v3.26.1
Investment securities
 6 Months Ended
Jun. 30, 2026
Securities [Abstract]  
Investment securities Investment securities
The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of investment securities at June 30, 2026 and Dec. 31, 2025.

Investment securities at June 30, 2026
Gross
unrealized		Fair
value
Amortized cost
(in millions)GainsLosses
Available-for-sale:
U.S. Treasury$29,994 $28 $130 $29,892 
Non-U.S. government (a)
27,778 46 160 27,664 
Agency residential mortgage-backed securities (“RMBS”)23,250 74 369 22,955 
Foreign covered bonds7,906 18 39 7,885 
Collateralized loan obligations (“CLOs”)7,000 5 2 7,003 
Agency commercial mortgage-backed securities (“MBS”)6,770 10 121 6,659 
Non-agency commercial MBS2,049 1 83 1,967 
U.S. government agencies1,534 7 3 1,538 
Non-agency RMBS1,644 1 121 1,524 
Other asset-backed securities (“ABS”)334 — 21 313 
Total available-for-sale securities excluding portfolio level basis adjustments108,259 190 1,049 107,400 
Portfolio level basis adjustments (b)
(156)— (156)— 
Total available-for-sale securities$108,103 $190 $893 $107,400 
Held-to-maturity:
Agency RMBS$29,099 $16 $2,475 $26,640 
U.S. Treasury6,123 — 164 5,959 
Non-U.S. government (a)
5,273 4 30 5,247 
Agency commercial MBS2,707 1 114 2,594 
U.S. government agencies2,513 — 176 2,337 
CLOs1,842 2 1 1,843 
Foreign covered bonds688 — 2 686 
Other debt securities11 — — 11 
Total held-to-maturity securities$48,256 $23 $2,962 $45,317 
Total investment securities$156,359 $213 $3,855 $152,717 
(a)    Includes supranational securities.
(b)    Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale securities, which are not allocated to individual securities in the portfolio. See Note 14 for additional information on our hedging activities.
Investment securities at Dec. 31, 2025
Gross
unrealized
Amortized costFair
value
(in millions)GainsLosses
Available-for-sale:
Non-U.S. government (a)
$28,593 $122 $147 $28,568 
U.S. Treasury25,621 115 25 25,711 
Agency RMBS21,261 202 243 21,220 
Foreign covered bonds8,088 37 57 8,068 
Agency commercial MBS6,891 12 123 6,780 
CLOs6,117 4 3 6,118 
Non-agency commercial MBS2,280 1 85 2,196 
U.S. government agencies1,542 12 — 1,554 
Non-agency RMBS1,631 2 118 1,515 
Other ABS397 1 22 376 
Total available-for-sale securities excluding portfolio level basis adjustments102,421 508 823 102,106 
Portfolio level basis adjustments (b)
1 (1)— — 
Total available-for-sale securities$102,422 $507 $823 $102,106 
Held-to-maturity:
Agency RMBS$26,432 $48 $2,317 $24,163 
U.S. Treasury7,830 18 173 7,675 
Non-U.S. government (a)
5,654 22 20 5,656 
Agency commercial MBS2,937 3 120 2,820 
U.S. government agencies2,653 — 178 2,475 
CLOs1,841 2 3 1,840 
Foreign covered bonds736 2 — 738 
Other debt securities11 — 1 10 
Total held-to-maturity securities$48,094 $95 $2,812 $45,377 
Total investment securities$150,516 $602 $3,635 $147,483 
(a)    Includes supranational securities.
(b)    Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale securities, which are not allocated to individual securities in the portfolio. See Note 14 for additional information on our hedging activities.

The following table presents the realized gains and losses, on a gross basis.

Net investment securities gains (losses)
(in millions)2Q262Q25YTD26YTD25
Realized gross gains$3 $5 $8 $9 
Realized gross losses(28)(40)(83)(44)
Total net investment securities gains (losses)$(25)$(35)$(75)$(35)


The following table presents pre-tax net investment securities gains (losses) by type.

Net investment securities gains (losses)
(in millions)2Q262Q25YTD26YTD25
Non-U.S. government$(11)$(28)$(32)$(28)
Foreign covered bonds(14)(4)(25)(4)
Other— (3)(18)(3)
Total net investment securities gains (losses)$(25)$(35)$(75)$(35)


Allowance for credit losses – Investment securities

The amortized cost of available-for-sale and held-to-maturity securities is net of the allowance for credit losses. The allowance for credit losses related to investment securities was less than $1 million at June 30, 2026 and Dec. 31, 2025 and related to other debt securities.

