SECURITIES BORROWING AND LENDING

9 Months Ended

Sep. 30, 2025

NOTE 9: SECURITIES BORROWING AND LENDING

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 unaudited condensed 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 and 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, 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.

The following tables set forth certain balances related to our securities borrowing and lending activities as of December 31, 2024 and September 30, 2025:


	December 31,		September 30,
(in millions)	2024		2025
Assets	Securities borrowed
Gross amount of cash collateral provided to users for securities borrowing transactions	$	3,236	$	6,607
Gross amount offset on the consolidated balance sheets	—		—
Amounts of assets presented on the consolidated balance sheets	3,236		6,607
Gross amount not offset on the consolidated balance sheets:
Cash collateral provided to users and third parties for securities borrowing transactions	3,236		6,607
Fair value of securities borrowed from users and third parties	(3,118)		(6,465)
Net amount	$	118	$	142

Liabilities	Securities loaned
Gross amount of cash collateral received from counterparties for securities lending transactions	$	7,463	$	15,666
Gross amount offset on the consolidated balance sheets	—		—
Amounts of liabilities presented on the consolidated balance sheets	7,463		15,666
Gross amount not offset on the consolidated balance sheets:
Cash collateral received from counterparties for securities lending transactions	7,463		15,666
Fair value of securities pledged to counterparties	(6,887)		(14,956)
Net amount	$	576	$	710

We obtain securities on terms that permit us to pledge and/or transfer securities to others. As of December 31, 2024 and September 30, 2025, we were permitted to re-pledge securities with a fair value of $11.04 billion and $19.74 billion under margin account agreements with users. As of December 31, 2024, we were permitted to re-pledge securities with a fair value of an immaterial balance that we borrowed under the master securities loan agreements (“MSLAs”) with third parties. As of September 30, 2025, there were no securities re-pledged from borrowing under MSLAs with third parties. Under the Fully-Paid Securities Lending program, as of December 31, 2024 and September 30, 2025, we were permitted to borrow securities with a fair value of $38.70 billion and $68.76 billion including securities with a fair value of $3.12 billion and $6.47 billion that we had borrowed from users.

As of December 31, 2024 and September 30, 2025, we had re-pledged securities with a fair value of $6.89 billion and $14.96 billion, in each case under MSLAs and fixed-term securities lending agreements with third parties. In addition, as of December 31, 2024 and September 30, 2025, we had re-pledged $1.60 billion and $2.85 billion of the permitted amounts under the margin account agreements with clearing organizations to meet deposit requirements.