Collateralized Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Disclosure Collateralized Transactions [Abstract]

The table below presents a summary of the amounts related to collateralized transactions for the periods indicated.


	March 31, 2026				December 31, 2025
	Permitted		Sold or		Permitted		Sold or
	to Repledge		Repledged		to Repledge		Repledged

	(in millions)

Securities lending transactions 1	$	195,112	$	20,294	$	197,478	$	17,204
Securities purchased under agreements to resell transactions 1		42,026		40,682		24,947		24,225
Customer margin assets		115,899		38,143		115,846		31,410
	$	353,037	$	99,119	$	338,271	$	72,839

As of March 31, 2026 and December 31, 2025, the Company had $32.1 billion and $18.0 billion, respectively, of securities purchased under agreements to resell, and $2.3 billion and $2.4 billion, respectively, of securities borrowed that were segregated to satisfy regulatory requirements. These securities are reported in “Securities - segregated for regulatory purposes” in the condensed consolidated statements of financial condition.

Financial Instruments Owned and Pledged as Collateral (table)

The table below presents financial instruments owned and pledged as collateral, including amounts pledged to affiliates, where the counterparty has the right to repledge, for the periods indicated.


	March 31,		December 31,
	2026		2025

	(in millions)

Stocks	$	87	$	47
U.S. and foreign government securities		70		62
	$	157	$	109