| Collateralized Transactions |
Note 7. Collateralized Transactions | | | | | | | | | | | | | | | | | May 31, 2026 | | | $ in millions | Securities Lending Arrangements | Repurchase Agreements | Obligation to Return Securities Received as Collateral, at Fair Value | Total | | | Collateral Pledged: | | | | | | | | | | | | | Corporate equity securities | $ | 2,573.1 | | $ | 1,774.8 | | $ | 80.3 | | $ | 4,428.2 | | | | Corporate debt securities | 311.8 | | 3,428.5 | | — | | 3,740.3 | | | | Mortgage-backed and asset-backed securities | 186.3 | | 2,114.6 | | — | | 2,300.9 | | | | U.S. government and federal agency securities | 14.4 | | 8,435.1 | | — | | 8,449.5 | | | | Municipal securities | — | | 430.9 | | — | | 430.9 | | | | Sovereign obligations | 19.0 | | 1,529.5 | | 230.5 | | 1,779.0 | | | | Loans and other receivables | — | | 786.6 | | — | | 786.6 | | | | Total | $ | 3,104.6 | | $ | 18,500.0 | | $ | 310.8 | | $ | 21,915.4 | | |
| | | | | | | | | | | | | | | | | November 30, 2025 | | | $ in millions | Securities Lending Arrangements | Repurchase Agreements | Obligation to Return Securities Received as Collateral, at Fair Value | Total | | | Collateral Pledged: | | | | | | | | | | | | | Corporate equity securities | $ | 1,875.2 | | $ | 1,028.6 | | $ | — | | $ | 2,903.8 | | | | Corporate debt securities | 589.7 | | 3,271.5 | | — | | 3,861.2 | | | | Mortgage-backed and asset-backed securities | — | | 2,062.6 | | — | | 2,062.6 | | | | U.S. government and federal agency securities | 21.6 | | 9,183.1 | | — | | 9,204.7 | | | | Municipal securities | — | | 422.3 | | — | | 422.3 | | | | Sovereign obligations | 54.3 | | 1,487.7 | | 200.5 | | 1,742.5 | | | | Loans and other receivables | — | | 805.4 | | — | | 805.4 | | | | Total | $ | 2,540.8 | | $ | 18,261.2 | | $ | 200.5 | | $ | 21,002.5 | | |
| | | | | | | | | | | | | | | | | | | | May 31, 2026 | | | $ in millions | Overnight and Continuous | Up to 30 Days | 31-90
Days | Greater than 90 Days | Total | | | Securities lending arrangements | $ | 2,687.9 | | $ | 236.3 | | $ | 101.2 | | $ | 79.2 | | $ | 3,104.6 | | | | Repurchase agreements | 2,007.7 | | 8,299.2 | | 4,116.7 | | 4,076.4 | | 18,500.0 | | | | Obligation to return securities received as collateral, at fair value | 310.8 | | — | | — | | — | | 310.8 | | | | Total | $ | 5,006.4 | | $ | 8,535.5 | | $ | 4,217.9 | | $ | 4,155.6 | | $ | 21,915.4 | | |
| | | | | | | | | | | | | | | | | | | | November 30, 2025 | | | $ in millions | Overnight and Continuous | Up to 30 Days | 31-90
Days | Greater than 90 Days | Total | | | Securities lending arrangements | $ | 2,072.7 | | $ | 123.8 | | $ | 81.3 | | $ | 263.0 | | $ | 2,540.8 | | | | Repurchase agreements | 2,108.1 | | 9,569.4 | | 2,959.8 | | 3,623.9 | | 18,261.2 | | | | Obligation to return securities received as collateral, at fair value | 200.5 | | — | | — | | — | | 200.5 | | | | Total | $ | 4,381.3 | | $ | 9,693.2 | | $ | 3,041.1 | | $ | 3,886.9 | | $ | 21,002.5 | | |
We receive securities as collateral under resale agreements, securities borrowing transactions, customer margin loans, and in connection with securities-for-securities transactions in which we are the lender of securities. We also receive securities as initial margin on certain derivative transactions. In many instances, we are permitted by contract to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At May 31, 2026 and November 30, 2025, the approximate fair value of securities received as collateral by us that may be sold or repledged was $72.04 billion and $49.68 billion, respectively. At May 31, 2026 and November 30, 2025, a substantial portion of the securities received by us had been sold or repledged. Securities Financing Agreements To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions). | | | | | | | | | | | | | | | | | | | | | | | May 31, 2026 | | | $ in millions | Gross Amounts | Netting in Consolidated Statements of Financial Condition | Net Amounts in Consolidated Statements of Financial Condition | Additional Amounts Available for Setoff (1) | Available Collateral (2) | Net Amount (3) | | | Assets: | | | | | | | | | Securities borrowing arrangements | $ | 9,729.9 | | $ | — | | $ | 9,729.9 | | $ | (882.0) | | $ | (2,149.8) | | $ | 6,698.1 | | | | Reverse repurchase agreements | 16,589.2 | | (7,182.0) | | 9,407.2 | | (1,498.4) | | (7,842.5) | | 66.3 | | | | Securities received as collateral, at fair value | 310.8 | | — | | 310.8 | | — | | (310.8) | | — | | | | Liabilities: | | | | | | | | | Securities lending arrangements | $ | 3,104.6 | | $ | — | | $ | 3,104.6 | | $ | (882.0) | | $ | (1,948.6) | | $ | 274.0 | | | | Repurchase agreements | 18,500.0 | | (7,182.0) | | 11,318.0 | | (1,498.4) | | (9,544.9) | | 274.7 | | | | Obligation to return securities received as collateral, at fair value | 310.8 | | — | | 310.8 | | — | | (310.8) | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | November 30, 2025 | | | $ in millions | Gross Amounts | Netting in Consolidated Statements of Financial Condition | Net Amounts in Consolidated Statements of Financial Condition | Additional Amounts Available for Setoff (1) | Available Collateral (2) | Net Amount (4) | | | Assets: | | | | | | | | | Securities borrowing arrangements | $ | 8,295.2 | | $ | — | | $ | 8,295.2 | | $ | (512.3) | | $ | (1,913.5) | | $ | 5,869.4 | | | | Reverse repurchase agreements | 14,553.6 | | (6,104.5) | | 8,449.1 | | (2,727.2) | | (5,670.2) | | 51.7 | | | | Securities received as collateral, at fair value | 200.5 | | — | | 200.5 | | — | | (200.5) | | — | | | | Liabilities: | | | | | | | | | Securities lending arrangements | $ | 2,540.8 | | $ | — | | $ | 2,540.8 | | $ | (512.3) | | $ | (1,920.0) | | $ | 108.5 | | | | Repurchase agreements | 18,261.2 | | (6,104.5) | | 12,156.7 | | (2,727.2) | | (8,666.7) | | 762.8 | | | | Obligation to return securities received as collateral, at fair value | 200.5 | | — | | 200.5 | | — | | (200.5) | | — | | |
(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met. (2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3)Includes $6.62 billion of securities borrowing arrangements, for which we have received securities collateral of $6.44 billion, and $220.0 million of repurchase agreements, for which we have pledged securities collateral of $241.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4)Includes $5.81 billion of securities borrowing arrangements, for which we have received securities collateral of $5.69 billion, and $670.0 million of repurchase agreements, for which we have pledged securities collateral of $688.0 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
|