COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Activity of Funding Agreements

The table below summarizes the Company’s activity of funding agreements with the FHLB.

Change in FHLB Funding Agreements during the Nine Months Ended September 30, 2025


	Outstanding Balance at December 31, 2024		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Outstanding Balance at September 30, 2025
	(in millions)
Short-term funding agreements:
Due in one year or less	$	5,843	$	54,265	$	(54,565)	$	409	$	—	$	5,952
Long-term funding agreements:
Due in years two through five	829		200		—		(388)		—		641
Due in more than five years	493		—		—		(21)		—		472
Total long-term funding agreements	1,322		200		—		(409)		—		1,113
Total funding agreements (1)	$	7,165	$	54,465	$	(54,565)	$	—	$	—	$	7,065

_____________

(1)The $16 million and $2 million difference between the funding agreements notional value shown above and carrying value shown in fair value table for September 30, 2025 and December 31, 2024, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates.

The table below summarizes activity of funding agreements under the FABN programs.

Change in FABN Funding Agreements during the Nine Months Ended September 30, 2025


	Outstanding Balance at December 31, 2024		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Foreign Currency Transaction Adjustment		Outstanding Balance at September 30, 2025
	(in millions)
Short-term funding agreements:
Due in one year or less	$	1,050	$	300	$	(650)	$	950	$	—	$	—	$	1,650
Long-term funding agreements:
Due in years two through five	4,393		3,700		—		(950)		—		97		7,240
Due in more than five years	300		500		—		—		—		—		800
Total long-term funding agreements	4,693		4,200		—		(950)		—		97		8,040
Total funding agreements (1)	$	5,743	$	4,500	$	(650)	$	—	$	—	$	97	$	9,690

_____________

(1)The $56 million and $18 million difference between the funding agreements notional value shown and carrying value table as of September 30, 2025 and December 31, 2024, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.