v3.26.1
Fair value measurement
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair value measurement Fair value measurement
Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy for fair value measurements is utilized based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. BNY’s own creditworthiness is considered when valuing liabilities. See Note 1 of the Notes to Consolidated Financial Statements in our 2025 Annual Report for
information on how we determine fair value and the fair value hierarchy.

The following tables present the financial instruments carried at fair value at June 30, 2026 and Dec. 31, 2025, by caption on the consolidated balance sheet and by the three-level valuation hierarchy. We have included credit ratings information in certain of the tables because the information indicates the degree of credit risk to which we are exposed, and significant changes in ratings classifications could result in increased risk for us.
Assets and liabilities measured at fair value on a recurring basis at June 30, 2026
Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Assets:
Available-for-sale securities:
U.S. Treasury$28,934 $958 $— $— $29,892 
Non-U.S. government (b)
6,850 20,814 — — 27,664 
Agency RMBS— 22,955 — — 22,955 
Foreign covered bonds— 7,885 — — 7,885 
CLOs— 7,003 — — 7,003 
Agency commercial MBS— 6,659 — — 6,659 
Non-agency commercial MBS— 1,967 — — 1,967 
U.S. government agencies— 1,538 — — 1,538 
Non-agency RMBS— 1,524 — — 1,524 
Other ABS— 313 — — 313 
Total available-for-sale securities35,784 71,616 — — 107,400 
Trading assets:
Debt instruments2,022 3,588 — — 5,610 
Equity instruments8,261 — — — 8,261 
Derivative assets not designated as hedging:
Interest rate10 781 — — 791 
Foreign exchange— 8,836 — — 8,836 
Equity and other contracts1 134 — — 135 
Netting agreements(6,797)(6,797)
Total derivative assets not designated as hedging11 9,751 — (6,797)2,965 
Total trading assets10,294 13,339 — (6,797)16,836 
Other assets:
Derivative assets designated as hedging:
Interest rate— 311 — — 311 
Foreign exchange— 261 — — 261 
Total derivative assets designated as hedging— 572 — — 572 
Other assets (c)
645 754 — — 1,399 
Total other assets645 1,326 — — 1,971 
Assets measured at NAV (c)
154 
Total assets$46,723 $86,281 $— $(6,797)$126,361 
Percentage of total assets prior to netting35%65%—%
Liabilities:
Trading liabilities:
Debt instruments$2,295 $48 $— $— $2,343 
Equity instruments322 — — — 322 
Derivative liabilities not designated as hedging:
Interest rate20 998 — — 1,018 
Foreign exchange— 8,666 — — 8,666 
Equity and other contracts1 47 — — 48 
Netting agreements(7,098)(7,098)
Total derivative liabilities not designated as hedging21 9,711 — (7,098)2,634 
Total trading liabilities2,638 9,759 — (7,098)5,299 
Other liabilities:
Derivative liabilities designated as hedging:
Interest rate— 24 — — 24 
Foreign exchange— 26 — — 26 
Total derivative liabilities designated as hedging— 50 — — 50 
Other liabilities 585 27 — — 612 
Total other liabilities585 77 — — 662 
Total liabilities$3,223 $9,836 $— $(7,098)$5,961 
Percentage of total liabilities prior to netting25%75%—%
(a)    ASC 815, Derivatives and Hedging, permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product.
(b)    Includes supranational securities.
(c)    Includes seed capital, private equity investments and other assets.
Assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2025
Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Assets:
Available-for-sale securities:
Non-U.S. government (b)
$7,196 $21,372 $— $— $28,568 
U.S. Treasury24,755 956 — — 25,711 
Agency RMBS— 21,220 — — 21,220 
Foreign covered bonds— 8,068 — — 8,068 
Agency commercial MBS— 6,780 — — 6,780 
CLOs— 6,118 — — 6,118 
Non-agency commercial MBS— 2,196 — — 2,196 
U.S. government agencies— 1,554 — — 1,554 
Non-agency RMBS— 1,515 — — 1,515 
Other ABS— 376 — — 376 
Total available-for-sale securities31,951 70,155 — — 102,106 
