v3.26.1
Securities Financing Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Securities Financing Transactions Disclosures [Abstract]  
Securities sold under repurchase agreements, netting & securities loaned
The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of June 30, 2026 and December 31, 2025. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with
the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets.
June 30, 2026
(in millions)Gross amountsAmounts netted on the Consolidated balance sheetsAmounts presented on the Consolidated balance sheets
Amounts not nettable on the Consolidated balance sheets(b)
Net
amounts(c)
Assets
Securities purchased under resale agreements
$763,996 $(317,862)$446,134 $(439,635)$6,499 
Securities borrowed
456,957 (94,470)362,487 (301,289)61,198 
Liabilities
Securities sold under repurchase agreements$1,009,979 $(317,862)$692,117 $(653,736)$38,381 
Securities loaned and other(a)
125,394 (94,470)30,924 (30,556)368 
December 31, 2025
(in millions)Gross amountsAmounts netted on the Consolidated balance sheetsAmounts presented on the Consolidated balance sheets
Amounts not nettable on the Consolidated balance sheets(b)
Net
amounts(c)
Assets
Securities purchased under resale agreements
$618,516 $(282,090)$336,426 $(324,217)$12,209 
Securities borrowed
357,361 (71,170)286,191 (234,466)51,725 
Liabilities
Securities sold under repurchase agreements$715,251 $(282,090)$433,161 $(397,550)$35,611 
Securities loaned and other(a)
86,829 (71,170)15,659 (15,534)125 
(a)Includes securities-for-securities lending agreements of $18.3 billion and $6.6 billion at June 30, 2026 and December 31, 2025, respectively, accounted for at fair value, where the Firm is acting as lender.
(b)In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.
(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At June 30, 2026 and December 31, 2025, included $5.3 billion and $9.4 billion, respectively, of securities purchased under resale agreements; $53.5 billion and $44.0 billion, respectively, of securities borrowed; $37.8 billion and $34.9 billion, respectively, of securities sold under repurchase agreements; and $88 million and $40 million, respectively, of securities loaned and other.
Types of assets pledged in secured financing transactions
The tables below present as of June 30, 2026 and December 31, 2025 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.
Gross liability balance
June 30, 2026December 31, 2025
 (in millions)Securities sold under repurchase agreementsSecurities loaned and otherSecurities sold under repurchase agreementsSecurities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies$142,735 $— $124,776 $— 
Residential - nonagency1,271 — 1,685 — 
Commercial - nonagency298 — 2,285 — 
U.S. Treasury, GSEs and government agencies485,384 5,391 346,938 703 
Obligations of U.S. states and municipalities2,929 — 1,624 — 
Non-U.S. government debt208,047 4,168 122,346 1,415 
Corporate debt securities75,670 6,985 66,100 3,433 
Asset-backed securities4,093 — 6,545 — 
Equity securities89,552 108,850 42,952 81,278 
Total
$1,009,979 $125,394 $715,251 $86,829 
Remaining contractual maturity of the agreements
June 30, 2026
(in millions)		Overnight and continuousUp to 30 days30 – 90 daysGreater than
90 days		Total
Total securities sold under repurchase agreements$580,119 $264,590 $32,866 $132,404 $1,009,979 
Total securities loaned and other111,723 149 4,280 9,242 125,394 
Remaining contractual maturity of the agreements
December 31, 2025
(in millions)		Overnight and continuousUp to 30 days30 – 90 daysGreater than
90 days		Total
Total securities sold under repurchase agreements$406,605 $168,256 $18,169 $122,221 $715,251 
Total securities loaned and other78,233 1,316 976 6,304 86,829