Credit quality indicators – Investment securities

At June 30, 2026, the gross unrealized losses on the investment securities portfolio were primarily attributable to an increase in interest rates from the date of purchase, and for certain securities that were transferred from available-for-sale to held-to-maturity, an increase in interest rates through the date they were transferred. As the transfers created a new cost basis for the securities, if these securities have experienced unrealized losses since the date of transfer, the corresponding unrealized losses would be reflected in the held-to-maturity securities portfolio in the following tables.
The following tables show the aggregate fair value of available-for-sale securities with a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or more without an allowance for credit losses.

Available-for-sale securities in an unrealized loss position without an allowance for credit losses at June 30, 2026
Less than 12 months12 months or moreTotal
Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
(in millions)
U.S. Treasury$10,801 $62 $7,879 $68 $18,680 $130 
Agency RMBS11,024 156 5,100 213 16,124 369 
Non-U.S. government (a)
12,690 75 2,576 85 15,266 160 
Agency commercial MBS1,256 14 3,907 107 5,163 121 
Foreign covered bonds2,376 22 301 17 2,677 39 
CLOs1,950 2 104 — 2,054 2 
Non-agency commercial MBS79 — 1,705 83 1,784 83 
Non-agency RMBS397 1 799 120 1,196 121 
U.S. government agencies392 3 53 — 445 3 
Other ABS15 — 249 21 264 21 
Total securities available-for-sale$40,980 $335 $22,673 $714 $63,653 $1,049 
(a)    Includes supranational securities.


Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Dec. 31, 2025
Less than 12 months12 months or moreTotal
Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
(in millions)
Agency RMBS$3,614 $26 $5,818 $217 $9,432 $243 
Non-U.S. government (a)
4,120 17 3,195 130 7,315 147 
Agency commercial MBS420 1 4,303 122 4,723 123 
Foreign covered bonds1,191 5 1,338 52 2,529 57 
CLOs2,280 3 — — 2,280 3 
U.S. Treasury378 1 1,671 24 2,049 25 
Non-agency commercial MBS78 — 1,881 85 1,959 85 
Non-agency RMBS267 2 807 116 1,074 118 
Other ABS14 — 294 22 308 22 
Total securities available-for-sale$12,362 $55 $19,307 $768 $31,669 $823 
(a)    Includes supranational securities.


The following tables show the credit quality of the held-to-maturity securities. We have included certain credit ratings information because the information can indicate the degree of credit risk to which we are exposed. Significant changes in ratings classifications could indicate increased credit risk for us and could be accompanied by an increase in the allowance for credit losses and/or a reduction in the fair value of our securities portfolio.

Held-to-maturity securities portfolio at June 30, 2026
Ratings (a)
Net unrealized gain (loss)BB+
and
lower
(dollars in millions)Amortized
cost		AAA/
AA-		A+/
A-		BBB+/
BBB-		Not
rated
Agency RMBS$29,099 $(2,459)100%—%—%—%—%
U.S. Treasury6,123 (164)100 — — — — 
Non-U.S. government (b)(c)
5,273 (26)83 17 — — — 
Agency commercial MBS2,707 (113)100 — — — — 
U.S. government agencies2,513 (176)100 — — — — 
CLOs1,842 1 100 — — — — 
Foreign covered bonds688 (2)100 — — — — 
Other debt securities11 — — — — — 100 
Total held-to-maturity securities$48,256 $(2,939)98%2%—%—%—%
(a)    Represents ratings by Standard & Poor’s (“S&P”) or the equivalent.
(b)    Includes supranational securities.
(c)    Primarily consists of exposure to the UK, the Netherlands, France, Germany and Austria.
Held-to-maturity securities portfolio at Dec. 31, 2025
Ratings (a)
Net unrealized gain (loss)BB+
and
lower
(dollars in millions)Amortized
cost		AAA/
AA-		A+/
A-		BBB+/
BBB-		Not
rated
Agency RMBS$26,432 $(2,269)100%—%—%—%—%
U.S. Treasury7,830 (155)100 — — — — 
Non-U.S. government (b)(c)
5,654 2 86 14 — — — 
Agency commercial MBS2,937 (117)100 — — — — 
U.S. government agencies2,653 (178)100 — — — — 
CLOs1,841 (1)100 — — — — 
Foreign covered bonds736 2 100 — — — — 
Other debt securities11 (1)— — — — 100 
Total held-to-maturity securities$48,094 $(2,717)98%2%—%—%—%
(a)    Represents ratings by S&P or the equivalent.
(b)    Includes supranational securities.
(c)    Primarily consists of exposure to the UK, the Netherlands and France.


Maturity distribution

The following table shows the maturity distribution by carrying amount and yield (on a tax equivalent basis) of our investment securities portfolio.

