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Management believes the most significant potential impact of inflation on financial results is a direct result of Regions’ ability to manage the impact of changes in interest rates. The Company’s interest rate risk positioning was mostly neutral as of …

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

The primary objective of asset/liability management at Regions is to coordinate balance sheet composition with interest rate risk management to sustain reasonable and stable net interest income throughout various interest rate cycles. In computing interest rate sensitivity, Regions compares …

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

Interest rate risk represents the most significant market risk exposure to our banking book balance sheet. Interest rate risk is measured as the potential change in net interest income caused by movements in market interest rates. Client-facing

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

… Changes in interest rates and other market factors impact the volume of mortgage originations. Changes in interest rates also impact the value of interest rate lock commitments and the related residential first mortgage loans held-for-sale, as well as …

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Interest Rate Products. Government bonds (including inflation-linked securities) across maturities, other government-backed securities, and interest rate swaps, options and other derivatives.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Interest Rate Products. Government bonds (including inflation-linked securities) across maturities, other government-backed securities, and interest rate swaps, options and other derivatives.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

• The level of, and direction, timing and magnitude of movement in, interest rates and the shape of the interest rate yield curve,

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

PNC utilizes sensitivities of NII and EVE to a set of interest rate scenarios to identify and measure its short-term and long-term structural interest rate risks.

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

For further discussion about interest rate risk management, see Item 7A. “Quantitative and Qualitative Disclosures About Market Risk - Interest Rate Risk.”

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

Changes in interest rates or credit spreads or a prolonged low interest rate environment may adversely affect our results of operations, financial condition and liquidity and our net income can vary from period to period.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

Interest rate risk emerges from the balance sheet after the aggregation of our assets, liabilities, and equity. We refer to this non-trading risk embedded in the balance sheet as “structural interest rate risk” or “interest rate risk in the banking book.”

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

We measure structural interest rate risk through a variety of metrics intended to quantify both short- and long-term exposures. The primary method we use to quantify interest rate risk is simulation analysis in which we model net interest income from assets, liabilities, and hedge derivative positions under various interest rate scenarios over a three-year horizon. Exposure to interest rate risk is reflected in the variation of forecasted net interest income across these scenarios.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

An integral component of our interest rate risk management strategy is the use of derivative instruments to minimize significant fluctuations in earnings caused by changes in market interest rates. A variety of derivative financial instruments, principally interest rate swaps, swaptions …

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

MSR fair values are sensitive to movements in interest rates, as expected future net servicing income depends on the projected outstanding principal balances of the underlying loans, which can be reduced by prepayments. Prepayments usually increase when mortgage interest rates decline and decrease when mortgage interest rates rise.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

Table 30: Interest Sensitivity Simulation Analysis Dec 31, 2025 Dec 31, 2024 Up 200bps gradual change in interest rates (0.9)% 1.1% Up 50bps instantaneous change in interest rates (0.1) 0.6 Down 50bps instantaneous change in interest rates (0.2) (0.8) Down 200bps gradual change in interest rates (0.3) (2.1)

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

Truist evaluates a wide range of alternate scenarios including instantaneous and gradual as well as parallel and non-parallel changes in interest rates. The table below presents the estimated change to NII over the following 12 months for select parallel …

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

• interest rate swaps used to economically hedge interest rate fluctuations in certain variable-rate investments;

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

• interest rate swaps used to economically hedge interest rate fluctuations in certain variable-rate investments;

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

… As a result, interest rates may remain elevated for longer than in prior cycles or increase further in certain markets, contributing to volatility in interest rates, foreign exchange markets and financial conditions. These conditions may increase financing costs, pressure valuations …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

See “Part II - Item 7A. Quantitative and Qualitative Disclosures About Market Risk,” which includes a discussion regarding interest rate and other significant risks and our strategies for managing these risks.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Interest rate risk represents exposure to financial instruments whose values vary with the level or volatility of interest rates. We are exposed to interest rate risk primarily from the differences in the timing between the maturities or repricing of assets and liabilities. We manage our interest rate risk primarily by entering into interest rate swaps and other derivative instruments which could include caps, floors, options, futures and forward contracts.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

Interest rate swaps: Contracts in which a series of interest rate flows in a single currency are exchanged over a prescribed period. Interest rate swaps are the most common type of derivative contract that we use in our asset/liability management activities.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

• Interest rate derivatives include interest rate swaps, caps, and floors, which are transacted primarily to accommodate the needs of commercial loan clients. In addition, we enter into interest rate derivatives to offset or mitigate the interest rate risk related to the client positions. The activities within this portfolio create exposures to interest rate risk.

