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Liabilities arising from securities
 12 Months Ended
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:

   
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)."

 

   
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:

   
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:

     
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:

 

       
         
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.