Maturity distribution and yields on investment securities at June 30, 2026
Within 1 year1-5 years5-10 yearsAfter 10 yearsTotal
(dollars in millions)Amount
Yield (a)
Amount
Yield (a)
Amount
Yield (a)
Amount
Yield (a)
Amount
Yield (a)
Available-for-sale:
U.S. Treasury$2,363 2.85%$25,475 3.36%$150 4.54%$1,904 2.94%$29,892 3.30%
Non-U.S. government (b)
4,443 3.42 19,383 3.33 3,721 3.40 117 3.37 27,664 3.35 
Foreign covered bonds1,622 3.47 5,712 3.32 551 3.12 — — 7,885 3.33 
U.S. government agencies129 3.37 943 3.46 466 2.57 — — 1,538 3.18 
Mortgage-backed securities:
Agency RMBS22,955 3.92 
Agency commercial MBS6,659 3.16 
Non-agency commercial MBS1,967 2.75 
Non-agency RMBS1,524 3.51 
CLOs7,003 4.76 
Other ABS313 2.39 
Total securities available-for-sale$8,557 3.27%$51,513 3.34%$4,888 3.32%$2,021 2.97%$107,400 3.52%
Held-to-maturity:
U.S. Treasury$2,465 1.31%$3,658 1.19%$— —%$— —%$6,123 1.24%
Non-U.S. government (b)
1,137 2.63 4,102 2.70 34 2.65 — — 5,273 2.69 
U.S. government agencies408 1.50 1,843 1.53 236 1.86 26 2.22 2,513 1.56 
Foreign covered bonds269 2.53 419 2.60 — — — — 688 2.57 
Other debt securities— — — — 11 4.75 — — 11 4.75 
Mortgage-backed securities:
Agency RMBS29,099 2.66 
Agency commercial MBS2,707 2.79 
CLOs1,842 4.97 
Total securities held-to-maturity$4,279 1.76%$10,022 1.93%$281 2.07%$26 2.22%$48,256 2.52%
Total investment securities$12,836 2.76%$61,535 3.12%$5,169 3.26%$2,047 2.96%$155,656 3.21%
(a)    Yields are based upon the amortized cost of securities and consider the contractual coupon, amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives.
(b)    Includes supranational securities.
Pledged assets

At June 30, 2026, BNY had pledged assets of $153 billion, including $92 billion pledged as collateral for potential borrowings at the Federal Reserve Discount Window and $10 billion pledged as collateral for borrowing at the Federal Home Loan Bank. The components of the assets pledged at June 30, 2026 included $126 billion of securities, $20 billion of loans, $6 billion of trading assets and $1 billion of interest-bearing deposits with banks.

If there has been no borrowing at the Federal Reserve Discount Window, the Federal Reserve generally allows banks to freely move assets in and out of their pledged assets account to sell or repledge the assets for other purposes. BNY regularly moves assets in and out of its pledged assets account at the Federal Reserve as there have been no borrowings.

At Dec. 31, 2025, BNY had pledged assets of $147 billion, including $90 billion pledged as collateral for potential borrowing at the Federal Reserve Discount Window and $10 billion pledged as collateral for borrowing at the Federal Home Loan Bank. The components of the assets pledged at Dec. 31, 2025 included $122 billion of securities, $17 billion of loans, $7 billion of trading assets and $1 billion of interest-bearing deposits with banks.

At June 30, 2026 and Dec. 31, 2025, pledged assets included $26 billion and $24 billion, respectively, for which the recipients were permitted to sell or repledge the assets delivered.

We also obtain securities as collateral, including receipts under resale agreements, securities borrowed, derivative contracts and custody agreements, on terms which permit us to sell or repledge the securities to others. At June 30, 2026 and Dec. 31, 2025, the market value of the securities received that can be sold or repledged was $394 billion and $349 billion, respectively. We routinely sell or repledge these securities through delivery to third parties. As of June 30, 2026 and Dec. 31, 2025, the market value of securities collateral sold or repledged was $331 billion and $306 billion, respectively.


Restricted cash and securities
Cash and securities may be segregated under federal and other regulations or requirements. At June 30, 2026 and Dec. 31, 2025, cash segregated under federal and other regulations or requirements was $4 billion and $3 billion, respectively. Restricted cash is primarily included in interest-bearing deposits with banks on the consolidated balance sheet. Securities segregated under federal and other regulations or requirements were $2 billion at June 30, 2026 and $3 billion at Dec. 31, 2025. Restricted securities were sourced from securities purchased under resale agreements and securities borrowings and are included in federal funds sold and securities purchased under resale agreements on the consolidated balance sheet.