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

Management of interest rate exposure. The results of the various interest rate risk analyses are used to formulate A/LM strategies to achieve the desired risk profile while managing to objectives for capital adequacy and liquidity risk exposures. Specifically, risk …

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

Market risk is the risk of loss from adverse changes in the market prices and/or interest rates of the Company’s financial instruments. A primary market risk the Company is exposed to is interest rate risk. Interest rate risk …

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

Management assesses the potential impact of future changes in interest rates and spreads by projecting net interest income under several interest rate scenarios. In managing interest rate risk, the Company has utilized interest rate swap agreements to modify the repricing …

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

(1) For purposes of risk attribution by component, foreign exchange refers only to the risk from market movements in period-end rates. Forwards, futures, options and swaps with maturities greater than period-end have embedded interest rate risk that is captured by the measures used for interest rate risk. Accordingly, the interest rate risk embedded in these foreign exchange instruments is included in the interest rate risk component.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

As part of our trading activities, we assume positions in the foreign exchange and interest rate markets by buying and selling cash instruments and entering into derivative instruments, including foreign exchange forward contracts, foreign exchange options and interest rate swaps …

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

Interest rate risk is the risk of financial loss due to adverse changes in the value of assets and liabilities arising from movements in interest rates. Interest rate risk encompasses exposures with respect to changes in the level of interest rates, the shape of the term structure of rates and the volatility of interest rates. Interest rate risk does not include exposure to changes in credit spreads.

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

For additional information on interest rate sensitivity, see Part II, Item 7, MD&A - Enterprise Risk Management, Financial Risk - Interest Rate Risk.

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

We had $700 million in FHLB borrowings outstanding at September 30, 2025, comprised of floating-rate and fixed-rate advances. The interest rates on our floating-rate advances are based on SOFR. We use interest rate swaps to manage the risk of increases in interest rates associated with our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate.

Item 7, MD&A, 10-K Nov 25, 2025open_in_new

(1) Our 0-basis point scenario was based on interest rates as of September 30, 2025 and did not include the impact of the Fed’s October 2025 decrease in short-term interest rates.

Item 7, MD&A, 10-K Nov 25, 2025open_in_new

To manage interest rate risk, we have established policies and procedures, which include setting limits on net interest revenue risk and EVE risk. To remain within these limits, we manage the maturity, repricing, and cash flow characteristics of the investment …

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

(1) Interest rates presented are those in effect at December 31, 2025. For additional information regarding future interest rates on fixed-to-floating rate Senior Notes, see Item 8 - Note 13.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Certain of our insurance, annuity, investment products, wrap fees and banking products are sensitive to interest rate fluctuations (inclusive of changes in credit spreads), which could cause future impacts associated with such fluctuations to differ from our historical results of …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… During periods of declining market interest rates or stagnancy of low interest rates, the interest we receive on variable interest rate investments decreases and we are forced to reinvest the cash we receive as interest or return of principal on …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

Interest rate risk in the banking book is the potential for deterioration in Northern Trust's financial position (e.g., interest income, market value of equity, or capital) due to changes in interest rates. NII and MVE sensitivity are the …

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

The modeling of NII sensitivity incorporates on-balance sheet positions, as well as derivative financial instruments (principally interest rate swaps) that are used to manage interest rate risk. Northern Trust uses market implied forward interest rates as the base case …

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

Significant changes to interest rates could adversely affect our results of operations.

