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Morgan Stanley
MS
#47
Rank
ยฃ223.38 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
ยฃ141.62
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-1.61%
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46.03%
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๐Ÿฆ Banks๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment
Categories
  1. Morgan Stanley
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-05

Morgan Stanley - 10-Q quarterly report FY


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
Commission File Number 1-11758
mslogo3q20.jpg
(Exact name of Registrant as specified in its charter)
Delaware1585 Broadway36-3145972(212)761-4000
(State or other jurisdiction of
incorporation or organization)		New York,NY10036(I.R.S. Employer Identification No.)(Registrant’s telephone number, including area code)
(Address of principal executive offices, including Zip Code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)		Name of exchange on
which registered
Common Stock, $0.01 par valueMSNew York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of Floating RateMS/PANew York Stock Exchange
Non-Cumulative Preferred Stock, Series A, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating RateMS/PENew York Stock Exchange
Non-Cumulative Preferred Stock, Series E, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating RateMS/PFNew York Stock Exchange
Non-Cumulative Preferred Stock, Series F, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating RateMS/PINew York Stock Exchange
Non-Cumulative Preferred Stock, Series I, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating RateMS/PKNew York Stock Exchange
Non-Cumulative Preferred Stock, Series K, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 4.875%MS/PLNew York Stock Exchange
Non-Cumulative Preferred Stock, Series L, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 4.250%MS/PONew York Stock Exchange
Non-Cumulative Preferred Stock, Series O, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 6.500%MS/PPNew York Stock Exchange
Non-Cumulative Preferred Stock, Series P, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 6.625%
MS/PQ
New York Stock Exchange
Non-Cumulative Preferred Stock, Series Q, $0.01 par value
Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029MS/29New York Stock Exchange
of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒     No  ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.         ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No ☒
As of April 30, 2026, there were 1,577,284,817 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.

QUARTERLY REPORT ON FORM 10-Q
For the quarter ended March 31, 2026
Table of ContentsPartItemPage
I 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
I2
4
Introduction
  
4
Executive Summary
  
5
Business Segments
  
9
Institutional Securities
10
Wealth Management
12
Investment Management
15
Supplemental Financial Information
  
17
Other Matters
18
Accounting Development Updates
  
19
Critical Accounting Estimates
  
19
Liquidity and Capital Resources
  
19
Balance Sheet
  
20
Regulatory Requirements
  
23
Quantitative and Qualitative Disclosures about Risk
I3
29
Market Risk
  
29
Credit Risk
  
31
Country and Other Risks
  
36
Report of Independent Registered Public Accounting Firm
  
38
Consolidated Financial Statements and Notes
I1
39
Consolidated Income Statement (Unaudited)
  
39
Consolidated Comprehensive Income Statement (Unaudited)
  
39
Consolidated Balance Sheet (Unaudited at March 31, 2026)
  
40
Consolidated Statement of Changes in Total Equity (Unaudited)
  
41
Consolidated Cash Flow Statement (Unaudited)
  
42
Notes to Consolidated Financial Statements (Unaudited)
  
43
1.
Introduction and Basis of Presentation
  
43
2.
Significant Accounting Policies
  
44
3.
Cash and Cash Equivalents
44
4.
Fair Values
  
45
5.
Fair Value Option
51
6.
Derivative Instruments and Hedging Activities
  
52
7.
Investment Securities
  
55
8.
Collateralized Transactions
  
57
9.
Loans, Lending Commitments and Related Allowance for Credit Losses
  
59
10.
Other Assets
  
62
11.
Deposits
  
63
12.
Borrowings and Other Secured Financings
  
63
13.
Commitments, Guarantees and Contingencies
  
63
14.
Variable Interest Entities and Securitization Activities
  
66
15.
Regulatory Requirements
  
69
16.
Total Equity
  
71
17.
Interest Income and Interest Expense
  
72
18.
Income Taxes
  
72
19.
Segment, Geographic and Revenue Information
  
73
Financial Data Supplement (Unaudited)
  
75
Glossary of Common Terms and Acronyms
  
76
Controls and Procedures
I4
77
II 
Legal Proceedings
II1
77
Risk Factors
II1A
77
Unregistered Sales of Equity Securities and Use of Proceeds
II2
77
Other Information
II5
77
Exhibits
II6
77
  
77

2
Available Information
We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (“SEC”). The SEC maintains a website, www.sec.gov, that contains annual, quarterly and current reports, proxy and information statements, and other information that issuers file electronically with the SEC. Our electronic SEC filings are available to the public at the SEC’s website.
Our website is www.morganstanley.com. You can access our Investor Relations webpage at www.morganstanley.com/about-us-ir. We make available free of charge, on or through our Investor Relations webpage, our proxy statements, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. We also make available, through our Investor Relations webpage, via a link to the SEC’s website, statements of beneficial ownership of our equity securities filed by our directors, officers, 10% or greater shareholders and others under Section 16 of the Exchange Act.

You can access information about our corporate governance at www.morganstanley.com/about-us-governance. Our webpages include:
 
•Amended and Restated Certificate of Incorporation;
•Amended and Restated Bylaws;
•Charters for our Audit Committee, Compensation, Management Development and Succession Committee, Governance and Sustainability Committee, Operations and Technology Committee, and Risk Committee;
•Corporate Governance Policies;
•Policy Regarding Corporate Political Activities;
•Policy Regarding Shareholder Rights Plan;
•Equity Ownership Commitment;
•Code of Ethics and Business Conduct;
•Code of Conduct; and
•Integrity Hotline Information.
Our Code of Ethics and Business Conduct applies to all directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer and Controller. We will post any amendments to the Code of Ethics and Business Conduct and any waivers that are required to be disclosed by the rules of either the SEC or the New York Stock Exchange LLC on our website. You can request a copy of these documents, excluding exhibits, at no cost, by contacting Investor Relations, 1585 Broadway, New York, NY 10036 (212-761-4000). The information on our website is not incorporated by reference into this report.
3
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Introduction
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. We operate as an Integrated Firm whereby we serve clients holistically across our business segments. Unless the context otherwise requires, the terms “Morgan Stanley,” “Firm,” “us,” “we” or “our” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.
A description of the clients and principal products and services of each of our business segments is below. Through the Integrated Firm some of our clients may use the products and services of more than one of our business segments.
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, and Asia wealth management services and holds certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research.
Wealth Management provides a comprehensive array of financial services and solutions to individual investors, including high and ultra-high net worth individuals, and businesses and institutions. Wealth Management supports clients through three channels: Advisor-Led, Self-Directed and Workplace. Wealth Management includes: financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.
Management’s Discussion and Analysis includes certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. Such metrics, when used, are defined and may be different from or inconsistent with metrics used by other companies.
The results of operations in the past have been, and in the future may continue to be, materially affected by: competition; legislative, legal and regulatory developments; market and economic conditions; and other risk factors. These factors also may have an adverse impact on our ability to achieve our strategic objectives. Additionally, the discussion of our results of operations herein may contain forward-looking statements. These statements, which reflect management’s beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect our future results, see “Forward-Looking Statements”, “Business—Competition”, “Business—Supervision and Regulation” and “Risk Factors” in the 2025 Form 10-K and “Liquidity and Capital Resources—Regulatory Requirements” herein.
4
March 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Executive Summary
Overview of Financial Results
Consolidated Results—Three Months Ended March 31, 2026
•The Firm reported net revenues and pre-tax income of $20.6 billion and $7.0 billion, respectively.
•The Firm delivered ROE of 21.0% and ROTCE of 27.1% (see “Selected Non-GAAP Financial Information” herein).
•The expense efficiency ratio was 65% for the first quarter, demonstrating operating leverage while continuing to invest in our businesses.
•At March 31, 2026, the Firm’s Standardized Common Equity Tier 1 capital ratio was 15.1%.
•Institutional Securities reported net revenues of $10.7 billion, primarily reflecting strong results in our Markets business and higher Investment Banking revenues driven by Advisory.
•Wealth Management delivered net revenues of $8.5 billion and a pre-tax margin of 30.4% reflecting strong Asset management revenues, increased net interest income, and higher Transactional revenues. The business added net new assets of $118 billion and fee-based asset flows were $54 billion.
•Investment Management reported net revenues of $1.5 billion, primarily driven by asset management fees on higher average AUM. The quarter included positive long-term net flows of $3.3 billion.
During the first quarter of 2026, certain Investment Management products were reclassified among asset classes to more closely align reporting with underlying investment strategies. For further information see “Business Segments—Investment Management—Assets Under Management or Supervision Rollforwards” herein.
Net Revenues
($ in millions)
13743895419235
Net Income Applicable to Morgan Stanley
($ in millions)
14293651233132
Earnings per Diluted Common Share
8796093245585
We reported net revenues of $20.6 billion in the quarter ended March 31, 2026 (“current quarter,” or “1Q 2026”), which increased by 16% compared with $17.7 billion in the quarter ended March 31, 2025 (“prior year quarter,” or “1Q 2025”). Net income applicable to Morgan Stanley was $5.6 billion in the current quarter, which increased by 29% compared with $4.3 billion in the prior year quarter. Diluted earnings per common share was $3.43 in the current quarter, which increased by 32% compared with $2.60 in the prior year quarter.

March 2026 Form 10-Q
5
Management’s Discussion and Analysis
Image4.jpg
Non-Interest Expenses
($ in millions)
4398046950160
•Compensation and benefits expenses of $8,542 million in the current quarter increased 14% from the prior year quarter, primarily due to an increase in the formulaic payout to Wealth Management advisors and higher discretionary incentive compensation within Institutional Securities, both on higher revenues.
During the current quarter, as a result of a March workforce management action, we recognized severance costs of $178 million in Compensation and benefits expense. The workforce management action was related to an effort to improve operational efficiency and manage performance, rather than a change in strategy or exit of businesses. The action occurred across our business segments and geographic regions and impacted approximately 2% of our global workforce at that time. We recorded severance costs of $94 million in the Institutional Securities business segment, $61 million in the Wealth Management business segment, and $23 million in the Investment Management business segment. These costs were incurred across all regions, with the majority in the Americas.
•Non-compensation expenses of $4,929 million in the current quarter increased 9% from the prior year quarter, primarily due to higher execution-related expenses.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $98 million in the current quarter was primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. The Provision for credit losses on loans and lending commitments in the prior year quarter was $135 million, primarily related to portfolio growth in secured lending facilities and corporate loans, provisions for certain specific loans, including residential real estate loans related to the California wildfires, and deterioration in the macroeconomic outlook.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Business Segment Results
Net Revenues by Segment1
($ in millions)
4398046950171
Net Income Applicable to Morgan Stanley by Segment1
($ in millions)
4398046950186
1.The amounts in the charts represent the contribution of each business segment to the total of the applicable financial category and may not sum to the total presented on top of the bars due to intersegment eliminations. See Note 19 to the financial statements for details of intersegment eliminations.
•Institutional Securities net revenues of $10,721 million in the current quarter increased 19% from the prior year quarter, primarily reflecting strong results in our Markets business on increased client activity and higher Investment Banking results on higher completed M&A transactions within Advisory.
•Wealth Management net revenues of $8,519 million in the current quarter increased 16% from the prior year quarter, primarily reflecting higher Asset management revenues on higher market levels and the cumulative impact of positive fee-based flows, increased Net interest income and higher Transactional revenues on strong client activity.
•Investment Management net revenues of $1,535 million in the current quarter decreased 4% from the prior year quarter, primarily reflecting lower accrued carried interest in our private funds, partially offset by higher Asset management and related fees driven by higher average
6
March 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
AUM on higher market levels and the cumulative impact of positive long-term net flows.
Net Revenues by Region1
($ in millions)
10445360903041
1.For a discussion of how the geographic breakdown of net revenues is determined, see Note 22 to the financial statements in the 2025 Form 10-K.
•Americas net revenues increased 11% in the current quarter compared with the prior year quarter, driven by higher Asset management revenues within the Wealth Management business segment and higher Investment Banking and Fixed Income results within the Institutional Securities business segment.
•EMEA net revenues increased 15% in the current quarter compared with the prior year quarter, primarily driven by higher results in our Markets business within the Institutional Securities business segment.
•Asia net revenues increased 43% in the current quarter compared with the prior year quarter, primarily driven by strong results in Equity within the Institutional Securities business segment.
Selected Financial Information and Other Statistical Data
 Three Months Ended
March 31,
$ in millions, except per share data
20262025
Consolidated results
Net revenues$20,580 $17,739 
Earnings applicable to Morgan Stanley common shareholders$5,411 $4,157 
Earnings per diluted common share$3.43 $2.60 
Consolidated financial measures
Expense efficiency ratio1
65 %68 %
ROE2
21.0 %17.4 %
ROTCE2, 3
27.1 %23.0 %
Pre-tax margin4
34 %31 %
Effective tax rate19.6 %21.2 %
Pre-tax margin by segment4
Institutional Securities39 %37 %
Wealth Management30 %27 %
Investment Management18 %20 %
$ in millions, except per share data, worldwide employees and client assets
At
March 31,
2026		At
December 31,
2025
Average liquidity resources for three months ended5
$395,141 $385,884 
Loans6
$306,260 $289,038 
Total assets$1,581,418 $1,420,270 
Deposits$427,971 $415,523 
Borrowings$371,568 $348,935 
Common equity
$104,536 $101,882 
Tangible common equity3
$81,473 $79,147 
Common shares outstanding1,580 1,583 
Book value per common share7
$66.18 $64.37 
Tangible book value per common share3, 7
$51.58 $50.00 
Worldwide employees (in thousands)84 83 
Client assets8 (in billions)
$9,213 $9,276 
Capital Ratios9
Common Equity Tier 1 capital—Standardized15.1 %15.0 %
Tier 1 capital—Standardized16.9 %16.8 %
Common Equity Tier 1 capital—Advanced16.1 %16.2 %
Tier 1 capital—Advanced18.0 %18.0 %
Tier 1 leverage6.1 %6.7 %
SLR5.0 %5.4 %
1.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues.
2.ROE and ROTCE represent annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively.
3.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.
5.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein.
6.Includes loans held for investment, net of ACL, loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet.
7.Book value per common share and tangible book value per common share equal common equity and tangible common equity, respectively, divided by common shares outstanding.
8.Client assets represents the sum of Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets, totaling $350 billion as of March 31, 2026 and December 31, 2025, are invested in Investment Management products and are therefore also included in Investment Management’s AUM.
9.For a discussion of our capital ratios, see “Liquidity and Capital Resources—Regulatory Requirements” herein.
March 2026 Form 10-Q
7
Management’s Discussion and Analysis
Image4.jpg
Economic and Market Conditions
In the first quarter of 2026, the economic environment remained resilient, with strong client engagement against a backdrop of increased economic uncertainty and market volatility. Geopolitical risk, inflation, elevated asset prices, the rate of economic growth, and the future path of monetary policy present ongoing uncertainties which could continue to impact the capital markets and our businesses.
We are monitoring the ongoing military conflict in the Middle East and its impact on the regional economy, global economic conditions, and financial markets. Our direct exposure to the region is limited.
For more information on economic and market conditions, and the potential effects of geopolitical events on our future results, refer to “Risk Factors” and “Forward-Looking Statements” in the 2025 Form 10-K.
Selected Non-GAAP Financial Information
We prepare our financial statements using U.S. GAAP. From time to time, we may disclose certain “non-GAAP financial measures” in this document or in the course of our earnings releases, earnings and other conference calls, financial presentations, definitive proxy statements and other public disclosures. A “non-GAAP financial measure” excludes, or includes, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We consider the non-GAAP financial measures we disclose to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an alternate means of assessing or comparing our financial condition, operating results and capital adequacy.
These measures are not in accordance with, or a substitute for, U.S. GAAP and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the U.S. GAAP financial measure and the non-GAAP financial measure.
For the prior year quarter, we present certain non-GAAP financial measures that exclude the impact of mark-to-market gains and losses on DCP investments from net revenues and compensation expenses. The impact of DCP is primarily reflected in our Wealth Management business segment results. These measures allow for better comparability of period-to-period underlying operating performance and revenue trends, especially in our Wealth Management business segment. By excluding the impact of these items, we are better able to describe the business drivers and resulting impact to net revenues and corresponding change to the associated compensation expenses for the prior year quarter.
Beginning in the first quarter of 2026, derivatives were designated as cash flow hedges of the equity price risk associated with the majority of unvested DCP awards within our Wealth Management business segment. Changes in fair value of these cash flow hedging derivatives are recorded in OCI and subsequently reclassified into compensation expense in the same period that the related DCP award vests and is recognized in compensation expense.
Additionally, in the first quarter of 2026, we commenced the use of derivatives as economic hedges of the equity price risk primarily associated with the vested DCP awards within our Wealth Management business segment. The Firm presents changes in the fair value of these economic derivative hedges in compensation expense.
Previously, the Firm economically hedged DCP awards primarily with cash instrument hedges whereby changes in the fair value of such hedges, net of financing costs, were recorded in net revenues.
The use of derivatives as cash flow hedges of certain DCP awards is expected to substantially mitigate timing differences between the recognition of changes in the fair value of the hedging instruments and the deferred recognition of related DCP compensation expense over the vesting period. The expected mitigation of these timing differences, alongside the associated income statement changes described above, enables us to better present the operating performance and revenues trends. Accordingly, we will no longer present non-GAAP financial measures excluding DCP.
For additional information on DCP, refer to “Other Matters” herein and Note 2 to the financial statements.
Tangible common equity is a non-GAAP financial measure that we believe analysts, investors and other stakeholders consider useful to allow for comparability to peers and of the period-to-period use of our equity. The calculation of tangible common equity represents common shareholders’ equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. In addition, we believe that certain ratios that utilize tangible common equity, such as return on average tangible common equity (“ROTCE”) and tangible book value per common share, also non-GAAP financial measures, are useful for evaluating the operating performance and capital adequacy of the business period-to-period, respectively. The calculation of ROTCE represents annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average tangible common equity. The calculation of tangible book value per common share represents tangible common equity divided by common shares outstanding.
The principal non-GAAP financial measures presented in this document are set forth in the following tables.
8
March 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Reconciliations from U.S. GAAP to Non-GAAP Consolidated Financial Measures
$ in millionsThree Months Ended
March 31, 2025
Net revenues$17,739 
Adjustment for mark-to-market losses (gains) on DCP1
149 
Adjusted Net revenues—non-GAAP$17,888 
Compensation expense$7,521 
Adjustment for mark-to-market gains (losses) on DCP1
2 
Adjusted Compensation expense—non-GAAP$7,523 
Wealth Management Net revenues$7,327 
Adjustment for mark-to-market losses (gains) on DCP1
131 
Adjusted Wealth Management Net revenues—non-GAAP$7,458 
Wealth Management Compensation expense$3,999 
Adjustment for mark-to-market gains (losses) on DCP1
17 
Adjusted Wealth Management Compensation expense—non-GAAP$4,016 
1.Net revenues and compensation expense are adjusted for DCP for both Firm and Wealth Management business segment. Beginning in the first quarter of 2026 we use derivatives to hedge our DCP awards and no longer present non-GAAP financial measures adjusted for mark-to-market gains and losses on DCP. See “Other Matters” herein and Note 2 to the financial statements for more information.
$ in millionsAt
March 31,
2026		At
December 31,
2025
Tangible equity
Common equity
$104,536 $101,882 
Less: Goodwill and net intangible assets(23,063)(22,735)
Tangible common equity—non-GAAP
$81,473 $79,147 
Average Monthly Balance
 Three Months Ended
March 31,
$ in millions20262025
Tangible equity
Common equity
$102,907 $95,488 
Less: Goodwill and net intangible assets(23,011)(23,083)
Tangible common equity—non-GAAP
$79,896 $72,405 
Non-GAAP Financial Measures by Business Segment
 Three Months Ended
March 31,
$ in billions20262025
Average common equity1
Institutional Securities$48.2 $48.4 
Wealth Management28.7 29.4 
Investment Management10.2 10.6 
ROE2
Institutional Securities26 %20 %
Wealth Management28 %20 %
Investment Management9 %10 %
Average tangible common equity1
Institutional Securities$47.7 $48.0 
Wealth Management15.4 16.3 
Investment Management0.8 1.0 
ROTCE2
Institutional Securities27 %20 %
Wealth Management52 %37 %
Investment Management126 %104 %
1.Average common equity and average tangible common equity for each business segment is determined using our Required Capital framework (see “Liquidity and Capital Resources—Regulatory Requirements—Attribution of Average Common Equity According to the Required Capital Framework” herein). The sums of the segments’ Average common equity and Average tangible common equity do not equal the Consolidated measures due to Parent Company equity.
2.The calculation of ROE and ROTCE by segment uses net income applicable to Morgan Stanley by segment less preferred dividends allocated to each segment, annualized as a percentage of average common equity and average tangible common equity, respectively, allocated to each segment.
Return on Tangible Common Equity Goal
We have an ROTCE goal of 20%. Our ROTCE goal is a forward-looking statement that is based on a normal market environment and may be materially affected by many factors.
See “Risk Factors” and “Forward-Looking Statements” in the 2025 Form 10-K for further information on market and economic conditions and their potential effects on our future operating results.
ROTCE represents a non-GAAP financial measure. For further information on non-GAAP measures, see “Selected Non-GAAP Financial Information” herein.
Business Segments
Substantially all of our operating revenues and operating expenses are directly attributable to our business segments. Certain revenues and expenses have been allocated to each business segment, generally in proportion to its respective net revenues, non-interest expenses or other relevant measures. See Note 19 to the financial statements for segment net revenues by income statement line item and information on intersegment transactions.
For an overview of the components of our business segments, net revenues, provision for credit losses, compensation expense and income taxes, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments” in the 2025 Form 10-K.


March 2026 Form 10-Q
9
Management’s Discussion and Analysis
Image4.jpg
Institutional Securities
Income Statement Information
Three Months Ended
March 31,		% Change
$ in millions20262025
Revenues
Advisory$978 $563 74 %
Equity396 319 24 %
Fixed Income
742 677 10 %
Total Underwriting1,138 996 14 %
Total Investment Banking
2,116 1,559 36 %
Equity5,148 4,128 25 %
Fixed Income
3,358 2,604 29 %
Other99 692 (86)%
Net revenues$10,721 $8,983 19 %
Provision for credit losses92 91 1 %
Compensation and benefits3,264 2,854 14 %
Non-compensation expenses3,204 2,757 16 %
Total non-interest expenses6,468 5,611 15 %
Income before provision for income taxes4,161 3,281 27 %
Provision for income taxes796 696 14 %
Net income3,365 2,585 30 %
Net income applicable to noncontrolling interests71 56 27 %
Net income applicable to Morgan Stanley$3,294 $2,529 30 %
Investment Banking
Investment Banking Volumes
Three Months Ended
March 31,
$ in billions20262025
Completed mergers and acquisitions1
$324 $152 
Equity and equity-related offerings2, 3
16 15 
Fixed Income offerings2, 4
142 102 
Source: LSEG Data & Risk Analytics as of April 1, 2026. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions.
1.Includes transactions of $100 million or more. Based on full credit to each of the advisors in a transaction.
2.Based on full credit for single book managers and equal credit for joint book managers.
3.Includes Rule 144A issuances and registered public offerings of common stock, convertible securities and rights offerings.
4.Includes Rule 144A and publicly registered issuances, non-convertible preferred stock, mortgage-backed and asset-backed securities, and taxable municipal debt. Excludes leveraged loans and self-led issuances.
Investment Banking Revenues
Net revenues of $2,116 million in the current quarter increased 36% from the prior year quarter, reflecting increases across businesses, particularly in Advisory revenues.
•Advisory revenues increased primarily reflecting higher completed M&A transactions, particularly in the Americas.
•Equity underwriting revenues increased primarily reflecting higher initial public offerings and convertible issuances.
•Fixed Income underwriting revenues increased primarily reflecting higher investment grade issuances, which benefited from higher event-related activity, and higher securitized products revenues, partially offset by lower non‑investment grade issuances.
See “Investment Banking Volumes” herein.
Equity, Fixed Income and Other Net Revenues
Equity and Fixed Income Net Revenues
Three Months Ended March 31, 2026
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$3,129 $172 $(669)$1 $2,633 
Execution services1,718 927 (164)34 2,515 
Total Equity$4,847 $1,099 $(833)$35 $5,148 
Total Fixed Income$2,801 $141 $315 $101 $3,358 
Three Months Ended March 31, 2025
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$2,267 $156 $(596)$1 $1,828 
Execution services1,469 798 (98)131 2,300 
Total Equity$3,736 $954 $(694)$132 $4,128 
Total Fixed Income$2,407 $107 $19 $71 $2,604 
1.Includes Commissions and fees and Asset management revenues.
2.Includes funding costs, which are allocated to the businesses based on funding usage.
3.Includes Investments and Other revenues.
Equity
Net revenues of $5,148 million in the current quarter increased 25% from the prior year quarter, reflecting an increase in Financing and Execution services.
•Financing revenues increased primarily due to increased client activity and higher average client balances, particularly in Asia.
•Execution services revenues increased primarily due to increased client activity, partially offset by lower gains on inventory held to facilitate client activity, both in derivatives and cash equities.
Fixed Income
Net revenues of $3,358 million in the current quarter increased 29% from the prior year quarter, reflecting an increase in Commodities and Credit products, partially offset by a decrease in Global macro products.
•Global macro products revenues decreased primarily due to losses compared with gains in the prior year quarter on inventory held to facilitate client activity, partially offset by increased client activity, both in rates and foreign exchange products.
10
March 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
•Credit products revenues increased primarily due to higher results in inventory held to facilitate client activity and increased client activity across products, particularly on higher lending revenues in securitized products.
•Commodities products and other fixed income revenues increased primarily due to higher gains on inventory held to facilitate client activity and increased client activity in oil, power and gas products amid volatility in energy markets.
Other Net Revenues
Other net revenues were $99 million in the current quarter, compared with $692 million in the prior year quarter, primarily driven by the absence of realized gains on the sale of corporate loans held-for-sale in the prior year quarter.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $92 million in the current quarter was primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. The Provision for credit losses on loans and lending commitments of $91 million in the prior year quarter was primarily related to portfolio growth in secured lending facilities and corporate loans and deterioration in the macroeconomic outlook.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Non-Interest Expenses
Non-interest expenses of $6,468 million in the current quarter increased 15% from the prior year quarter, reflecting higher Non‑compensation expenses and Compensation and benefits expenses.
•Compensation and benefits expenses increased primarily due to higher discretionary incentive compensation on higher revenues and higher stock-based compensation expense related to awards granted in prior periods.
•Non-compensation expenses increased primarily due to higher execution‑related expenses.

