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LONG-TERM SUBORDINATED NOTES (Tables)
9 Months Ended
Sep. 30, 2025
Long-Term Debt, Unclassified [Abstract]  
Schedule of Outstanding Fixed to Floating Rate Long Term Subordinated Notes
The table below displays Holdings’ outstanding fixed to floating rate long-term subordinated notes (“Subordinated Notes Issued 2007”). Fair value is based on quoted market prices, but due to limited trading activity, the Subordinated Notes Issued 2007 are considered Level 2 in the fair value hierarchy.
Maturity DateSeptember 30, 2025December 31, 2024
(Dollars in millions)Date IssuedOriginal
Principal Amount
ScheduledFinalConsolidated Balance
Sheet Amount
Fair ValueConsolidated Balance
Sheet Amount
Fair Value
Subordinated Notes Issued 20074/26/2007$400 5/15/20375/1/2067$218 $211 $218 $215 
Schedule of Interest Expense Incurred in Connection with Long Term Subordinated Notes
Interest expense incurred in connection with these long-term Subordinated Notes Issued 2007 is as follows for the periods indicated:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Dollars in millions)2025202420252024
Interest expense incurred$$$12 $13