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

Our net interest income is sensitive to changes in interest rates, generally resulting in higher net interest income in higher interest rate scenarios and lower net interest income in lower interest rate scenarios. The level and pace of interest rate …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

We use economic value of equity to inform us of the potential impacts from interest rate changes on the net present value of our assets and liabilities under a variety of interest rate scenarios. Economic value of equity is calculated …

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

The following table sets forth the average interest rates we paid on different types of deposits during the years ended December 31, 2025, 2024 and 2023. The change in the average interest rate we paid on our interest-bearing deposits was primarily due to the impact of lower market interest rates offered for savings deposits.

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

• Interest rates - We are exposed to market risk changes in interest rates on our debt, particularly in rising interest rate

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

We have a portfolio of interest rate swaps which are designated as cash flow hedges and cross-currency interest rate swaps,

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

• the interest rate environment and its effect on interest rates paid on our funding sources; and

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

Changes in market interest rates cause our net interest income to increase or decrease, as certain of our assets and liabilities carry interest rates that fluctuate with market benchmarks. At December 31, 2025, 53% of our loan receivables were priced …

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

The interest rates on our Commercial Paper Program are currently evaluated based upon current maturities and market conditions. The weighted average interest rate on notes outstanding under our Commercial Paper Program was 4.0% and 4.6% as of December …

Item 7, MD&A, 10-K Feb 5, 2026open_in_new

… For instance, due to market and interest rate volatility, including market volatility during 2025, we have seen increased trading across a number of our products, such as energy, interest rate and equity futures, credit default swaps and bonds. Conversely, increases …

Item 7, MD&A, 10-K Feb 5, 2026open_in_new

• Declines in interest rates, credit spreads or sustained low interest rates could lead to declines in portfolio yields and investment income

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

Change in fair value of interest-sensitive assets (1) (2) As of December 31, ($ in millions) 2025 2024 -100 bps interest rate change $ 3,252 $ 2,996 +100 bps interest rate change (3,021) (2,765) +200 bps interest rate change (5,812) (5,298)

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

In 2025 compared with 2024, overall interest rate contract volume increased as a result of higher overall market volatility. We believe this was a result of mixed inflation results that occurred throughout the year, as well as uncertainty surrounding the …

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

The following table summarizes average daily contract volume for our key interest rate products.

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

For fixed-maturity investments such as bonds, which represented 58.5% of the fair value of our investment portfolio at the end of 2025, the inverse relationship between interest rates and bond prices leads to falling bond values during periods of increasing interest rates. Significant increases in the general level of interest rates, such as we experienced during recent periods, have an adverse effect on our shareholders’ equity.

Item 1A, Risk Factors, 10-K Feb 23, 2026open_in_new

Heading into 2026, we see signs of resilient economic growth and moderating inflation with expectations for Federal Reserve actions that may lower interest rates. While this indicates a favorable investment environment, we must be prepared for changing conditions or other challenges.

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

Our exposure to market risk for changes in interest rates relates to our short-term commercial paper borrowings and revolving credit facilities. Interest rates have increased significantly from recent historical levels and may remain elevated for an extended period. In …

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

Other income (expense) for the year ended December 31, 2023, primarily included losses from foreign currency transaction remeasurements and the impact of the change in fair value of interest rate swaps accounted for as economic hedges. See Note 15 to the consolidated financial statements for further discussion of the interest rate swaps.

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

Certain global benchmark interest rates continued to fluctuate in 2025 as markets reacted to change in inflation trends, geopolitical risk, trade and tariff uncertainties and the rate decisions of the global central banks. Our Net investment income is impacted by market interest rates as well as the deployment of asset allocation strategies to enhance yield and manage duration and interest rate risk.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

Interest rate sensitivity is defined as the change in value with respect to a 100 basis point parallel shift up in the interest rate environment, calculated as: scenario value minus base value, where base value is the value under the …

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

… The decrease in the net unrealized investment loss in 2025 was due to decreases in interest rates. While the Company does not attempt to predict future interest rate movements, a rising interest rate environment reduces the market value of fixed …

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

• the impact of investment (including changes in interest rates), economic (including inflation, the impact of tariffs, changes in tax laws, changes in commodity prices and fluctuations in foreign currency exchange rates) and underwriting market conditions;

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

General interest rate fluctuations may have a substantial negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our investment objective and our net investment income. Because we borrow money and may issue …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