March 2026 Form 10-Q
11
Management’s Discussion and Analysis
Image4.jpg
Wealth Management
Income Statement Information
 Three Months Ended
March 31,		% Change
$ in millions20262025
Revenues
Asset management$5,079 $4,396 16 %
Transactional1
1,127 873 29 %
Net interest2,170 1,902 14 %
Other2
143 156 (8)%
Net revenues8,519 7,327 16 %
Provision for credit losses6 44 (86)%
Compensation and benefits4,648 3,999 16 %
Non-compensation expenses1,274 1,333 (4)%
Total non-interest expenses5,922 5,332 11 %
Income before provision for
income taxes
2,591 1,951 33 %
Provision for income taxes544 419 30 %
Net income applicable to Morgan Stanley $2,047 $1,532 34 %
1.Transactional includes Investment banking, Trading, and Commissions and fees revenues.
2.Other includes Investments and Other revenues.
Wealth Management Metrics
$ in billionsAt March 31,
2026		At December 31,
2025
Total client assets1
$7,345$7,381
U.S. Bank Subsidiary loans$186$181
Margin and other lending2
$33$31
Deposits3
$419$408
Annualized weighted average cost of deposits4
Period end2.51%2.51%
 Period average for three months ended
2.53%2.67%
Three Months Ended
March 31,
20262025
Net new assets
$118.4$93.8
1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration of vested public company securities and retirement plan services. As part of the Integrated Firm, Wealth Management may provide these services to clients who also use the services of one or more other business segments. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information.
2.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities.
3.Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits.
4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of March 31, 2026 and December 31, 2025. The period average is based on daily balances and rates for the period.




Net New Assets
NNA represent client asset inflows, including interest, dividends and asset acquisitions, less client asset outflows, and excluding the impact of business combinations/divestitures and the impact of fees and commissions. Any revenues earned by Wealth Management on client assets will vary depending upon the services and products provided. The level of NNA in a given period is influenced by a variety of factors, including macroeconomic factors that impact client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows, including single large client events. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted.
Advisor-Led Channel
$ in billionsAt March 31,
2026		At December 31,
2025
Advisor-led client assets1
$5,784$5,715
Fee-based client assets2
$2,792$2,753
Fee-based client assets as a percentage of advisor-led client assets48%48%
Three Months Ended
March 31,
20262025
Fee-based asset flows3
$53.7$29.8
1.Advisor-led client assets represent client assets in accounts that have a Wealth Management representative assigned.
2.Fee‐based client assets represent the amount of client assets where the basis of payment for services is a fee calculated on those assets.
3.Fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see "Fee-Based Client Assets Rollforwards" herein.
Self-Directed Channel

At March 31,
2026		At December 31,
2025
Self-directed client assets1 (in billions)
$1,561$1,667
Self-directed households2 (in millions)
8.68.5
Three Months Ended
March 31,
20262025
Daily average revenue trades (“DARTs”)3 (in thousands)
1,1281,003
1.Self-directed client assets represent active accounts which are not advisor led. Active accounts are defined as having at least $25 in assets.
2.Self-directed households represent the total number of households that include at least one active account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels are included in each of the respective channel counts.
3.DARTs represent the total self-directed trades in a period divided by the number of trading days during that period.
12
March 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Workplace Channel1
At March 31,
2026		At December 31,
2025
Stock plan unvested public assets2 (in billions)
$475$534
Stock plan participants3 (in millions)
6.66.5
1.The workplace channel includes equity compensation solutions for companies, their executives and employees.
2.Stock plan unvested assets are not included in client assets and represent the market value of public company securities at the end of the period, and excludes private company securities.
3.Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan.
Net Revenues
Asset Management
Asset management revenues of $5,079 million in the current quarter increased 16% compared with the prior year quarter, primarily reflecting higher fee-based assets due to higher market levels and the cumulative impact of positive fee-based flows.
See “Fee-Based Client Assets Rollforwards” herein.
Transactional Revenues
Transactional revenues of $1,127 million in the current quarter increased 29% compared with the prior year quarter, primarily driven by the absence of losses on DCP investments in the prior year quarter of $131 million, which are no longer presented in net revenues, and higher client activity across products and channels.
For further information on the impact of DCP and our use of derivatives as hedges of certain DCP awards beginning in the current quarter, see “Selected Non-GAAP Financial Information” herein.
Net Interest
Net interest revenues of $2,170 million in the current quarter increased 14% compared with the prior year quarter, primarily due to changes in balance sheet mix, including the cumulative impact of lending growth and higher average sweep deposits, partially offset by the net effect of lower interest rates.
The level and pace of interest rate changes and other macroeconomic factors have impacted client preferences, including cash allocation to other products and client demand for loans. These factors, along with other developments, such as pricing changes to certain deposit types due to various competitive dynamics and central bank actions, have impacted our net interest income. To the extent they persist, or other factors arise, net interest income may be impacted in future periods.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $6 million in the current quarter was primarily related to certain specific loans in our tailored lending portfolio. The Provision for credit losses on loans and lending commitments of $44 million in the prior year quarter was primarily related to certain specific loans, including residential real estate loans related to the California wildfires.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Non-Interest Expenses
Non-interest expenses of $5,922 million in the current quarter increased 11% compared with the prior year quarter, primarily as a result of higher Compensation and benefits expenses.
•Compensation and benefits expenses increased, primarily as a result of an increase in the formulaic payout to Wealth Management representatives driven by higher compensable revenues.
For information on the impact of DCP and our use of derivatives as hedges of certain DCP awards beginning in the current quarter, see “Selected Non-GAAP Financial Information” herein.
•Non-compensation expenses decreased, primarily as a result of lower amortization of intangible assets and lower consulting spend, partially offset by higher marketing and business development costs.
Fee-Based Client Assets Rollforwards
$ in billionsAt
December 31,
2025
Inflows1
Outflows2
Market Impact3
At
March 31,
2026
Separately managed4
$833 $37 $(16)$19 $873 
Unified managed760 47 (22)(18)767 
Advisor229 13 (13)(5)224 
Portfolio manager861 51 (43)(17)852 
Subtotal$2,683 $148 $(94)$(21)$2,716 
Cash management70 17 (11)— 76 
Total
$2,753 $165 $(105)$(21)$2,792 
$ in billionsAt
December 31,
2024
Inflows1
Outflows2
Market Impact3
At
March 31,
2025
Separately managed4
$719 $20 $(12)$(5)$722 
Unified managed613 35 (18)(7)623 
Advisor207 9 (11)(4)201 
Portfolio manager750 33 (27)(13)743 
Subtotal$2,289 $97 $(68)$(29)$2,289 
Cash management58 11 (9)— 60 
Total
$2,347 $108 $(77)$(29)$2,349 
1.Inflows include new accounts, account transfers, deposits, dividends and interest.
2.Outflows include closed or terminated accounts, account transfers, withdrawals and client fees.
3.Market impact includes realized and unrealized gains and losses on portfolio investments.
4.Includes non-custody account values based on asset values reported on a quarter lag by third-party custodians.
March 2026 Form 10-Q
13
Management’s Discussion and Analysis
Image4.jpg
Average Fee Rates1
 Three Months Ended
March 31,
Fee rate in bps20262025
Separately managed12 12 
Unified managed89 90 
Advisor76 79 
Portfolio manager87 88 
Subtotal63 64 
Cash management6 7 
Total
62 63 
1.Based on Asset management revenues related to advisory services associated with fee-based assets.
For a description of fee-based client assets in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Wealth Management Fee-Based Client Assets” in the 2025 Form 10-K.
14
March 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Investment Management
Income Statement Information
 Three Months Ended
March 31,		 % Change
$ in millions20262025
Revenues

Asset management and related fees$1,496 $1,451 3 %
Performance-based income and other1
39 151 (74)%
Net revenues1,535 1,602 (4)%
Compensation and benefits630 668 (6)%
Non-compensation expenses625 611 2 %
Total non-interest expenses1,255 1,279 (2)%
Income before provision for income taxes280 323 (13)%
Provision for income taxes38 61 (38)%
Net income242 262 (8)%
Net income (loss) applicable to noncontrolling interests — — N/M
Net income applicable to Morgan Stanley $242 $262 (8)%
1.Includes Investments and Trading, Net interest, and Other revenues.
Net Revenues
Asset Management and Related Fees
Asset management and related fees of $1,496 million in the current quarter increased 3% from the prior year quarter, primarily driven by higher average AUM on higher market levels and the cumulative impact of positive long-term net flows, partially offset by lower average fee rates, reflecting a change in asset mix.
Asset management revenues are influenced by the level, relative mix of AUM and related fee rates. While higher market levels drove increases in average AUM in the current quarter, there were continued net outflows in the Equity asset class, which may be influenced by the structure and performance of our investment strategies and products relative to their benchmarks, offset by higher net inflows in the Alternatives and Solutions and Fixed Income asset classes, reflecting client preferences. To the extent these conditions continue, we would expect our Asset management revenue to continue to be impacted.
See “Assets Under Management or Supervision” herein.








Performance-based Income and Other
Performance-based income and other revenues of $39 million in the current quarter decreased from the prior year quarter, primarily due to the reversal of accrued carried interest in infrastructure funds, partially offset by higher accrued carried interest in certain private equity and real estate funds.

Non-Interest Expenses
Non-interest expenses of $1,255 million in the current quarter decreased 2% from the prior year quarter, primarily due to lower Compensation and benefit expenses, partially offset by higher Non-compensation expenses.
•Compensation and benefits expenses decreased in the current quarter, primarily due to lower expenses related to compensation associated with carried interest.
•Non-compensation expenses increased in the current quarter, primarily due to increased technology spend and higher distribution expenses on higher average AUM.













March 2026 Form 10-Q
15
Management’s Discussion and Analysis
Image4.jpg
Assets Under Management or Supervision Rollforwards1
$ in billionsAt December 31, 2025
Inflows2
Outflows3
Net Flows
Distributions4
Market Impact and Other5
At March 31, 2026
Equity$253 $8 $(20)$(12)$— $(20)$221 
Fixed Income217 23 (19)4 (1)(1)219 
Alternatives and Solutions6
776 42 (31)11 (2)(15)770 
Long-Term AUM$1,246 $73 $(70)$3 $(3)$(36)$1,210 
Liquidity and Overlay Services649 748 (739)8 (3)3 658 
Total$1,895 $821 $(809)$12 $(6)$(33)$1,868 
$ in billionsAt December 31, 2024
Inflows2
Outflows3
Net Flows
Distributions4
Market Impact and Other5
At March 31, 2025
Equity$259 $12 $(16)$(4)$— $(5)$250 
Fixed Income179 16 (12)4 (1)4 186 
Alternatives and Solutions6
654 35 (26)9 (2)(11)650 
Long-Term AUM$1,092 $63 $(54)$9 $(3)$(12)1,086 
Liquidity and Overlay Services574 693 (709)(15)(4)7 561 
Total$1,666 $756 $(763)$(7)$(7)$(5)$1,647 
1.During the first quarter of 2026, certain products were reclassified among asset classes to more closely align reporting with underlying investment strategies, primarily reflecting a reclassification of certain tax-managed solutions from Equity to Alternatives and Solutions. These changes had no impact on total AUM. Prior period amounts have been adjusted to conform with the current period presentation.
2.Inflows represent investments or commitments from new and existing clients in new or existing investment products, including client reinvestments. Inflows exclude the gross impact of exchanges, whereby a client changes positions within the same asset class.
3.Outflows represent redemptions from clients’ funds and exclude the gross impact of exchanges, whereby a client changes positions within the same asset class.
4.Distributions represent returns of capital or returns on investments. Amounts for prior periods have been reclassified from ‘Other’ to conform with the current period presentation.
5.Market Impact and Other includes realized and unrealized gains and losses on portfolio investments and the impact of foreign currency changes for non-U.S. dollar denominated funds, and excludes any funds where market impact does not impact management fees.
6.As of March 31, 2026 and March 31, 2025, Alternatives and Solutions includes Parametric Long-Term period-end AUM of $524 billion and $424 billion, respectively. Parametric Long-Term products generally have lower average fee rates than other Alternatives and Solutions products.
Average AUM1
 Three Months Ended
March 31,
$ in billions20262025
Equity $242 $260 
Fixed income220 183 
Alternatives and Solutions783 660 
Long-term AUM subtotal1,245 1,103 
Liquidity and Overlay Services659 566 
Total$1,904 $1,669 

Average Fee Rates1,2
 Three Months Ended
March 31,
Fee rate in bps20262025
Equity 70 73
Fixed income34 35
Alternatives and Solutions29 31
Long-term AUM38 42
Liquidity and Overlay Services12 13
Investment Management29 32
1.As a result of the reclassification described above in the “Assets Under Management or Supervision Rollforwards” table, prior period amounts have been adjusted to conform with the current period presentation.
2.Based on Asset management revenues, net of waivers, excluding performance-based fees and other non-management fees. For certain non-U.S. funds, it includes the portion of advisory fees that the advisor collects on behalf of third-party distributors. The payment of those fees to the distributor is included in Non-compensation expenses in the income statement.
For a description of the asset classes in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management—Assets Under Management or Supervision Rollforwards” in the 2025 Form 10-K.
16
March 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Supplemental Financial Information
U.S. Bank Subsidiaries
Morgan Stanley Bank, N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”) are our U.S. Bank Subsidiaries, (together, “U.S. Bank Subsidiaries”).
MSBNA is a national bank that primarily offers institutional lending and institutional sales and trading, including fixed income and equity derivatives. The institutional lending primarily includes Secured lending facilities, Commercial and Residential real estate and Corporate loans, and together with the institutional sales and trading activity is reported within the Institutional Securities business segment.
MSPBNA is a national bank that primarily offers residential mortgage lending, securities-based and other financing, primarily to customers and clients of our Wealth Management business segment.
Both MSBNA and MSPBNA source deposits from Wealth Management clients, utilize other sources of funding, and maintain investment portfolios for liquidity and interest rate risk management purposes.
Consistent with the Firm’s strategic objective of ongoing growth of eligible assets at MSBNA, on February 14, 2026, the Fixed Income business of Morgan Stanley Capital Services LLC (“MSCS”) was merged into MSBNA, and on March 14, 2026, Morgan Stanley Europe SE (“MSESE”), together with its subsidiary Morgan Stanley Bank AG (collectively, the “MSESE Group”) was acquired by MSBNA (collectively the “Reorganization”). In the following table, U.S. Bank Subsidiaries’ Supplemental Financial Information are presented as if the Reorganization occurred at the beginning of 2025. Prior period amounts have been revised to conform with the current period presentation.
For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein. For a further discussion about loans and lending commitments, see Notes 9 and 13 to the financial statements.
U.S. Bank Subsidiaries’ Consolidated Supplemental Financial Information1
$ in billionsAt
March 31,
2026		At
December 31,
2025
Trading assets at fair value ($23.3 and $37.8 pledged as collateral)
$77.4 $91.7 
Investment securities
Available-for-sale at fair value86.2 88.4 
Held-to-maturity43.2 44.2 
Total Investment securities$129.4 $132.6 
Wealth Management loans2
Residential real estate$73.4 $72.3 
Securities-based lending and Other3
112.9 108.9 
Total Wealth Management loans$186.3 $181.2 
Institutional Securities loans2
Corporate$16.4 $8.9 
Secured lending facilities69.2 67.2 
Commercial and Residential real estate12.2 11.2 
Securities-based lending and Other9.6 9.9 
Total Institutional Securities loans$107.4 $97.2 
Total assets$591.7 $598.7 
Deposits4
$420.1 $408.7 
Trading liabilities at fair value$29.6 $31.7 
1.Financial information is presented on a consolidated basis, inclusive of MSBNA, MSPBNA and their subsidiaries. Amounts exclude transactions between the bank subsidiaries, as well as deposits from the Parent Company and affiliates.
2.Represents loans, net of ACL. For a further discussion of loans in the Wealth Management and Institutional Securities business segments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.
3.Other loans primarily include tailored lending. For a further discussion of Other loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.
4.For further information on deposits, see “Liquidity and Capital Resources—Funding Management—Balance Sheet—Unsecured Financing” herein.
March 2026 Form 10-Q
17
Management’s Discussion and Analysis
Image4.jpg
Other Matters
Deferred Cash-Based Compensation
The Firm sponsors a number of deferred cash-based compensation programs and stock-based compensation programs for current and former employees, including financial advisors in the Wealth Management business segment, which generally contain vesting, clawback and cancellation provisions. Deferred compensation for financial advisors in the Wealth Management business segment is generally composed of 75% cash-based awards and 25% stock-based awards. The following discussion relates only to deferred cash-based compensation.
Employees are permitted to allocate the value of their deferred cash-based awards among a menu of notional investments, whereby the value of their awards will track the performance of the referenced notional investments. The menu of investments, which is selected by the Firm, includes fixed income, equity, commodity and money market funds.
Compensation expense for DCP awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards.
Beginning in the current quarter, hedges for Wealth Management DCP awards were primarily transitioned to derivative instruments. Additionally, in the current quarter, the Firm reduced the amount of deferred compensation as a proportion of total compensation for Wealth Management representatives. For further information see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Other Matters” in the 2025 Form 10-K and “Selected Non-GAAP Financial Information” and Note 2 to the financial statements herein.

18
March 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Accounting Development Updates
The Financial Accounting Standards Board has issued certain accounting updates that apply to us. Accounting updates not referenced below were assessed and determined to be either not applicable or to not have a material impact on our financial statements upon adoption.

•ASU 2025-06 - Internal-Use Software (Issued September 2025). This update introduces targeted improvements to the recognition and capitalization guidance for internal-use software costs. The update eliminates the prior “project stage” framework and instead requires capitalization of software development costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform its intended function. In assessing the probability threshold, entities are required to evaluate whether significant development uncertainty exists, including whether the software contains novel or unproven functionality or whether significant performance requirements have not been identified or continue to be substantially revised. The update is effective for the Firm beginning January 1, 2028, with early adoption permitted. Transition may be applied prospectively, retrospectively, or under a modified approach. We are currently evaluating this accounting update.
•ASU 2025-08 - Purchased Loans (Issued November 2025). This update expands the application of the “gross-up” approach for purchased credit deteriorated financial assets under Topic 326 to include purchased seasoned loans (excluding credit cards), measured at amortized cost that are not credit deteriorated. Purchased seasoned loans include loans obtained in a business combination or loans acquired at least 90 days after origination and the acquirer was not involved in the origination, either through an asset purchase or through consolidation of a variable interest entity. The gross-up approach requires recognition of an allowance for credit losses at acquisition with a corresponding increase to the amortized cost basis of the loan. The update is effective for the Firm beginning January 1, 2027, with early adoption permitted. Transition will be applied prospectively to loans acquired on or after the adoption date. We are currently evaluating this accounting update; however, we do not expect a material impact on our financial statements upon adoption.