Trading assets:
Debt instruments2,426 3,778 — — 6,204 
Equity instruments7,040 — — — 7,040 
Derivative assets not designated as hedging:
Interest rate5 713 — — 718 
Foreign exchange— 5,517 — — 5,517 
Equity and other contracts— 21 — — 21 
Netting agreements(5,224)(5,224)
Total derivative assets not designated as hedging5 6,251 — (5,224)1,032 
Total trading assets9,471 10,029 — (5,224)14,276 
Other assets:
Derivative assets designated as hedging:
Interest rate— 305 — — 305 
Foreign exchange— 53 — — 53 
Total derivative assets designated as hedging— 358 — — 358 
Other assets (c)
575 578 — — 1,153 
Total other assets575 936 — — 1,511 
Assets measured at NAV (c)
155 
Total assets$41,997 $81,120 $— $(5,224)$118,048 
Percentage of total assets prior to netting34%66%—%
Liabilities:
Trading liabilities:
Debt instruments$3,303 $41 $— $— $3,344 
Equity instruments241 — — — 241 
Derivative liabilities not designated as hedging:
Interest rate3 970 — — 973 
Foreign exchange— 5,351 — — 5,351 
Equity and other contracts1 56 — — 57 
Netting agreements(3,831)(3,831)
Total derivative liabilities not designated as hedging4 6,377 — (3,831)2,550 
Total trading liabilities3,548 6,418 — (3,831)6,135 
Other liabilities:
Derivative liabilities designated as hedging:
Foreign exchange— 81 — — 81 
Total derivative liabilities designated as hedging— 81 — — 81 
Other liabilities535 1 — — 536 
Total other liabilities535 82 — — 617 
Total liabilities$4,083 $6,500 $— $(3,831)$6,752 
Percentage of total liabilities prior to netting39%61%—%
(a)    ASC 815, Derivatives and Hedging, permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product.
(b)    Includes supranational securities.
(c)    Includes seed capital, private equity investments and other assets.
Details of certain available-for-sale securities measured at fair value on a recurring basisJune 30, 2026Dec. 31, 2025
Total
carrying
value (b)
Ratings (a)
Total
carrying value (b)
Ratings (a)
AAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not ratedAAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not rated
(dollars in millions)
Non-agency RMBS, originated in:
2008-2026$1,519 100%—%—%—%—%$1,509 100%—%—%—%—%
2007 and earlier5 — 100 — — — 6 — 100 — — — 
Total non-agency RMBS$1,524 100%—%—%—%—%$1,515 100%—%—%—%—%
Non-agency commercial MBS originated in:
2009-2026$1,967 100%—%—%—%—%$2,196 100%—%—%—%—%
Foreign covered bonds:
Canada$1,727 100%—%—%—%—%$1,923 100%—%—%—%—%
UK1,113 100 — — — — 1,057 100 — — — — 
Australia783 100 — — — — 882 100 — — — — 
Germany714 100 — — — — 793 100 — — — — 
Belgium578 100 — — — — 491 100 — — — — 
Singapore529 100 — — — — 607 100 — — — — 
Austria516 100 — — — — 451 100 — — — — 
Netherlands485 100 — — — — 531 100 — — — — 
Other1,440 100 — — — — 1,333 100 — — — — 
Total foreign covered bonds$7,885 100%—%—%—%—%$8,068 100%—%—%—%—%
Non-U.S. government:
UK$4,437 100%—%—%—%—%$4,702 100%—%—%—%—%
Germany2,156 100 — — — — 2,045 100 — — — — 
Canada1,879 87 13 — — — 1,835 90 10 — — — 
France1,808 28 72 — — — 2,037 31 69 — — — 
Netherlands1,588 100 — — — — 1,825 100 — — — — 
Austria925 100 — — — — 742 100 — — — — 
Finland819 100 — — — — 688 100 — — — — 
Spain626 — 100 — — — 628 — 100 — — — 
Belgium418 42 58 — — — 371 100 — — — — 
Japan 377 — 100 — — — 470 — 100 — — — 
Other (c)
1,380 52 38 4 6 — 1,490 56 33 3 8 — 
Supranational11,251 8614———11,735 8713———
Total non-U.S. government$27,664 82%18%—%—%—%$28,568 83%17%—%—%—%
(a)    Represents ratings by S&P or the equivalent.
(b)    At June 30, 2026 and Dec. 31, 2025, non-U.S. government securities were included in Level 1 and Level 2 in the valuation hierarchy. All other assets in the table are Level 2 assets in the valuation hierarchy.
(c)    Includes non-investment grade non-U.S. government securities related to Brazil of $86 million at June 30, 2026 and $112 million at Dec. 31, 2025.
Assets and liabilities measured at fair value on a nonrecurring basis

