4 unchanged sentences
Changes in the trading portfolio are recognized in the Consolidated Statements of Income.
−Removed: Market risk exposure is presented for each class of financial instrument held by us and our subsidiaries at December 31, assuming immediate adverse market movements of the magnitude described below.
+Added: Market risk exposure is presented below for each class of financial instrument held by us and our subsidiaries at December 31, assuming immediate adverse market movements of the magnitude described below.
We believe that the various rates of adverse market movements represent a measure of exposure to loss under hypothetically assumed adverse conditions.
14 unchanged sentences
The analysis presents the sensitivity of the market value of our financial instruments to selected changes in market rates and prices which we believe are reasonably possible over a one year period.
−Removed: The sensitivity analysis estimates the change in the fair value of interest sensitive assets and liabilities that were held on December 31, 2024 and 2023 due to an instantaneous change in the yield of the security at the end of the period of 100 basis points, with all other variables held constant.
+Added: The sensitivity analysis below estimates the change in the fair value of interest sensitive assets and liabilities that were held on December 31, 2025 and 2024 due to an instantaneous change in the yield of the security at the end of the period of 100 basis points, with all other variables held constant.
The interest rates on certain types of assets and liabilities may fluctuate in advance of changes in market interest rates, while interest rates on other types may lag behind changes in market rates.
−Removed: Accordingly, the analysis may not be indicative of, is not intended to provide, and does not provide a precise forecast of the effect of changes of market interest rates on our
−Removed: earnings or shareholders’ equity.
+Added: Accordingly, the analysis may not be indicative
+Added: of, is not intended to provide, and does not provide a precise forecast of the effect of changes of market interest rates on our earnings or shareholders’ equity.
Further, the computations do not contemplate any actions that could be undertaken in response to changes in interest rates.
3 unchanged sentences
The impact of a 100 basis point decrease would result in an increase in market value of $451 million and $401 million at December 31, 2025 and 2024.
−Removed: At December 31, 2024 and 2023, the impact of a 100 basis point increase in interest rates on variable rate debt, net of the effects of the swaps, would result in a $2 million increase interest expense.
+Added: At December 31, 2025 and 2024, the impact of a 100 basis point increase in interest rates on variable rate debt, net of the effects of the swaps, would result in no impact to interest expense and an increase of $2 million to interest expense.
Equity Price Risk – We and our subsidiaries have exposure to equity price risk as a result of investments in equity securities and equity derivatives.
Equity price risk results from changes in the level or volatility of equity prices which affect the value of equity securities or instruments that derive their value from such securities or indexes.
−Removed: Equity price risk was measured assuming an instantaneous 25% decrease in the underlying reference price or index from its level at December 31, 2024 and 2023, with all other variables held constant.
+Added: Equity price risk was measured below assuming an instantaneous 25% decrease in the underlying reference price or index from its level at December 31, 2025 and 2024, with all other variables held constant.
For limited partnership holdings, the estimated change in value was largely derived from a beta analysis calculation of historical experience of the portfolio and indices with similar strategies relative to the S&P 500.
1 unchanged sentence
We and our subsidiaries have foreign exchange rate exposure when we buy or sell foreign currencies or financial instruments denominated in a foreign currency, which is reduced through the use of forward contracts.
−Removed: The sensitivity analysis assumes an instantaneous 20% decrease in the foreign currency exchange rates versus the U.S.
+Added: The sensitivity analysis below assumes an instantaneous 20% decrease in the foreign currency exchange rates versus the U.S.
dollar from their levels at December 31, 2025 and 2024, with all other variables held constant.
−Removed: Commodity Price Risk – We and our subsidiaries have exposure to price risk as a result of our investments in commodities.
−Removed: Commodity price risk results from changes in the level or volatility of commodity prices that impact instruments which derive their value from such commodities.
−Removed: Commodity price risk was measured assuming an instantaneous decrease of 20% from their levels at December 31, 2024 and 2023.
Credit Risk – We and our subsidiaries are exposed to credit risk relating to the risk of loss resulting from the nonperformance by a customer of its contractual obligations.
2 unchanged sentences
Credit Spread Risk – In the fourth quarter of 2024, we entered into credit default swap index transactions with a notional value of $2 billion that potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprise the index.
−Removed: In addition to our exposure to tightening investment grade credit spreads as a result of these transactions, carrying costs associated with maintaining the positions could adversely affect returns.
+Added: In addition to our exposure to tightening investment grade credit spreads as a result of these transactions, carrying costs associated with maintaining the positions could have adversely affected returns.
+Added: The position was closed during the second quarter of 2025.
The following tables present the estimated effects on the fair value of our and our subsidiaries’ financial instruments as of December 31, 2025 and 2024 due to an increase in yield rates of 100 basis points, a 20% decline in foreign currency exchange rates and a 25% decline in the S&P 500, with all other variables held constant, on the basis of those entered into for trading purposes and other than trading purposes.
54 unchanged sentences
The carrying value of the LFPB was $13.4 billion and $13.2 billion as of December 31, 2025 and 2024 .
−Removed: The estimated decrease in the carrying value of the LFPB as of December 31, 2024 and 2023 due to an increase in yield rates of 100 basis points was $1.3 billion and $1.5 billion.
+Added: The estimated decrease in the carrying value of the LFPB as of December 31, 2025 and 2024 due to an increase in yield rates of 100 basis points was $1.3 billion.
The change in the carrying value of the LFPB due to interest rate changes was estimated by discounting the expected future cash flows.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.