•ASU 2025-10 - Government Grants (Issued December 2025). This update introduces guidance on the accounting for government grants, including recognition, measurement and presentation requirements to reduce diversity in practice and increase consistency among business entities. The guidance excludes transactions within the scope of ASC 740, Income Taxes, government guarantees and the benefit of below-market interest rate loans. Grants related to an asset or to income will be recognized when it is probable that an entity will comply with the conditions attached to the grant, the grant will be received and the related expenses that the grant is intended to compensate have been incurred. For grants related to an asset, entities may elect either a deferred income approach or a cost accumulation approach. The update is effective for the Firm beginning January 1, 2029, with early adoption permitted. Transition may be applied on a modified prospective approach, a modified retrospective approach or on a full retrospective approach. We are currently evaluating this accounting update; however, we do not expect a material impact on our financial statements upon adoption.
Critical Accounting Estimates
Our financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions (see Note 1 to the financial statements). We believe that of our significant accounting policies (see Note 2 to the financial statements in the 2025 Form 10-K and Note 2 to the financial statements), the fair value of financial instruments, goodwill and intangible assets, legal and regulatory contingencies (see Note 14 to the financial statements in the 2025 Form 10-K and Note 13 to the financial statements) and income taxes policies involve a higher degree of judgment and complexity. For a further discussion about our critical accounting policies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in the 2025 Form 10-K.
Liquidity and Capital Resources
Our liquidity and capital policies are established and maintained by senior management, with oversight by the Asset/Liability Management Committee and our Board of Directors (“Board”). Through various risk and control committees, senior management reviews business performance relative to these policies, monitors the availability of alternative sources of financing, and oversees the liquidity, interest rate and currency sensitivity of our asset and liability position. Our Corporate Treasury department (“Treasury”), Firm Risk Committee, Asset/Liability Management Committee, and other committees and control groups assist in evaluating, monitoring and managing the impact that our business activities have on our balance sheet, liquidity and capital structure. Liquidity and capital matters are reported regularly to the Board and the Risk Committee of the Board.
March 2026 Form 10-Q
19
Management’s Discussion and Analysis
Image4.jpg
Balance Sheet
We monitor and evaluate the composition and size of our balance sheet on a regular basis. Our balance sheet management process includes quarterly planning, business-specific thresholds, monitoring of business-specific usage versus key performance metrics and new business impact assessments.
We establish balance sheet thresholds at the consolidated and business segment levels. We monitor balance sheet utilization and review variances resulting from business activity and market fluctuations. On a regular basis, we review current performance versus established thresholds and assess the need to re-allocate our balance sheet based on business segment needs. We also monitor key metrics, including asset and liability size and capital usage.
Total Assets by Business Segment
At March 31, 2026
$ in millionsISWMIMTotal
Assets
Cash and cash equivalents1
$120,384 $13,082 $63 $133,529 
Trading assets at fair value512,777 7,898 5,536 526,211 
Investment securities1
121,147 39,216 — 160,363 
Securities purchased under agreements to resell114,763 14,117 — 128,880 
Securities borrowed153,734 836 — 154,570 
Customer and other receivables87,890 43,196 1,513 132,599 
Loans2
107,633 186,278 3 293,914 
Goodwill
435 10,581 6,089 17,105 
Intangible assets
20 2,587 3,353 5,960 
Other assets3
16,414 10,606 1,267 28,287 
Total assets$1,235,197 $328,397 $17,824 $1,581,418 
At December 31, 2025
$ in millionsIS
WM
IMTotal
Assets
Cash and cash equivalents$81,228 $30,426 $41 $111,695 
Trading assets at fair value410,573 12,428 5,275 428,276 
Investment securities34,111 129,445 — 163,556 
Securities purchased under agreements to resell106,728 13,515 — 120,243 
Securities borrowed150,902 1,006 — 151,908 
Customer and other receivables71,645 41,447 1,628 114,720 
Loans2
96,850 181,241 3 278,094 
Goodwill
437 10,199 6,090 16,726 
Intangible assets
21 2,607 3,382 6,010 
Other assets3
17,058 10,703 1,281 29,042 
Total assets$969,553 $433,017 $17,700 $1,420,270 
1.In connection with MSBNA’s acquisition of MSESE and the merging of the Fixed Income business of MSCS into MSBNA, the Firm updated its segment balance sheet allocation methodology in the first quarter of 2026. As a result of this update, certain liquid marketable securities and cash which were previously included in the Wealth Management balance sheet are included within the Institutional Securities balance sheet beginning in the current quarter to align with liquidity resources with segment activities.
2.Amounts include loans held for investment, net of ACL, and loans held for sale but exclude loans at fair value, which are included in Trading assets in the balance sheet (see Note 9 to the financial statements).
3.Other assets primarily includes premises, equipment and software, ROU assets related to leases, other investments and deferred tax assets.
A substantial portion of total assets consists of cash and cash equivalents, liquid marketable securities and short-term
receivables. In the Institutional Securities business segment, these arise from market-making, financing and prime brokerage activities, and in the Wealth Management business segment, these arise from banking activities. Liquid marketable securities arising from management of the investment portfolio are included in the balance sheets of the Institutional Securities and Wealth Management business segments. For further information, refer to Note 19 to the financial statements.
Liquidity Risk Management Framework
The core components of our Liquidity Risk Management Framework are the Required Liquidity Framework, Liquidity Stress Tests and Liquidity Resources, which support our target liquidity profile. For a further discussion about the Firm’s Required Liquidity Framework and Liquidity Stress Tests, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity Risk Management Framework” in the 2025 Form 10-K.
At March 31, 2026 and December 31, 2025, we maintained sufficient liquidity to meet current and contingent funding obligations as modeled in our Liquidity Stress Tests.
Liquidity Resources
We maintain sufficient Liquidity Resources, which consist of HQLA and cash deposits with banks, to cover daily funding needs and to meet strategic liquidity targets sized by the Required Liquidity Framework and Liquidity Stress Tests. We actively manage the amount of our Liquidity Resources considering the following components: unsecured debt maturity profile; balance sheet size and composition; funding needs in a stressed environment, inclusive of contingent cash outflows; legal entity, regional and segment liquidity requirements; regulatory requirements; and collateral requirements.
The amount of Liquidity Resources we hold is based on our risk appetite and is calibrated to meet various internal and regulatory requirements and to fund prospective business activities. The Liquidity Resources are primarily held within the Parent Company and its major operating subsidiaries. The Total HQLA values in the tables immediately following are different from Eligible HQLA, which, in accordance with the LCR rule, also takes into account certain regulatory weightings and other operational considerations.
20
March 2026 Form 10-Q
Management’s Discussion and Analysis
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Liquidity Resources by Type of Investment
Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2026		December 31,
2025
Cash deposits with central banks$77,223 $67,334 
Unencumbered HQLA securities1:
U.S. government obligations191,101 186,200 
U.S. agency and agency mortgage-backed securities85,992 89,737 
Non-U.S. sovereign obligations2
32,521 34,790 
Other investment grade securities460 358 
Total HQLA1
$387,297 $378,419 
Cash deposits with banks (non-HQLA)7,844 7,465 
Total Liquidity Resources$395,141 $385,884 
1.HQLA is presented prior to applying weightings and includes all HQLA held in subsidiaries.
2.Primarily composed of unencumbered French, U.K., Japanese, German, Italian, and Spanish government obligations.
Liquidity Resources by Non-Bank and Bank Legal Entities1
Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2026		December 31,
2025
Non-Bank legal entities
U.S.:
Parent Company
$91,904 $91,181 
Non-Parent Company
58,460 58,795 
Total U.S.150,364 149,976 
Non-U.S.64,124 77,770 
Total Non-Bank legal entities214,488 227,746 
Bank legal entities
U.S.158,442 150,428 
Non-U.S.22,211 7,710 
Total Bank legal entities180,653 158,138 
Total Liquidity Resources$395,141 $385,884 
1.Liquidity Resources are presented as historically reported and have not been retrospectively adjusted to reflect the merger of the MSCS fixed income business into MSBNA and MSBNA’s acquisition of MSESE in the first quarter of 2026, as the Firm assesses these measures based on the legal-entity structures in effect during the applicable period.
Liquidity Resources may fluctuate from period to period based on the overall size and composition of our balance sheet, the maturity profile of our unsecured debt, and estimates of funding needs in a stressed environment, among other factors.
Regulatory Liquidity Framework
Liquidity Coverage Ratio and Net Stable Funding Ratio
We and our U.S. Bank Subsidiaries are required to maintain a minimum LCR and NSFR of 100%.
The LCR rule requires large banking organizations to have sufficient Eligible HQLA to cover net cash outflows arising from significant stress over 30 calendar days, thus promoting the short-term resilience of the liquidity risk profile of banking organizations. In determining Eligible HQLA for LCR purposes, weightings (or asset haircuts) are applied to HQLA, and certain HQLA held in subsidiaries is excluded.
The NSFR rule requires large banking organizations to maintain an amount of available stable funding, which is their regulatory capital and liabilities subject to standardized weightings, equal to or greater than their required stable funding, which is their projected minimum funding needs, over a one-year time horizon.
As of March 31, 2026, we and our U.S. Bank Subsidiaries are compliant with the minimum LCR and NSFR requirements of 100%.
Liquidity Coverage Ratio
Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2026		December 31,
2025
Eligible HQLA
Cash deposits with central banks$71,216 $62,425 
Securities1
231,217 232,693 
Total Eligible HQLA
$302,433 $295,118 
Net cash outflows
$232,364 $219,706 
LCR130 %134 %
1.Primarily includes U.S. Treasuries, U.S. agency mortgage-backed securities, sovereign bonds and investment grade corporate bonds.
Funding Management
We manage our funding in a manner that reduces the risk of disruption to our operations. We pursue a strategy of diversification of secured and unsecured funding sources (by product, investor and region) and attempt to ensure that the tenor of our liabilities equals or exceeds the expected holding period of the assets being financed. Our goal is to achieve an optimal mix of durable secured and unsecured financing.
We fund our balance sheet on a global basis through diverse sources. These sources include our equity capital, borrowings, bank notes, securities sold under agreements to repurchase, securities lending, deposits, letters of credit and lines of credit. We have active financing programs for both standard and structured products targeting global investors and currencies.
Treasury allocates interest expense to our businesses based on the tenor and interest rate profile of the assets being funded. Treasury similarly allocates interest income to businesses carrying deposit products and other liabilities across the businesses based on the characteristics of those deposits and other liabilities.
Secured Financing
For a discussion of our secured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Secured Financing” in the 2025 Form 10-K.
March 2026 Form 10-Q
21
Management’s Discussion and Analysis
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Collateralized Financing Transactions
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Securities purchased under agreements to resell and Securities borrowed$283,450 $272,151 
Securities sold under agreements to repurchase and Securities loaned$139,420 $95,849 
Securities received as collateral1
$2,488 $2,449 
1.Included within Trading assets in the balance sheet.
 Average Daily Balance
Three Months Ended
$ in millionsMarch 31,
2026		December 31,
2025
Securities purchased under agreements to resell and Securities borrowed$285,578 $255,202 
Securities sold under agreements to repurchase and Securities loaned$156,923 $90,397 
See “Total Assets by Business Segment” herein for additional information on the assets shown in the previous table and Note 2 to the financial statements in the 2025 Form 10-K and Note 8 to the financial statements for additional information on collateralized financing transactions.
In addition to the collateralized financing transactions shown in the previous table, we engage in financing transactions collateralized by customer-owned securities, which are held in accordance with regulatory requirements. Receivables under these financing transactions, primarily margin loans, are included in Customer and other receivables in the balance sheet, and payables under these financing transactions, primarily to prime brokerage customers, are included in Customer and other payables in the balance sheet. Our risk exposure on these transactions is mitigated by collateral maintenance policies and the elements of our Liquidity Risk Management Framework.
Unsecured Financing
For a discussion of our unsecured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Unsecured Financing” in the 2025 Form 10-K.
Deposits
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Savings and demand deposits:
Brokerage sweep deposits1
$146,459 $145,237 
Savings and other172,386 170,646 
Total Savings and demand deposits318,845 315,883 
Time deposits2
109,126 99,640 
Total3
$427,971 $415,523 
1.Amounts represent balances swept from client brokerage accounts.
2.Our Time deposits are predominantly brokered certificates of deposit.
3.Our deposits are primarily held in U.S. offices.
Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics relative to other sources of funding. Each
category of deposits presented above has a different cost profile and clients may respond differently to changes in interest rates and other macroeconomic conditions. Total deposits in the current quarter increased primarily due to increases in Time deposits.
Borrowings by Maturity at March 31, 20261
$ in millionsParent CompanySubsidiariesTotal
Original maturities of one year or less$— $8,558 $8,558 
Original maturities greater than one year
2026$8,037 $10,360 $18,397 
202718,744 19,094 37,838 
202815,986 28,234 44,220 
202924,789 14,934 39,723 
203019,138 17,171 36,309 
Thereafter 128,600 57,923 186,523 
Total greater than one year$215,294 $147,716 $363,010 
Total$215,294 $156,274 $371,568 
Maturities over next 12 months2
 $27,384 
1.Original maturity in the table is generally based on contractual final maturity. For borrowings with put options, maturity represents the earliest put date.
2.Includes only borrowings with original maturities greater than one year.
Borrowings of $372 billion as of March 31, 2026 increased compared with $349 billion at December 31, 2025, primarily due to non-bank issuances net of maturities and redemptions.
We believe that accessing debt investors through multiple distribution channels helps provide consistent access to the unsecured markets. In addition, the issuance of borrowings with original maturities greater than one year allows us to reduce reliance on short-term credit-sensitive instruments. Borrowings with original maturities greater than one year are generally managed to achieve staggered maturities, thereby mitigating refinancing risk, and to maximize investor diversification through sales to global institutional and retail clients across regions, currencies and product types.
The availability and cost of financing to us can vary depending on market conditions, the volume of certain trading and lending activities, our credit ratings and the overall availability of credit. We also engage in, and may continue to engage in, repurchases of our borrowings as part of our market-making activities.
For further information on Borrowings, see Note 12 to the financial statements.
Credit Ratings
We rely on external sources to finance a significant portion of our daily operations. Our credit ratings are one of the factors in the cost and availability of financing and can have an impact on certain trading revenues, particularly in those businesses where longer-term counterparty performance is a key consideration, such as certain OTC derivative transactions. When determining credit ratings, rating agencies consider both company-specific and industry-wide factors. See also “Risk Factors—Liquidity Risk” in the 2025 Form 10-K.
22
March 2026 Form 10-Q
Management’s Discussion and Analysis
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Parent Company and U.S. Bank Subsidiaries Issuer Ratings at April 30, 2026
Parent Company
Short-Term DebtLong-Term DebtRating Outlook
DBRS, Inc.R-1 (middle)AA (low)Stable
Fitch Ratings, Inc.F1A+Stable
Moody’s Investors Service, Inc.P-1A1Stable
Rating and Investment Information, Inc.a-1A+Stable
S&P Global RatingsA-2A-Stable
MSBNA
Short-Term DebtLong-Term DebtRating Outlook
Fitch Ratings, Inc.F1+AA-Stable
Moody’s Investors Service, Inc.P-1Aa3Stable
S&P Global RatingsA-1A+Stable
MSPBNA
Short-Term DebtLong-Term DebtRating Outlook
Fitch Ratings, Inc.F1+AA-Stable
Moody’s Investors Service, Inc.P-1Aa3Stable
S&P Global RatingsA-1A+Stable
Incremental Collateral or Terminating Payments
In connection with certain OTC derivatives and certain other agreements where we are a liquidity provider to certain financing vehicles associated with the Institutional Securities business segment, we may be required to provide additional collateral, immediately settle any outstanding liability balances with certain counterparties or pledge additional collateral to certain clearing organizations in the event of a future credit rating downgrade irrespective of whether we are in a net asset or net liability position. See Note 6 to the financial statements for additional information on OTC derivatives that contain such contingent features.
While certain aspects of a credit rating downgrade are quantifiable pursuant to contractual provisions, the impact it would have on our business and results of operations in future periods is inherently uncertain and would depend on a number of interrelated factors, including, among other things, the magnitude of the downgrade, the rating relative to peers, the rating assigned by the relevant agency before the downgrade, individual client behavior and future mitigating actions we might take. The liquidity impact of additional collateral requirements is included in our Liquidity Stress Tests.
Capital Management
We view capital as an important source of financial strength and actively manage our consolidated capital position based upon, among other things, business opportunities, risks, capital availability and rates of return together with internal capital policies, regulatory requirements, such as the SCB, and rating agency guidelines. In the future, we may expand or contract our capital base to address the changing needs of our businesses.
Common Stock Repurchases
 Three Months Ended
March 31,
in millions, except for per share data20262025
Number of shares10 8 
Average price per share$169.15 $125.88 
Total$1,750 $1,000 
For additional information on our common stock repurchases, see Note 16 to the financial statements.
For a description of our capital plan, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.
Common Stock Dividend Announcement
Announcement dateApril 15, 2026
Amount per share
$1.00
Date to be paid
May 15, 2026
Shareholders of record as of
April 30, 2026
For additional information on our common stock dividends, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.
For additional information on our common stock and information on our preferred stock, see Note 16 to the financial statements.
Off-Balance Sheet Arrangements
We enter into various off-balance sheet arrangements, including through unconsolidated SPEs and lending-related financial instruments (e.g., guarantees and commitments), primarily in connection with the Institutional Securities and Investment Management business segments.
We utilize SPEs primarily in connection with securitization activities. For information on our securitization activities, see Note 15 to the financial statements in the 2025 Form 10-K.
For information on our commitments, obligations under certain guarantee arrangements and indemnities, see Note 13 to the financial statements. For a further discussion of our lending commitments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Loans and Lending Commitments” herein.
Regulatory Requirements
Regulatory Capital Framework
We are a financial holding company (“FHC”) under the Bank Holding Company Act of 1956, as amended and are subject to the regulation and oversight of the Board of Governors of the Federal Reserve System (“Federal Reserve”). The Federal Reserve establishes capital requirements for us, including “well-capitalized” standards, and evaluates our compliance with such capital requirements. The OCC establishes similar capital requirements and well-capitalized standards for our
March 2026 Form 10-Q
23
Management’s Discussion and Analysis
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U.S. Bank Subsidiaries. The regulatory capital requirements are largely based on the Basel III capital standards established by the Basel Committee and on certain provisions of the Dodd-Frank Act. For us to remain an FHC, we must remain well-capitalized in accordance with standards established by the Federal Reserve, and our U.S. Bank Subsidiaries must remain well-capitalized in accordance with standards established by the OCC. In addition, many of our regulated subsidiaries are subject to regulatory capital requirements, including regulated subsidiaries registered as swap dealers with the CFTC or conditionally registered as security-based swap dealers with the SEC or registered as broker-dealers or futures commission merchants. For additional information on regulatory capital requirements for our U.S. Bank Subsidiaries, as well as our subsidiaries that are swap entities, see Note 15 to the financial statements.
Regulatory Capital Requirements
We are required to maintain minimum risk-based and leverage-based capital and TLAC ratios. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Capital Requirements” in the 2025 Form 10-K. For additional information on TLAC, see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus our capital conservation buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios.
Capital Buffer Requirements
At March 31, 2026 and December 31, 2025
StandardizedAdvanced
Capital buffers
Fixed 2.5% buffer
—%2.5%
SCB1
4.3%N/A
G-SIB capital surcharge2
3.0%3.0%
CCyB3
—%—%
Capital conservation buffer requirement
7.3%5.5%
1.For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2025 Form 10-K.
2.For a further discussion of the G-SIB capital surcharge, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—G-SIB Capital Surcharge” in the 2025 Form 10-K.
3.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.
The capital conservation buffer requirement represents the amount of CET1 capital we must maintain above the minimum risk-based capital requirements in order to avoid restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers.
Our capital conservation buffer requirement computed under the standardized approaches for calculating credit risk and market RWAs (“Standardized Approach”) is equal to the sum of our SCB, G-SIB capital surcharge and CCyB, and our capital conservation buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (“Advanced Approach”) is equal to the sum of a fixed 2.5% buffer, our G-SIB capital surcharge and CCyB.
Regulatory Minimum
At March 31, 2026 and December 31, 2025
StandardizedAdvanced
Required ratios1
CET1 capital ratio
4.5%11.8%10.0%
Tier 1 capital ratio6.0%13.3%11.5%
Total capital ratio8.0%15.3%13.5%
1.Required ratios represent the regulatory minimum plus the capital conservation buffer requirement.
Our risk-based capital ratios are computed under each of (i) the Standardized Approach and (ii) the Advanced Approach. The credit risk RWA calculations between the two approaches differ in that the Standardized Approach requires calculation of RWA using prescribed risk weights and exposure methodologies, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk weights. At March 31, 2026 and December 31, 2025, the differences between the actual and required ratios were lower under the Standardized Approach.
Leverage-Based Regulatory Capital. Leverage-based capital requirements include a minimum Tier 1 leverage ratio of 4%, a minimum SLR of 3% and an enhanced supplementary leverage ratio (“eSLR”) capital buffer of at least 0.5%. As of January 1, 2026, the Firm and its U.S. Bank Subsidiaries elected to early adopt the final rulemaking on changes to the enhanced eSLR by the U.S. banking agencies. Under the final rule, the eSLR buffer applicable to U.S. G-SIBs equals 50% of each BHC’s Method 1 G-SIB capital surcharge, which equates to 0.5% for the Firm, applied above the 3.0% minimum SLR requirement. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Developments and Other Matters—Final Rulemaking on Changes to the Enhanced Supplementary Leverage Ratio” in the 2025 Form 10-K.

24
March 2026 Form 10-Q
Management’s Discussion and Analysis
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Regulatory Capital Ratios
Risk-based capital
StandardizedAdvanced
$ in millionsAt
Mar 31,
2026		At
Dec 31,
2025 		At
Mar 31,
2026		At
Dec 31,
2025
Risk-based
capital
CET1 capital$84,546 $83,153 $84,546 $83,153 
Tier 1 capital94,235 92,728 94,235 92,728 
Total capital106,481 103,449 105,849 102,680 
Total RWA559,080 552,515 524,244 514,158 
Risk-based capital ratios
CET1 capital15.1%15.0%16.1%16.2%
Tier 1 capital16.9%16.8%18.0%18.0%
Total capital19.0%18.7%20.2%20.0%
Required ratios1
CET1 capital11.8%11.8%10.0%10.0%
Tier 1 capital13.3%13.3%11.5%11.5%
Total capital15.3%15.3%13.5%13.5%
1.Required ratios are inclusive of any buffers applicable as of the date presented.

Leveraged-based capital
$ in millionsAt
March 31,
2026		At
December 31,
2025
Leveraged-based capital
Adjusted average assets1
$1,535,246 $1,383,314 
Supplementary leverage exposure2
1,876,478 1,717,775 
Leveraged-based capital ratios
Tier 1 leverage6.1%6.7%
SLR5.0%5.4%
Required ratios3
Tier 1 leverage4.0%4.0%
SLR3.5%5.0%
1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.
2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.
3.Required ratios are inclusive of any buffers applicable as of the date presented.

Regulatory Capital
$ in millionsAt
March 31,
2026		At
December 31,
2025 		Change
CET1 capital
Common shareholders' equity
$104,536 $101,882 $2,654 
Regulatory adjustments and deductions:
Net goodwill(16,737)(16,373)(364)
Net intangible assets(4,608)(4,663)55 
Other adjustments and deductions1
1,355 2,307 (952)
Total CET1 capital
$84,546 $83,153 $1,393 
Additional Tier 1 capital
Preferred stock$9,750 $9,750 $— 
Noncontrolling interests909 823 86 
Additional Tier 1 capital$10,659 $10,573 $86 
Deduction for investments in covered funds(970)(998)28 
Total Tier 1 capital$94,235 $92,728 $1,507 
Standardized Tier 2 capital
Subordinated debt$9,816 $8,380 $1,436 
Eligible ACL2,448 2,411 37 
Other adjustments and deductions(18)(70)52 
Total Standardized Tier 2 capital$12,246 $10,721 $1,525 
Total Standardized capital$106,481 $103,449 $3,032 
Advanced Tier 2 capital
Subordinated debt$9,816 $8,380 $1,436 
Eligible credit reserves1,816 1,642 174 
Other adjustments and deductions(18)(70)52 
Total Advanced Tier 2 capital$11,614 $9,952 $1,662 
Total Advanced capital$105,849 $102,680 $3,169 
1.Other adjustments and deductions used in the calculation of CET1 capital primarily includes net after-tax DVA, the credit spread premium over risk-free rate for derivative liabilities, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments and certain deferred tax assets.
March 2026 Form 10-Q
25
Management’s Discussion and Analysis
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RWA Rollforward
 Three Months Ended
March 31, 2026
$ in millionsStandardizedAdvanced
Credit risk RWA
Balance at December 31, 2025$493,206 $349,930 
Change related to the following items:
Derivatives1,495 196 
Securities financing transactions(5,600)(1,796)
Investment securities(134)(536)
Commitments, guarantees and loans6,402 6,765 
Equity investments(1,153)(739)
Other credit risk6,189 5,651 
Total change in credit risk RWA$7,199 $9,541 
Balance at March 31, 2026$500,405 $359,471 
Market risk RWA
Balance at December 31, 2025$59,309 $59,345 
Change related to the following items:
Regulatory VaR532 532 
Regulatory stressed VaR4,243 4,243 
Incremental risk charge(946)(946)
Comprehensive risk measure303 267 
Specific risk(4,766)(4,882)
Total change in market risk RWA$(634)$(786)
Balance at March 31, 2026$58,675 $58,559 
Operational risk RWA
Balance at December 31, 2025N/A$104,883 
Change in operational risk RWAN/A1,331 
Balance at March 31, 2026N/A$106,214 
Total RWA $559,080 $524,244 
Regulatory VaR—VaR for regulatory capital requirements

In the current quarter, Credit risk RWA increased under both the Standardized and Advanced Approaches. Under the Standardized Approach, the increase was primarily due to higher Commitments, guarantees and loans, Other credit risk, and Derivatives exposures, partially offset by lower Securities financing transactions. Under the Advanced Approach, the increase was primarily due to higher Commitments, guarantees and loans and Other credit risk, partially offset by Investment Securities.
Market risk RWA decreased in the current quarter under both the Standardized and Advanced Approaches, primarily driven by lower Specific Risk due to Non-Securitization standardized charges, partially offset by higher Regulatory stressed VAR.
The increase in Operational risk RWA in the current quarter is primarily driven by certain historical litigation-related losses, partially offset by lower execution-related losses.
Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements
The Federal Reserve has established external TLAC, long-term debt (“LTD”) and clean holding company requirements for top-tier BHCs of U.S. G-SIBs (“covered BHCs”), including the Parent Company. These requirements are designed to ensure that covered BHCs will have enough loss-absorbing resources at the point of failure to be recapitalized
through the conversion of eligible LTD to equity or otherwise by imposing losses on eligible LTD or other forms of TLAC where an SPOE resolution strategy is used.
Required and Actual TLAC and Eligible LTD Ratios
 Actual Amount/Ratio
$ in millionsRegulatory Minimum
Required Ratio1
At
March 31,
2026 		At
December 31,
2025
External TLAC2
$300,978 $284,259 
External TLAC as a % of RWA18.0%21.5%53.8%51.4%
External TLAC as a % of leverage exposure4
7.5%8.0%16.0%16.5%
Eligible LTD3
$199,533 $181,401 
Eligible LTD as a % of RWA9.0%9.0%35.7%32.8%
Eligible LTD as a % of leverage exposure4
3.0%3.0%10.6%10.6%
1.Required ratios are inclusive of applicable buffers.
2.External TLAC consists of CET1 capital and Additional Tier 1 capital (each excluding any noncontrolling minority interests), as well as eligible LTD.
3.Consists of TLAC-eligible LTD reduced by 50% for amounts of unpaid principal due to be paid in more than one year but less than two years from each respective balance sheet date.
4.As of December 31, 2025, the required ratio for External TLAC as a percentage of leverage exposure was 9.5%, and the regulatory minimum and required ratio for Eligible LTD as a percentage of leverage exposure was 4.5%.
We are in compliance with all TLAC requirements as of March 31, 2026 and December 31, 2025.
For a further discussion of TLAC and related requirements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” in the 2025 Form 10-K.
Capital Plans, Stress Tests and the Stress Capital Buffer
The Federal Reserve has capital planning and stress test requirements for large BHCs, which form part of the Federal Reserve’s annual CCAR framework.
We must submit, on at least an annual basis, a capital plan to the Federal Reserve, taking into account the results of separate annual stress tests designed by us and the Federal Reserve, so that the Federal Reserve may assess our systems and processes that incorporate forward-looking projections of revenues and losses to monitor and maintain our internal capital adequacy. As insured depository institutions (“IDIs”) with less than $250 billion of average total assets over the four consecutive quarters through March 31, 2025, our U.S. Bank Subsidiaries are not subject to company-run stress test regulatory requirements during 2026.
As part of its annual capital supervisory stress testing process, the Federal Reserve determines an SCB for each large BHC, including us.
During 2025, the Federal Reserve proposed revisions to the SCB, CCAR and supervisory stress testing frameworks and, on February 4, 2026, indicated that it does not expect to adopt final versions of the proposed stress test models prior to
26
March 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
conducting the 2026 supervisory stress test. As a result, the Federal Reserve has announced that the Firm is expected to remain subject to its current SCB requirement of 4.3% through October 1, 2027, at which time a new SCB requirement may apply based on the results of the supervisory stress test conducted in 2027. Together with other features of the regulatory capital framework, this SCB resulted in an aggregate Standardized Approach CET1 required ratio of 11.8%. If relevant, the Firm will provide updated information on applicable regulatory capital standards in response to a final rulemaking. See “Regulatory Developments and Other Matters—Proposed Changes to Capital Requirements” and “Regulatory Developments and Other Matters—Supervisory Stress Testing” herein.
For the 2026 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results to the Federal Reserve on April 6, 2026. The Federal Reserve is expected to publish summary results of the CCAR and Dodd-Frank Act supervisory stress tests of each large BHC, including us, by June 30, 2026. We are required to disclose a summary of the results of our company-run stress tests within 15 days of the days the Federal Reserve discloses the results of the supervisory stress tests.
For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” in the 2025 Form 10-K.
Attribution of Average Common Equity According to the Required Capital Framework
Our required capital (“Required Capital”) estimation is based on the Required Capital framework, an internal capital adequacy measure. Common equity attribution to the business segments is based on capital usage calculated under the Required Capital framework, as well as each business segment’s relative contribution to our total Required Capital.
The Required Capital framework is a risk-based and leverage-based capital measure, which is compared with our regulatory capital to ensure that we maintain an amount of going concern capital after absorbing potential losses from stress events, where applicable, at a point in time. The amount of capital allocated to the business segments is generally set at the beginning of each year and remains fixed throughout the year until the next annual reset unless a significant business change occurs (e.g., acquisition or disposition). We define the difference between our total average common equity and the sum of the average common equity amounts allocated to our business segments as Parent Company common equity. We generally hold Parent Company common equity for prospective regulatory requirements, organic growth, potential future acquisitions and other capital needs.
Average Common Equity Attribution under the Required Capital Framework1
Three Months Ended
March 31,
$ in billions20262025
Institutional Securities$48.2 $48.4 
Wealth Management28.7 29.4 
Investment Management10.2 10.6 
Parent Company
15.8 7.1 
Total$102.9 $95.5 
1.The attribution of average common equity to the business segments is a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
We continue to evaluate our Required Capital framework with respect to the impact of evolving regulatory requirements, as appropriate.
Resolution and Recovery Planning
We are required to submit once every two years to the Federal Reserve and the FDIC a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of our material financial distress or failure. We submitted our 2025 targeted resolution plan on June 30, 2025.
As described in our most recent resolution plan, our preferred resolution strategy is an SPOE strategy, which would impose losses on the holders of eligible LTD and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on creditors of our supported entities and without requiring taxpayer or government financial support.
For more information about resolution and recovery planning requirements and our activities in these areas, including the implications of such activities in a resolution scenario, see “Business—Supervision and Regulation—Financial Holding Company—Resolution and Recovery Planning,” “Risk Factors—Legal, Regulatory and Compliance Risk” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Resolution and Recovery Planning” in the 2025 Form 10-K.
Regulatory Developments and Other Matters
Proposed Changes to Capital Requirements
On April 17, 2025, the Federal Reserve proposed revisions to the SCB and CCAR frameworks applicable to us, aimed at reducing the volatility of the capital requirements stemming from the Federal Reserve’s annual stress test results. Under the proposal, our SCB would be based, in part, on the average of the post-stress capital decline embedded in the Federal Reserve’s stress test results over two consecutive years. Additionally, the proposal would shift the annual effective date of the revised SCB from October 1 to January 1 of the following year and modify certain elements of the Federal Reserve’s CCAR program.
March 2026 Form 10-Q
27
Management’s Discussion and Analysis
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Final Rulemaking on Changes to the Enhanced Supplementary Leverage Ratio
On November 25, 2025, the U.S. banking agencies adopted a final rule modifying eSLR standards applicable to U.S. G-SIBs and their U.S. IDI subsidiaries. Under the final rule, the eSLR buffer applicable to U.S. G-SIBs equals 50% of each BHC’s Method 1 G-SIB capital surcharge, applied above the 3.0% minimum SLR requirement. The eSLR buffer applicable to U.S. G-SIBs’ IDI subsidiaries has the same form and calibration as the BHC-level standard but is capped at 1.0%, applied above the 3.0% minimum SLR requirement. The final rule also included conforming modifications to total leverage exposure calculations in U.S. G-SIBs’ TLAC and LTD requirements. The effective date of the final rule is April 1, 2026, with optional early adoption on January 1, 2026.
The Firm and its U.S. Bank Subsidiaries elected to early adopt the final rule as of January 1, 2026. For more information on the leverage-based regulatory capital standards, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Developments and Other Matters—Final Rulemaking on Changes to the Enhanced Supplementary Leverage Ratio” in the 2025 Form 10-K and “Regulatory Requirements” herein.
Supervisory Stress Testing
On October 24, 2025, the Federal Reserve proposed revisions to its supervisory stress testing framework through two related proposals. The first proposal would modify the timeline and operation of the annual supervisory stress test, including through revisions to the Federal Reserve’s supervisory stress testing policy statements, and solicits comment on the Federal Reserve’s supervisory stress testing models. The second proposal solicited comment on the Federal Reserve’s proposed scenarios for the 2026 supervisory stress test. On February 4, 2026, the Federal Reserve finalized the second proposal, and in addition announced that it expects the Firm will continue to be subject to its current SCB requirement of 4.3% until October 1, 2027. We continue to monitor developments related to the open proposal.
Basel III Proposal
On March 19, 2026, the U.S. banking agencies proposed revisions to risk-based capital and related standards applicable to Category I and II banking organizations, including us and our U.S. Bank Subsidiaries (“Basel III Proposal”). The Basel III Proposal would introduce a new measure of RWAs known as “Expanded Total RWAs” (the “Expanded Approach”), reflecting new RWA methodologies that generally align with changes to the global Basel Accord adopted by the Basel Committee. The Basel III Proposal would eliminate the current capital rule’s Advanced Approach and require Category I and II banking organizations to calculate RWAs only under the Expanded Approach, with the Standardized
Approach retained for smaller banking organizations. As compared with the Standardized Approach, the Expanded Approach includes more granular risk weights for credit risk and introduces a new market risk framework. In addition, unlike the Standardized Approach, the Expanded Approach includes operational risk and credit valuation adjustment RWA components.