Under certain circumstances, we make adjustments to the fair value of our assets, liabilities and unfunded lending-related commitments, although they are not measured at fair value on an ongoing basis. The following table presents the carrying value as of June 30, 2026 and Dec. 31, 2025 of financial instruments for which nonrecurring adjustments to fair value have been recorded during 2026 and/or 2025 and all non-readily marketable equity securities carried at cost with upward or downward adjustments by balance sheet caption and level in the fair value hierarchy.

Assets measured at fair value on a nonrecurring basis
June 30, 2026Dec. 31, 2025
Total carrying
value		Total carrying
value
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Loans (a)
$— $20 $— $20 $— $21 $— $21 
Other assets (b)
— 533 — 533 — 440 — 440 
Total assets at fair value on a nonrecurring basis$— $553 $— $553 $— $461 $— $461 
(a)    The fair value of these loans was unchanged in the second quarter of 2026 and the fourth quarter of 2025 based on the fair value of the underlying collateral, as required by guidance in ASC 326, Financial Instruments – Credit Losses, with an offset to the allowance for credit losses.
(b)    Includes non-readily marketable equity securities carried at cost with upward or downward adjustments and other assets received in satisfaction of debt.
Estimated fair value of financial instruments

The following tables present the estimated fair value and the carrying amount of financial instruments not carried at fair value on the consolidated balance sheet at June 30, 2026 and Dec. 31, 2025, by caption on the consolidated balance sheet and by the valuation hierarchy.

Summary of financial instrumentsJune 30, 2026
(in millions)Level 1Level 2Level 3Total
estimated
fair value		Carrying
amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks
$— $139,400 $— $139,400 $139,400 
Interest-bearing deposits with banks— 12,278 — 12,278 12,276 
Federal funds sold and securities purchased under resale agreements— 48,937 — 48,937 48,937 
Securities held-to-maturity8,183 37,134 — 45,317 48,256 
Loans (a)
— 87,589 — 87,589 88,430 
Other financial assets7,483 2,593 — 10,076 10,076 
Total$15,666 $327,931 $— $343,597 $347,375 
Liabilities:
Noninterest-bearing deposits$— $86,309 $— $86,309 $86,309 
Interest-bearing deposits— 277,912 — 277,912 284,232 
Federal funds purchased and securities sold under repurchase agreements— 26,114 — 26,114 26,114 
Payables to customers and broker-dealers— 25,734 — 25,734 25,734 
Commercial paper— 4,816 — 4,816 4,816 
Borrowings— 1,114 — 1,114 1,114 
Long-term debt— 30,302 — 30,302 30,368 
Total$— $452,301 $— $452,301 $458,687 
(a)    Does not include certain other loans.


Summary of financial instrumentsDec. 31, 2025
(in millions)Level 1Level 2Level 3Total estimated
fair value		Carrying
amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks
$— $116,009 $— $116,009 $116,009 
Interest-bearing deposits with banks— 10,398 — 10,398 10,397 
Federal funds sold and securities purchased under resale agreements— 44,892 — 44,892 44,892 
Securities held-to-maturity10,014 35,363 — 45,377 48,094 
Loans (a)
— 79,418 — 79,418 80,278 
Other financial assets5,111 2,449 — 7,560 7,560 
Total$15,125 $288,529 $— $303,654 $307,230 
Liabilities:
Noninterest-bearing deposits$— $59,979 $— $59,979 $59,979 
Interest-bearing deposits— 265,730 — 265,730 271,915 
Federal funds purchased and securities sold under repurchase agreements— 18,992 — 18,992 18,992 
Payables to customers and broker-dealers— 21,872 — 21,872 21,872 
Commercial paper— 2,003 — 2,003 2,003 
Borrowings— 1,191 — 1,191 1,191 
Long-term debt— 32,256 — 32,256 31,873 
Total$— $402,023 $— $402,023 $407,825 
(a)    Does not include certain other loans.