The risk related to a decline in the market value of collateral pledged or received is managed by setting appropriate market-based margin requirements. Increases in collateral margin calls on secured financing due to market value declines may be mitigated by increases in collateral margin calls on securities purchased under agreements to resell and securities borrowed transactions with similar quality collateral. Additionally, the Firm may request lower quality collateral pledged be replaced with higher quality collateral through collateral substitution rights in the underlying agreements.

The Firm actively manages its secured financings in a manner that reduces the potential refinancing risk of secured financings of less liquid assets and also considers the quality of collateral when negotiating collateral eligibility with counterparties. The Firm utilizes shorter term secured financing for highly liquid assets and has established longer tenor limits for less liquid assets, for which funding may be at risk in the event of a market disruption.

Offsetting of Certain Collateralized Transactions


	At December 31, 2025
$ in millions	Gross Amounts		Amounts Offset		Balance Sheet Net Amounts		Amounts Not Offset1		Net Amounts
Assets
Securities purchased under agreements to resell	$	471,144	$	(350,901)	$	120,243	$	(117,509)	$	2,734
Securities borrowed	218,753		(66,845)		151,908		(146,726)		5,182
Liabilities
Securities sold under agreements to repurchase	$	429,440	$	(350,901)	$	78,539	$	(72,407)	$	6,132
Securities loaned	84,155		(66,845)		17,310		(17,213)		97
Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts
Securities purchased under agreements to resell									$	1,277
Securities borrowed									38
Securities sold under agreements to repurchase									5,367


	At December 31, 2024
$ in millions	Gross Amounts		Amounts Offset		Balance Sheet Net Amounts		Amounts Not Offset1		Net Amounts
Assets
Securities purchased under agreements to resell	$	409,635	$	(291,070)	$	118,565	$	(116,157)	$	2,408
Securities borrowed	165,642		(41,783)		123,859		(117,573)		6,286
Liabilities
Securities sold under agreements to repurchase	$	341,137	$	(291,070)	$	50,067	$	(45,520)	$	4,547
Securities loaned	57,009		(41,783)		15,226		(15,211)		15
Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts
Securities purchased under agreements to resell									$	2,054
Securities borrowed									2,079
Securities sold under agreements to repurchase									3,448

1.Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.

For information related to offsetting of derivatives, see Note 6.

Gross Secured Financing Balances by Remaining Contractual Maturity


	At December 31, 2025
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	221,938	$	122,291	$	43,737	$	41,474	$	429,440
Securities loaned	70,433		—		321		13,401		84,155
Total included in the offsetting disclosure	$	292,371	$	122,291	$	44,058	$	54,875	$	513,595
Trading liabilities—Obligation to return securities received as collateral	7,329		—		—		—		7,329
Total	$	299,700	$	122,291	$	44,058	$	54,875	$	520,924

	At December 31, 2024
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	180,793	$	104,551	$	25,071	$	30,722	$	341,137
Securities loaned	42,473		—		317		14,219		57,009
Total included in the offsetting disclosure	$	223,266	$	104,551	$	25,388	$	44,941	$	398,146
Trading liabilities—Obligation to return securities received as collateral	18,067		—		—		—		18,067
Total	$	241,333	$	104,551	$	25,388	$	44,941	$	416,213

Gross Secured Financing Balances by Class of Collateral Pledged


$ in millions	At December 31, 2025		At December 31, 2024
Securities sold under agreements to repurchase
U.S. Treasury and agency securities	$	209,470	$	177,464
Other sovereign government obligations	159,444		135,806
Corporate equities	32,919		14,993
Other	27,607		12,874
Total	$	429,440	$	341,137
Securities loaned
Other sovereign government obligations	$	1,208	$	1,805
Corporate equities	81,063		54,144
Other	1,884		1,060
Total	$	84,155	$	57,009
Total included in the offsetting disclosure	$	513,595	$	398,146
Trading liabilities—Obligation to return securities received as collateral
Corporate equities	$	7,017	$	18,059
Other	312		8
Total	$	7,329	$	18,067
Total	$	520,924	$	416,213

Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge


$ in millions	At December 31, 2025		At December 31, 2024
Trading assets	$	43,182	$	30,867

The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales.

Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged as collateral) in the balance sheet. Pledged financial instruments that cannot be sold or repledged by the secured party are included within Trading Assets, but not identified as pledged assets parenthetically in the balance sheet.

Fair Value of Collateral Received with Right to Sell or Repledge


$ in millions	At December 31, 2025		At December 31, 2024
Collateral received with right to sell or repledge	$	1,190,694	$	932,626
Collateral that was sold or repledged1	900,282		724,177

1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.

The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions.

Securities Segregated for Regulatory Purposes


$ in millions	At December 31, 2025		At December 31, 2024
Segregated securities1	$	22,256	$	26,329

1.Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet.

Concentration Based on the Firm’s Total Assets


	At December 31, 2025		At December 31, 2024
U.S. government and agency securities and other sovereign government obligations
Trading assets1	12	%	11	%
Off balance sheet—Collateral received2	9	%	12	%

1.Other sovereign government obligations included in Trading assets primarily consist of obligations of the U.K., Japan and Brazil.

2.Collateral received is primarily related to Securities purchased under agreements to resell and Securities borrowed.

The Firm is subject to concentration risk by holding large positions in certain types of securities, loans or commitments to purchase securities of a single issuer, including sovereign governments and other entities, issuers located in a particular country or geographic area, public and private issuers involving developing countries or issuers engaged in a particular industry.

Positions taken and underwriting and financing commitments, including those made in connection with the Firm’s private equity, principal investment and lending activities, often involve substantial amounts and significant exposure to individual issuers and businesses, including investment grade and non-investment grade issuers.

Customer Margin and Other Lending


$ in millions	At December 31, 2025		At December 31, 2024
Margin and other lending	$	83,871	$	55,882

The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary.

Margin loans are extended on a demand basis and generally are not committed facilities. Factors considered in the review of margin loans are the amount of the loan, the intended purpose, the degree of leverage being employed in the account and the amount of collateral, as well as an overall evaluation of the portfolio to ensure proper diversification or, in the case of concentrated positions, appropriate liquidity of the underlying collateral or potential hedging strategies to reduce risk. Underlying collateral for margin loans is reviewed with respect to the liquidity of the proposed collateral positions, valuation of securities, historic trading range, volatility analysis and an evaluation of industry concentrations. For these transactions, adherence to the Firm’s collateral policies significantly limits its credit exposure in the event of a customer default. The Firm may request additional margin collateral from customers, if appropriate, and, if necessary, may sell securities that have not been paid for or purchase securities sold but not delivered from customers.

Also included in the amounts in the previous table is non-purpose securities-based lending on entities in the Wealth Management business segment.

Other Secured Financings

Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets (see Notes 13 and 15). Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $3,410 million and $437 million as of December 31, 2025 and December 31, 2024, respectively.