The Basel III Proposal would apply the SCB and G-SIB Surcharge to risk-based capital requirements calculated under the Expanded Approach. The effective date of the Basel III Proposal is unspecified in the Basel III Proposal. We continue to evaluate the Basel III Proposal and its potential impacts on our capital requirements and our Required Capital Framework, which will depend in part on related changes to the Federal Reserve’s supervisory stress testing framework and its related proposed rulemaking to revise the G-SIB Surcharge.
G-SIB Surcharge Proposal
On March 19, 2026, the Federal Reserve proposed revisions to the G-SIB Surcharge framework applicable to us (“G-SIB Surcharge Proposal”). The G-SIB Surcharge Proposal would modify Method 2 by adjusting the calculation and weighting of the short-term wholesale funding component and, for other systemic indicators, introducing a one-time downward adjustment. All Method 2 systemic indicators would be indexed in the future to nominal U.S. GDP. In addition, for Method 2, the G-SIB Surcharge Proposal would require measurement of most systemic indicators based on the annual average of daily or monthly values and would revise the resulting G-SIB Surcharge from 0.5-percentage point increments to 0.1-percentage point increments. The G-SIB Surcharge Proposal would also result in corresponding technical changes to Method 1 G-SIB surcharge requirements. The G-SIB Surcharge Proposal includes a proposed effective date two calendar quarters after the date of adoption of a final rule by the Federal Reserve and new surcharges calculated under the revised methodology would take effect at a later date. We continue to evaluate the G-SIB Surcharge Proposal and the potential impacts, if adopted, on our capital requirements and our Required Capital Framework.
28
March 2026 Form 10-Q
Quantitative and Qualitative Disclosures about Risk
Management believes effective risk management is vital to the success of our business activities. For a discussion of our Enterprise Risk Management framework and risk management functions, see “Quantitative and Qualitative Disclosures about Risk—Risk Management” in the 2025 Form 10-K.
Market Risk
Market risk refers to the risk that a change in the level of one or more market prices, rates, spreads, indices, volatilities, correlations or other market factors, such as market liquidity, will result in losses for a position or portfolio. Generally, we incur market risk as a result of trading, investing and client facilitation activities, principally within the Institutional Securities business segment where the substantial majority of our VaR for market risk exposures is generated. In addition, we incur non-trading market risk, principally within the Wealth Management and Investment Management business segments. The Wealth Management business segment primarily incurs non-trading market risk (including interest rate risk) from lending and deposit-taking activities. The Investment Management business segment primarily incurs non-trading market risk from capital investments in its funds. For a further discussion of market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” in the 2025 Form 10-K.
Trading Risks
We have exposures to a wide range of risks related to interest rates and credit spreads, equity prices, foreign exchange rates and commodity prices as well as the associated implied volatilities, correlations and spreads of the global markets in which we conduct our trading activities.
The statistical technique known as VaR is one of the tools we use to measure, monitor and review the market risk exposures of our trading portfolios.
For information regarding our primary risk exposures and market risk management, VaR methodology, assumptions and limitations, see “Quantitative and Qualitative Disclosures about Risk—Market Risk—Trading Risks” in the 2025 Form 10-K.
95%/One-Day Management VaR for the Trading Portfolio
 Three Months Ended
March 31, 2026
$ in millionsPeriod EndAverage
High1
Low1
Interest rate and credit spread$38 $32 $42 $23 
Equity price37 34 45 30 
Foreign exchange rate13 11 20 5 
Commodity price20 18 27 12 
Less: Diversification benefit2
(47)(47)N/AN/A
Primary Risk Categories$61 $48 $68 $39 
Credit portfolio
19 16 23 13 
Less: Diversification benefit2
(12)(11)N/AN/A
Total Management VaR$68 $53 $74 $43 
 Three Months Ended
December 31, 2025
$ in millionsPeriod EndAverage
High1
Low1
Interest rate and credit spread$27 $27 $36 $22 
Equity price27 33 42 26 
Foreign exchange rate7 9 15 6 
Commodity price13 14 17 11 
Less: Diversification benefit2
(36)(35)N/AN/A
Primary Risk Categories$38 $48 $56 $36 
Credit portfolio
14 17 19 13 
Less: Diversification benefit2
(8)(14)N/AN/A
Total Management VaR$44 $51 $57 $40 
1.The high and low VaR values for the Total Management VaR and each of the component VaRs might have occurred on different days during the quarter, and, therefore, the diversification benefit is not an applicable measure.
2.Diversification benefit equals the difference between the total VaR and the sum of the component VaRs. This benefit arises because the simulated one-day losses for each of the components occur on different days. Similar diversification benefits are also taken into account within each component.

Average Total Management VaR and average Management VaR for the Primary Risk Categories increased from the three months ended December 31, 2025, primarily driven by increased exposure in the credit spread and commodity price categories, and higher market volatility. Period-end Total Management VaR increased from December 31, 2025, primarily driven by increased exposure in the credit spread and commodity price categories as well as increased exposure in the credit portfolio and higher market volatility.
Distribution of VaR Statistics and Net Revenues
We evaluate the reasonableness of our VaR model by comparing the potential declines in portfolio values generated by the model with corresponding actual trading results for the Firm, as well as individual business units. For days where losses exceed the VaR statistic, we examine the drivers of trading losses to evaluate the VaR model’s accuracy. There were no trading loss days in the current quarter.
March 2026 Form 10-Q
29
Risk Disclosures
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Daily 95%/One-Day Total Management VaR for the Current Quarter
($ in millions)
13743895359416
Daily Net Trading Revenues for the Current Quarter
($ in millions)
13743895359372
Daily net trading revenues include profits and losses from Interest rate and credit spread, Equity price, Foreign exchange rate, Commodity price, and Credit portfolio positions and intraday trading activities for our trading businesses. Certain items such as fees, commissions, net interest income and counterparty default risk are excluded from daily net trading revenues and the VaR model. Revenues required for Regulatory VaR backtesting further exclude intraday trading.
Non-Trading Risks
We believe that sensitivity analysis is an appropriate representation of our non-trading risks. The following sensitivity analyses cover substantially all of the non-trading market risk in our portfolio.
Credit Spread Risk Sensitivity1
$ in millionsAt
March 31,
2026		At
December 31,
2025
Derivatives$5 $6 
Borrowings and Deposits carried at fair value
58 59 
1.Amounts represent the potential gain for each 1 bps widening of our credit spread.
The Wealth Management business segment reflects a substantial portion of our non-trading interest rate risk. Net interest income in the Wealth Management business segment primarily consists of interest income earned on non-trading assets held, including loans and investment securities, as well as margin and other lending on non-bank entities and interest expense incurred on non-trading liabilities, primarily deposits.
Wealth Management Net Interest Income Sensitivity Analysis
$ in millionsAt
March 31,
2026		At
December 31,
2025
Basis point change
+200
$408 $410 
+100198 209
-100(229)(244)
-200
(502)(542)
The previous table presents an analysis of selected instantaneous upward and downward parallel interest rate shocks (subject to a floor of zero percent in the downward scenario) on net interest income over the next 12 months for our Wealth Management business segment. These shocks are applied to our 12-month forecast for our Wealth Management business segment, which incorporates market expectations of interest rates and our forecasted balance sheet and business activity. The forecast includes modeled prepayment behavior, reinvestment of net cash flows from maturing assets and liabilities, and deposit pricing sensitivity to interest rates. These key assumptions are updated periodically based on historical data and future expectations.
We do not manage to any single rate scenario but rather manage net interest income in our Wealth Management business segment across a range of possible outcomes, including non-parallel rate change scenarios. The sensitivity analysis assumes that we take no action in response to these scenarios, assumes there are no changes in other macroeconomic variables normally correlated with changes in interest rates and includes subjective assumptions regarding customer and market re-pricing behavior and other factors.
Our Wealth Management business segment balance sheet is asset sensitive, given assets reprice faster than liabilities, resulting in higher net interest income in higher interest rate scenarios and lower net interest income in lower interest rate scenarios. The level of interest rates may impact the amount of deposits held at the Firm, given competition for deposits from other institutions and alternative cash-equivalent
30
March 2026 Form 10-Q
Risk Disclosures
Image17.jpg
products available to depositors. Further, the level of interest rates could also impact client demand for loans.

Net interest income sensitivity to interest rates at March 31, 2026 was relatively unchanged from December 31, 2025.
Investments Sensitivity, Including Related Carried Interest
 Loss from 10% Decline
$ in millionsAt
March 31,
2026		At
December 31,
2025
Investments related to Investment Management activities$647 $629 
Other investments:
MUMSS132 129 
Other Firm investments494 493 
We have exposure to public and private companies through direct investments, as well as through funds that invest in these assets. These investments are predominantly equity positions with long investment horizons, a portion of which is for business facilitation purposes. The market risk related to these investments is measured by estimating the potential reduction in net revenues associated with a reasonably possible 10% decline in investment values and related impact on performance-based income, as applicable. The measures reflected in the table above do not reflect the effect of any economic hedges or diversification that may reduce the risk of loss.
Asset Management Revenue Sensitivity
Certain asset management revenues in the Wealth Management and Investment Management business segments are derived from management fees, which are based on fee-based client assets in Wealth Management or AUM in Investment Management (together, “client holdings”). The assets underlying client holdings are primarily composed of equity, fixed income and alternative investments and are sensitive to changes in related markets. These revenues depend on multiple factors including, but not limited to, the level and duration of a market increase or decline, price volatility, the geographic and industry mix of client assets, and client behavior such as the rate and magnitude of client investments and redemptions. Therefore, overall revenues may not correlate completely with changes in the related markets.
Credit Risk
Credit risk refers to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to us. We are primarily exposed to credit risk from institutions and individuals through our Institutional Securities and Wealth Management business segments. For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K.
Loans and Lending Commitments
 At March 31, 2026
$ in millionsHFIHFS
FVO1
Total
Institutional Securities:
Corporate$8,911 $14,498 $— $23,409 
Secured lending facilities70,033 2,396 — 72,429 
Commercial and Residential real estate8,300 186 5,782 14,268 
Securities-based lending and Other4,087 31 6,102 10,220 
Total Institutional Securities91,331 17,111 11,884 120,326 
Wealth Management:
Residential real estate73,529 5 — 73,534 
Securities-based lending and Other112,994 115 — 113,109 
Total Wealth Management186,523 120 — 186,643 
Total Investment Management2
3 — 462 465 
Total loans277,857 17,231 12,346 307,434 
ACL(1,174)(1,174)
Total loans, net of ACL$276,683 $17,231 $12,346 $306,260 
Lending commitments3
$170,589 $37,527 $857 $208,973 
Total exposure$447,272 $54,758 $13,203 $515,233 
 At December 31, 2025
$ in millionsHFIHFS
FVO1
Total
Institutional Securities:
Corporate$7,277 $7,202 $— $14,479 
Secured lending facilities69,149 1,817 — 70,966 
Commercial and Residential real estate8,039 320 3,949 12,308 
Securities-based lending and Other3,780 30 6,904 10,714 
Total Institutional Securities88,245 9,369 10,853 108,467 
Wealth Management:
Residential real estate72,403 5 — 72,408 
Securities-based lending and Other109,201 — — 109,201 
Total Wealth Management181,604 5 — 181,609 
Total Investment Management2
3 — 91 94 
Total loans269,852 9,374 10,944 290,170 
ACL(1,132)(1,132)
Total loans, net of ACL$268,720 $9,374 $10,944 $289,038 
Lending commitments3
$166,989 $41,445 $732 $209,166 
Total exposure$435,709 $50,819 $11,676 $498,204 
Total exposure—consists of Total loans, net of ACL, and Lending commitments
1.FVO includes the fair value of certain unfunded lending commitments.
2.Investment Management business segment loans are related to certain of our activities as an investment adviser and manager. Loans held at fair value are the result of the consolidation of investment vehicles (including CLOs) managed by Investment Management, composed primarily of senior secured loans to corporations.
3.Lending commitments represent the notional amount of legally binding obligations to provide funding to clients for lending transactions. Since commitments associated with these business activities may expire unused or may not be utilized to full capacity, they do not necessarily reflect the actual future cash funding requirements.
March 2026 Form 10-Q
31
Risk Disclosures
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We provide loans and lending commitments to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals. In addition, we purchase loans in the secondary market. Loans and lending commitments are either held for investment, held for sale or carried at fair value. For more information on these loan classifications, see Note 2 to the financial statements in the 2025 Form 10-K.
Total loans and lending commitments increased by approximately $17 billion since December 31, 2025, primarily due to growth in corporate relationship lending and residential real estate loans within the Institutional Securities business segment and an increase in securities-based loans within the Wealth Management business segment.
See Notes 4, 5, 9 and 13 to the financial statements for further information.
Allowance for Credit Losses—Loans and Lending Commitments
$ in millionsThree Months Ended March 31, 2026
ACL—Loans
Beginning balance$1,132 
Gross charge-offs(37)
Provision for credit losses82 
Other(3)
Ending balance
$1,174 
ACL—Lending commitments
Beginning balance$798 
Provision for credit losses16 
Other(7)
Ending balance
$807 
Total ending balance
$1,981 
Provision for Credit Losses by Business Segment
Three Months Ended March 31, 2026
$ in millionsISWMTotal
Loans$76 $6 $82 
Lending commitments16 — 16 
Total$92 $6 $98 
Credit exposure arising from our loans and lending commitments is measured in accordance with our internal risk management standards. Risk factors considered in determining the allowance for credit losses for loans and lending commitments include the borrower’s financial condition, industry, facility structure, LTV ratio, debt service ratio, collateral and covenants. Qualitative and environmental factors such as economic and business conditions, nature and volume of the portfolio and lending terms, and volume and severity of past due loans may also be considered.
The allowance for credit losses for loans and lending commitments increased since December 31, 2025, primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. Charge-offs in the current quarter were primarily related to commercial real estate and corporate loans.
The base scenario used in our ACL models as of March 31, 2026 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. Our ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate with the base scenario for the quarter incorporating expectations of continued economic growth relative to our prior quarter forecast. Other key macroeconomic variables used in our ACL models include corporate credit spreads, interest rates and commercial real estate indices. The significance of these key macroeconomic variables on our ACL models varies depending on portfolio composition and economic conditions. We also considered increased macroeconomic uncertainty in determining the aggregate allowance for credit losses for the current quarter. See Note 2 to the financial statements in the 2025 Form 10-K.
Forecasted U.S. Real GDP Growth Rates in Base Scenario
4Q 20264Q 2027
Year-over-year growth rate2.3 %2.0 %
Status of Loans Held for Investment
At March 31, 2026At December 31, 2025
ISWMISWM
Accrual99.3%99.8%99.2%99.8%
Nonaccrual1
0.7%0.2%0.8%0.2%
1.Nonaccrual loans are loans where principal or interest is not expected when contractually due or are past due 90 days or more unless the obligation is well-secured and is in the process of collection.
Net Charge-off Ratios for Loans Held for Investment
Three Months Ended March 31,
20262025
$ in millions
Net Charge-off Ratio1
Average
Loans
Net Charge-off Ratio1
Average
Loans
Corporate0.19 %$8,242 — %$7,210 
Secured Lending Facilities— %69,216 — %50,310 
Commercial Real Estate0.13 %8,172 0.27 %8,493 
Residential Real Estate— %72,842 — %51,572 
SBL and Other0.01 %114,641 — %97,249 
Total0.01 %$273,113 0.01 %$214,834 
SBL—Securities-based lending
1.Net charge-off ratio represents gross charge-offs net of recoveries divided by total average loans held for investment before ACL.
32
March 2026 Form 10-Q
Risk Disclosures
Image17.jpg
Institutional Securities Lending Activities
Institutional Securities Loans and Lending Commitments1
 At March 31, 2026
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Loans
AA$148 $296 $7 $— $451 
A595 1,805 151 — 2,551 
BBB5,245 20,415 802 339 26,801 
BB11,218 43,494 3,126 390 58,228 
Other NIG6,384 14,162 3,119 138 23,803 
Unrated2
119 1,483 1,009 5,072 7,683 
Total loans, net of ACL23,709 81,655 8,214 5,939 119,517 
Lending commitments
AAA— 75 — — 75 
AA3,595 4,928 275 — 8,798 
A7,255 28,133 1,141 — 36,529 
BBB10,205 63,169 1,939 238 75,551 
BB4,890 30,749 3,437 1,686 40,762 
Other NIG746 20,820 4,349 3 25,918 
Unrated2
2 244 494 1 741 
Total lending commitments26,693 148,118 11,635 1,928 188,374 
Total exposure$50,402 $229,773 $19,849 $7,867 $307,891 
 At December 31, 2025
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Loans
AA$2 $163 $— $— $165 
A989 1,159 158 — 2,306 
BBB3,872 17,798 967 429 23,066 
BB9,948 40,450 2,668 413 53,479 
Other NIG5,288 12,931 3,965 153 22,337 
Unrated2
212 1,587 955 3,596 6,350 
Total loans, net of ACL20,311 74,088 8,713 4,591 107,703 
Lending commitments
AAA— 75 — — 75 
AA3,795 5,024 275 — 9,094 
A11,952 29,626 983 — 42,561 
BBB9,721 61,325 2,138 148 73,332 
BB2,676 30,373 3,492 1,551 38,092 
Other NIG868 21,087 3,651 3 25,609 
Unrated2
20 88 8 1 117 
Total lending commitments29,032 147,598 10,547 1,703 188,880 
Total exposure$49,343 $221,686 $19,260 $6,294 $296,583 
NIG–Non-investment grade
1.Counterparty credit ratings are internally determined by the CRM.
2.Unrated loans and lending commitments are primarily trading positions that are measured at fair value and risk-managed as a component of market risk. For a further discussion of our market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” herein.
Institutional Securities Loans and Lending Commitments by Industry
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Industry
Financials$88,577 $83,193 
Real estate53,343 50,923 
Industrials27,352 20,952 
Consumer staples21,615 16,851 
Communications Services18,041 21,292 
Information Technology17,302 17,252 
Healthcare16,486 21,725 
Consumer discretionary16,054 15,504 
Utilities14,717 13,828 
Insurance10,946 7,443 
Energy9,411 12,946 
Materials8,850 9,689 
Other5,197 4,985 
Total exposure$307,891 $296,583 
The Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial and Residential real estate, and Securities-based lending and Other. As of March 31, 2026 and December 31, 2025, over 90% of our Institutional Securities total exposure, which consisted of loans and lending commitments, was investment grade and/or secured by collateral. For a description of Institutional Securities’ lending activities, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K.
Institutional Securities Loans and Lending Commitments Held for Investment
At March 31, 2026
$ in millionsLoansLending CommitmentsTotal
Corporate$8,911 $122,594 $131,505 
Secured lending facilities70,033 27,196 97,229 
Commercial real estate8,300 460 8,760 
Securities-based lending and Other4,087 815 4,902 
Total, before ACL$91,331 $151,065 $242,396 
ACL$(809)$(789)$(1,598)
At December 31, 2025
$ in millionsLoansLending CommitmentsTotal
Corporate$7,277 $119,390 $126,667 
Secured lending facilities69,149 26,947 96,096 
Commercial real estate8,039 353 8,392 
Securities-based lending and Other3,780 938 4,718 
Total, before ACL$88,245 $147,628 $235,873 
ACL$(764)$(780)$(1,544)
March 2026 Form 10-Q
33
Risk Disclosures
Image17.jpg
Institutional Securities Commercial Real Estate Loans and Lending Commitments
By Region
At March 31, 2026At December 31, 2025
$ in millions
Loans1
LC1
Total Exposure
Loans1
LC1
Total Exposure
Americas
$4,446 $481 $4,927 $4,116 $202 $4,318 
EMEA
3,846 172 4,018 4,320 184 4,504 
Asia499 18 517 466 15 481 
Total
$8,791 $671 $9,462 $8,902 $401 $9,303 
By Property Type
At March 31, 2026At December 31, 2025
$ in millions
Loans1
LC1
Total Exposure
Loans1
LC1
Total Exposure
Industrial$3,534 $287 $3,821 $3,603 $118 $3,721 
Office2,108 94 2,202 2,143 132 2,275 
Multifamily1,671 240 1,911 1,729 96 1,825 
Hotel870 46 916 867 51 918 
Retail562 4 566 560 4 564 
Other46 — 46 — — — 
Total$8,791 $671 $9,462 $8,902 $401 $9,303 
LC–Lending Commitments
1. Amounts include HFI, HFS and FVO loans and lending commitments. HFI loans are presented net of ACL.
As of March 31, 2026 and December 31, 2025, our lending against commercial real estate (“CRE”) properties within the Institutional Securities business segment totaled $9.5 billion and $9.3 billion, respectively. This represents 3.1% and 3.1%, respectively, of total exposure reflected in the Institutional Securities Loans and Lending Commitments table above. Those CRE loans are originated for experienced sponsors and are generally secured by specific institutional CRE properties. In many cases, loans are subsequently syndicated or securitized on a full or partial basis, reducing our ongoing exposure.
In addition to the amounts included in the table above, we provide certain secured lending facilities which are typically collateralized by pooled CRE mortgage loans and are included in Secured lending facilities in the Institutional Securities Loans and Lending Commitments Held for Investment table above. These secured lending facilities benefit from structural protections including cross-collateralization and diversification across property types.
While we continue to actively monitor all our loan portfolios, the commercial real estate sector remains under heightened focus given its sensitivity to economic and secular factors.
Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments
Three Months Ended March 31, 2026
$ in millionsCorporate Secured Lending Facilities
CRE
SBL and Other
Total
ACL—Loans
Beginning balance
$260 $201 $283 $20 $764 
Gross charge-offs(16)— (11)— (27)
Provision (release)
(2)18 56 4 76 
Other(2)(1)— (1)(4)
Ending balance
$240 $218 $328 $23 $809 
ACL—Lending commitments
Beginning balance
$625 $137 $12 $6 $780 
Provision (release)
31 (16)4 (3)16 
Other(7)(1)— 1 (7)
Ending balance
$649 $120 $16 $4 $789 
Total ending balance
$889 $338 $344 $27 $1,598 
Institutional Securities HFI Loans—Ratios of Allowance for Credit Losses to Balance Before Allowance
At
March 31,
2026 		At
December 31,
2025
Corporate2.7%3.6%
Secured lending facilities0.3%0.3%
Commercial real estate4.0%3.5%
Securities-based lending and Other0.6%0.5%
Total Institutional Securities loans0.9%0.9%
Wealth Management Lending Activities
Wealth Management Loans and Lending Commitments
 At March 31, 2026
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Securities-based lending and Other
$102,369 $9,764 $609 $134 $112,876 
Residential real estate
2 113 966 72,321 73,402 
Total loans, net of ACL$102,371 $9,877 $1,575 $72,455 $186,278 
Lending commitments17,271 2,836 44 448 20,599 
Total exposure$119,642 $12,713 $1,619 $72,903 $206,877 
 At December 31, 2025
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Securities-based lending and Other
$96,959 $11,210 $654 $137 $108,960 
Residential real estate
1 116 989 71,175 72,281 
Total loans, net of ACL$96,960 $11,326 $1,643 $71,312 $181,241 
Lending commitments16,907 2,889 66 424 20,286 
Total exposure$113,867 $14,215 $1,709 $71,736 $201,527 
The principal Wealth Management business segment lending activities include Securities-based lending and Residential real estate loans.
For more information about our Securities-based lending and Residential real estate loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K.
34
March 2026 Form 10-Q
Risk Disclosures
Image17.jpg
Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type
At March 31, 2026At December 31, 2025
$ in millions
Loans1
LC1
Total exposure
Loans1
LC1
Total exposure
Retail$2,331 $— $2,331 $2,306 $— $2,306 
Office2,143 1 2,144 2,136 1 2,137 
Multifamily1,689 176 1,865 1,701 197 1,898 
Industrial441 — 441 437 — 437 
Hotel357 — 357 385 — 385 
Other311 — 311 311 — 311 
Total
$7,272 $177 $7,449 $7,276 $198 $7,474 
LC–Lending Commitments
1.Amounts include HFI loans and lending commitments. HFI loans are presented net of ACL.
As of March 31, 2026 and December 31, 2025, our direct lending against CRE properties totaled $7.4 billion and $7.5 billion, respectively, within the Wealth Management business segment. This represents 3.6% and 3.7%, respectively, of total exposure reflected in the Wealth Management Loans and Lending Commitments table above, primarily included within Securities-based lending and Other loans. Such loans are originated through our private banking platform, are both secured and generally benefiting from full or partial guarantees from high or ultra-high net worth clients, which partially reduce associated credit risk. At both March 31, 2026 and December 31, 2025, greater than 95% of the CRE loans balance in the Wealth Management business segment received guarantees. All of our lending against CRE properties within Wealth Management are in the Americas region.
Wealth Management Allowance for Credit Losses—Loans and Lending Commitments
Three Months Ended March 31, 2026
$ in millions
Residential Real Estate
SBL and Other
Total
ACL—Loans
Beginning balance$127 $241 $368 
Gross charge-offs— (10)(10)
Provision (release)4 2 6 
Other— 1 1 
Ending balance
$131 $234 $365 
ACL—Lending commitments
Beginning balance$5 $13 $18 
Other— — — 
Ending balance
$5 $13 $18 
Total ending balance
$136 $247 $383 
As of March 31, 2026 and December 31, 2025, more than 75% of Wealth Management residential real estate loans were to borrowers with “Exceptional” or “Very Good” FICO scores (i.e., exceeding 740). Additionally, Wealth Management’s securities-based lending portfolio remains well-collateralized and subject to daily client margining, which includes requiring customers to deposit additional collateral or reduce debt positions, when necessary.
Customer and Other Receivables
Margin Loans and Other Lending
$ in millionsAt
March 31,
2026		At
December 31,
2025
Institutional Securities$48,266 $52,657 
Wealth Management33,181 31,214 
Total$81,447 $83,871 
The Institutional Securities and Wealth Management business segments provide margin lending arrangements that allow customers to borrow against the value of qualifying securities, primarily for the purpose of purchasing additional securities, as well as to collateralize short positions. Institutional Securities primarily includes margin loans in the Equity Financing business. Wealth Management includes margin loans as well as non-purpose securities-based lending on non-bank entities. Amounts may fluctuate from period to period as overall client balances change as a result of market levels, client positioning and leverage.
Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and our right to call for additional margin when collateral values decline. However, we could incur losses in the event that the customer fails to meet margin calls and collateral values decline below the loan amount. This risk is elevated in loans backed by collateral pools with significant concentrations in individual issuers or securities with similar risk characteristics. For a further discussion, see “Risk Factors—Credit Risk” in the 2025 Form 10-K.
Employee Loans
For information on employee loans and related ACL, see Note 9 to the financial statements.
March 2026 Form 10-Q
35
Risk Disclosures
Image17.jpg
Derivatives
Fair Value of OTC Derivative Assets
At March 31, 2026
 
