Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.	9 Months Ended
Sep. 30, 2023
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Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.	15. Relationship with BLG and Bayview Financial M&T holds a 20% minority interest in BLG, a privately-held commercial mortgage company. That investment had no remaining carrying value at September 30, 2023 as a result of cumulative losses recognized and cash distributions received in prior years. Cash distributions now received from BLG are recognized as income by M&T and included in other revenues from operations. That income totaled $20 million and $30 million for the nine-month periods ended September 30, 2023 and 2022, respectively. There were no cash distributions during the three-month periods ended September 30, 2023 and 2022. Bayview Financial, a privately-held specialty finance company, is BLG's majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $1.2 billion and $1.4 billion at September 30, 2023 and December 31, 2022, respectively. Revenues from those servicing rights were $1 million and $3 million in the three-month periods ended September 30, 2023 and 2022, respectively, and $5 million and $7 million for the nine-month periods ended September 30, 2023 and 2022, respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $114.6 billion and $96.0 billion at September 30, 2023 and December 31, 2022, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $30 million and $33 million for the three-month periods ended September 30, 2023 and 2022, respectively, and $94 million and $119 million in the nine-month periods ended September 30, 2023 and 2022, respectively. In addition, the Company held $44 million and $50 million of mortgage-backed securities in its held-to-maturity portfolio at September 30, 2023 and December 31, 2022, respectively, that were securitized by Bayview Financial. At September 30, 2023, the Company held $765 million of Bayview Financial's $3.1 billion syndicated loan facility.

Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.

9 Months Ended

Sep. 30, 2023

Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.

15. Relationship with BLG and Bayview Financial

M&T holds a 20% minority interest in BLG, a privately-held commercial mortgage company. That investment had no remaining carrying value at September 30, 2023 as a result of cumulative losses recognized and cash distributions received in prior years. Cash distributions now received from BLG are recognized as income by M&T and included in other revenues from operations. That income totaled $20 million and $30 million for the nine-month periods ended September 30, 2023 and 2022, respectively. There were no cash distributions during the three-month periods ended September 30, 2023 and 2022.

Bayview Financial, a privately-held specialty finance company, is BLG's majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $1.2 billion and $1.4 billion at September 30, 2023 and December 31, 2022, respectively. Revenues from those servicing rights were $1 million and $3 million in the three-month periods ended September 30, 2023 and 2022, respectively, and $5 million and $7 million for the nine-month periods ended September 30, 2023 and 2022, respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $114.6 billion and $96.0 billion at September 30, 2023 and December 31, 2022, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $30 million and $33 million for the three-month periods ended September 30, 2023 and 2022, respectively, and $94 million and $119 million in the nine-month periods ended September 30, 2023 and 2022, respectively. In addition, the Company held $44 million and $50 million of mortgage-backed securities in its held-to-maturity portfolio at September 30, 2023 and December 31, 2022, respectively, that were securitized by Bayview Financial. At September 30, 2023, the Company held $765 million of Bayview Financial's $3.1 billion syndicated loan facility.