Repurchase agreements and resale agreements are recorded at fair value under the fair value option. See Notes 4, 5 and 10 for further information about repurchase and resale agreements.

Securities Borrowed and Loaned Transactions

In a securities borrowed transaction, the firm borrows securities from a counterparty in exchange for cash or securities. When the firm returns the securities, the counterparty returns the cash or securities. Interest is generally paid periodically over the life of the transaction.

In a securities loaned transaction, the firm lends securities to a counterparty in exchange for cash or securities. When the counterparty returns the securities, the firm returns the cash or securities posted as collateral. Interest is generally paid periodically over the life of the transaction.

In a transaction where the firm lends securities and receives securities that can be delivered or pledged as collateral, the firm recognizes the securities received within securities borrowed and the obligation to return those securities within securities loaned in the consolidated balance sheets.

The firm receives securities borrowed and makes delivery of securities loaned. To mitigate credit exposure, the firm monitors the market value of these securities on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the securities, as appropriate. For securities borrowed transactions, the firm typically requires collateral with a fair value approximately equal to the carrying value of the securities borrowed transaction.

Securities borrowed and loaned within FICC financing are recorded at fair value under the fair value option. See Notes 4, 5 and 10 for further information about securities borrowed and loaned accounted for at fair value.

Substantially all of the securities borrowed and loaned within Equities financing are recorded based on the amount of cash collateral advanced or received plus accrued interest. The firm also reviews such securities borrowed to determine if an allowance for credit losses should be recorded by taking into consideration the fair value of collateral received. As these agreements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates. Therefore, the carrying value of such agreements approximates fair value. As these agreements are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these agreements been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both March 2026 and December 2025.

Offsetting Arrangements

The table below presents resale and repurchase agreements and securities borrowed and loaned transactions included in the consolidated balance sheets, as well as the amounts not offset in the consolidated balance sheets.


	Assets				Liabilities
$ in millions	Resale agreements		Securities borrowed		Repurchase agreements		Securities loaned
As of March 2026
Included in the consolidated balance sheets
Gross carrying value	$	402,920	$	248,763	$	509,497	$	70,958
Counterparty netting	(250,045)		(15,680)		(250,045)		(15,680)
Total	152,875		233,083		259,452		55,278

Amounts not offset	(150,570)		(227,338)		(256,132)		(54,864)


Total	$	2,305	$	5,745	$	3,320	$	414
As of December 2025
Included in the consolidated balance sheets
Gross carrying value	$	404,771	$	226,145	$	502,148	$	71,581
Counterparty netting	(278,764)		(17,937)		(278,764)		(17,937)
Total	126,007		208,208		223,384		53,644

Amounts not offset	(119,721)		(200,301)		(219,533)		(53,434)


Total	$	6,286	$	7,907	$	3,851	$	210

In the table above:

•Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements.

•Amounts not offset includes (i) counterparty netting that does not meet the criteria for netting under U.S. GAAP and (ii) the fair value of securities collateral received or posted subject to enforceable credit support agreements. Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been included in such amounts.

•All resale and all repurchase agreements included in the consolidated balance sheets are carried at fair value under the fair value option. See Notes 4, 5 and 10 for further information about resale agreements and repurchase agreements accounted for at fair value.

•Securities borrowed included in the consolidated balance sheets of $61.70 billion as of March 2026 and $51.58 billion as of December 2025, and securities loaned included in the consolidated balance sheets of $12.59 billion as of March 2026 and $12.00 billion as of December 2025 were at fair value under the fair value option. See Notes 4, 5 and 10 for further information about securities borrowed and securities loaned accounted for at fair value.

Gross Carrying Value of Repurchase Agreements and Securities Loaned

The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged.


$ in millions	Repurchase agreements		Securities loaned
As of March 2026
Money market instruments	$	1,653	$	–
U.S. government and agency obligations	286,706		281
Non-U.S. government and agency obligations	180,519		132
Securities backed by commercial real estate	212		8
Securities backed by residential real estate	2,572		17
Corporate debt securities	16,762		428
State and municipal obligations	489		–
Other debt obligations	108		–
Equity securities	20,476		70,092
Total	$	509,497	$	70,958
As of December 2025
Money market instruments	$	395	$	–
U.S. government and agency obligations	319,406		–
Non-U.S. government and agency obligations	141,625		1,416
Securities backed by commercial real estate	247		–
Securities backed by residential real estate	2,219		–
Corporate debt securities	13,281		186
State and municipal obligations	370		–
Other debt obligations	89		–
Equity securities	24,516		69,979
Total	$	502,148	$	71,581

The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity.


	As of March 2026
$ in millions	Repurchase agreements		Securities loaned
No stated maturity and overnight	$	259,135	$	41,118
2 - 30 days	104,974		–
31 - 90 days	45,568		2,217
91 days - 1 year	57,078		15,965
Greater than 1 year	42,742		11,658
Total	$	509,497	$	70,958

In the table above:

•Repurchase agreements and securities loaned that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates.

•Repurchase agreements and securities loaned that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable.

Other Secured Financings

In addition to repurchase agreements and securities loaned transactions, the firm funds certain assets through the use of other secured financings and pledges financial instruments and other assets as collateral in these transactions. These other secured financings include:

•Liabilities of CIEs and consolidated VIEs;

•Transfers of assets accounted for as financings rather than sales (e.g., pledged commodities, bank loans and mortgage whole loans); and

•Other structured financing arrangements.

Other secured financings included nonrecourse arrangements. Nonrecourse other secured financings were $4.28 billion as of March 2026 and $3.65 billion as of December 2025.

The firm has elected to apply the fair value option to substantially all other secured financings because the use of fair value eliminates non-economic volatility in earnings that would arise from using different measurement attributes. See Notes 4, 5 and 10 for further information about other secured financings that are accounted for at fair value.

Other secured financings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, which generally approximates fair value. As these financings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these financings been included in the firm’s fair value hierarchy, they would have been primarily classified in level 3 as of both March 2026 and December 2025.

The table below presents information about other secured financings.


$ in millions	U.S. Dollar		Non-U.S. Dollar		Total
As of March 2026
Other secured financings:
Short-term	$	18,916	$	6,380	$	25,296
Long-term	2,477		8,563		11,040
Total other secured financings	$	21,393	$	14,943	$	36,336

Other secured financings collateralized by:
Financial instruments	$	21,003	$	11,875	$	32,878
Other assets	$	390	$	3,068	$	3,458
As of December 2025
Other secured financings:
Short-term	$	12,152	$	5,157	$	17,309
Long-term	2,618		8,094		10,712
Total other secured financings	$	14,770	$	13,251	$	28,021

Other secured financings collateralized by:
Financial instruments	$	14,461	$	11,081	$	25,542
Other assets	$	309	$	2,170	$	2,479

In the table above:

•Short-term other secured financings includes financings due to mature within one year of the financial statement date and financings that are redeemable within one year of the financial statement date at the option of the holder.

•Other secured financings included $5.52 billion as of March 2026 and $5.53 billion as of December 2025 of outstanding borrowings from the Federal Home Loan Bank.

•Other secured financings included $36.14 billion as of March 2026 and $27.83 billion as of December 2025 of financings accounted for at fair value under the fair value option.

•Other secured financings included $3.41 billion as of March 2026 and $2.75 billion as of December 2025 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets, primarily included in trading assets, of $3.50 billion as of March 2026 and $2.83 billion as of December 2025.

•Other secured financings collateralized by financial instruments included $23.94 billion as of March 2026 and $22.33 billion as of December 2025 of other secured financings collateralized by trading assets, investments and loans, and included $8.94 billion as of March 2026 and $3.21 billion as of December 2025 of other secured financings collateralized by financial instruments received as collateral and repledged.

•U.S. dollar-denominated long-term other secured financings had a weighted average interest rate of 6.33% as of March 2026 and 6.32% as of December 2025. These rates include the effect of hedging activities and excludes other secured financings held at fair value under the fair value option.

•Non-U.S. dollar-denominated short-term other secured financings had a weighted average interest rate of 7.50% as of March 2026. This rate includes the effect of hedging activities and excludes other secured financings held at fair value under the fair value option.

•Non-U.S. dollar-denominated long-term other secured financings had a weighted average interest rate of 7.44% as of both March 2026 and December 2025. This rate includes the effect of hedging activities and excludes other secured financings held at fair value under the fair value option.

•All U.S. dollar-denominated short-term other secured financings were held at fair value under the fair value option as of both March 2026 and December 2025. All non-U.S. dollar-denominated short-term other secured financings were held at fair value under the fair value option as of December 2025.

The table below presents other secured financings by maturity.


	As of
$ in millions	March 2026
Other secured financings (short-term)	$	25,296
Other secured financings (long-term):
2027	6,388
2028	2,143
2029	1,047
2030	351
2031	249
2032 - thereafter	862
Total other secured financings (long-term)	11,040
Total other secured financings	$	36,336

In the table above:

•Long-term other secured financings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates.

•Long-term other secured financings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable.

Collateral Received and Pledged

The firm receives cash and securities (e.g., U.S. government and agency obligations, other sovereign and corporate obligations, as well as equity securities) as collateral, primarily in connection with resale agreements, securities borrowed, derivative transactions and customer margin loans. The firm obtains cash and securities as collateral on an upfront or contingent basis for derivative instruments and collateralized agreements to reduce its credit exposure to individual counterparties.

In many cases, the firm is permitted to deliver or repledge financial instruments received as collateral when entering into repurchase agreements and securities loaned transactions, primarily in connection with secured client financing activities. The firm is also permitted to deliver or repledge these financial instruments in connection with other secured financings, collateralized derivative transactions and firm or customer settlement requirements.

The firm also pledges certain trading assets in connection with repurchase agreements, securities loaned transactions and other secured financings, and other assets (substantially all real estate and cash) in connection with other secured financings to counterparties who may or may not have the right to deliver or repledge them.