Counterparty Credit Rating1
 
$ in millionsAAAAAABBBNIGTotal
Less than 1 year$1,324 $19,783 $41,158 $25,485 $16,616 $104,366 
1-3 years851 6,073 17,519 11,321 9,482 45,246 
3-5 years364 5,747 10,541 7,637 4,017 28,306 
Over 5 years3,173 23,882 52,663 29,795 7,696 117,209 
Total, gross$5,712 $55,485 $121,881 $74,238 $37,811 $295,127 
Counterparty netting(3,256)(43,388)(91,651)(50,967)(21,960)(211,222)
Cash and securities collateral(2,227)(9,971)(25,469)(15,089)(7,646)(60,402)
Total, net$229 $2,126 $4,761 $8,182 $8,205 $23,503 
At December 31, 2025
 
Counterparty Credit Rating1
 
$ in millionsAAAAAABBBNIGTotal
Less than 1 year$969 $12,406 $41,750 $19,551 $10,930 $85,606 
1-3 years485 5,978 16,718 9,879 7,556 40,616 
3-5 years676 6,324 9,408 7,288 3,223 26,919 
Over 5 years3,124 23,497 52,600 28,599 7,471 115,291 
Total, gross$5,254 $48,205 $120,476 $65,317 $29,180 $268,432 
Counterparty netting(3,041)(39,093)(90,919)(46,335)(16,243)(195,631)
Cash and securities collateral(2,114)(7,346)(25,473)(13,043)(5,669)(53,645)
Total, net$99 $1,766 $4,084 $5,939 $7,268 $19,156 
$ in millionsAt
March 31,
2026		At
December 31,
2025
Industry
Financials$9,156 $7,233 
Utilities4,064 3,626 
Energy2,850 756 
Consumer discretionary1,194 1,174 
Industrials838 1,251 
Materials782 804 
Communications Services767 719 
Regional governments652 637 
Healthcare525 618 
Consumer staples510 541 
Sovereign governments450 325 
Real estate329 301 
Information technology311 230 
Not-for-profit organizations121 98 
Insurance82 159 
Other872 684 
Total$23,503 $19,156 
1.Counterparty credit ratings are determined internally by the CRM.
We are exposed to credit risk as a dealer in OTC derivatives. Credit risk with respect to derivative instruments arises from the possibility that a counterparty may fail to perform according to the terms of the contract. For more information on derivatives, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2025 Form 10-K and Note 6 to the financial statements.
Country Risk
Country risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us. We actively manage country risk exposure through a comprehensive risk management framework that combines credit and other market fundamentals and allows us to effectively identify, monitor and limit country risk. For a further discussion of our country risk exposure see “Quantitative and Qualitative Disclosures about Risk—Country and Other Risks” in the 2025 Form 10-K.
Top 10 Non-U.S. Country Exposures
At March 31, 2026
$ in millionsUnited KingdomFranceJapanGermanyBrazil
Sovereign
Net inventory1
$1,009 $5,749 $6,980 $(375)$5,024 
Net counterparty exposure2
64 2 9 142 — 
Exposure before hedges1,073 5,751 6,989 (233)5,024 
Hedges3
(21)(61)(141)(141)60 
Net exposure$1,052 $5,690 $6,848 $(374)$5,084 
Non-sovereign
Net inventory1
$1,358 $599 $538 $(80)$98 
Net counterparty exposure2
12,082 4,209 4,084 3,291 445 
Loans12,419 442 1,069 2,528 270 
Lending commitments9,911 4,573 83 6,980 509 
Exposure before hedges35,770 9,823 5,774 12,719 1,322 
Hedges3
(1,665)(1,449)(378)(1,830)(53)
Net exposure$34,105 $8,374 $5,396 $10,889 $1,269 
Total net exposure$35,157 $14,064 $12,244 $10,515 $6,353 
$ in millionsSwitzerlandAustraliaCanadaNetherlandsChina
Sovereign
Net inventory1
$— $(22)$92 $372 $239 
Net counterparty exposure2
10 26 33 — 220 
Exposure before hedges10 4 125 372 459 
Hedges3
— — — (12)(187)
Net exposure$10 $4 $125 $360 $272 
Non-sovereign
Net inventory1
$213 $337 $884 $717 $2,761 
Net counterparty exposure2
1,620 1,154 1,499 1,097 618 
Loans231 1,463 216 1,088 272 
Lending commitments3,346 2,103 1,860 1,164 431 
Exposure before hedges5,410 5,057 4,459 4,066 4,082 
Hedges3
(573)(451)(157)(140)(94)
Net exposure$4,837 $4,606 $4,302 $3,926 $3,988 
Total net exposure$4,847 $4,610 $4,427 $4,286 $4,260 
1.Net inventory represents exposure to both long and short single-name and index positions (i.e., bonds and equities at fair value and CDS based on a notional amount assuming zero recovery adjusted for the fair value of any receivable or payable).
2.Net counterparty exposure (e.g., repurchase transactions, securities lending and OTC derivatives) is net of the benefit of collateral received and also is net by counterparty when legally enforceable master netting agreements are in place.
3.Amounts represent net CDS hedges (purchased and sold) on net counterparty exposure and lending executed by trading desks responsible for hedging counterparty and lending credit risk exposures. Amounts are based on the CDS
36
March 2026 Form 10-Q
Risk Disclosures
Image17.jpg
notional amount assuming zero recovery adjusted for the fair value of any receivable or payable. For further description of the contractual terms for purchased credit protection and whether they may limit the effectiveness of our hedges, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2025 Form 10-K.
Operational Risk
Operational risk refers to the risk of loss, or of damage to our reputation, resulting from inadequate or failed processes or systems, human factors (e.g., inappropriate or unlawful conduct) or external events (e.g., cyberattacks or third-party vulnerabilities) that may manifest as, for example, loss of information, business disruption, theft and fraud, legal and compliance risks, or damage to physical assets. We may experience operational risk events across the full scope of our business activities, including revenue-generating activities and support and control groups (e.g., IT and trade processing). For a further discussion about our operational risk, see “Quantitative and Qualitative Disclosures about Risk—Operational Risk” in the 2025 Form 10-K.
Model Risk
Model risk is the potential for adverse consequences from decisions based on incorrect or misused model outputs. Model risk can lead to financial loss, poor business and strategic decision-making, noncompliance with applicable laws and/or regulations or damage to the Firm’s reputation. The risk inherent in a model is a function of the materiality, complexity and uncertainty around inputs and assumptions. Model risk is generated from the use of models impacting financial statements, regulatory filings, capital adequacy assessments and the formulation of strategy. For a further discussion about our model risk, see “Quantitative and Qualitative Disclosures about Risk—Model Risk” in the 2025 Form 10-K.
Liquidity Risk
Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets. Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern. For a further discussion about our liquidity risk, see “Quantitative and Qualitative Disclosures about Risk—Liquidity Risk” in the 2025 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein.
Legal, Regulatory and Compliance Risk
Legal, regulatory and compliance risk includes the risk of legal or regulatory sanctions, material financial loss, including fines, penalties, judgments, damages and/or settlements, limitations on our business, or loss to reputation that we may suffer as a result of failure to comply with laws, regulations, rules, related self-regulatory organization standards and codes
of conduct applicable to our business activities. This risk also includes contractual and commercial risk, such as the risk that a counterparty’s performance obligations will be unenforceable. It also includes compliance with AML, terrorist financing, and anti-corruption rules and regulations. For a further discussion about our legal and compliance risk, see “Quantitative and Qualitative Disclosures about Risk—Legal, Regulatory and Compliance Risk” in the 2025 Form 10-K.
Climate Risk
Climate-related risk consists of physical and transition risks. Physical risks include harm to people and property arising from acute climate-related events, such as floods, hurricanes, heatwaves, droughts and wildfires, and chronic, longer-term shifts in climate patterns, such as higher global average temperatures, rising sea levels and long-term droughts. Transition risks include policy, legal, technology and market changes. Examples of these transition risks include changes in consumer and business sentiment, related technologies, shareholder preferences and any additional regulatory and legislative requirements, including increased disclosure requirements or taxation of carbon emissions. Climate risk, which is not expected to have a significant effect on our consolidated results of operations or financial condition in the near term, is an overarching risk that can impact other categories of risk. For a further discussion about our climate risk, see “Quantitative and Qualitative Disclosures about Risk—Climate Risk” in the 2025 Form 10-K.
March 2026 Form 10-Q
37


Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Morgan Stanley:
Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidated balance sheet of Morgan Stanley and subsidiaries (the “Firm”) as of March 31, 2026, and the related condensed consolidated income statements, comprehensive income statements, cash flow statements and statements of changes in total equity for the three-month periods ended March 31, 2026 and 2025, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Firm as of December 31, 2025, and the related consolidated income statement, comprehensive income statement, cash flow statement and statement of changes in total equity for the year then ended (not presented herein) included in the Firm’s Annual Report on Form 10-K; and in our report dated February 19, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
This interim financial information is the responsibility of the Firm’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.






/s/ Deloitte & Touche LLP
 
New York, New York
May 5, 2026


38
March 2026 Form 10-Q
Consolidated Income Statement
(Unaudited)
Image20.jpg

 Three Months Ended
March 31,
in millions, except per share data20262025
Revenues
Investment banking$2,289 $1,711 
Trading6,730 5,111 
Investments146 369 
Commissions and fees1,690 1,481 
Asset management6,730 5,963 
Other292 751 
Total non-interest revenues17,877 15,386 
Interest income
15,273 13,748 
Interest expense
12,570 11,395 
Net interest2,703 2,353 
Net revenues20,580 17,739 
Provision for credit losses98 135 
Non-interest expenses
Compensation and benefits8,542 7,521 
Brokerage, clearing and exchange fees1,256 1,222 
Information processing and communications1,148 1,050 
Professional services602 674 
Occupancy and equipment483 449 
Marketing and business development310 238 
Other1,130 906 
Total non-interest expenses13,471 12,060 
Income before provision for income taxes7,011 5,544 
Provision for income taxes1,373 1,173 
Net income$5,638 $4,371 
Net income applicable to noncontrolling interests71 56 
Net income applicable to Morgan Stanley$5,567 $4,315 
Preferred stock dividends 156 158 
Earnings applicable to Morgan Stanley common shareholders$5,411 $4,157 
Earnings per common share
Basic$3.47 $2.62 
Diluted$3.43 $2.60 
Average common shares outstanding
Basic1,561 1,584 
Diluted1,576 1,600 
Consolidated Comprehensive Income Statement
(Unaudited)
 Three Months Ended
March 31,
$ in millions20262025
Net income$5,638 $4,371 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(18)188 
Change in net unrealized gains (losses) on available-for-sale securities(135)358 
Pension and other4 2 
Change in net debt valuation adjustment1,229 338 
Net change in cash flow hedges(298)17 
Total other comprehensive income (loss)$782 $903 
Comprehensive income$6,420 $5,274 
Net income applicable to noncontrolling interests71 56 
Other comprehensive income (loss) applicable to noncontrolling interests3 50 
Comprehensive income applicable to Morgan Stanley$6,346 $5,168 
See Notes to Consolidated Financial Statements
39
March 2026 Form 10-Q
Consolidated Balance Sheet
Image23.jpg

$ in millions, except share data
(Unaudited)
At
March 31,
2026
At
December 31,
2025
Assets
Cash and cash equivalents$133,529 $111,695 
Trading assets at fair value ($283,742 and $213,269 pledged as collateral)
526,211 428,276 
Investment securities:
Available-for-sale at fair value (amortized cost of $112,050 and $112,522)
109,817 110,466 
Held-to-maturity (fair value of $42,993 and $45,615)
50,546 53,090 
Securities purchased under agreements to resell (includes $— and $— at fair value)
128,880 120,243 
Securities borrowed154,570 151,908 
Customer and other receivables132,599 114,720 
Loans:
Held for investment (net of allowance for credit losses of $1,174 and $1,132)
276,683 268,720 
Held for sale17,231 9,374 
Goodwill17,105 16,726 
Intangible assets (net of accumulated amortization of $1,968 and $1,882)
5,960 6,010 
Other assets28,287 29,042 
Total assets$1,581,418 $1,420,270 
Liabilities
Deposits (includes $8,593 and $8,755 at fair value)
$427,971 $415,523 
Trading liabilities at fair value217,356 169,569 
Securities sold under agreements to repurchase (includes $699 and $696 at fair value)
119,831 78,539 
Securities loaned19,589 17,310 
Other secured financings (includes $17,533 and $16,871 at fair value)
22,666 21,603 
Customer and other payables259,289 226,519 
Other liabilities and accrued expenses27,764 29,620 
Borrowings (includes $137,633 and $132,479 at fair value)
371,568 348,935 
Total liabilities1,466,034 1,307,618 
Commitments and contingent liabilities (see Note 13)


Equity
Morgan Stanley shareholders’ equity:
Preferred stock9,750 9,750 
Common stock, $0.01 par value:
Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,579,629,298 and 1,582,834,137
20 20 
Additional paid-in capital30,988 31,153 
Retained earnings118,913 115,091 
Employee stock trusts6,003 5,154 
Accumulated other comprehensive income (loss)(5,506)(6,285)
Common stock held in treasury at cost, $0.01 par value (459,264,681 and 456,059,842 shares)
(39,879)(38,097)
Common stock issued to employee stock trusts(6,003)(5,154)
Total Morgan Stanley shareholders’ equity114,286 111,632 
Noncontrolling interests1,098 1,020 
Total equity115,384 112,652 
Total liabilities and equity$1,581,418 $1,420,270 
March 2026 Form 10-Q
40
See Notes to Consolidated Financial Statements
Consolidated Statement of Changes in Total Equity
(Unaudited)
Image25.jpg
                                                                                                                                                                                                                                                                
Three Months Ended
March 31,
$ in millions20262025
Preferred stock
Beginning and ending balance
$9,750 $9,750 
Common stock
Beginning and ending balance20 20 
Additional paid-in capital
Beginning balance31,153 30,179 
Share-based award activity(165)(406)
Ending balance30,988 29,773 
Retained earnings
Beginning balance115,091 104,989 
Net income applicable to Morgan Stanley5,567 4,315 
Preferred stock dividends1
(156)(158)
Common stock dividends1
(1,589)(1,492)
Other net increases (decreases)— (1)
Ending balance118,913 107,653 
Employee stock trusts
Beginning balance5,154 5,103 
Share-based award activity849 174 
Ending balance6,003 5,277 
Accumulated other comprehensive income (loss)
Beginning balance(6,285)(6,814)
Net change in Accumulated other comprehensive income (loss)779 853 
Ending balance(5,506)(5,961)
Common stock held in treasury at cost
Beginning balance(38,097)(33,613)
Share-based award activity1,093 1,220 
Repurchases of common stock and employee tax withholdings(2,875)(2,030)
Ending balance(39,879)(34,423)
Common stock issued to employee stock trusts
Beginning balance(5,154)(5,103)
Share-based award activity(849)(174)
Ending balance(6,003)(5,277)
Noncontrolling interests
Beginning balance1,020 917 
Net income applicable to noncontrolling interests71 56 
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests3 50 
Other net increases (decreases)4 12 
Ending balance1,098 1,035 
Total equity
$115,384 $107,847 
1.See Note 16 for information regarding dividends per share for each class of stock.

See Notes to Consolidated Financial Statements
41
March 2026 Form 10-Q
Consolidated Cash Flow Statement
(Unaudited)
Image26.jpg

 Three Months Ended
March 31,
$ in millions20262025
Cash flows from operating activities
Net income$5,638 $4,371 
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Stock-based compensation expense571 539 
Depreciation and amortization714 865 
Provision for credit losses98 135 
Other operating adjustments74 (2)
Changes in assets and liabilities:
Trading assets, net of Trading liabilities(53,593)(48,968)
Securities borrowed(2,662)(16,367)
Securities loaned2,279 1,378 
Customer and other receivables and other assets(24,611)(9,109)
Customer and other payables and other liabilities31,739 24,460 
Securities purchased under agreements to resell(8,637)(483)
Securities sold under agreements to repurchase41,292 19,205 
Net cash provided by (used for) operating activities(7,098)(23,976)
Cash flows from investing activities
Proceeds from (payments for):
Other assets—Premises, equipment and software(754)(713)
Changes in loans, net(8,449)(6,486)
AFS securities:
Purchases(11,653)(6,562)
Proceeds from sales5,856 1,714 
Proceeds from paydowns and maturities6,023 5,314 
HTM securities:
Purchases(999)— 
Proceeds from paydowns and maturities3,689 1,723 
Other investing activities(313)(24)
Net cash provided by (used for) investing activities(6,600)(5,034)
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings(506)(683)
Deposits12,751 5,520 
Proceeds from issuance of Borrowings56,195 32,439 
Payments for:
Borrowings(27,561)(20,845)
Repurchases of common stock and employee tax withholdings(2,875)(2,030)
Cash dividends(1,708)(1,616)
Other financing activities164 260 
Net cash provided by (used for) financing activities36,460 13,045 
Effect of exchange rate changes on cash and cash equivalents(928)1,318 
Net increase (decrease) in cash and cash equivalents21,834 (14,647)
Cash and cash equivalents, at beginning of period111,695 105,386 
Cash and cash equivalents, at end of period$133,529 $90,739 
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest$14,195 $12,464 
Income taxes, net of refunds398 534 

March 2026 Form 10-Q
42
See Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
1. Introduction and Basis of Presentation
The Firm
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Morgan Stanley operates as an Integrated Firm whereby it serves clients holistically across its business segments. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.
A description of the clients and principal products and services of each of the Firm’s business segments is below. Through the Integrated Firm some of our clients may use the products and services of more than one of our business segments.
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, and Asia wealth management services and holds certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research.

Wealth Management provides a comprehensive array of financial services and solutions to individual investors, including high and ultra-high net worth individuals, and businesses and institutions. Wealth Management supports clients through three channels: Advisor-Led, Self-Directed and Workplace. Wealth Management includes: financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies,
asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.
Basis of Financial Information
The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, ACL, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates.
The Notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto.
The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2025 Form 10-K. Certain footnote disclosures included in the 2025 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year.
Consolidation
The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statement. The portion of shareholders’ equity that is attributable to Noncontrolling interests for such
43
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
subsidiaries is presented as Noncontrolling interests, a component of Total equity, in the balance sheet.
For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2025 Form 10-K.
2. Significant Accounting Policies
For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the 2025 Form 10-K.
During the three months ended March 31, 2026 there were no significant updates to the Firm’s significant accounting policies, other than as described below.
In the first quarter of 2026, the Firm began using derivatives to hedge certain of its DCP awards in the Wealth Management business segment. The Firm has accordingly updated certain relevant accounting policies to address such hedging derivatives as described below.
Hedge Accounting
Cash Flow Hedges—Equity Price Risk
The Firm designated total return swaps as hedges of the variability in forecasted cash flows from the majority of unvested DCP obligations due to variability in the underlying DCP investments. The Firm uses regression analysis to perform an ongoing prospective and retrospective assessment of the effectiveness of these hedging relationships.

Changes in the fair value of these hedging derivatives designated as cash flow hedges are recorded in OCI and subsequently reclassified into Compensation and benefits expense in the same period that the related DCP award vests and the related Compensation and benefits expense is recognized.
Other Hedges
In addition to hedges that are designated and qualify for cash flow hedge accounting, the Firm uses derivatives to economically hedge equity price risk primarily associated with vested DCP awards. The Firm presents changes in the fair value of the derivatives related to economic hedges of DCP awards in Compensation and benefits expense. Previously, the Firm economically hedged the awards primarily with cash instruments whereby changes in the fair value of the hedges were recorded in Trading revenues.
Deferred Compensation
Deferred Cash-Based Compensation
Compensation expense for DCP awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards.

