
| Pre fixed: 10.10% to 16.38% | —
Real estate credit notes - LCI | 70% to 105.8% of CDI | —
| Pre fixed: 5.20% to 15.66% | —
Agribusiness credit notes - LCA | 80% to 108% of CDI | —
| Pre fixed: 7.74% to 15.76% | —
Secured Real Estate Notes - LIG | 92% to 106% of CDI | —
| 100% of IPCA | —
Eurobonds | — | Up to 15%
| — | 3.67% of SOFR
The currency breakdown of the balance for this item is as follows:
Schedule of breakdown by currency |  |
Thousand of Reais |
Currency: | 2025 | 2024
Real | 141,872,924 | 119,826,802
U.S. dollar | 18,052,632 | 19,851,326
Total | 159,925,556 | 139,678,128
| Average interest rate (%)
Currency: | 2025 | 2024
Real | 11.9% | 11.4%
U.S. dollar | 5.7% | 6.1%
Total | 8.8% | 8.8%
The changes in “Liabilities arising from securities” were as follows:
Schedule of changes in liabilities arising from securities |  |  |
Thousand of Reais | 2025 | 2024 | 2023
Balance at the beginning of the fiscal year | 139,678,128 | 130,383,015 | 116,042,393
Issuances | 88,504,440 | 39,541,342 | 75,404,958
Payments | (79,939,286) | (33,038,049) | (63,400,960)
Interest | 3,839,689 | 3,778,418 | 4,998,766
Exchange differences and Others | 7,842,585 | (986,598) | (2,662,142)
Balance at the end of the fiscal year | 159,925,556 | 139,678,128 | 130,383,015
As of December 31, 2025, 2024 and 2023, none of these instruments had been converted into shares of the Bank nor had they obtained privileges or rights that, under certain circumstances, would render them convertible into shares. Note 43-d provides details on the residual maturity periods of the financial liabilities at amortized cost for each fiscal year. The breakdown of “Eurobonds and other securities” is as follows:
Schedule of breakdown of eurobonds and other securities |  |  |  |
Issuance | Maturity by | Interest Rate (p.a.) | 2025 | 2024
2021 | 2031 | Up to 6% | 2,608,545 | 4,195,534
2022 | 2035 | Up to 15% | 1,247,459 | 1,459,607
2023 | 2029 | Up to 15% | 2,022,920 | 3,102,939
2024 (1) | 2029 | Up to 6% | 2,568,847 | 11,093,246
2025 | 2035 | Up to 15% | 9,604,861 | -
Total |  |  | 18,052,632 | 19,851,326
(1) | Includes SOFR fee.

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