• macroeconomic conditions resulting in downturns or volatility in the global credit markets, such as changes in interest rates, inflation and geopolitical events;

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Recent periods have been characterized by substantial volatility in interest rates. A prolonged period during which interest rates remain at high levels may result in greater unrealized losses in our investment portfolio. Conversely, a prolonged period during which interest rates …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

Interest rate volatility can increase or reduce unrealized gains or losses in our investment portfolios. Interest rates are highly sensitive to many factors, including governmental monetary policies, domestic and international economic and political

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

Volatility in interest rates could impact the performance of our investment portfolio which could have an adverse effect on our investment income and operating results. We may not be able to effectively mitigate interest rate sensitivity. Our mitigation efforts include …

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

Pre-tax net unrealized gains of $2,655 million in 2025 in our investment portfolio were primarily driven by lower interest rates.

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

CNA has significant holdings in fixed maturity investments that are sensitive to changes in interest rates. A decline in interest rates may reduce the returns earned on new fixed maturity investments, thereby reducing CNA’s net investment income, while an increase in interest rates may reduce the value of its existing fixed maturity investments, which could

Item 1A, Risk Factors, 10-K Feb 10, 2026open_in_new

Changes in the debt markets and increases in interest rates could adversely affect Boardwalk Pipelines’ business.

Item 1A, Risk Factors, 10-K Feb 10, 2026open_in_new

The Company’s interest rate risk management objectives are to reduce the funding cost and volatility to the Company and to alter the interest rate exposure to a desired risk profile. Moody’s uses interest rate swaps as deemed necessary …

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

- fluctuations in interest rates and credit spreads, and exposure to exchange rate movements between foreign currencies and USD;

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

We may seek to reduce our exposure to fluctuations in interest rates or currency exchange rates through the use of hedging arrangements. To the extent that we hedge our interest rate or currency exchange rate exposures, we forgo the benefits …

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

We have sought to reduce our interest rate risk through the issuance of fixed rate debt in place of variable rate debt and through interest rate swap hedging arrangements that convert a significant portion of the eligible variable rate borrowings …

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

… The weighted average interest rate is 5.71% per annum after giving effect to underwriting costs and a net hedge loss. During 2024, we entered into a pre-issuance interest rate hedging transaction related to these notes. We realized a …

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

The interest rates on Facility B are Interbank rates, which vary by tranche, duration and currency, plus a margin of 1.300% and 1.850% for the AU$ and NZ$ tranches, respectively. The interest rates on Facilities C and D …

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

• Benchmark interest rates tend to fluctuate with economic conditions. Changes in interest rates may not be predictable.

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

… and foreign government securities; from borrowing and lending securities; on deposits (in positive interest rate currencies) with banks; and on certain customers’ cash balances in negative rate currencies. We pay interest on customer cash balances (in sufficiently positive interest rate …

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

The following table illustrates the interest rate sensitivity of our fixed maturity portfolio at December 31, 2025. This table measures the effect of a parallel shift in interest rates (as represented by the U.S. Treasury curve) on the fair value of the fixed maturity portfolio. The data measures the change in fair value arising from an immediate and sustained change in interest rates in increments of 100 basis points.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Declines in interest rates expose insurance companies to the risk that they will fail to earn the level of interest on investments assumed in pricing products and in setting discount rates used to calculate policy liabilities, which could have a …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

The interest rates payable on certain of our senior notes are subject to adjustment from time to time if Moody’s or S&P changes the debt rating applicable to the notes. If the ratings from Moody’s or S …

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

An increase in interest rates may negatively impact our operating results and financial condition.

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

• We are directly and indirectly exposed to fluctuations in interest rates, and rapidly changing interest rate environments have in the past and could in the future reduce our net interest revenues and otherwise result in reduced profitability.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

We are directly and indirectly exposed to fluctuations in interest rates, and rapidly changing interest rate environments have in the past and could in the future reduce our net interest revenues and otherwise result in reduced profitability.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

More generally, our investments, including our minority investments in other companies as well as our cash investments and those held in a fiduciary capacity, are subject to general credit, liquidity, counterparty, foreign exchange, market and interest rate risks. For example, fluctuations in interest rates and foreign exchange rates between the U.S. dollar and foreign currencies may adversely affect our results of operations. Lower interest rates have led to a decline in our fiduciary income.