The majority of unvested DCP awards are subject to cash flow hedge accounting to mitigate the recognition timing difference on compensation expenses. Vested DCP awards are economically hedged using derivatives. For more information regarding cash flow hedge accounting for DCP awards, refer to “Hedge Accounting – Cash Flow Hedges – Equity Price Risk” herein. For more information on economic hedges for DCP awards, refer to “Other Hedges” herein.
3. Cash and Cash Equivalents
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Cash and due from banks$6,012 $4,462 
Interest bearing deposits with banks127,517 107,233 
Total Cash and cash equivalents$133,529 $111,695 
Restricted cash$37,748 $30,385 
For additional information on cash and cash equivalents, including restricted cash, see Note 2 to the financial statements in the 2025 Form 10-K.
March 2026 Form 10-Q
44
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
4. Fair Values
Recurring Fair Value Measurements    
Assets and Liabilities Measured at Fair Value on a Recurring Basis
At March 31, 2026
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$72,906 $70,279 $— $— $143,185 
Other sovereign government obligations68,547 526 55 — 69,128 
State and municipal securities— 3,298 — — 3,298 
MABS— 2,002 629 — 2,631 
Loans and lending commitments2
— 10,679 1,667 — 12,346 
Corporate and other debt
4,415 40,368 1,475 — 46,258 
Corporate equities3,5
193,600 589 184 — 194,373 
Derivative and other contracts:
Interest rate7,600 124,702 441 — 132,743 
Credit1 11,358 283 — 11,642 
Foreign exchange14 93,896 166 — 94,076 
Equity11,083 95,280 1,019 — 107,382 
Commodity and other229 21,951 3,179 — 25,359 
Netting1
(13,301)(266,426)(1,227)(45,442)(326,396)
Total derivative and other contracts5,626 80,761 3,861 (45,442)44,806 
Investments4,5
721 452 1,587 — 2,760 
Physical commodities— 652 — — 652 
Total trading assets4
345,815 209,606 9,458 (45,442)519,437 
Investment securities—AFS80,738 29,079 — — 109,817 
Securities purchased under agreements to resell— — — — — 
Total assets at fair value$426,553 $238,685 $9,458 $(45,442)$629,254 
At March 31, 2026
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $8,592 $1 $— $8,593 
Trading liabilities:
U.S. Treasury and agency securities27,993 980 — — 28,973 
Other sovereign government obligations36,712 21 3 — 36,736 
Corporate and other debt
2,124 17,507 54 — 19,685 
Corporate equities3
85,752 336 16 — 86,104 
Derivative and other contracts:
Interest rate6,466 114,140 592 — 121,198 
Credit1 11,503 135 — 11,639 
Foreign exchange142 86,095 210 — 86,447 
Equity8,525 120,213 2,334 — 131,072 
Commodity and other116 21,796 1,959 — 23,871 
Netting1
(13,301)(266,426)(1,227)(47,415)(328,369)
Total derivative and other contracts1,949 87,321 4,003 (47,415)45,858 
Total trading liabilities154,530 106,165 4,076 (47,415)217,356 
Securities sold under agreements to repurchase— 250 449 — 699 
Other secured financings— 17,352 181 — 17,533 
Borrowings— 136,696 937 — 137,633 
Total liabilities at fair value$154,530 $269,055 $5,644 $(47,415)$381,814 
 At December 31, 2025
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$70,801 $48,504 $— $— $119,305 
Other sovereign government obligations44,790 359 59 — 45,208 
State and municipal securities— 3,740 — — 3,740 
MABS— 2,326 317 — 2,643 
Loans and lending commitments2
— 9,520 1,424 — 10,944 
Corporate and other debt3,720 32,117 1,414 — 37,251 
Corporate equities3,5
161,160 823 276 — 162,259 
Derivative and other contracts:
Interest rate2,231 125,002 452 — 127,685 
Credit— 10,081 263 — 10,344 
Foreign exchange11 85,969 165 — 86,145 
Equity7,335 85,077 717 — 93,129 
Commodity and other222 13,746 2,494 — 16,462 
Netting1
(7,509)(247,840)(1,049)(40,577)(296,975)
Total derivative and other contracts2,290 72,035 3,042 (40,577)36,790 
Investments4,5
795 416 1,507 — 2,718 
Physical commodities— 685 — — 685 
Total trading assets4
283,556 170,525 8,039 (40,577)421,543 
Investment securities—AFS80,907 29,559 — — 110,466 
Total assets at fair value$364,463 $200,084 $8,039 $(40,577)$532,009 
45
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
At December 31, 2025
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $8,754 $1 $— $8,755 
Trading liabilities:
U.S. Treasury and agency securities19,297 2 — — 19,299 
Other sovereign government obligations23,534 28 2 — 23,564 
Corporate and other debt1,447 14,138 50 — 15,635 
Corporate equities3
68,989 27 30 — 69,046 
Derivative and other contracts:
Interest rate2,189 113,060 606 — 115,855 
Credit— 10,520 176 — 10,696 
Foreign exchange70 82,887 129 — 83,086 
Equity6,253 114,930 2,150 — 123,333 
Commodity and other264 13,338 1,574 — 15,176 
Netting1
(7,509)(247,840)(1,049)(49,723)(306,121)
Total derivative and other contracts1,267 86,895 3,586 (49,723)42,025 
Total trading liabilities114,534 101,090 3,668 (49,723)169,569 
Securities sold under agreements to repurchase— 251 445 — 696 
Other secured financings— 16,565 306 — 16,871 
Borrowings— 131,871 608 — 132,479 
Total liabilities at fair value$114,534 $258,531 $5,028 $(49,723)$328,370 
MABS—Mortgage- and asset-backed securities
1.For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6.
2.For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table.
3.For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes.
4.Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein.
5.At March 31, 2026 and December 31, 2025, the Firm’s Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date.
Detail of Loans and Lending Commitments at Fair Value
$ in millionsAt
March 31,
2026		At
December 31,
2025
Commercial real estate
$490 $675 
Residential real estate
5,292 3,274 
Securities-based lending and Other loans6,564 6,995 
Total$12,346 $10,944 
Unsettled Fair Value of Futures Contracts1
$ in millionsAt
March 31,
2026		At
December 31,
2025
Customer and other receivables (payables), net
$3,857 $1,538 
1.These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.
For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 4 to the financial statements in the 2025 Form 10-K. During the current quarter, there were no significant revisions made to the Firm’s valuation techniques.
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
Three Months Ended
March 31,
$ in millions20262025
Other sovereign government obligations
Beginning balance$59 $17 
Realized and unrealized gains (losses)— (1)
Purchases1 5 
Sales(4)(3)
Net transfers(1)11 
Ending balance$55 $29 
Unrealized gains (losses)$— $— 
MABS
Beginning balance$317 $281 
Realized and unrealized gains (losses)9 — 
Purchases122 92 
Sales(62)(78)
Net transfers243 51 
Ending balance$629 $346 
Unrealized gains (losses)$3 $— 
Loans and lending commitments
Beginning balance$1,424 $1,059 
Realized and unrealized gains (losses)(4)6 
Purchases and originations572 759 
Sales(759)(432)
Settlements— (12)
Net transfers434 646 
Ending balance$1,667 $2,026 
Unrealized gains (losses)$(18)$7 
Corporate and other debt
Beginning balance$1,414 $1,258 
Realized and unrealized gains (losses)(51)(33)
Purchases and originations524 426 
Sales(402)(275)
Net transfers(10)58 
Ending balance$1,475 $1,434 
Unrealized gains (losses)$(52)$(1)
Corporate equities
Beginning balance$276 $154 
Realized and unrealized gains (losses)12 (21)
Purchases29 52 
Sales(186)(57)
Net transfers53 35 
Ending balance$184 $163 
Unrealized gains (losses)$13 $— 
March 2026 Form 10-Q
46
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Three Months Ended
March 31,
$ in millions20262025
Investments
Beginning balance$1,507 $754 
Realized and unrealized gains (losses)12 22 
Purchases79 24 
Sales(15)(25)
Net transfers4 4 
Ending balance$1,587 $779 
Unrealized gains (losses)$7 $10 
Net derivatives: Interest rate
Beginning balance$(154)$(53)
Realized and unrealized gains (losses)31 (119)
Purchases92 10 
Issuances(78)(12)
Settlements(62)18 
Net transfers20 33 
Ending balance$(151)$(123)
Unrealized gains (losses)$(10)$(116)
Net derivatives: Credit
Beginning balance$87 $97 
Realized and unrealized gains (losses)14 (22)
Issuances(1)— 
Settlements42 34 
Net transfers6 20 
Ending balance$148 $129 
Unrealized gains (losses)$5 $(54)
Net derivatives: Foreign exchange
Beginning balance$36 $589 
Realized and unrealized gains (losses)(77)(243)
Settlements47 (30)
Net transfers(50)(11)
Ending balance$(44)$305 
Unrealized gains (losses)$(79)$(201)
Net derivatives: Equity
Beginning balance$(1,433)$(1,148)
Realized and unrealized gains (losses)547 380 
Purchases102 175 
Issuances(308)(144)
Settlements(200)(288)
Net transfers(23)140 
Ending balance$(1,315)$(885)
Unrealized gains (losses)$411 $298 
Net derivatives: Commodity and other
Beginning balance$920 $1,308 
Realized and unrealized gains (losses)386 23 
Purchases38 22 
Issuances(405)(22)
Settlements74 (64)
Net transfers207 (405)
Ending balance$1,220 $862 
Unrealized gains (losses)$591 $(5)
Deposits
Beginning balance$1 $1 
Issuances— 2 
Settlements— (1)
Net transfers— 1 
Ending balance$1 $3 
Unrealized losses (gains)$— $— 
Three Months Ended
March 31,
$ in millions20262025
Nonderivative trading liabilities
Beginning balance$82 $110 
Realized and unrealized losses (gains)(3)(4)
Purchases(23)(26)
Sales18 25 
Net transfers(1)(77)
Ending balance$73 $28 
Unrealized losses (gains)$(2)$— 
Securities sold under agreements to repurchase
Beginning balance$445 $444 
Realized and unrealized losses (gains)4 13 
Net transfers— 203 
Ending balance$449 $660 
Unrealized losses (gains)$4 $13 
Other secured financings
Beginning balance$306 $76 
Realized and unrealized losses (gains)— 10 
Issuances32 139 
Settlements(155)(5)
Net transfers(2)215 
Ending balance$181 $435 
Unrealized losses (gains)$— $10 
Borrowings
Beginning balance$608 $947 
Realized and unrealized losses (gains)(58)7 
Issuances287 91 
Settlements(50)(86)
Net transfers
150 (57)
Ending balance$937 $902 
Unrealized losses (gains)$(57)$3 
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA1 (2)
Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories.
The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statement.
Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements.



47
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements
Valuation Techniques and Unobservable Inputs
Balance / Range (Average1)
$ in millions, except inputsAt March 31, 2026At December 31, 2025
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations$55 $59 
Comparable pricing:
Bond price
65 to 112 points (99 points)
58 to 112 points (100 points)
MABS$629 $317 
Comparable pricing:
Bond price
30 to 104 points (75 points)
30 to 100 points (68 points)
Loans and lending commitments$1,667 $1,424 
Comparable pricing:
Loan price
43 to 103 points (91 points)
54 to 102 points (81 points)
Corporate and other debt$1,475 $1,414 
Comparable pricing:
Bond price
29 to 130 points (86 points)
29 to 130 points (90 points)
Discounted cash flow:
Loss given default
40% to 40% (40% / 40%)
40% to 40% (40% / 40%)
Corporate equities$184 $276 
Comparable pricing:
Equity price
100%
100%
Investments$1,587 $1,507 
Discounted cash flow:
WACC
10% to 21% (16%)
10% to 21% (16%)
Exit multiple
9 to 9 times (9 times)
9 to 9 times (9 times)
Market approach:
EBITDA multiple
17 times
18 times
Comparable pricing:
Equity price
24% to 100% (95%)
24% to 100% (95%)
Net derivative and other contracts:
Interest rate$(151)$(154)
Option model:
IR volatility skew
63% to 94% (72% / 74%)
52% to 86% (67% / 66%)
IR curve correlation
53% to 99% (85% / 86%)
56% to 99% (87% / 88%)
Bond volatility
67% to 107% (92% / 91%)
63% to 97% (80% / 80%)
Inflation volatility
32% to 67% (44% / 40%)
32% to 67% (44% / 40%)
Credit$148 $87 
Credit default swap model:
Cash-synthetic
   basis
9 points
11 points
Bond price
0 to 96 points (79 points)
0 to 97 points (53 points)
Credit spread
22 to 679 bps (109 bps)
22 to 680 bps (108 bps)
Funding spread
N/M
6 to 590 bps (77 bps)
Balance / Range (Average1)
$ in millions, except inputsAt March 31, 2026At December 31, 2025
Foreign exchange2
$(44)$36 
Option model:
IR curve
-1% to 6% (0% / 0%)
-1% to 10% (2% / 1%)
Foreign exchange volatility skew
 6% to 12% (9% / 10%)
6% to 10% (8% / 8%)
Contingency probability
95% to 95% (95% / 95%)
80% to 95% (95% / 95%)
Equity2
$(1,315)$(1,433)
Option model:
Equity volatility
3% to 137% (28%)
1% to 133% (27%)
Equity volatility skew
 -11% to 4% (-2%)
 -11% to 3% (-1%)
Equity correlation
-16% to 100% (63%)
0% to 100% (57%)
FX correlation
 -84% to 90% (-17%)
 -90% to 90% (-30%)
IR correlation
 -25% to 85% (18%)
 -5% to 16% (15%)
Commodity and other$1,220 $920 
Option model:
Forward power price
$5 to $136 ($58) per MWh
$5 to $141 ($59) per MWh
Forward natural gas Price
$1 to $8 ($3) per MMBTu
N/M
Commodity volatility
14% to 95% (28%)
6% to 137% (29%)
Cross-commodity correlation
69% to 99% (96%)
54% to 99% (98%)
Liabilities Measured at Fair Value on a Recurring Basis
Corporate and other debt$54 $50 
Comparable pricing:
Bond price
1 to 100 points (28 points)
2 to 101 points (25 points)
Securities sold under agreements to repurchase$449 $445 
Discounted cash flow:
Funding spread
21 to 145 bps (71 / 61 bps)
18 to 109 bps (63 / 63 bps)
Other secured financings$181 $306 
Comparable pricing:
Loan price
66 to 89 points (72 points)
0 to 98 points (66 points)
Borrowings$937 $608 
Option model:
Equity volatility
 9% to 93% (30%)
5% to 102% (44%)
Equity volatility skew
 -4% to 1% (-1%)
 -3% to 1% (-1%)
Equity correlation
10% to 100% (83%)
20% to 100% (84%)
Equity - FX correlation
 -88% to 21% (-19%)
 -70% to 30% (-19%)
Credit default swap model:
Credit spread
377 to 377 bps (377 bps)
325 to 325 bps (325 bps)
Discounted cash flow:
Loss given default
40% to 40% (40% / 40%)
40% to 40% (40% / 40%)
March 2026 Form 10-Q
48
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Balance / Range (Average1)
$ in millions, except inputsAt March 31, 2026At December 31, 2025
Nonrecurring Fair Value Measurement
Loans$1,507 $1,319 
Corporate loan model:
Credit spread
96 to 682 bps (280 bps)
87 to 967 bps (272 bps)
Comparable pricing:
Loan price
50 to 85 points (60 points)
50 to 100 points (67 points)
Warehouse model:
Credit spread
72 to 121 bps (100 bps)
66 to 113 bps (82 bps)
Points—Percentage of par
IR—Interest rate
FX—Foreign exchange
1.A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant.
2.Includes derivative contracts with multiple risks (i.e., hybrid products).
The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique.
For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 4 to the financial statements in the 2025 Form 10-K. During the three months ended March 31, 2026, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs.
Net Asset Value Measurements
Fund Interests
 At March 31, 2026At December 31, 2025
$ in millionsCarrying
Value		CommitmentCarrying
Value		Commitment
Private equity and other$3,103 $664 $3,110 $671 
Real estate3,591 276 3,551 246 
Hedge
80 1 72 1 
Total$6,774 $941 $6,733 $918 
Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based income in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value.
For a description of the Firm’s investments in private equity and other funds, real estate funds and hedge funds, which are measured based on NAV, see Note 4 to the financial statements in the 2025 Form 10-K.
See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regarding unrealized carried interest at risk of reversal.
Nonredeemable Funds by Contractual Maturity
 Carrying Value at March 31, 2026
$ in millions
Private Equity and Other
Real Estate
Less than 5 years$1,062 $2,471 
5-10 years1,585 1,088 
Over 10 years456 32 
Total$3,103 $3,591 
Nonrecurring Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
 At March 31, 2026
 Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$3,070 $1,507 $4,577 
Other assets—Other investments— 67 67 
Other assets—ROU assets— — — 
Total$3,070 $1,574 $4,644 
Liabilities
Other liabilities and accrued expenses—Lending commitments$63 $24 $87 
Total$63 $24 $87 
 At December 31, 2025
 Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$2,385 $1,319 $3,704 
Other assets—Other investments— 64 64 
Other assets—ROU assets20 — 20 
Total$2,405 $1,383 $3,788 
Liabilities
Other liabilities and accrued expenses—Lending commitments$53 $18 $71 
Total$53 $18 $71 
1.For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement.
49
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Gains (Losses) from Nonrecurring Fair Value Remeasurements1
 Three Months Ended
March 31,
$ in millions20262025
Assets
Loans2
$(104)$19 
Other assets—Other investments3
— (6)
Other assets—Premises, equipment and software4
(1)(5)
Total$(105)$8 
Liabilities
Other liabilities and accrued expenses—Lending commitments2
$(16)$(8)
Total$(16)$(8)
1.Gains and losses for Loans and Other assets—Other investments are classified in Other revenues and gains and losses for Other assets—ROU assets are recorded in Occupancy and equipment or Information processing and communication expenses. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses.
2.Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable.
3.Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions.
4.Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.
Financial Instruments Not Measured at Fair Value
 At March 31, 2026
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$133,529 $133,529 $— $— $133,529 
Investment securities—HTM50,546 9,768 31,870 1,355 42,993 
Securities purchased under agreements to resell128,880 — 127,577 1,299 128,876 
Securities borrowed154,570 — 154,569 — 154,569 
Customer and other receivables122,949 — 118,150 4,708 122,858 
Loans1
Held for investment276,683 — 29,068 245,334 274,402 
Held for sale17,231 — 10,805 6,603 17,408 
Other assets704 — 704 — 704 
Financial liabilities
Deposits$419,378 $— $419,926 $— $419,926 
Securities sold under agreements to repurchase119,132 — 119,086 — 119,086 
Securities loaned19,589 — 19,588 — 19,588 
Other secured financings5,133 — 5,130 — 5,130 
Customer and other payables258,877 — 258,877 — 258,877 
Borrowings233,935 — 235,550 219 235,769 
 Commitment
Amount
Lending commitments2
$208,117 $— $1,486 $1,317 $2,803 
 At December 31, 2025
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$111,695 $111,695 $— $— $111,695 
Investment securities—HTM53,090 11,636 32,622 1,357 45,615 
Securities purchased under agreements to resell120,243 — 119,273 1,003 120,276 
Securities borrowed151,908 — 151,909 — 151,909 
Customer and other receivables108,189 — 103,458 4,682 108,140 
Loans1
Held for investment
268,720 — 27,243 238,800 266,043 
Held for sale
9,374 — 5,692 3,703 9,395 
Other assets704 — 704 — 704 
Financial liabilities
Deposits$406,768 $— $407,350 $— $407,350 
Securities sold under agreements to repurchase77,843 — 77,832 — 77,832 
Securities loaned17,310 — 17,313 — 17,313 
Other secured financings4,732 — 4,729 — 4,729 
Customer and other payables226,342 — 226,342 — 226,342 
Borrowings216,456 — 220,547 200 220,747 
 Commitment
Amount
Lending commitments2
$208,435 $— $1,145 $1,087 $2,232 
1.Amounts include loans measured at fair value on a nonrecurring basis.
2.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13.
The previous tables exclude all non-financial assets and liabilities, such as Goodwill and Intangible assets, and certain financial instruments, such as equity method investments and certain receivables.
March 2026 Form 10-Q
50
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
5. Fair Value Option
The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models.
Borrowings Measured at Fair Value on a Recurring Basis
$ in millionsAt
March 31,
2026		At
December 31,
2025
Business Unit Responsible for Risk Management
Equity$67,292 $64,457 
Interest rates47,618 46,394 
Commodities14,482 13,665 
Credit6,217 6,094 
Foreign exchange2,024 1,869 
Total$137,633 $132,479 
Net Revenues from Liabilities under the Fair Value Option
$ in millions
Trading Revenues
Interest Expense
Net Revenues1
Three Months Ended March 31, 2026
Borrowings$2,545 $338 $2,207 
Deposits61 61 — 
Three Months Ended March 31, 2025
Borrowings$(1,788)$200 $(1,988)
Deposits
(37)53 (90)
1.Amounts do not reflect any gains or losses from related economic hedges.
Gains (losses) from changes in fair value are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates.
Gains (Losses) Due to Changes in Instrument-Specific Credit Risk
 Three Months Ended March 31,
 20262025
$ in millionsTrading RevenuesOCITrading RevenuesOCI
Loans and other receivables1
$16 $— $(6)$— 
Lending commitments(3)— (1)— 
Deposits— 8 — 50 
Borrowings(9)1,621 (9)398 
$ in millionsAt
March 31,
2026		At
December 31,
2025
Cumulative pre-tax DVA gain (loss) recognized in AOCI$(2,377)$(4,005)
1.Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses.
Difference Between Contractual Principal and Fair Value1
$ in millionsAt
March 31,
2026		At
December 31,
2025
Loans and other receivables2
$10,785 $10,746 
Nonaccrual loans2
8,292 8,146 
Borrowings3
4,989 3,680 
1.Amounts indicate contractual principal greater than or (less than) fair value.
2.The majority of the difference between principal and fair value amounts for loans and other receivables relates to distressed debt positions purchased at amounts well below par.
3.Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index.
The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to transfers of financial assets treated as collateralized financings, pledged commodities and other liabilities that have specified assets attributable to them.
Fair Value Loans on Nonaccrual Status
$ in millionsAt
March 31,
2026		At
December 31,
2025
Nonaccrual loans$1,278 $1,240 
Nonaccrual loans 90 or more days past due236 124 
51
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
6. Derivative Instruments and Hedging Activities
Fair Values of Derivative Contracts
 Assets at March 31, 2026
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$4 $12 $— $16 
Foreign exchange156 198 — 354 
Total160 210 — 370 
Not designated as accounting hedges
Economic hedges of loans
Credit16 86 — 102 
Other derivatives
Interest rate117,594 14,907 226 132,727 
Credit6,423 5,117 — 11,540 
Foreign exchange87,376 6,317 29 93,722 
Equity38,995 — 68,387 107,382 
Commodity and other17,926 — 7,433 25,359 
Total268,330 26,427 76,075 370,832 
Total gross derivatives$268,490 $26,637 $76,075 $371,202 
Amounts offset
Counterparty netting(187,210)(24,012)(72,903)(284,125)
Cash collateral netting(40,162)(2,109)— (42,271)
Total in Trading assets$41,118 $516 $3,172 $44,806 
Amounts not offset1
Financial instruments collateral(18,131)— — (18,131)
Net amounts$22,987 $516 $3,172 $26,675 
Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts
$3,154 
 Liabilities at March 31, 2026
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$500 $— $— $500 
Foreign exchange89 47 — 136 
Equity70 — — 70 
Total659 47 — 706 
Not designated as accounting hedges
Economic hedges of loans
Credit43 687 — 730 
Economic hedges of DCP
Equity270 — — 270 
Other derivatives
Interest rate106,028 14,484 186 120,698 
Credit6,207 4,702 — 10,909 
Foreign exchange80,645 5,497 169 86,311 
Equity61,955 — 68,777 130,732 
Commodity and other16,111 — 7,760 23,871 
Total271,259 25,370 76,892 373,521 
Total gross derivatives$271,918 $25,417 $76,892 $374,227 
Amounts offset
Counterparty netting(187,210)(24,012)(72,903)(284,125)
Cash collateral netting(42,860)(1,384)— (44,244)
Total in Trading liabilities$41,848 $21 $3,989 $45,858 
Amounts not offset1
Financial instruments collateral(7,054)— (22)(7,076)
Net amounts$34,794 $21 $3,967 $38,782 
Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts5,154 
 Assets at December 31, 2025
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$4 $— $— $4 
Foreign exchange152 82 — 234 
Total156 82 — 238 
Not designated as accounting hedges
Economic hedges of loans
Credit3 32 — 35 
Other derivatives
Interest rate114,368 13,255 58 127,681 
Credit4,962 5,347 — 10,309 
Foreign exchange81,613 4,269 29 85,911 
Equity30,392 — 62,737 93,129 
Commodity and other13,953 — 2,509 16,462 
Total245,291 22,903 65,333 333,527 
Total gross derivatives$245,447 $22,985 $65,333 $333,765 
Amounts offset
Counterparty netting(174,466)(21,165)(62,796)(258,427)
Cash collateral netting(37,004)(1,544)— (38,548)
Total in Trading assets$33,977 $276 $2,537 $36,790 
Amounts not offset1
Financial instruments collateral(15,097)— — (15,097)
Net amounts$18,880 $276 $2,537 $21,693 
Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts
$3,084 
 Liabilities at December 31, 2025
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$532 $29 $— $561 
Foreign exchange111 22 — 133 
Total643 51 — 694 
Not designated as accounting hedges
Economic hedges of loans
Credit45 586 — 631 
Other derivatives
Interest rate103,066 12,162 66 115,294 
Credit5,292 4,773 — 10,065 
Foreign exchange78,597 4,271 85 82,953 
Equity60,908 — 62,425 123,333 
Commodity and other12,578 — 2,598 15,176 
Total260,486 21,792 65,174 347,452 
Total gross derivatives$261,129 $21,843 $65,174 $348,146 
Amounts offset
Counterparty netting(174,466)(21,165)(62,796)(258,427)
Cash collateral netting(47,336)(358)— (47,694)
Total in Trading liabilities$39,327 $320 $2,378 $42,025 
Amounts not offset1
Financial instruments collateral(7,181)(34)(743)(7,958)
Net amounts$32,146 $286 $1,635 $34,067 
Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts
$5,345 
1.Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other netting criteria are not met in accordance with applicable offsetting accounting guidance.
See Note 4 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables.
March 2026 Form 10-Q
52
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Notionals of Derivative Contracts
 Assets at March 31, 2026
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$— $133 $— $133 
Foreign exchange8 4 — 12 
Total8 137 — 145 
Not designated as accounting hedges
Economic hedges of loans
Credit1 3 — 4 
Other derivatives
Interest rate4,794 9,089 743 14,626 
Credit333 208 — 541 
Foreign exchange4,139 326 14 4,479 
Equity966 — 951 1,917 
Commodity and other176 — 111 287 
Total10,409 9,626 1,819 21,854 
Total gross derivatives$10,417 $9,763 $1,819 $21,999 
 Liabilities at March 31, 2026
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$3 $308 $— $311 
Foreign exchange14 3 — 17 
Equity1 — — 1 
Total18 311 — 329 
Not designated as accounting hedges
Economic hedges of loans
Credit2 20 — 22 
Economic hedges of DCP
Equity5 — — 5 
Other derivatives
Interest rate4,889 9,303 1,070 15,262 
Credit334 195 — 529 
Foreign exchange4,067 300 22 4,389 
Equity913 — 1,324 2,237 
Commodity and other120 — 126 246 
Total10,330 9,818 2,542 22,690 
Total gross derivatives$10,348 $10,129 $2,542 $23,019 
 Assets at December 31, 2025
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$— $183 $— $183 
Foreign exchange10 4 — 14 
Total10 187 — 197 
Not designated as accounting hedges
Economic hedges of loans
Credit— — — — 
Other derivatives
Interest rate4,779 4,143 574 9,496 
Credit248 170 — 418 
Foreign exchange3,641 238 10 3,889 
Equity813 — 813 1,626 
Commodity and other143 — 78 221 
Total9,624 4,551 1,475 15,650 
Total gross derivatives$9,634 $4,738 $1,475 $15,847 
 Liabilities at December 31, 2025
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$3 $243 $— $246 
Foreign exchange11 2 — 13 
Total14 245 — 259 
Not designated as accounting hedges
Economic hedges of loans
Credit2 17 — 19 
Other derivatives
Interest rate5,041 3,943 715 9,699 
Credit222 171 — 393 
Foreign exchange3,791 233 19 4,043 
Equity945 — 1,085 2,030 
Commodity and other119 — 86 205 
Total10,120 4,364 1,905 16,389 
Total gross derivatives$10,134 $4,609 $1,905 $16,648 
The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the benefit of legally enforceable netting arrangements or risk mitigating transactions.
For a discussion of the Firm’s derivative instruments and hedging activities, see Note 6 to the financial statements in the 2025 Form 10-K.
Gains (Losses) on Accounting Hedges
 Three Months Ended
March 31,
$ in millions20262025
Fair value hedges—Recognized in Interest income
Interest rate contracts$292 $(493)
Investment Securities—AFS(283)503 
Fair value hedges—Recognized in Interest expense
Interest rate contracts$(1,253)$2,317 
Deposits252 (49)
Borrowings1,009 (2,272)
Net investment hedges—Foreign exchange contracts
Recognized in OCI$217 $(435)
Forward points excluded from hedge effectiveness testing—Recognized in Interest income63 17 
Cash flow hedges—Interest rate contracts1
Recognized in OCI$(338)$17 
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income(4)(5)
Net change in cash flow hedges included within AOCI(334)22 
Cash flow hedges—Equity contracts1
Recognized in OCI$(58)$— 
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to Compensation and benefits expense
(1)— 
Net change in cash flow hedges included within AOCI(57)— 
1.During the three months ended March 31, 2026, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of March 31, 2026, is approximately $(34) million. The maximum length of time over which forecasted cash flows are hedged is 37 months.
53
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Fair Value Hedges—Hedged Items 
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Investment Securities—AFS
Amortized cost basis currently or previously hedged1
$50,016 $55,451 
Basis adjustments included in amortized cost2
$37 $217 
Deposits
Carrying amount currently or previously hedged
$59,109 $53,224 
Basis adjustments included in carrying amount2
$(103)$149 
Borrowings
Carrying amount currently or previously hedged
$215,796 $199,274 
Basis adjustments included in carrying amount—Outstanding hedges
$(7,257)$(6,252)
Basis adjustments included in carrying amount—Terminated hedges
$(619)$(625)
1.Carrying amount represents the amortized cost. As of March 31, 2026, and December 31, 2025, the amortized cost of the portfolio layer method closed portfolios was $576 million and $589 million, respectively. The Firm designated $703 million and $703 million as hedged amounts as of March 31, 2026, and December 31, 2025, respectively, representing the total notional value of all outstanding layers in each portfolio, including both spot-starting and forward-starting layers. The cumulative amount of basis adjustments was $0.3 million as of March 31, 2026 and $2 million as of December 31, 2025. Refer to Note 2 to the financial statements in the 2025 Form 10-K and Note 7 herein for additional information.
2.Hedge accounting basis adjustments are primarily related to outstanding hedges.
Gains (Losses) on Economic Hedges of Loans and DCP
 Three Months Ended
March 31,
$ in millions20262025
Recognized in Other revenues
Credit contracts1
$(18)$(17)
Recognized in Compensation and
benefits expense
Equity contracts
$(83)$— 
1.Amounts related to hedges of certain held-for-investment and held-for-sale loans.
Net Derivative Liabilities and Collateral Posted
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Net derivative liabilities with credit risk-related contingent features$22,406 $26,023 
Collateral posted17,508 20,152 
The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business.
Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade
$ in millionsAt
March 31,
2026
One-notch downgrade$470 
Two-notch downgrade458 
Bilateral downgrade agreements included in the amounts above1
$581 
1.Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades.
The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by Moody’s Investors Service, Inc., S&P Global Ratings and/or other rating agencies. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers.
Maximum Potential Payout/Notional of Credit Protection Sold1
 Years to Maturity at March 31, 2026
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$18 $35 $39 $16 $108 
Non-investment grade7 16 15 3 41 
Total$25 $51 $54 $19 $149 
Index and basket CDS
Investment grade$7 $9 $11 $4 $31 
Non-investment grade7 41 214 88 350 
Total$14 $50 $225 $92 $381 
Total CDS sold$39 $101 $279 $111 $530 
Other credit contracts— — — 3 3 
Total credit protection sold$39 $101 $279 $114 $533 
CDS protection sold with identical protection purchased$458 
 Years to Maturity at December 31, 2025
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$16 $34 $37 $11 $98 
Non-investment grade8 17 16 1 42 
Total$24 $51 $53 $12 $140 
Index and basket CDS
Investment grade$7 $8 $8 $— $23 
Non-investment grade7 32 173 18 230 
Total$14 $40 $181 $18 $253 
Total CDS sold$38 $91 $234 $30 $393 
Other credit contracts— — — 3 3 
Total credit protection sold$38 $91 $234 $33 $396 
CDS protection sold with identical protection purchased$339 
March 2026 Form 10-Q
54
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Fair Value Asset (Liability) of Credit Protection Sold1
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Single-name CDS
Investment grade$2,125 $2,394 
Non-investment grade444 777 
Total$2,569 $3,171 
Index and basket CDS
Investment grade$1,026 $907 
Non-investment grade197 1,021 
Total$1,223 $1,928 
Total CDS sold$3,792 $5,099 
Other credit contracts116 146 
Total credit protection sold$3,908 $5,245 
1.Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.
Protection Purchased with CDS
Notional
$ in billionsAt
March 31,
2026 		At
December 31,
2025
Single name$173 $172 
Index and basket354 232 
Tranched index and basket39 32 
Total$566 $436 
Fair Value Asset (Liability)
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Single name$(2,515)$(3,363)
Index and basket(574)(1,209)
Tranched index and basket(815)(1,000)
Total$(3,904)$(5,572)
The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions.
The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further information on credit derivatives and other credit contracts, see Note 6 to the financial statements in the 2025 Form 10-K.
7. Investment Securities
AFS and HTM Securities
 At March 31, 2026
$ in millions
Amortized Cost1
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. Treasury securities$80,724 $77 $63 $80,738 
U.S. agency securities2
24,022 24 1,966 22,080 
Agency CMBS5,326 1 276 5,051 
State and municipal securities1,535 1 25 1,511 
FFELP student loan ABS3
443 1 7 437 
Unallocated basis adjustment4
— — — — 
Total AFS securities112,050 104 2,337 109,817 
HTM securities
U.S. Treasury securities10,457 — 689 9,768 
U.S. agency securities2
37,602 51 6,811 30,842 
Agency CMBS619 — 41 578 
Non-agency CMBS1,868 9 72 1,805 
Total HTM securities50,546 60 7,613 42,993 
Total investment securities$162,596 $164 $9,950 $152,810 
 At December 31, 2025
$ in millions
Amortized Cost1
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. Treasury securities$80,745 $187 $25 $80,907 
U.S. agency securities2
24,031 24 1,943 22,112 
Agency CMBS5,504 1 286 5,219 
State and municipal securities1,754 10 17 1,747 
FFELP student loan ABS3
486 1 6 481 
Unallocated basis adjustment4
2 — 2 — 
Total AFS securities112,522 223 2,279 110,466 
HTM securities
U.S. Treasury securities12,299 — 663 11,636 
U.S. agency securities2
38,303 67 6,785 31,585 
Agency CMBS709 — 43 666 
Non-agency CMBS1,779 12 63 1,728 
Total HTM securities53,090 79 7,554 45,615 
Total investment securities$165,612 $302 $9,833 $156,081 
1.Amounts are net of any ACL.
2.U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt.
3.Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding.
4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information.
55
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
AFS Securities in an Unrealized Loss Position
 At
March 31,
2026 		At
December 31,
2025
$ in millionsFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities
Less than 12 months$22,092 $57 $47 $— 
12 months or longer3,183 6 7,440 25 
Total25,275 63 7,487 25 
U.S. agency securities
Less than 12 months1,031 3 75 — 
12 months or longer15,873 1,963 17,290 1,943 
Total16,904 1,966 17,365 1,943 
Agency CMBS
Less than 12 months58 — 133 — 
12 months or longer4,440 276 4,675 286 
Total4,498 276 4,808 286 
State and municipal securities
Less than 12 months786 11 360 4 
12 months or longer355 14 382 13 
Total1,141 25 742 17 
FFELP student loan ABS
Less than 12 months1 — — — 
12 months or longer359 7 383 6 
Total360 7 383 6 
Unallocated basis adjustment
— — — 2 
Total AFS securities in an unrealized loss position
Less than 12 months23,968 71 615 4 
12 months or longer24,210 2,266 30,170 2,273 
Unallocated basis adjustment
— — — 2 
Total$48,178 $2,337 $30,785 $2,279 
For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2025 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of March 31, 2026 and December 31, 2025, the securities in an unrealized loss position are predominantly investment grade.
The HTM securities net carrying amounts at March 31, 2026 and December 31, 2025 reflect an ACL of $62 million and $60 million, respectively, predominantly related to Non-agency CMBS. See Note 2 in the 2025 Form 10-K for a description of the ACL methodology used for HTM Securities.
As of March 31, 2026 and December 31, 2025, 96% and 97%, respectively, of the Firm’s portfolio of HTM securities were investment grade U.S. agency securities, U.S. Treasury securities and Agency CMBS, which were on accrual status and for which there is an underlying assumption of zero credit losses. Non-investment grade HTM securities primarily consisted of certain Non-agency CMBS securities, for which the expected credit losses were insignificant and were
predominantly on accrual status at March 31, 2026 and December 31, 2025.
See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS.
Investment Securities by Contractual Maturity
 At March 31, 2026
$ in millions
Amortized Cost1
Fair Value
Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year$31,053 $31,084 3.9 %
After 1 year through 5 years49,308 49,291 3.9 %
After 5 years through 10 years363 363 4.0 %
Total80,724 80,738 
U.S. agency securities:
Due within 1 year9 9 1.5 %
After 1 year through 5 years200 190 1.9 %
After 5 years through 10 years333 308 1.6 %
After 10 years23,480 21,573 3.2 %
Total24,022 22,080 
Agency CMBS:
Due within 1 year538 534 2.1 %
After 1 year through 5 years3,673 3,594 1.9 %
After 5 years through 10 years176 172 1.5 %
After 10 years939 751 1.6 %
Total5,326 5,051 
State and municipal securities:
Due within 1 year81 81 4.8 %
After 1 year through 5 years228 225 3.6 %
After 5 years through 10 years160 158 4.5 %
After 10 Years1,066 1,047 4.6 %
Total1,535 1,511 
FFELP student loan ABS:
Due within 1 year57 55 4.7 %
After 1 year through 5 years46 44 4.7 %
After 5 years through 10 years24 24 3.9 %
After 10 years316 314 4.8 %
Total443 437 
Total AFS securities$112,050 $109,817 3.6 %
March 2026 Form 10-Q
56
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 At March 31, 2026
$ in millions
Amortized Cost1
Fair Value
Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year$3,045 $3,033 2.3 %
After 1 year through 5 years5,656 5,489 2.6 %
After 5 years through 10 years203 178 1.3 %
After 10 years1,553 1,068 2.3 %
Total10,457 9,768 
U.S. agency securities:
After 1 year through 5 years141 135 2.0 %
After 5 years through 10 years13 13 2.4 %
After 10 years37,448 30,694 2.1 %
Total37,602 30,842 
Agency CMBS:
Due within 1 year167 164 1.2 %
After 1 year through 5 years310 295 1.4 %
After 5 years through 10 years119 100 1.6 %
After 10 years23 19 1.3 %
Total619 578 
Non-agency CMBS:
Due within 1 year128 127 4.8 %
After 1 year through 5 years871 841 4.4 %
After 5 years through 10 years312 288 4.6 %
After 10 years557 549 6.8 %
Total1,868 1,805 
Total HTM securities$50,546 $42,993 2.3 %
Total investment securities$162,596 $152,810 3.2 %
1.Amounts are net of any ACL.
2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives.
3.At March 31, 2026, the annualized average yield, including the interest rate swap accrual of related hedges, was 3.8% for AFS securities contractually maturing within 1 year and 3.6% for all AFS securities.
4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information.
Gross Realized Gains (Losses) on Sales of AFS Securities
 Three Months Ended
March 31,
$ in millions20262025
Gross realized gains$8 $21 
Gross realized (losses)(3)— 
Total1
$5 $21 
1.Realized gains and losses are recognized in Other revenues in the income statement.
8. Collateralized Transactions
Offsetting of Certain Collateralized Transactions
 At March 31, 2026
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$469,774 $(340,894)$128,880 $(126,971)$1,909 
Securities borrowed214,529 (59,959)154,570 (151,606)2,964 
Liabilities
Securities sold under agreements to repurchase$460,725 $(340,894)$119,831 $(113,870)$5,961 
Securities loaned79,548 (59,959)19,589 (19,426)163 
Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts
Securities purchased under agreements to resell$1,359 
Securities borrowed37 
Securities sold under agreements to repurchase4,035 
 At December 31, 2025
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$471,144 $(350,901)$120,243 $(117,509)$2,734 
Securities borrowed218,753 (66,845)151,908 (146,726)5,182 
Liabilities
Securities sold under agreements to repurchase$429,440 $(350,901)$78,539 $(72,407)$6,132 
Securities loaned84,155 (66,845)17,310 (17,213)97 
Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts
Securities purchased under agreements to resell$1,277 
Securities borrowed38 
Securities sold under agreements to repurchase5,367 
1.Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.
For further discussion of the Firm’s collateralized transactions, see Notes 2 and 8 to the financial statements in the 2025 Form 10-K. For information related to offsetting of derivatives, see Note 6.
Gross Secured Financing Balances by Remaining Contractual Maturity
 At March 31, 2026
$ in millionsOvernight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase$241,209 $107,743 $37,694 $74,079 $460,725 
Securities loaned62,564 1,393 319 15,272 79,548 
Total included in the offsetting disclosure$303,773 $109,136 $38,013 $89,351 $540,273 
Trading liabilities—
Obligation to return securities received as collateral		8,182 — — — 8,182 
Total$311,955 $109,136 $38,013 $89,351 $548,455 
57
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 At December 31, 2025
$ in millionsOvernight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase$221,938 $122,291 $43,737 $41,474 $429,440 
Securities loaned70,433 — 321 13,401 84,155 
Total included in the offsetting disclosure$292,371 $122,291 $44,058 $54,875 $513,595 
Trading liabilities—
Obligation to return securities received as collateral		7,329 — — — 7,329 
Total$299,700 $122,291 $44,058 $54,875 $520,924 
Gross Secured Financing Balances by Class of Collateral Pledged
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Securities sold under agreements to repurchase
U.S. Treasury and agency securities$236,030 $209,470 
Other sovereign government obligations153,526 159,444 
Corporate equities31,470 32,919 
Other39,699 27,607 
Total$460,725 $429,440 
Securities loaned
Other sovereign government obligations$330 $1,208 
Corporate equities76,630 81,063 
Other2,588 1,884 
Total$79,548 $84,155 
Total included in the offsetting disclosure$540,273 $513,595 
Trading liabilities—Obligation to return securities received as collateral
Corporate equities$7,746 $7,017 
Other436 312 
Total$8,182 $7,329 
Total$548,455 $520,924 
Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Trading assets$52,356 $43,182 
The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales.
Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged as collateral) in the balance sheet. Pledged financial instruments that cannot be sold or repledged by the secured party are included within Trading Assets, but not identified as pledged assets parenthetically in the balance sheet.
Fair Value of Collateral Received with Right to Sell or Repledge
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Collateral received with right to sell or repledge$1,237,511 $1,190,694 
Collateral that was sold or repledged1
948,004 900,282 
1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.
The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions.
Securities Segregated for Regulatory Purposes
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Segregated securities1
$29,257 $22,256 
1.Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet.
Customer Margin and Other Lending
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Margin and other lending$81,447 $83,871 
The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary.
For a further discussion of the Firm’s margin lending activities, see Note 8 to the financial statements in the 2025 Form 10-K.
Also included in the amounts in the previous table is non-purpose securities-based lending on entities in the Wealth Management business segment.
Other Secured Financings
The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12.
March 2026 Form 10-Q
58
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $3,348 million and $3,410 million as of March 31, 2026 and December 31, 2025, respectively.
9. Loans, Lending Commitments and Related Allowance for Credit Losses
Loans by Type
 At March 31, 2026
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$8,911 $14,498 $23,409 
Secured lending facilities70,033 2,396 72,429 
Commercial real estate8,300 186 8,486 
Residential real estate73,529 5 73,534 
Securities-based lending and Other
117,084 146 117,230 
Total loans277,857 17,231 295,088 
ACL(1,174)(1,174)
Total loans, net$276,683 $17,231 $293,914 
Loans to non-U.S. borrowers, net$36,036 $4,455 $40,491 
 At December 31, 2025
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$7,277 $7,202 $14,479 
Secured lending facilities69,149 1,817 70,966 
Commercial real estate8,039 320 8,359 
Residential real estate72,403 5 72,408 
Securities-based lending and Other
112,984 30 113,014 
Total loans269,852 9,374 279,226 
ACL(1,132)(1,132)
Total loans, net$268,720 $9,374 $278,094 
Loans to non-U.S. borrowers, net$34,532 $3,622 $38,154 
For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 9 to the financial statements in the 2025 Form 10-K.
Loans by Interest Rate Type
 At March 31, 2026At December 31, 2025
$ in millionsFixed RateFloating or Adjustable RateFixed RateFloating or Adjustable Rate
Corporate$86 $23,323 $1 $14,478 
Secured lending facilities525 71,904 525 70,440 
Commercial real estate331 8,156 327 8,032 
Residential real estate32,555 40,978 32,377 40,031 
Securities-based lending and Other
27,254 89,976 27,681 85,334 
Total loans, before ACL$60,751 $234,337 $60,911 $218,315 
See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future.
Loans Held for Investment before Allowance by Credit Quality and Origination Year
At March 31, 2026At December 31, 2025
Corporate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$3,226 $5,329 $8,555 $2,362 $4,580 $6,942 
202634 118 152 
2025— 35 35 125 40 165 
202479 50 129 79 50 129 
2023— 25 25 — 25 25 
2022— — — — — — 
Prior15 — 15 15 1 16 
Total
$3,354 $5,557 $8,911 $2,581 $4,696 $7,277 
At March 31, 2026At December 31, 2025
Secured Lending Facilities
$ in millionsIGNIGTotalIGNIGTotal
Revolving$15,118 $39,096 $54,214 $15,709 $37,915 $53,624 
2026481 1,887 2,368 
20251,777 7,591 9,368 2,514 7,248 9,762 
202448 1,688 1,736 78 2,620 2,698 
2023269 701 970 596 935 1,531 
20229 843 852 13 957 970 
Prior11 514 525 7 557 564 
Total
$17,713 $52,320 $70,033 $18,917 $50,232 $69,149 
At March 31, 2026At December 31, 2025
Commercial Real Estate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$33 $— $33 $34 $— $34 
2026— 730 730 
2025317 1,880 2,197 322 2,103 2,425 
2024568 1,384 1,952 577 1,385 1,962 
2023153 404 557 153 409 562 
2022236 1,164 1,400 332 1,094 1,426 
Prior36 1,395 1,431 37 1,593 1,630 
Total
$1,343 $6,957 $8,300 $1,455 $6,584 $8,039 
At March 31, 2026
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$181 $43 $7 $231 $— $231 
20262,214 407 54 2,431 244 2,675 
20258,862 1,648 182 9,662 1,030 10,692 
20247,563 1,448 175 8,293 893 9,186 
20235,924 1,282 185 6,600 791 7,391 
20229,399 2,106 352 10,928 929 11,857 
Prior25,129 5,726 642 29,451 2,046 31,497 
Total$59,272 $12,660 $1,597 $67,596 $5,933 $73,529 
59
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
At December 31, 2025
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$172 $40 $7 $219 $— $219 
20259,096 1,666 189 9,900 1,051 10,951 
20247,825 1,480 184 8,571 918 9,489 
20236,099 1,315 187 6,788 813 7,601 
20229,613 2,138 355 11,159 947 12,106 
Prior
25,543 5,841 653 29,944 2,093 32,037 
Total$58,348 $12,480 $1,575 $66,581 $5,822 $72,403 
At March 31, 2026
Securities-based lending1
Other2
$ in millionsIGNIGTotal
Revolving $101,730 $647 $1,622 $103,999 
2026425 7 254 686 
20252,384 173 684 3,241 
20241,017 640 225 1,882 
2023621 126 956 1,703 
2022100 222 1,156 1,478 
Prior249 1,127 2,719 4,095 
Total$106,526 $2,942 $7,616 $117,084 
At December 31, 2025
Securities-based lending1
Other2
$ in millionsIGNIGTotal
Revolving$97,840 $639 $1,615 $100,094 
20252,437 199 808 3,444 
20241,132 690 180 2,002 
2023655 126 981 1,762 
2022132 170 1,260 1,562 
Prior245 1,013 2,862 4,120 
Total$102,441 $2,837 $7,706 $112,984 
IG—Investment Grade
NIG—Non-investment Grade
1. Securities-based loans are subject to collateral maintenance provisions, and at March 31, 2026 and December 31, 2025, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2025 Form 10-K.
2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment, which typically consist of bespoke lending arrangements provided to ultra-high worth net clients. These facilities are generally secured by eligible collateral.
Past Due Loans Held for Investment before Allowance1
$ in millionsAt March 31, 2026At December 31, 2025
Commercial real estate$187 $129 
Residential real estate200 298 
Securities-based lending and Other
— 41 
Total$387 $468 
1.As of March 31, 2026 and December 31, 2025, the majority of the amounts were 90 days or more past due.
Nonaccrual Loans Held for Investment before Allowance1
$ in millionsAt March 31, 2026At December 31, 2025
Corporate$150 $203 
Secured lending facilities12 14 
Commercial real estate465 476 
Residential real estate195 208 
Securities-based lending and Other
201 246 
Total
$1,023 $1,147 
Nonaccrual loans without an ACL$174 $180 
1.There were no loans held for investment that were 90 days or more past due and still accruing as of March 31, 2026 and December 31, 2025. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements in the 2025 Form 10-K.
Loan Modifications to Borrowers Experiencing Financial Difficulty
The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower’s financial difficulties, and these modifications include interest rate reductions, principal forgiveness, term extensions and other-than-insignificant payment delays or a combination of these aforementioned modifications. Modified loans are typically evaluated individually for allowance for credit losses.
Modified Loans Held for Investment
Period-end loans held for investment modified during the following periods1
 Three Months Ended March 31,
20262025
$ in millionsAmortized Cost
% of Total Loans2
Amortized Cost
% of Total Loans2
Term Extension
Corporate$13 0.1 %$42 0.5 %
Secured lending facilities12 — %41 0.1 %
Commercial real estate— — %292 3.4 %
Securities-based lending and Other 5 — %34 — %
Total$30 — %$409 0.2 %
Other-than-insignificant Payment Delay
Securities-based lending and Other— — %30 — %
Total$— — %$30 — %
Total Modifications$30 — %$439 0.3 %
1.Lending commitments to borrowers for which the Firm has modified terms of the receivable during the three months ended March 31, 2026 and 2025, were $887 million and $214 million, as of March 31, 2026 and 2025, respectively.
2.Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type.

