
(In millions)	June 30, 2026		December 31, 2025
Securities borrowed(1)	$	52,126	$	38,233
Derivative instruments, net	8,806		4,155
Investments in joint ventures and other unconsolidated entities(2)	4,097		3,753
Bank-owned life insurance	4,028		3,965

Collateral, net	3,241		1,603
Receivable for securities settlement	1,532		102
Prepaid expenses	1,175		837
Right-of-use assets	820		865
Accounts receivable	696		621
Deferred tax assets, net of valuation allowance(3)	550		627






Income taxes receivable	250		256


Other(4)	4,525		3,451
Total	$	81,846	$	58,468

(1) Refer to Note 8 for further information on the impact of collateral on our financial statement presentation of securities borrowing and securities lending transactions.

(2) Includes equity securities without readily determinable fair values that are accounted for under the ASC 321 measurement alternative of $579 million and $585 million as of June 30, 2026 and December 31, 2025, respectively. For the six months ended June 30, 2026, impairments of $7 million were recognized in other fee revenue related to such equity securities.

(3) Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction.

(4) Includes advances of $2.45 billion and capitalized costs to fulfill contracts with customers of $1.28 billion as of June 30, 2026, compared to $1.57 billion and $1.19 billion, respectively, as of December 31, 2025.