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Collateralized Agreements and Financings (Tables) | 9 Months Ended
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Sep. 30, 2025
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 millions | Resale agreements | Securities borrowed |  | Repurchase agreements | Securities loaned
As of September 2025 |  |  |  |
Included in the consolidated balance sheets
Gross carrying value | $ | 379,024 |  | $ | 236,515 |  |  | $ | 467,035 |  | $ | 76,416 |
Counterparty netting | (249,238) |  | (18,807) |  |  | (249,238) |  | (18,807) |
Total | 129,786 |  | 217,708 |  |  | 217,797 |  | 57,609 |
Amounts not offset | (126,443) |  | (210,450) |  |  | (215,016) |  | (57,400) |
Total | $ | 3,343 |  | $ | 7,258 |  |  | $ | 2,781 |  | $ | 209 |
As of December 2024
Included in the consolidated balance sheets
Gross carrying value | $ | 313,924 |  | $ | 205,259 |  |  | $ | 408,242 |  | $ | 66,674 |
Counterparty netting | (133,862) |  | (10,614) |  |  | (133,862) |  | (10,614) |
Total | 180,062 |  | 194,645 |  |  | 274,380 |  | 56,060 |
Amounts not offset | (176,390) |  | (187,474) |  |  | (270,150) |  | (55,910) |
Total | $ | 3,672 |  | $ | 7,171 |  |  | $ | 4,230 |  | $ | 150 |
In the table above: •Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements. •Amounts not offset includes counterparty netting that does not meet the criteria for netting under U.S. GAAP and 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. •Resale agreements included in the consolidated balance sheets of $129.79 billion as of September 2025 and $179.79 billion as of December 2024, and all repurchase agreements included in the consolidated balance sheets are carried at fair value under the fair value option. See Note 5 for further information about resale agreements and repurchase agreements accounted for at fair value. •Securities borrowed included in the consolidated balance sheets of $48.25 billion as of September 2025 and $46.90 billion as of December 2024, and securities loaned included in the consolidated balance sheets of $12.84 billion as of September 2025 and $10.25 billion as of December 2024 were at fair value under the fair value option. See Note 5 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 millions | Repurchase agreements | Securities loaned
As of September 2025 |  |
Money market instruments | $ | 365 |  | $ | – |
U.S. government and agency obligations | 279,879 |  | 471 |
Non-U.S. government and agency obligations | 156,964 |  | 1,308 |
Securities backed by commercial real estate | 156 |  | – |
Securities backed by residential real estate | 1,515 |  | – |
Corporate debt securities | 12,056 |  | 224 |
State and municipal obligations | 844 |  | – |
Other debt obligations | 72 |  | – |
Equity securities | 15,184 |  | 74,413 |
Total | $ | 467,035 |  | $ | 76,416 |
As of December 2024 |  |
Money market instruments | $ | 61 |  | $ | – |
U.S. government and agency obligations | 276,341 |  | – |
Non-U.S. government and agency obligations | 95,812 |  | 461 |
Securities backed by commercial real estate | 407 |  | – |
Securities backed by residential real estate | 1,154 |  | – |
Corporate debt securities | 11,521 |  | 376 |
State and municipal obligations | 573 |  | – |
Other debt obligations | 289 |  | – |
Equity securities | 22,084 |  | 65,837 |
Total | $ | 408,242 |  | $ | 66,674 |
The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity.
| As of September 2025
$ in millions | Repurchase agreements |  | Securities loaned
No stated maturity and overnight | $ | 259,127 |  |  | $ | 46,016 |
2 - 30 days | 87,805 |  |  | 1,813 |
31 - 90 days | 47,993 |  |  | 2,191 |
91 days - 1 year | 46,227 |  |  | 14,541 |
Greater than 1 year | 25,883 |  |  | 11,855 |
Total | $ | 467,035 |  |  | $ | 76,416 |
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 millions | U.S. Dollar | Non-U.S. Dollar | Total
As of September 2025 |  |  |
Other secured financings: |  |  |
Short-term | $ | 10,724 |  | $ | 5,340 |  | $ | 16,064 |
Long-term | 1,896 |  | 6,824 |  | 8,720 |
Total other secured financings | $ | 12,620 |  | $ | 12,164 |  | $ | 24,784 |
Other secured financings collateralized by:
Financial instruments | $ | 12,355 |  | $ | 9,959 |  | $ | 22,314 |
Other assets | $ | 265 |  | $ | 2,205 |  | $ | 2,470 |
As of December 2024 |  |  |
Other secured financings: |  |  |
Short-term | $ | 16,333 |  | $ | 4,582 |  | $ | 20,915 |
Long-term | 1,377 |  | 5,858 |  | 7,235 |
Total other secured financings | $ | 17,710 |  | $ | 10,440 |  | $ | 28,150 |
Other secured financings collateralized by: |
Financial instruments | $ | 17,094 |  | $ | 8,644 |  | $ | 25,738 |
Other assets | $ | 616 |  | $ | 1,796 |  | $ | 2,412 |
In the table above: •Short-term other secured financings includes financings maturing 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 $24.60 billion as of September 2025 and $27.99 billion as of December 2024 of financings accounted for at fair value under the fair value option. •U.S. dollar-denominated long-term other secured financings had a weighted average interest rate of 7.15% as of September 2025 and 7.16% as of December 2024. 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 long-term other secured financings had a weighted average interest rate of 7.44% as of September 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 and non-U.S. dollar-denominated short-term other secured financings were held at fair value under the fair value option. •Total other secured financings included $2.72 billion as of September 2025 and $2.50 billion as of December 2024 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 $2.80 billion as of September 2025 and $2.50 billion as of December 2024. •Other secured financings collateralized by financial instruments included $19.81 billion as of September 2025 and $24.39 billion as of December 2024 of other secured financings collateralized by trading assets, investments and loans, and included $2.50 billion as of September 2025 and $1.35 billion as of December 2024 of other secured financings collateralized by financial instruments received as collateral and repledged.
Other Secured Financings by Maturity Date | The table below presents other secured financings by maturity.
| As of
$ in millions | September 2025
Other secured financings (short-term) | $ | 16,064 |
Other secured financings (long-term): |
2026 | 1,992 |
2027 | 3,776 |
2028 | 1,463 |
2029 | 246 |
2030 | 237 |
2031 - thereafter | 1,006 |
Total other secured financings (long-term) | 8,720 |
Total other secured financings | $ | 24,784 |
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
| September | December
$ in millions | 2025 | 2024
Collateral available to be delivered or repledged | $ | 1,274,525 |  | $ | 1,038,740 |
Collateral that was delivered or repledged | $ | 1,117,124 |  | $ | 912,863 |
Schedule of Financial Instruments Owned and Pledged as Collateral | The table below presents information about assets pledged.
| As of
| September | December
$ in millions | 2025 | 2024
Pledged to counterparties that had the right to deliver or repledge
Trading assets | $ | 159,299 |  | $ | 148,417 |
Pledged to counterparties that did not have the right to deliver or repledge
Trading assets | $ | 176,414 |  | $ | 173,254 |
Investments | $ | 18,939 |  | $ | 8,712 |
Loans | $ | 12,274 |  | $ | 12,065 |
Other assets | $ | 844 |  | $ | 1,590 |

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- Definition Tabular disclosure of customer securities accepted by the entity as collateral and re-pledged to counterparties as collateral or sold, including sources and uses of collateral, fair value of collateral and portion of that collateral that has been sold or re-pledged. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A + Details
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- Definition Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481444/860-30-45-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A + Details
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