Commitments and Guarantees

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

For additional information on the nature of the obligations and related business activities for our commitments and guarantees, refer to Note 12 of the notes to consolidated financial statements in our 2025 Form 10-K.

The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and guarantees, as of the dates indicated:


(In millions)	March 31, 2026		December 31, 2025
Commitments:
Unfunded credit facilities	$	35,590	$	35,697
Guarantees(1):
Indemnified securities financing	$	407,558	$	371,968
Standby letters of credit	461		569

(1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties.

Approximately 70% of our unfunded commitments to extend credit expire within one year as of both March 31, 2026 and December 31, 2025.

Indemnified Securities Financing

For additional information on our indemnified securities financing, refer to Note 12 of the notes to consolidated financial statements in our 2025 Form 10-K.

The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated:


(In millions)	March 31, 2026		December 31, 2025
Fair value of indemnified securities financing	$	407,558	$	371,968
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing	427,420		393,584
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements	53,445		51,762
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements	57,464		55,943

In certain cases, we participate in securities finance transactions as a principal. As a principal, we borrow securities from the lending client and then lend such securities to the subsequent borrower, either our client or a broker/dealer. Our right to receive and obligation to return collateral in connection with our securities lending transactions are recorded in other assets and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. As of March 31, 2026 and December 31, 2025, we had approximately $47.99 billion and $38.24 billion, respectively, of collateral provided and approximately $25.21 billion and $20.17

billion, respectively, of collateral received from clients in connection with our participation in principal securities finance transactions.

FICC Guarantee

We are a direct and sponsoring member of FICC. As a sponsoring member within FICC, we enter into repurchase and resale transactions in eligible securities with sponsored clients and with other FICC members and, pursuant to FICC Government Securities Division rules, submit, novate and net the transactions. We may sponsor clients to clear their eligible repurchase transactions with FICC, backed by our guarantee to FICC of the prompt and full payment and performance of our sponsored member clients’ respective obligations. We generally obtain a security interest from our sponsored clients in the high quality securities collateral that they receive, which is designed to mitigate our potential exposure to FICC.

Additionally, as a member of certain industry clearing and settlement exchanges, we may be required to pay a pro rata share of the losses incurred by the organization and provide liquidity support in the event of the default of another member to the extent that the defaulting member’s clearing fund obligation and the prescribed loss allocation is depleted. It is difficult to estimate our maximum possible exposure under the membership agreements, since this would require an assessment of future claims that may be made against us that have not yet occurred. At both March 31, 2026 and December 31, 2025, we did not record any liabilities under these arrangements.

For additional information on our repurchase and reverse repurchase agreements, please refer to Note 8 to the consolidated financial statements in this Form 10-Q.