Collateralized Transactions

Offsetting of Certain Collateralized Transactions


	At March 31, 2026
$ in millions	Gross Amounts		Amounts Offset		Balance Sheet Net Amounts		Amounts Not Offset1		Net Amounts
Assets
Securities purchased under agreements to resell	$	469,774	$	(340,894)	$	128,880	$	(126,971)	$	1,909
Securities borrowed	214,529		(59,959)		154,570		(151,606)		2,964
Liabilities
Securities sold under agreements to repurchase	$	460,725	$	(340,894)	$	119,831	$	(113,870)	$	5,961
Securities loaned	79,548		(59,959)		19,589		(19,426)		163
Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts
Securities purchased under agreements to resell									$	1,359
Securities borrowed									37
Securities sold under agreements to repurchase									4,035


	At December 31, 2025
$ in millions	Gross Amounts		Amounts Offset		Balance Sheet Net Amounts		Amounts Not Offset1		Net Amounts
Assets
Securities purchased under agreements to resell	$	471,144	$	(350,901)	$	120,243	$	(117,509)	$	2,734
Securities borrowed	218,753		(66,845)		151,908		(146,726)		5,182
Liabilities
Securities sold under agreements to repurchase	$	429,440	$	(350,901)	$	78,539	$	(72,407)	$	6,132
Securities loaned	84,155		(66,845)		17,310		(17,213)		97
Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts
Securities purchased under agreements to resell									$	1,277
Securities borrowed									38
Securities sold under agreements to repurchase									5,367

1.Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.

For further discussion of the Firm’s collateralized transactions, see Notes 2 and 8 to the financial statements in the 2025 Form 10-K. For information related to offsetting of derivatives, see Note 6.

Gross Secured Financing Balances by Remaining Contractual Maturity


	At March 31, 2026
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	241,209	$	107,743	$	37,694	$	74,079	$	460,725
Securities loaned	62,564		1,393		319		15,272		79,548
Total included in the offsetting disclosure	$	303,773	$	109,136	$	38,013	$	89,351	$	540,273
Trading liabilities— Obligation to return securities received as collateral	8,182		—		—		—		8,182
Total	$	311,955	$	109,136	$	38,013	$	89,351	$	548,455


	At December 31, 2025
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	221,938	$	122,291	$	43,737	$	41,474	$	429,440
Securities loaned	70,433		—		321		13,401		84,155
Total included in the offsetting disclosure	$	292,371	$	122,291	$	44,058	$	54,875	$	513,595
Trading liabilities— Obligation to return securities received as collateral	7,329		—		—		—		7,329
Total	$	299,700	$	122,291	$	44,058	$	54,875	$	520,924

Gross Secured Financing Balances by Class of Collateral Pledged


$ in millions	At March 31, 2026		At December 31, 2025
Securities sold under agreements to repurchase
U.S. Treasury and agency securities	$	236,030	$	209,470
Other sovereign government obligations	153,526		159,444
Corporate equities	31,470		32,919
Other	39,699		27,607
Total	$	460,725	$	429,440
Securities loaned
Other sovereign government obligations	$	330	$	1,208
Corporate equities	76,630		81,063
Other	2,588		1,884
Total	$	79,548	$	84,155
Total included in the offsetting disclosure	$	540,273	$	513,595
Trading liabilities—Obligation to return securities received as collateral
Corporate equities	$	7,746	$	7,017
Other	436		312
Total	$	8,182	$	7,329
Total	$	548,455	$	520,924

Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge


$ in millions	At March 31, 2026		At December 31, 2025
Trading assets	$	52,356	$	43,182

The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales.

Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged as collateral) in the balance sheet. Pledged financial instruments that cannot be sold or repledged by the secured party are included within Trading Assets, but not identified as pledged assets parenthetically in the balance sheet.

Fair Value of Collateral Received with Right to Sell or Repledge


$ in millions	At March 31, 2026		At December 31, 2025
Collateral received with right to sell or repledge	$	1,237,511	$	1,190,694
Collateral that was sold or repledged1	948,004		900,282

1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.

The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions.

Securities Segregated for Regulatory Purposes


$ in millions	At March 31, 2026		At December 31, 2025
Segregated securities1	$	29,257	$	22,256

1.Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet.

Customer Margin and Other Lending


$ in millions	At March 31, 2026		At December 31, 2025
Margin and other lending	$	81,447	$	83,871

The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary.

For a further discussion of the Firm’s margin lending activities, see Note 8 to the financial statements in the 2025 Form 10-K.

Also included in the amounts in the previous table is non-purpose securities-based lending on entities in the Wealth Management business segment.

Other Secured Financings

The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12.

Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $3,348 million and $3,410 million as of March 31, 2026 and December 31, 2025, respectively.