Financial Effect of Modifications on Loans Held for Investment
Three Months Ended March 31, 20261
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate290$— — %
Secured lending facilities10— — %
Securities-based lending and Other240— — %
March 2026 Form 10-Q
60
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Three Months Ended March 31, 20251
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate370$— — %
Secured lending facilities30— — %
Commercial real estate10— — %
Securities-based lending and Other1211— — %
1.In instances where more than one loan was modified, modification impact is presented on a weighted-average basis.
Performance of Loans Held for Investment Modified in the Last 12 Months
 At March 31, 2026
$ in millions
Current and less than 30 days past due
30-89 days past due
90+ days past due
Total
Corporate$221 $— $— $221 
Secured lending facilities20 — — 20 
Commercial real estate470 — — 470 
Residential real estate7 2 — 9 
Securities-based lending and Other416 — — 416 
Total$1,134 $2 $— $1,136 
 At March 31, 2025
$ in millions
Current and less than 30 days past due
30-89 days past due
90+ days past due
Total
Corporate$185 $— $— $185 
Secured lending facilities42 — — 42 
Commercial real estate423 — 63 486 
Residential real estate3 — — 3 
Securities-based lending and Other149 — — 149 
Total$802 $— $63 $865 
At March 31, 2026, there were no loans held for investment that defaulted during the three months ended March 31, 2026 that had been modified in the 12 month period prior to default. At March 31, 2025 there was one commercial real estate loan held for investment with an amortized cost of $63 million that defaulted during the three months ended March 31, 2025 that had been modified in the 12 month period prior to default.
Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments
Three Months Ended March 31, 2026
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance
$260 $201 $283 $127 $261 $1,132 
Gross charge-offs(16)— (11)— (10)(37)
Provision (release)(2)18 56 4 6 82 
Other(2)(1)— — — (3)
Ending balance$240 $218 $328 $131 $257 $1,174 
Percent of loans to total loans1
3 %25 %3 %27 %42 %100 %
ACL—Lending commitments
Beginning balance$625 $137 $12 $5 $19 $798 
Provision (release)31 (16)4 — (3)16 
Other(7)(1)— — 1 (7)
Ending balance$649 $120 $16 $5 $17 $807 
Total ending balance
$889 $338 $344 $136 $274 $1,981 
Three Months Ended March 31, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance$200 $140 $373 $97 $256 $1,066 
Gross charge-offs
— — (31)— — (31)
Recoveries— — 8 — — 8 
Net (charge-offs)/ recoveries
— — (23)— — (23)
Provision (release)2 7 24 23 25 81 
Other3 2 5 — (1)9 
Ending balance$205 $149 $379 $120 $280 $1,133 
Percent of loans to total loans1
3 %22 %4 %29 %42 %100 %
ACL—Lending commitments
Beginning balance$507 $88 $40 $4 $17 $656 
Provision (release)37 41 (27)— 3 54 
Other5 1 — — 2 8 
Ending balance$549 $130 $13 $4 $22 $718 
Total ending balance
$754 $279 $392 $124 $302 $1,851 
CRE—Commercial real estate
SBL—Securities-based lending
1.Percentage of loans to total loans represents loans held for investment by loan type to total loans held for investment.
The allowance for credit losses for loans and lending commitments increased during the three months ended March 31, 2026, primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. Charge-offs in the current quarter were primarily related to commercial real estate and corporate loans.
The base scenario used in the Firm’s ACL models as of March 31, 2026 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. The Firm’s ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate with the base scenario for the quarter incorporating expectations of continued economic growth relative to the prior quarter forecast. Other key macroeconomic variables used in the Firm’s ACL models
61
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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include corporate credit spreads, interest rates and commercial real estate indices. The significance of these key macroeconomic variables on the Firm’s ACL models varies depending on portfolio composition and economic conditions. The Firm also considered increased macroeconomic uncertainty in determining the aggregate allowance for credit losses for the current quarter. For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 9 to the financial statements in the 2025 Form 10-K.
Gross Charge-offs by Origination Year
Three Months Ended March 31, 2026
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Revolving
$(16)$— $— $— $— $(16)
Prior
— — (11)— (10)(21)
Total
$(16)$— $(11)$— $(10)$(37)
Three Months Ended March 31, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
2022$— $— $(10)$— $— $(10)
Prior
— — (21)— — (21)
Total
$— $— $(31)$— $— $(31)
CRE—Commercial real estate
SBL—Securities-based lending
Selected Credit Ratios
At
March 31,
2026 		At
December 31,
2025
ACL for loans to total HFI loans0.4 %0.4 %
Nonaccrual HFI loans to total HFI loans
0.4 %0.4 %
ACL for loans to nonaccrual HFI loans
114.8 %98.7 %
Employee Loans
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Currently employed by the Firm1
$4,830 $4,769 
No longer employed by the Firm2
87 89 
Employee loans$4,917 $4,858 
ACL(118)(127)
Employee loans, net of ACL$4,799 $4,731 
Remaining repayment term, weighted average in years5.75.7
1.These loans are predominantly current.
2.These loans are predominantly past due for a period of 90 days or more.
Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management financial advisors, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheet. See Note 2 to the financial statements in the 2025 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.

10. Other Assets
Equity Method Investments
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Investments$2,175 $2,054 
 Three Months Ended
March 31,
$ in millions20262025
Income (loss)$87 $62 
Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheet with related income or loss included in Other revenues in the income statement. See “Net Asset Value Measurements—Fund Interests” in Note 4 for the carrying value of certain of the Firm’s fund interests, which are composed of general and limited partnership interests, as well as any related carried interest.
Japanese Securities Joint Venture
 Three Months Ended
March 31,
$ in millions20262025
Income (loss) from investment in MUMSS$50 $36 
For more information on MUMSS and other relationships with MUFG, see Note 11 to the financial statements in the 2025 Form 10-K.
Tax Equity Investments
The Firm invests in tax equity investment interests which entitle the Firm to a share of tax credits and other income tax benefits generated by the projects underlying the investments. The Firm accounts for certain renewable energy and other tax equity investments programs using the proportional amortization method.
Tax Equity Investments under the Proportional Amortization Method
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Low-income housing
$1,877 $1,897 
Renewable energy and other
26 28 
Total1,2
$1,903 $1,925 
1.Amounts include unfunded equity contributions of $681 million and $707 million as of March 31, 2026 and December 31, 2025, respectively. The corresponding liabilities for the commitments to fund these equity contributions are recorded in Other liabilities and accrued expenses. The majority of these commitments are expected to be funded within 5 years.
2.Amounts exclude $44 million and $45 million as of March 31, 2026 and December 31, 2025, respectively, of tax equity investments within programs for which the Firm elected the proportional amortization method that do not meet the conditions to apply the proportional amortization method, which are accounted for as equity method investments.

