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Collateralized Agreements and Financings (Tables)

9 Months Ended

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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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.

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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.

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Tabular disclosure of securities financing transactions including resale and repurchase agreements, securities borrowed and lending transactions, securities received as collateral and obligations to return securities received as collateral.

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Tabular disclosure of the nature and risks of short-term collateralized financing obtained through repurchase agreements, securities lending transactions and repurchase-to-maturity transactions, accounted for as secured borrowings.

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