v3.26.1
Offsetting Arrangements
 6 Months Ended
Jun. 30, 2026
Offsetting [Abstract]  
Offsetting Arrangements Offsetting Arrangements
For additional information on our offsetting arrangements, refer to Note 11 of the notes to consolidated financial statements in our 2025 Form 10-K.
As of June 30, 2026 and December 31, 2025, the value of securities received as collateral from third parties where we are permitted to transfer or re-pledge the securities totaled $20.10 billion and $19.21 billion, respectively, and the fair value of the portion that had been transferred or re-pledged as of the same dates was $7.50 billion and $12.11 billion, respectively.
The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:
Assets:June 30, 2026
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$24,104 $(12,591)$11,513 $— $11,513 
Interest rate contracts(6)
11 (11)— — — 
Cash collateral and securities nettingNA(2,707)(2,707)(1,402)(4,109)
Total derivatives24,115 (15,309)8,806 (1,402)7,404 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
311,089 (249,780)61,309 (58,134)3,175 
Total derivatives and other financial instruments$335,204 $(265,089)$70,115 $(59,536)$10,579 

Assets:December 31, 2025
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$14,224 $(7,618)$6,606 $— $6,606 
Interest rate contracts(6)
34 (5)29 — 29 
Other derivative contracts1 — 1 — 1 
Cash collateral and securities nettingNA(2,481)(2,481)(956)(3,437)
Total derivatives14,259 (10,104)4,155 (956)3,199 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
297,824 (252,779)45,045 (42,683)2,362 
Total derivatives and other financial instruments$312,083 $(262,883)$49,200 $(43,639)$5,561 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities in connection with our securities borrowing transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $61.31 billion as of June 30, 2026 were $9.04 billion of resale agreements and $52.27 billion of collateral provided related to securities borrowing. Included in the $45.05 billion as of December 31, 2025 were $6.81 billion of resale agreements and $38.24 billion of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions.
(8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated:
Liabilities:June 30, 2026
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$24,228 $(12,591)$11,637 $— $11,637 
Interest rate contracts(6)
16 (11)5 — 5 
Other derivative contracts118 — 118 — 118 
Cash collateral and securities nettingNA(6,941)(6,941)(1,087)(8,028)
Total derivatives24,362 (19,543)4,819 (1,087)3,732 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
272,328 (249,780)22,548 (22,161)387 
Total derivatives and other financial instruments$296,690 $(269,323)$27,367 $(23,248)$4,119 
Liabilities:December 31, 2025
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$14,097 $(7,617)$6,480 $— $6,480 
Interest rate contracts(6)
5 (5)— — — 
Other derivative contracts159 — 159 — 159 
Cash collateral and securities nettingNA(1,614)(1,614)(757)(2,371)
Total derivatives14,261 (9,236)5,025 (757)4,268 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
273,785 (252,779)21,006 (20,165)841 
Total derivatives and other financial instruments$288,046 $(262,015)$26,031 $(20,922)$5,109 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities provided in connection with our securities lending transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $22.55 billion as of June 30, 2026 were $0.40 billion of repurchase agreements and $22.15 billion of collateral received related to securities lending transactions. Included in the $21.01 billion as of December 31, 2025 were $0.84 billion of repurchase agreements and $20.17 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions.
(8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
The securities transferred under resale and repurchase agreements typically are U.S. Treasury, agency and agency MBS. In our principal securities borrowing and lending arrangements, the securities transferred are predominantly equity securities and some corporate debt securities. The fair value of the securities transferred may increase in value to an amount greater than the amount received under our repurchase and securities lending arrangements, which exposes us to counterparty risk. We require the review of the price of the underlying securities in relation to the carrying value of the repurchase agreements and securities lending arrangements on a daily basis and when appropriate, adjust the cash or security to be obtained or returned to counterparties that is reflective of the required collateral levels.
The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements, as of the periods indicated:
As of June 30, 2026As of December 31, 2025
(In millions)Overnight and ContinuousUp to 30 Days30-90 daysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30-90 daysGreater than 90 DaysTotal
Repurchase agreements:
U.S. Treasury and agency securities$235,745 $448 $— $— $236,193 $243,596 $— $— $— $243,596 
Total235,745 448 — — 236,193 243,596 — — — 243,596 
Securities lending transactions:
U.S. Treasury and agency securities383 — — — 383 175 — — — 175 
Corporate debt securities21 — — — 21 29 — — — 29 
Equity securities19,784 — 1 2,340 22,125 11,279 — 1 3,215 14,495 
Other(1)
13,606 — — — 13,606 15,490 — — — 15,490 
Total33,794 — 1 2,340 36,135 26,973 — 1 3,215 30,189 
Gross amount of recognized liabilities for repurchase agreements and securities lending$269,539 $448 $1 $2,340 $272,328 $270,569 $— $1 $3,215 $273,785 
(1) Represents a security interest in underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.