Item 1A, Risk Factors, 10-K Feb 9, 2026open_in_new

Interest income was $48 million in 2025, compared to $83 million in 2024. Interest income decreased $35 million in 2025 due to lower average interest rates and corporate balances compared to the prior year.

Item 7, MD&A, 10-K Feb 9, 2026open_in_new

… Conversely, in recent periods the performance of certain of our credit funds has benefited from elevated interest rates as a substantial majority of the portfolio is floating rate. Accordingly, a decline in interest rates and/or widening of credit spreads …

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

An overall resilient economic backdrop, alongside moderating interest rates in several major economies, supported a gradual improvement in capital markets and transaction activity in the latter part of 2025. Uncertainty regarding the trajectory of inflation and interest rates in the …

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

• Macroeconomic trends, including inflation, changes in interest rates and trade policies, as well as political events, trade and other international disputes, war, terrorism, natural disasters, public health issues and other business interruptions, can adversely affect our business, results of operations or financial condition.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Macroeconomic trends, including inflation, changes in interest rates and trade policies, as well as political events, trade and other international disputes, war, terrorism, natural disasters, public health issues and other business interruptions, can adversely affect our business, results of operations or financial condition.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

• credit risks, including interest-rate movements and issuers’ ability to make principal and interest payments on the debt they issue;

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

• risks relating to the use of leverage, including as a result of increasing interest rates or an inability to timely obtain and effectively deploy leverage;

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

• Risk-free interest rate - based on the U.S. Treasury yield curve in effect at the time of grant with maturities equal to the expected terms of the stock-based awards granted.

Item 7, MD&A, 10-K Oct 20, 2026open_in_new

… Certain of our borrowings are based upon variable interest rates, and, in the event of increases in interest rates, this could result in higher interest expense. We may need or want to refinance our existing debt or incur additional debt …

Item 1A, Risk Factors, 10-K Oct 20, 2026open_in_new

Mastercard is not a financial institution. We do not issue cards, extend credit, determine or receive revenue from interest rates or other fees charged to account holders by issuers (the account holders’ financial institutions), nor do we establish the rates charged by acquirers (the merchants’ financial institutions) in connection with merchants’ acceptance of our products. In most cases, account holder relationships belong to, and are managed by, our customers.

Item 7, MD&A, 10-K Feb 11, 2026open_in_new

… Certain regulations or legislation that do or could impact our issuers and acquirers (such as caps on issuer interest rates) may impact various aspects of our business. Additionally, strong authentication requirements within the EU’s Payment Services Directive in the …

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

• Long-term debt amounts represent the future principal and interest payments (based on contractual interest rates) on our fixed and floating-rate debt and amounts outstanding under our credit facilities. For more information, see “Note 12 - Debt” to our consolidated financial statements included in this Form 10-K.

Item 7, MD&A, 10-K Feb 3, 2026open_in_new

could adversely affect our results of operations. Additionally, any inability to access the capital markets when needed due to volatility or illiquidity in the markets, liquidity needs due to unanticipated reductions in customer balances, or increased regulatory liquidity and capital requirements may strain our liquidity position. Such conditions may also expose us to fluctuations in foreign exchange rates or interest rates that could materially and adversely affect our financial results.

Item 1A, Risk Factors, 10-K Feb 3, 2026open_in_new

Securities falls, and the converse is also true. Based on historical observations, there is a low probability that all interest rate yield curves would shift in the same direction at the same time. Furthermore, at times interest rate movements in certain credit sectors exhibit a much lower correlation to changes in U.S. Treasury yields. Accordingly, the actual effect of interest rate movements may differ materially from the amounts set forth in the following tables.

