We enter into resale and repurchase agreements and securities borrowing and lending agreements (collectively, “securities financing activities”) typically to finance trading assets (including securities and derivatives), acquire securities to cover trading liability positions, accommodate customers’ financing needs, and settle other securities obligations. These activities are conducted through our broker-dealer subsidiaries and, to a lesser extent, through other bank entities. Our securities financing activities predominantly involve high-quality, liquid securities such as U.S. Treasury securities and government agency securities and, to a lesser extent, less liquid securities, including equity securities, corporate bonds and asset-backed securities. We account for these transactions as collateralized financings in which we typically receive or pledge securities as collateral. We believe these financing transactions generally do not have material credit risk given the collateral provided and the related monitoring processes.

OFFSETTING OF SECURITIES FINANCING ACTIVITIES. Table 14.1 presents resale and repurchase agreements subject to master repurchase agreements (MRA) and securities borrowing and lending agreements subject to master securities lending agreements (MSLA). Where legally enforceable, these master netting arrangements give the ability, in the event of default by the counterparty, to liquidate securities held as collateral and to offset receivables and payables with the same counterparty.

Securities financings with the same counterparty are presented net on our consolidated balance sheet, provided certain balance sheet netting criteria are met. The majority of transactions subject to these agreements do not meet those criteria and thus are not eligible for balance sheet netting.

Securities collateral we pledge is not netted on our consolidated balance sheet against the related liability. Securities collateral we receive is not recognized on our consolidated balance sheet. Collateral pledged or received may be increased or decreased over time to maintain certain contractual thresholds, as the assets underlying each arrangement fluctuate in value. For additional information on collateral pledged and received, see Note 15 (Pledged Assets and Collateral). Generally, these agreements require collateral to exceed the asset or liability recognized on the balance sheet. The following table includes the amount of collateral pledged or received related to exposures subject to enforceable MRAs or MSLAs. While these agreements are typically over-collateralized, the disclosure in this table is limited to the reported amount of such collateral to the amount of the related recognized asset or liability for each counterparty.

In addition to the amounts included in Table 14.1, we also have balance sheet netting related to derivatives that is disclosed in Note 10 (Derivatives).


(in millions)	Jun 30, 2026		Dec 31, 2025
Assets:
Resale and securities borrowing agreements:
Gross amounts recognized	$	379,695	291,236
Gross amounts offset in consolidated balance sheet (1)	(174,350)		(97,368)
Net amounts in consolidated balance sheet (2)	205,345		193,868
Collateral received not recognized in consolidated balance sheet (3)	(203,883)		(192,410)
Net amount (4)	$	1,462	1,458
Liabilities:
Repurchase and securities lending agreements:
Gross amounts recognized	$	426,140	330,040
Gross amounts offset in consolidated balance sheet (1)	(174,350)		(97,368)
Net amounts in consolidated balance sheet (5)	251,790		232,672
Collateral pledged but not netted in consolidated balance sheet (6)	(251,670)		(232,618)
Net amount (4)	$	120	54

REPURCHASE AND SECURITIES LENDING AGREEMENTS. Securities sold under repurchase agreements and securities lending arrangements are effectively short-term collateralized borrowings. In these transactions, we receive cash in exchange for transferring securities as collateral and recognize an obligation to reacquire the securities for cash at the transaction’s maturity. These types of transactions create risks, including (1) the counterparty may fail to return the securities at maturity, (2) the fair value of the securities transferred may decline below the amount of our obligation to reacquire the securities, and therefore create an obligation for us to pledge additional amounts, and (3) the counterparty may accelerate the maturity

on demand, requiring us to reacquire the security prior to contractual maturity. We attempt to mitigate these risks in various ways. Our collateral predominantly consists of highly liquid securities. In addition, we underwrite and monitor the financial strength of our counterparties, monitor the fair value of collateral pledged relative to contractually required repurchase amounts, and monitor that our collateral is properly returned through the clearing and settlement process in advance of our cash repayment. Table 14.2 provides the gross amounts recognized on our consolidated balance sheet (before the effects of offsetting) of our liabilities for repurchase and securities lending agreements disaggregated by underlying collateral type.


(in millions)	Jun 30, 2026		Dec 31, 2025
Repurchase agreements:
Securities of U.S. Treasury and federal agencies	$	262,132	176,386
Federal agency mortgage-backed securities	123,015		118,503
Non-agency mortgage-backed securities	4,512		3,266
Corporate debt securities	16,629		13,567
Asset-backed securities	3,424		4,705
Equity securities	3,077		2,809
Other	3,208		3,246
Total repurchases	415,997		322,482
Securities lending arrangements:


Corporate debt securities	2,233		1,735

Equity securities	7,793		5,700
Other	117		123
Total securities lending	10,143		7,558
Total repurchases and securities lending	$	426,140	330,040

Table 14.3 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements. Securities lending is often executed under agreements that allow either party to terminate the transaction without notice, while repurchase agreements typically have a term structure that matures at a point in time. The overnight agreements require an election by both parties to roll the trade, while continuous agreements require an election by either party to terminate the agreement.

Table 14.3: Contractual Maturities of Gross Obligations



(in millions)	Repurchase agreements		Securities lending agreements
June 30, 2026
Overnight/continuous	$	250,761	6,242
Up to 30 days	112,426		—
30-90 days	30,073		1,000
>90 days	22,737		2,901
Total gross obligation	$	415,997	10,143
December 31, 2025
Overnight/continuous	$	200,118	3,907
Up to 30 days	74,120		—
30-90 days	28,270		—
>90 days	19,974		3,651
Total gross obligation	$	322,482	7,558