Annual report [Section 13 and 15(d), not S-K Item 405]

Long-term Debt

v3.25.4
Long-term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
Long-term debt consists of borrowings having an original maturity of one year or more. The table below presents the balance of long-term debt at December 31, 2025 and 2024, and the related contractual rates and maturity dates as of December 31, 2025.
Weighted-average Rate December 31
(Dollars in millions) Interest Rates Maturity Dates 2025 2024
Notes issued by Bank of America Corporation (1)
   
Senior notes:    
Fixed 3.65 %
0.42 - 8.05
 %
2026 - 2052
 $ 176,097  $ 171,603 
Floating 3.47
0.10 - 8.85
2027 - 2075
 11,471  8,736 
Senior structured notes 20,369  17,498 
Subordinated notes:
Fixed 5.46
2.94 - 8.13
2026 - 2045
 20,802  23,539 
Floating 3.38
2.48 - 4.74
2026 - 2037
 4,626  4,549 
Junior subordinated notes:
Fixed 6.71
6.45 - 8.05
2027 - 2066
 750  749 
Floating 5.65 5.65 2056 1  1 
Total notes issued by Bank of America Corporation 234,116  226,675 
Notes issued by Bank of America, N.A.    
Senior notes:    
Fixed 4.79
3.82 - 5.82
2026 - 2028
 5,695  5,611 
Floating 4.25
4.07 - 5.59
2026 - 2028
 11,177  5,851 
Subordinated notes 6.00 6.00 2036 1,403  1,401 
Advances from Federal Home Loan Banks:
Fixed 4.79
0.01 - 7.42
2026 - 2034
 54  1,015 
Floating 3.92
3.83 - 3.98
2026
4,121  400 
Securitizations and other BANA VIEs (2)
6,442  8,048 
Other 600  495 
Total notes issued by Bank of America, N.A. 29,492  22,821 
Other debt    
Structured liabilities (3)
53,803  33,374 
Nonbank VIEs (2)
405  409 
Total notes issued by nonbank and other entities 54,208  33,783 
Total long-term debt $ 317,816  $ 283,279 
(1)Includes total loss-absorbing capacity compliant debt.
(2)Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet. Long-term debt of VIEs is collateralized by the assets of the VIEs. At December 31, 2025, amount includes debt from credit card and automobile securitizations of $6.4 billion and other VIEs of $472 million. For more information, see Note 6 – Securitizations and Other Variable Interest Entities.
(3)Includes debt outstanding of $19.2 billion and $11.7 billion at December 31, 2025 and 2024 that was issued by BofA Finance LLC, a consolidated finance subsidiary of Bank of America Corporation, the parent company, and is fully and unconditionally guaranteed by the parent company.

During 2025, the Corporation issued $98.1 billion of long-term debt consisting of $36.5 billion of notes issued by Bank of America Corporation, $26.3 billion of notes issued by Bank of America, N.A. and $35.3 billion of other debt. During 2024, the Corporation issued $54.8 billion of long-term debt consisting of $17.8 billion of notes issued by Bank of America Corporation, $15.6 billion of notes issued by Bank of America, N.A. and $21.4 billion of other debt.
During 2025, the Corporation had total long-term debt maturities and redemptions in the aggregate of $74.6 billion consisting of $38.8 billion for Bank of America Corporation, $18.6 billion for Bank of America, N.A. and $17.2 billion of other debt. During 2024, the Corporation had total long-term debt maturities and redemptions in the aggregate of $66.6 billion consisting of $36.4 billion for Bank of America Corporation, $16.8 billion for Bank of America, N.A. and $13.4 billion of other debt.
Bank of America Corporation and Bank of America, N.A. maintain various U.S. and non-U.S. debt programs to offer both senior and subordinated notes. The notes may be denominated in U.S. dollars or foreign currencies. At December 31, 2025 and 2024, the amount of foreign currency-denominated debt translated into U.S. dollars included in total long-term debt was $57.5 billion and $43.8 billion. Foreign currency contracts may
be used to convert certain foreign currency-denominated debt into U.S. dollars.
The weighted-average effective interest rates for total long-term debt (excluding senior structured notes), total fixed-rate debt and total floating-rate debt were 3.90 percent, 3.91 percent and 3.81 percent, respectively, at December 31, 2025, and 3.80 percent, 3.71 percent and 4.45 percent, respectively, at December 31, 2024. The Corporation’s ALM activities maintain an overall interest rate risk management strategy that incorporates the use of interest rate contracts to manage fluctuations in earnings caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity so that movements in interest rates do not have a significantly adverse effect on earnings and capital. The weighted-average rates are the contractual interest rates on the debt and do not reflect the impacts of derivative transactions.
The following table shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2025. Included in the table are certain structured notes issued by the Corporation that contain provisions whereby the borrowings are redeemable at the option of the holder (put options) at specified dates prior to maturity. Other structured notes have coupon or repayment terms linked to the performance of debt or equity securities, indices, currencies or
commodities, and the maturity may be accelerated based on the value of a referenced index or security. In both cases, the Corporation or a subsidiary may be required to settle the
obligation for cash or other securities prior to the contractual maturity date. These borrowings are reflected in the table as maturing at their contractual maturity date.
Long-term Debt by Maturity
(Dollars in millions) 2026 2027 2028 2029 2030 Thereafter Total
Bank of America Corporation
Senior notes $ 2,907  $ 24,335  $ 30,504  $ 26,971  $ 8,469  $ 94,383  $ 187,569 
Senior structured notes 2,372  1,119  455  723  1,389  14,311  20,369 
Subordinated notes 4,893  2,036  893  —  —  17,606  25,428 
Junior subordinated notes —  193  —  —  —  557  750 
Total Bank of America Corporation 10,172  27,683  31,852  27,694  9,858  126,857  234,116 
Bank of America, N.A.
Senior notes 12,955  3,250  667  —  —  —  16,872 
Subordinated notes —  —  —  —  —  1,403  1,403 
Advances from Federal Home Loan Banks 4,128  3  7  2  5  30  4,175 
Securitizations and other Bank VIEs (1)
2,499  1,480  1,794  481  88  100  6,442 
Other 80  113  52  268  79  8  600 
Total Bank of America, N.A. 19,662  4,846  2,520  751  172  1,541  29,492 
Other debt
Structured Liabilities 11,879  8,696  6,153  2,999  5,647  18,429  53,803 
Nonbank VIEs (1)
—  —  —  —  3  402  405 
Total other debt 11,879  8,696  6,153  2,999  5,650  18,831  54,208 
Total long-term debt $ 41,713  $ 41,225  $ 40,525  $ 31,444  $ 15,680  $ 147,229  $ 317,816 
(1)     Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet.