v3.26.1
Collateralized Agreements and Financings (Tables)
 3 Months Ended
Mar. 31, 2026
Collateralized Agreements And Financings [Abstract]  
Schedule of Securities Financing Transactions
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 millionsResale agreements Securities borrowedRepurchase agreementsSecurities 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)
Total152,875 233,083 259,452 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)
Total126,007 208,208 223,384 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.
Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Cass of Collateral Pledged
The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged.
$ in millionsRepurchase agreementsSecurities loaned
As of March 2026  
Money market instruments$1,653 $– 
U.S. government and agency obligations286,706 281 
Non-U.S. government and agency obligations180,519 132 
Securities backed by commercial real estate212 8 
Securities backed by residential real estate2,572 17 
Corporate debt securities16,762 428 
State and municipal obligations489 – 
Other debt obligations
108 – 
Equity securities20,476 70,092 
Total$509,497 $70,958 
As of December 2025  
Money market instruments$395 $– 
U.S. government and agency obligations319,406 – 
Non-U.S. government and agency obligations141,625 1,416 
Securities backed by commercial real estate247 – 
Securities backed by residential real estate2,219 – 
Corporate debt securities13,281 186 
State and municipal obligations370 – 
Other debt obligations89 – 
Equity securities24,516 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 millionsRepurchase agreementsSecurities loaned
No stated maturity and overnight$259,135 $41,118 
2 - 30 days104,974 – 
31 - 90 days45,568 2,217 
91 days - 1 year57,078 15,965 
Greater than 1 year42,742 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
The table below presents information about other secured financings.
$ in millionsU.S.
Dollar		Non-U.S. DollarTotal
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.
Other Secured Financings by Maturity Date
The table below presents other secured financings by maturity.
As of
$ in millionsMarch 2026
Other secured financings (short-term)$25,296 
Other secured financings (long-term): 
20276,388 
20282,143 
20291,047 
2030351 
2031249 
2032 - thereafter862 
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.
Financial Instruments Received as Collateral and Repledged
The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged.
 
As of
MarchDecember
$ in millions20262025
Collateral available to be delivered or repledged$1,390,755 $1,312,079 
Collateral that was delivered or repledged$1,223,841 $1,119,825 
Schedule of Financial Instruments Owned and Pledged as Collateral
The table below presents information about assets pledged.
 
As of
MarchDecember
$ in millions20262025
Pledged to counterparties that had the right to deliver or repledge
Trading assets$181,306 $158,641 
Pledged to counterparties that did not have the right to deliver or repledge
Trading assets$212,719 $193,326 
Investments$21,115 $22,394 
Loans$12,865 $12,939 
Other assets$1,817 $664