Our securities lending transactions are subject to enforceable master netting arrangements with other broker-dealers; however, we do not net securities borrowing and lending transactions. Therefore, activity related to securities borrowing and lending activities are presented gross on our consolidated balance sheets.

When we borrow securities from users participating in the Fully-Paid Securities Lending program or from third parties, we provide cash collateral to our users or third parties, which is recorded on our consolidated balance sheets as “securities borrowed”, an asset, representing our rights to the return of that collateral. When we lend securities to third parties and users, we receive cash as collateral, which is recorded on our consolidated balance sheets as “securities loaned”, a liability, representing our obligation to return the collateral.


	December 31,
(in millions)	2024		2025
Assets	Securities borrowed
Gross amount of cash collateral provided to users for securities borrowing transactions	$	3,236	$	2,408
Gross amount offset on the consolidated balance sheets	—		—
Amounts of assets presented on the consolidated balance sheets	3,236		2,408
Gross amount not offset on the consolidated balance sheets:
Cash collateral provided to users and third parties for securities borrowing transactions	3,236		2,408
Fair value of securities borrowed from users and third parties	(3,118)		(2,346)
Net amount	$	118	$	62

Liabilities	Securities loaned
Gross amount of cash collateral received from counterparties for securities lending transactions	$	7,463	$	11,626
Gross amount offset on the consolidated balance sheets	—		—
Amounts of liabilities presented on the consolidated balance sheets	7,463		11,626
Gross amount not offset on the consolidated balance sheets:
Cash collateral received from counterparties for securities lending transactions	7,463		11,626
Fair value of securities pledged to counterparties	(6,887)		(10,902)
Net amount	$	576	$	724

As described in Note 1 - Description of Business and Summary of Significant Accounting Policies, we obtain securities on terms that permit us to pledge and/or transfer securities to others. As of December 31, 2024 and 2025, we were permitted to re-pledge securities with a fair value of $11.04 billion and $23.62 billion under margin account agreements with users, and securities with insignificant fair value that we borrowed under MSLAs with third parties for fiscal years 2024 and 2025. Under the Fully-Paid Securities Lending program, as of December 31, 2024 and 2025, we were permitted to borrow securities with a fair value of $38.70 billion and $75.88 billion including securities with a fair value of $$3.12 billion and $2.35 billion that we had borrowed from users.