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

… We invest in interest rate sensitive securities, primarily debt securities. We consider the effect of interest rate movements on the fair value of our fixed maturities, short-term investments and certain of our other investments, equity securities and investment funds …

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

The following table summarizes the estimated effects of hypothetical changes in interest rates on our significant assets and liabilities that are subject to significant interest rate risk. We assumed that the interest rate changes occur immediately and uniformly to each …

Item 7, MD&A, 10-K Mar 2, 2026open_in_new

We also invest in bonds, loans or other interest rate sensitive instruments. Our strategy is to acquire or originate such instruments at prices or with interest rates considered appropriate relative to the perceived credit risk. We also issue debt in …

Item 7, MD&A, 10-K Mar 2, 2026open_in_new

• credit risks, including interest-rate movements and an issuer’s ability to make principal and interest payments on the debt it issues;

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

• risks relating to the use of leverage, including as a result of increasing interest rates or an inability to timely obtain and effectively deploy leverage;

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

Our ability to access the capital markets in a timely manner depends on a number of factors, including our credit rating, the condition of the global economy, investors’ willingness to purchase our securities, interest rates, credit spreads and the valuation levels of equity markets. If we are unable to access capital markets in a timely manner, our business could be adversely impacted.

Item 7, MD&A, 10-K Nov 9, 2026open_in_new

… The notes have fixed interest rates from 1.600% to 5.500% with interest paid semi-annually and have an aggregate carrying value, inclusive of unamortized discounts and debt issuance costs, of $1,927.2 million. At September 30, 2026 …

Item 7, MD&A, 10-K Nov 9, 2026open_in_new

The level of prevailing short-term interest rates affects our profitability because we derive a large portion of our revenue from interest earned on funds deposited with us by our customers which we hold on their behalf in custodial accounts …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

• instability in the global banking system and the level of interest rates and inflation;

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

◦ high interest rates or fluctuation in interest rates, currency exchange rates or energy and commodity markets,

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

• High or increasing interest rates, volatility in financial markets or the interest rate environment, significant political or economic events, and other market and economic factors may impact the supply and demand for new and used vehicles, which impacts our Mobility business.

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

Interest Rate Risk. Interest rate risk is the potential change in value of the fixed maturity securities portfolio from a change in market interest rates. In a declining interest rate environment, interest rate risk includes prepayment risk on the $8.7 billion of mortgage-backed securities in the $35.1 billion fixed maturity portfolio. Prepayment risk results from potential accelerated principal payments that shorten the average life and thus the expected yield of the security.

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

… To generate appropriate price estimates on mortgage-backed securities, changes in prepayment expectations under different interest rate environments were taken into account. For legal entities with a non-U.S. dollar functional currency, the effective duration of the involved portfolio …

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

… The fair value of fixed maturity securities generally decreases as interest rates rise. If a significant increase in interest rates were to occur, the fair value of our fixed maturity securities would be negatively impacted, while investment income earned from …

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

Cash flow model - If the above methodologies are not available, the Company prices securities using a discounted cash flow model based upon assumptions as to prevailing credit spreads, interest rates and interest rate volatility, time to maturity and subordination levels. Discount rates are adjusted to reflect illiquidity where appropriate. These securities were classified as Level 3.

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

Changes in interest rates and deterioration of credit quality could reduce the value of our cash balances and investment portfolios and adversely affect our financial condition or results.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

• We are exposed to fluctuations in currency exchange rates that could negatively impact our financial results and cash flows. Similarly, changes in interest rates and deterioration of credit quality could reduce the value of our cash balances and investment portfolios and adversely affect our financial condition or results.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

• Interest rate risk - the risk of adverse changes in the value of fixed maturity securities as a result of increases in market interest rates.

Item 1A, Risk Factors, 10-K Feb 23, 2026open_in_new

… Net investment income is impacted by the general level of interest rates, which impact reinvested cash flow from the portfolio and business operations. Depending upon market conditions, considerable fluctuation could occur in the fair value of our investment portfolio and …

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

• Interest Rate Changes. Investor interest in and the valuation of our fixed income and multi-asset investment products are affected by changes in as well as uncertainty about interest rates.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

• credit risks, including interest-rate movements and an issuer’s ability to make principal and interest payments on the debt it issues;

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… Changes in interest rates and monetary policy can impact the demand for new loans, the credit profile of our borrowers, the yields earned on loans and securities, and the rates paid on deposits and borrowings. Heightened tariffs and changes in …

Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

… government and corporate securities, is subject to general credit, liquidity, market, and interest rate risks, which may be exacerbated by certain events that affect the global financial markets. If global credit and equity markets decline for extended periods, or if …

Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

… Reference rates used to determine the applicable interest rates for our variable rate debt have risen significantly over the past few years. If interest rates increase, the debt service obligations on such indebtedness will increase even if the amount borrowed …

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

(2) Includes the impact of payments for the principal amount as well as coupon interest payments at the interest rate in effect as of December 31, 2025 on the revolving loans under the Revolving Credit Facility due 2030.

