Company: WFC-PC
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000072971-25-000129
Chunk: 74

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 1
Chunk 74
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Total exposureNonconforming mortgage loan securitizations (3)$— 2,203 512 4 2,719 Commercial real estate loans5,275 — 14 695 5,984 Other67 — 10 157 234 Total$5,342 2,203 536 856 8,937 (1)Includes $3 million and $298 million of securities classified as trading at March 31, 2025, and December 31, 2024, respectively.(2)All other assets includes mortgage servicing rights, derivative assets, and other assets. Other assets at December 31, 2024, were predominantly servicer advances.(3)In first quarter 2025, we sold the non-agency portion of our commercial mortgage third-party servicing business. As a result, we no longer have continuing involvement in the form of servicing.

106Wells Fargo & Company

INVOLVEMENT WITH TAX CREDIT VIES.  In addition to the unconsolidated VIEs in Table 13.4, we may invest in or provide funding to affordable housing, renewable energy or similar projects that are designed to generate a return primarily through the realization of federal income tax credits and other income tax benefits. Our affordable housing investments generate low-income housing tax credits and our renewable energy investments generate either production tax credits, investment tax credits, or both. The projects are typically managed by third-party sponsors who have the power over the VIE’s assets; therefore, we do not consolidate the VIEs. The carrying value of our equity investments in tax credit VIEs was $21.1 billion and $21.7 billion at March 31, 2025, and December 31, 2024, respectively. Additionally, we had loans to tax credit VIEs with a carrying value of $2.0 billion and $1.9 billion at March 31, 2025, and December 31, 2024, respectively.Our maximum exposure to loss for tax credit VIEs at March 31, 2025, and December 31, 2024, was $28.5 billion and $29.1 billion, respectively. Our maximum exposure to loss included total unfunded equity and lending commitments of $5.5 billion at both March 31, 2025, and December 31, 2024. Under these commitments, we are required to provide