Company: WFC-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000072971-25-000253
Chunk: 12

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 12
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 the underlying mortgages mature.

68Wells Fargo & Company

Note 4:  Equity SecuritiesTable 4.1 provides a summary of our equity securities by business purpose and accounting method.Table 4.1:  Equity Securities(in millions) Sep 30,2025Dec 31,2024Equity securities held for trading at fair value (1)$30,846 19,270 Not held for trading:Equity securities at fair value (2)1,443 3,052 Tax credit investments (3)20,760 21,933 Private equity (4)12,785 12,607 Federal Reserve Bank stock and other at cost (5)4,279 3,782 Total equity securities not held for trading39,267 41,374 Total equity securities$70,113 60,644 (1)Represents securities held as part of our customer accommodation trading activities. For additional information on these activities, see Note 2 (Trading Activities).(2)Includes securities subject to contractual lock-up periods restricting their sale. These securities had fair values of $230 million at September 30, 2025, the majority of which have sale restrictions that will expire in second quarter 2027, and $590 million at December 31, 2024, the majority of which had sale restrictions that expired in second quarter 2025.(3)Includes affordable housing investments of $11.5 billion and $12.3 billion at September 30, 2025, and December 31, 2024, respectively, and renewable energy investments of $9.0 billion and $9.4 billion at September 30, 2025, and December 31, 2024, respectively. Tax credit investments are accounted for using either the proportional amortization method or the equity method. See Note 13 (Securitizations and Variable Interest Entities) for information about tax credit investments.(4)Includes equity securities accounted for under the measurement alternative of $9.6 billion and $9.3 billion at September 30, 2025, and December 31, 2024, respectively, which were predominantly securities associated with our venture capital investments. The remaining securities are accounted for using the equity method.(5)Includes $3.5 billion of investments in Federal Reserve Bank stock at both September 30, 2025, and December 31, 2024, and $717 million and $224 million of