Non-cash investing and financing transactions that, appropriately, are not reflected in the consolidated statement of cash flows are listed below.
| | | | | | | | | | | | | | | | Non-cash investing and financing transactions | Six months ended June 30, | | | | | (in millions) | 2026 | | 2025 | | | | | Transfers from loans to other assets for other real estate owned | $ | — | | | $ | 1 | | | | | | Change in assets of consolidated investment management funds | 272 | | | 116 | | | | | | Change in liabilities of consolidated investment management funds | 26 | | | 17 | | | | | | Change in nonredeemable noncontrolling interests of consolidated investment management funds | 192 | | | 119 | | | | | | Investment securities purchased not settled | 959 | | | 413 | | | | | | Securities sold not settled | — | | | 114 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Premises and equipment/operating lease obligations | 150 | | | 29 | | | | | | | | | | | | | Residual interest received from sale of investment | 36 | | | — | | | | | | Excise tax on share repurchases | 13 | | | 11 | | | | | | Amortization of preferred stock discount | 6 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
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