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

… or internationally, including but not limited to recessions, inflation, rising interest rates, increased tariff rates, high unemployment, currency fluctuations, actual or anticipated large-scale defaults or failures, rising energy prices, slowdowns or disruptions in global trade, trade retaliation, government shutdowns …

Item 1A, Risk Factors, 10-K Nov 5, 2026open_in_new

We have interest rate and cross-currency swap agreements on a portion of our outstanding senior notes that allow us to manage our interest rate exposure through a combination of fixed and floating rates. Together these swap agreements effectively convert …

10-K, 10-K Nov 5, 2026open_in_new

Royalty fees and other cost of revenues increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in trading volumes of licensed products in the Options segment, partially offset by a decrease in operating interest expense attributable to Cboe Clear Europe as a result of the changing interest rate environment resulting in a decrease in interest paid to customers.

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

… or political conditions, acts of war or terrorism, changes in governmental monetary or tax policy, or changes in local interest rates. These exchange rate differences would affect the translation of our non-U.S. results of operations and financial condition …

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

… While moderate inflation generally benefits our industry by increasing insurable asset values, significant inflation is often accompanied by higher interest rates, which can have negative effects on the global economy. Lower levels of inflation may reduce our revenue growth by …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

Investment and other income for 2025 was $139 million, compared with $100 million in 2024. The increase was driven by approximately $42 million of interest income earned from the proceeds of the Company’s follow-on common stock offering and senior notes issuance in June 2025, which was held in preparation for the closing of the Transaction. The increase year over year was partially offset by lower average interest rates as compared to the prior year.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

Changes in interest rates could increase our borrowing costs or result in decreased interest income. Our current credit facilities bear interest at variable rates, which expose us to interest rate risk. We may require additional or increased borrowings in the …

Item 1A, Risk Factors, 10-K Aug 28, 2026open_in_new

… If the general economic environment worsens, including if inflation or interest rates increase or remain at higher than recent historical levels, or if conditions or regulatory requirements within the financial services industry change - such as if financial institutions are required …

Item 1A, Risk Factors, 10-K Aug 28, 2026open_in_new

• Interest rate risk - the risk of adverse changes in the value of fixed-income securities as a result of increases in market interest rates.

Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

• Prepayment or extension risk - applicable to certain securities in the portfolio, such as asset-backed securities and other bonds with call provisions, prepayment risk is the risk that, as interest rates change, the principal of such securities may be repaid …

Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

• Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk and liquidity risk; and

10-K, 10-K Feb 23, 2026open_in_new

Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business segments, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.

10-K, 10-K Feb 23, 2026open_in_new

• levels of and changes in interest rates have impacted, and will in the future continue to impact, our profitability and capital levels, at times adversely;

10-K, 10-K Feb 25, 2026open_in_new

… acquisitions, related integration and divestiture activity, transition to a platforms operating model, efficiency savings, estimates (including those regarding expenses, interest rate and net interest income sensitivities, losses inherent in our credit portfolios and capital ratios), intentions (including those regarding our …

10-K, 10-K Feb 25, 2026open_in_new

… The standards relate generally to operations and management, asset quality, interest rate exposure, executive compensation and risk management. Federal banking regulators are authorized to take action against institutions that fail to meet such standards.

10-K, 10-K Feb 24, 2026open_in_new

… These methods are used in varying degrees and combinations to directly affect the availability of bank loans and deposits, as well as the interest rates charged on loans and paid on deposits. The policies of the FRB may have a …

10-K, 10-K Feb 24, 2026open_in_new

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