Income tax credits and other income tax benefits recognized as well as proportional amortization are included in the Provision for income taxes line in the consolidated income statement and in the Depreciation and amortization line in the consolidated cash flow statement.
March 2026 Form 10-Q
62
Notes to Consolidated Financial Statements
(Unaudited)
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Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method
Three Months Ended
March 31,
$ in millions20262025
Income tax credits and other income tax benefits$78 $75 
Proportional amortization(64)(62)
Net benefits included in income tax expense14 13 
Other income1 — 
Net benefits$15 $13 
11. Deposits
Deposits
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Savings and demand deposits$318,845 $315,883 
Time deposits109,126 99,640 
Total$427,971 $415,523 
Deposits subject to FDIC insurance$338,444 $331,322 
Deposits not subject to FDIC insurance$89,527 $84,201 
Time Deposit Maturities
$ in millionsAt
March 31,
2026
2026$40,213 
202727,733 
202817,868 
202911,438 
20309,652 
Thereafter2,222 
Total$109,126 
12. Borrowings and Other Secured Financings
Borrowings
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Original maturities of one year or less$8,558 $7,254 
Original maturities greater than one year:
Senior$349,390 $329,502 
Subordinated13,620 12,179 
Total greater than one year$363,010 $341,681 
Total$371,568 $348,935 
Weighted average stated maturity, in years1
6.36.3
1.Only includes borrowings with original maturities greater than one year.
Other Secured Financings
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Original maturities:
One year or less$15,143 $13,892 
Greater than one year7,523 7,711 
Total$22,666 $21,603 
Transfers of assets accounted for as secured financings$10,140 $9,713 
Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 14 for further information on other secured financings related to VIEs and securitization activities.
For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheet.
13. Commitments, Guarantees and Contingencies
Commitments
 Years to Maturity at March 31, 2026 
$ in millionsLess than 11-33-5Over 5Total
Lending:
Corporate$19,756 $48,423 $80,382 $6,559 $155,120 
Secured lending facilities6,309 8,156 10,132 6,524 31,121 
Commercial and Residential real estate423 45 165 466 1,099 
Securities-based lending and Other17,475 3,404 247 507 21,633 
Forward-starting secured financing receivables1
156,477 2,278 — — 158,755 
Central counterparty15,226 — — — 15,226 
Investment activities2,177 580 108 502 3,367 
Letters of credit and other financial guarantees32 — — 4 36 
Total$217,875 $62,886 $91,034 $14,562 $386,357 
Lending commitments participated to third parties$13,373 
1.These amounts primarily include secured financing receivables yet to settle as of March 31, 2026, with settlement generally occurring within three business days. These amounts also include commitments to enter into certain collateralized financing transactions.
Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements.
For a further description of these commitments, refer to Note 14 to the financial statements in the 2025 Form 10-K.
63
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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Guarantees
 At March 31, 2026
Maximum Potential Payout/Notional of Obligations by Years to Maturity
Carrying Amount Asset (Liability)
$ in millionsLess than 11-33-5Over 5
Non-credit derivatives1
$1,522,376 $795,403 $210,745 $602,124 $(58,510)
Standby letters of credit and other financial guarantees issued2,3
1,672 957 1,264 2,577 15 
Liquidity facilities3,549 — — — 3 
Whole loan sales guarantees34 — 1 23,071 — 
Securitization representations and warranties4
— — — 98,492 — 
General partner guarantees122 119 95 27 (58)
Client clearing guarantees1,957 — — — — 
1.The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 6.
2.These amounts include certain issued standby letters of credit participated to third parties, totaling $0.6 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements.
3.As of March 31, 2026, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $52 million.
4.Related to commercial, residential mortgage and asset backed securitizations.
The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make payments to the guaranteed party based on changes in an underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others.
For more information on the nature of the obligations and related business activities for our guarantees, see Note 14 to the financial statements in the 2025 Form 10-K.
Other Guarantees and Indemnities
In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications related to indemnities, market value guarantees, exchange and clearinghouse member guarantees, futures and over-the-counter derivatives clearing guarantees and merger and acquisition guarantees are described in Note 14 to the financial statements in the 2025 Form 10-K.
In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the
Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements.
Finance Subsidiary
The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities.
Contingencies
Legal
In addition to the matters described below, in the normal course of business, the Firm has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the third-party entities that are, or would otherwise be, the primary defendants in such cases are bankrupt, in financial distress, or may not honor applicable indemnification obligations. These actions have included, but are not limited to, antitrust claims, claims under various false claims act statutes, and matters arising from our wealth management businesses, Markets business, and our activities in the capital markets.
The Firm is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental or other regulatory agencies regarding the Firm’s business, and involving, among other matters, sales, trading, financing, prime brokerage, market-making activities, investment banking advisory services, capital markets activities, financial products or offerings sponsored, underwritten or sold by the Firm, wealth and investment management services, and tax, accounting, and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, disgorgement, restitution, forfeiture, injunctions, limitations on our ability to conduct certain business, or other relief.
The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financial statements and the Firm can reasonably estimate the amount of that loss or the range of loss, the Firm accrues an estimated loss by a charge to income, including with respect to certain of the individual proceedings or investigations described below.
The Firm’s legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government or regulatory agency investigations and
March 2026 Form 10-Q
64
Notes to Consolidated Financial Statements
(Unaudited)
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private litigation affecting global financial services firms, including the Firm.
In many legal proceedings and investigations, it is inherently difficult to determine whether any loss is probable or reasonably possible, or to estimate the amount of any loss. In addition, even where the Firm has determined that a loss is probable or reasonably possible or an exposure to loss or range of loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, the Firm may be unable to reasonably estimate the amount of the loss or range of loss. It is particularly difficult to determine if a loss is probable or reasonably possible, or to estimate the amount of loss, where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, forfeiture, disgorgement or penalties. Numerous issues may need to be resolved in an investigation or proceeding before a determination can be made that a loss or additional loss (or range of loss or range of additional loss) is probable or reasonably possible, or to estimate the amount of loss, including through potentially lengthy discovery or determination of important factual matters, determination of issues related to class certification, the calculation of damages or other relief, and consideration of novel or unsettled legal questions relevant to the proceedings or investigations in question.

The Firm has identified below any individual proceedings or investigations where the Firm believes a material loss to be reasonably possible. In certain legal proceedings in which the Firm has determined that a material loss is reasonably possible, the Firm is unable to reasonably estimate the loss or range of loss. There are other matters in which the Firm has determined a loss or range of loss to be reasonably possible, but the Firm does not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on the Firm’s financial statements as a whole, although the outcome of such proceedings or investigations may significantly impact the Firm’s business or results of operations for any particular reporting period, or cause significant reputational harm.
While the Firm has identified below certain proceedings or investigations that the Firm believes to be material, individually or collectively, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or reasonably possible.
Antitrust Related Matters
The Firm and other financial institutions are responding to a number of governmental investigations and civil litigation matters related to allegations of anticompetitive conduct in various aspects of the financial services industry, including the matters described below.

Beginning in February of 2016, the Firm was named as a defendant in multiple purported antitrust class actions now consolidated into a single proceeding in the United States District Court for the Southern District of New York (“SDNY”) styled In Re: Interest Rate Swaps Antitrust Litigation. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. and New York state antitrust laws from 2008 through December of 2016 in connection with alleged efforts to prevent the development of electronic exchange-based platforms for interest rate swaps trading. Complaints were filed both on behalf of a purported class of investors who purchased interest rate swaps from defendants, as well as on behalf of three operators of swap execution facilities that allegedly were thwarted by the defendants in their efforts to develop such platforms. The consolidated complaints seek, inter alia, certification of the investor class of plaintiffs and treble damages. On July 28, 2017, the court granted in part and denied in part the defendants’ motion to dismiss the complaints. On December 15, 2023, the court denied the class plaintiffs’ motion for class certification. On December 29, 2023, the class plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision. On February 28, 2024, the parties reached an agreement in principle to settle the class claims. On July 17, 2025, the court granted final approval of the settlement. The claims brought by the three operators of swap execution facilities remain pending, and on March 12, 2026, defendants filed a motion for summary judgment.

The Firm is a defendant in three antitrust class action complaints which have been consolidated into one proceeding in the United States District Court for the SDNY under the caption City of Philadelphia, et al. v. Bank of America Corporation, et al. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations (“VRDO”). The consolidated complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. The complaint was filed on behalf of a class of municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss the consolidated complaint, dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the court granted plaintiffs’ motion for class certification. On February 5, 2024, the United States Court of Appeals for the Second Circuit granted leave to appeal that decision and, on August 1, 2025, affirmed the court’s decision. On December 1, 2025, defendants filed a petition for writ of certiorari with the United States Supreme Court regarding the Second Circuit’s August 2025 decision, which the Supreme Court denied on April 20, 2026.
65
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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U.K. Government Bond Matter

On February 21, 2025, the U.K. Competition and Markets Authority announced a settlement with the Firm, as well as other financial institutions, in connection with its investigation of suspected anti-competitive arrangements in the financial services sector, specifically regarding the Firm’s activities concerning certain liquid fixed income products between 2009 and 2012. Separately, on June 16, 2023, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Oklahoma Firefighters Pension and Retirement System v. Deutsche Bank Aktiengesellschaft, et al., alleging, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws in connection with their alleged effort to fix prices of gilts traded in the United States between 2009 and 2013. The complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. On September 16, 2024, the court granted defendants’ joint motion to dismiss, and the complaint was dismissed without prejudice. In October of 2024, the Firm and certain other defendants reached an agreement in principle to settle the U.S. litigation. On March 17, 2025, the court granted preliminary approval of the settlement.
Other

On May 17, 2013, the plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against the Firm and certain affiliates in the Supreme Court of the State of New York, New York County. The complaint alleges that defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Firm to the plaintiff was approximately $133 million. The complaint alleges causes of action against the Firm for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, inter alia, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part the Firm’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by the Firm or sold to the plaintiff by the Firm was approximately $116 million. On August 11, 2016, the Appellate Division affirmed the trial court’s order denying in part the Firm’s motion to dismiss the complaint. On July 15, 2022, the Firm filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part the Firm’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial court’s summary judgment order. On August 27, 2024, the plaintiff notified the court that in light of the court’s rulings to exclude certain evidence at trial, the plaintiff could not prove its claims at trial, and requested that the court dismiss the case, subject to its right to appeal
the evidentiary rulings. On August 28, 2024, the court dismissed the case, and judgment was entered in the Firm’s favor. The plaintiff has appealed.

Beginning in February of 2024, Morgan Stanley Smith Barney LLC (“MSSB”) and E*TRADE Securities LLC (“E*TRADE Securities”), among others, have been named as defendants in multiple putative class actions pending in the federal district courts for the District of New Jersey and SDNY. The class action claims have been brought on behalf of brokerage, advisory and retirement account holders, alleging various contractual, fiduciary, and statutory claims (including under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §1962(c)-(d)) that MSSB and/or E*TRADE Securities failed to pay a reasonable rate of interest on its cash sweep products. All matters pending in the SDNY (which focus solely on MSSB’s cash sweep program) were consolidated into one action styled Estate of Sherlip, et al. v. Morgan Stanley, et al. An amended class action complaint was filed on August 15, 2025. On September 12, 2025, MSSB moved to dismiss the complaint. The matters pending in the District of New Jersey (which includes claims against both MSSB and E*TRADE Securities) have been consolidated into one action styled In re E*TRADE Cash Sweep Litigation, No. 2:24-cv-00603. The Firm awaits the appointment of lead counsel and, thereafter, the filing of a consolidated complaint in that matter. Together, the complaints seek, inter alia, certification of classes of plaintiffs, unspecified compensatory damages, equitable and injunctive relief, and treble damages. The Firm is also responding to requests from state securities regulators regarding brokerage account cash balances swept to the affiliate bank deposit program.
14. Variable Interest Entities and Securitization Activities
Consolidated VIE Assets and Liabilities by Type of Activity
 At March 31, 2026At December 31, 2025
$ in millionsVIE AssetsVIE LiabilitiesVIE AssetsVIE Liabilities
MABS1
$1,115 $517 $468 $2 
Investment vehicles2
654 384 263 5 
MTOB1,631 1,529 1,781 1,651 
Other120 5 47 3 
Total$3,520 $2,435 $2,559 $1,661 
MTOB—Municipal tender option bonds
1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable.
2.Amounts include investment funds and CLOs.
March 2026 Form 10-Q
66
Notes to Consolidated Financial Statements
(Unaudited)
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Consolidated VIE Assets and Liabilities by Balance Sheet Caption
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Assets
Cash and cash equivalents$37 $19 
Trading assets at fair value2,368 1,216 
Investment securities1,110 1,318 
Customer and other receivables4 5 
Other assets1 1 
Total$3,520 $2,559 
Liabilities
Trading liabilities at fair value$2 $— 
Other secured financings$2,419 $1,653 
Other liabilities and accrued expenses11 5 
Borrowings3 3 
Total$2,435 $1,661 
Noncontrolling interests$71 $145 
Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement.
In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders.
Non-consolidated VIEs
 At March 31, 2026
$ in millions
MABS1
CDOMTOBOSF
Other2
VIE assets (UPB)$227,153 $2,897 $5,014 $5,074 $90,508 
Maximum exposure to loss3
Debt and equity interests$30,156 $293 $— $2,595 $12,253 
Derivative and other contracts— — 3,549 — 5,152 
Commitments, guarantees and other10,726 — — — 182 
Total$40,882 $293 $3,549 $2,595 $17,587 
Carrying value of variable interests—Assets
Debt and equity interests$30,156 $293 $— $2,048 $12,253 
Derivative and other contracts— — 5 — 2,166 
Total$30,156 $293 $5 $2,048 $14,419 
Additional VIE assets owned4
$16,934 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $2 $— $889 
 At December 31, 2025
$ in millions
MABS1
CDOMTOBOSF
Other2
VIE assets (UPB)$218,543 $3,432 $4,620 $4,535 $87,118 
Maximum exposure to loss3
Debt and equity interests$32,074 $158 $— $2,611 $11,904 
Derivative and other contracts— — 3,258 — 4,473 
Commitments, guarantees and other10,414 — — — 190 
Total$42,488 $158 $3,258 $2,611 $16,567 
Carrying value of variable interests–Assets
Debt and equity interests$32,074 $158 $— $1,967 $11,904 
Derivative and other contracts— — 5 — 2,010 
Total$32,074 $158 $5 $1,967 $13,914 
Additional VIE assets owned4
$15,907 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $2 $— $780 
OSF–Other structured financings
1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form.
2.Other primarily includes exposures to commercial real estate property and investment funds.
3.Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm.
4.Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives.
The previous tables include VIEs sponsored by unrelated parties, as well as VIEs sponsored by the Firm; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 7).
The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as well as the fair value of certain other derivatives and investments the Firm has made in the VIE.
The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss.
Liabilities issued by VIEs generally are non-recourse to the Firm.
67
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Detail of Mortgage- and Asset-Backed Securitization Assets
 At March 31, 2026At December 31, 2025
$ in millionsUPBDebt and Equity InterestsUPBDebt and Equity Interests
Residential mortgages$21,998 $2,809 $20,130 $3,183 
Commercial mortgages89,820 8,966 96,473 11,251 
U.S. agency collateralized mortgage obligations63,643 6,839 58,876 7,136 
Other consumer or commercial loans51,692 11,542 43,064 10,504 
Total$227,153 $30,156 $218,543 $32,074 
Transferred Assets with Continuing Involvement
 At March 31, 2026
$ in millionsRMLCMLU.S. Agency CMO
CLN and Other1
SPE assets (UPB)2,3
$16,467 $88,320 $14,017 $13,787 
Retained interests
Investment grade$286 $504 $858 $— 
Non-investment grade540 1,105 — 107 
Total$826 $1,609 $858 $107 
Interests purchased in the secondary market3
Investment grade$97 $50 $20 $— 
Non-investment grade13 33 — 10 
Total$110 $83 $20 $10 
Derivative assets$— $— $— $1,712 
Derivative liabilities — — — 722 
 At December 31, 2025
$ in millionsRMLCMLU.S. Agency CMO
CLN and Other1
SPE assets (UPB)2,3
$15,089 $84,729 $18,230 $13,312 
Retained interests
Investment grade$288 $456 $1,127 $— 
Non-investment grade460 1,131 — 123 
Total$748 $1,587 $1,127 $123 
Interests purchased in the secondary market3
Investment grade$62 $62 $52 $— 
Non-investment grade14 30 — — 
Total$76 $92 $52 $— 
Derivative assets$— $— $— $1,522 
Derivative liabilities— — — 733 
 Fair Value At March 31, 2026
$ in millionsLevel 2Level 3Total
Retained interests
Investment grade$1,072 $— $1,072 
Non-investment grade95 72 167 
Total$1,167 $72 $1,239 
Interests purchased in the secondary market3
Investment grade$146 $21 $167 
Non-investment grade26 30 56 
Total$172 $51 $223 
Derivative assets$1,712 $— $1,712 
Derivative liabilities722 — 722 
 Fair Value At December 31, 2025
$ in millionsLevel 2Level 3Total
Retained interests
Investment grade$1,346 $— $1,346 
Non-investment grade122 58 180 
Total$1,468 $58 $1,526 
Interests purchased in the secondary market3
Investment grade$176 $— $176 
Non-investment grade22 22 44 
Total$198 $22 $220 
Derivative assets$1,522 $— $1,522 
Derivative liabilities733 — 733 
RML—Residential mortgage loans
CML—Commercial mortgage loans
1.Amounts include CLO transactions managed by unrelated third parties.
2.Amounts include assets transferred by unrelated transferors.
3.Amounts include transactions where the Firm also holds retained interests as part of the transfer.
The previous tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. The transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statement. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. Certain retained interests are carried at fair value in the balance sheet with changes in fair value recognized in the income statement. Fair value for these interests is measured using techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Note 2 in the 2025 Form 10-K and Note 4 herein. Further, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table.
Proceeds from New Securitization Transactions and Sales of Loans
 Three Months Ended
March 31,
$ in millions20262025
New transactions1
$11,965 $14,310 
Retained interests3,478 2,780 
1.Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented.
The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 13).
March 2026 Form 10-Q
68
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Assets Sold with Retained Exposure
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Gross cash proceeds from sale of assets1
$99,348 $112,395 
Fair value
Assets sold$96,748 $113,159 
Derivative assets recognized in the balance sheet777 1,201 
Derivative liabilities recognized in the balance sheet3,376 438 
1.The carrying value of assets derecognized at the time of sale approximates gross cash proceeds.
The Firm enters into transactions in which it sells securities, primarily equities, and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities.
For a discussion of the Firm’s VIEs, the determination and structure of VIEs and securitization activities, see Note 15 to the financial statements in the 2025 Form 10-K.
15. Regulatory Requirements
Regulatory Capital Framework and Requirements
For a discussion of the Firm’s regulatory capital framework, see Note 16 to the financial statements in the 2025 Form 10-K.
The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus the Firm’s capital conservation buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. At March 31, 2026 and December 31, 2025, the differences between the actual and required ratios were lower under the Standardized Approach.
Capital Buffer Requirements
At March 31, 2026 and December 31, 2025
StandardizedAdvanced
Capital buffers
Fixed 2.5% buffer
—%2.5%
SCB4.3%N/A
G-SIB capital surcharge3.0%3.0%
CCyB1
—%—%
Capital conservation buffer requirement
7.3%5.5%
1.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.
The capital conservation buffer requirement represents the amount of CET1 capital the Firm must maintain above the minimum risk-based capital requirements in order to avoid restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. The Firm’s capital conservation buffer requirement computed under the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) is equal to the sum of the SCB, G-SIB capital surcharge and CCyB. The capital conservation buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWA (“Advanced Approach”) is equal to the sum of a fixed 2.5% buffer, G-SIB capital surcharge and CCyB.
Risk-Based Regulatory Capital Ratio Requirements
Regulatory Minimum
At March 31, 2026 and December 31, 2025
StandardizedAdvanced
Required ratios1
CET1 capital ratio
4.5%11.8%10.0%
Tier 1 capital ratio6.0%13.3%11.5%
Total capital ratio8.0%15.3%13.5%
1.Required ratios represent the regulatory minimum plus the capital conservation buffer requirement.
The Firm’s Regulatory Capital and Capital Ratios
Risk-based capital
Standardized
$ in millionsAt March 31,
2026		At December 31,
2025
Risk-based capital
CET1 capital$84,546 $83,153 
Tier 1 capital94,235 92,728 
Total capital106,481 103,449 
Total RWA559,080 552,515 
Risk-based capital ratio
CET1 capital15.1%15.0%
Tier 1 capital16.9%16.8%
Total capital19.0%18.7%
Required ratio1
CET1 capital11.8%11.8%
Tier 1 capital13.3%13.3%
Total capital15.3%15.3%
1.Required ratios are inclusive of any buffers applicable as of the date presented.
69
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Leveraged-based capital
$ in millionsAt March 31,
2026		At December 31,
2025
Leveraged-based capital
Adjusted average assets1
$1,535,246 $1,383,314 
Supplementary leverage exposure2
1,876,478 1,717,775 
Leveraged-based capital ratio
Tier 1 leverage6.1%6.7%
SLR5.0%5.4%
Required ratio3
Tier 1 leverage4.0%4.0%
SLR4
3.5%5.0%
1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.
2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.
3.Required ratios are inclusive of any buffers applicable as of the date presented.
4.As of January 1, 2026, the Firm and its U.S. Bank Subsidiaries elected to early adopt the final rulemaking on changes to the enhanced supplementary leverage ratio (“eSLR”) by the U.S. banking agencies, which removed the eSLR threshold for a covered depository institution to be considered well-capitalized and instead implemented the eSLR as a buffer standard. Under the final rule, the eSLR buffer applicable to U.S. G-SIBs equals 50% of each BHC’s Method 1 G-SIB capital surcharge, which equates to 0.5% for the Firm, applied above the 3.0% minimum SLR requirement.
U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios
The OCC establishes capital requirements for the U.S. Bank Subsidiaries, and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge and SCB requirements do not apply to the U.S. Bank Subsidiaries.
The OCC’s regulatory capital framework includes Prompt Corrective Action (“PCA”) standards, including “well-capitalized” PCA standards that are based on specified regulatory capital ratio minimums. For the Firm to remain an FHC, its U.S. Bank Subsidiaries must remain well-capitalized in accordance with the OCC’s PCA standards. In addition, failure by the U.S. Bank Subsidiaries to meet minimum capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements.
At March 31, 2026 and December 31, 2025, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules.
MSBNA’s Regulatory Capital1
 Well-Capitalized Requirement
Required Ratio2
At March 31, 2026At December 31, 2025
$ in millionsAmountRatioAmount Ratio
Risk-based capital
CET1 capital6.5 %7.0 %$42,136 19.5 %$25,545 20.3 %
Tier 1 capital8.0 %8.5 %42,136 19.5 %25,545 20.3 %
Total capital10.0 %10.5 %43,207 20.0 %26,423 21.0 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$42,136 11.0 %$25,545 10.1 %
SLR3,4
N/A3.5 %42,136 7.4 %25,545 7.6 %

MSPBNA’s Regulatory Capital
 Well-Capitalized Requirement
Required Ratio2
At March 31, 2026At December 31, 2025
$ in millionsAmountRatioAmountRatio
Risk-based capital
CET1 capital6.5 %7.0 %$18,052 27.1 %$17,298 26.1 %
Tier 1 capital8.0 %8.5 %18,052 27.1 %17,298 26.1 %
Total capital10.0 %10.5 %18,416 27.7 %17,665 26.6 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$18,052 7.0 %$17,298 7.0 %
SLR3,4
N/A3.5 %18,052 6.9 %17,298 6.8 %
1.MSBNA’s regulatory capital and capital ratios are presented as historically reported and have not been retrospectively adjusted to reflect the merger of the MSCS fixed income business into MSBNA and MSBNA’s acquisition of MSESE in the first quarter of 2026, as the Firm assesses these measures based on the legal-entity structures in effect during the applicable period.
2.Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends.
3.Beginning January 1, 2026, MSBNA and MSPBNA were subject to a 3.5% SLR standard (inclusive of a 0.5% eSLR buffer based on Method 1 G-SIB capital surcharge of 1.0%). The eSLR buffer applicable to U.S. G-SIBs’ insured depository institution subsidiaries has the same form and calibration as the BHC-level standard but is capped at 1.0%, applied above the 3.0% minimum SLR requirement.
4.As of December 31, 2025, the SLR well-capitalized requirement and required ratio was 6.0% and 3.0%, respectively, for both MSBNA and MSPBNA.
Additionally, MSBNA is conditionally registered with the SEC as a security-based swap dealer and is registered with the CFTC as a swap dealer. However, as MSBNA is prudentially regulated as a bank, its capital requirements continue to be determined by the OCC.
Other Regulatory Capital Requirements
MS&Co. Regulatory Capital
$ in millionsAt March 31,
2026		At December 31,
2025
Net capital$19,088 $19,272 
Excess net capital13,283 13,905 
MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC, respectively, and is registered as a swap dealer with the CFTC.
As an Alternative Net Capital broker-dealer, and in accordance with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c3-1, Appendix E, MS&Co. is subject to minimum net capital and tentative net capital requirements and operates with capital in excess of its regulatory capital requirements. As a futures commission merchant and registered swap dealer, MS&Co. is subject to CFTC capital
March 2026 Form 10-Q
70
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At March 31, 2026 and December 31, 2025, MS&Co. exceeded its net capital requirement and had tentative net capital in excess of the minimum and notification requirements.
Other Regulated Subsidiaries
Certain other subsidiaries are also subject to various regulatory capital requirements. Such subsidiaries include the following, each of which operated with capital in excess of their respective regulatory capital requirements as of March 31, 2026 and December 31, 2025, as applicable:
•MSSB,
•MSIP,
•MSESE,
•MSMS,
•MSCS, and
•MSCG.
See Note 16 to the financial statements in the 2025 Form 10-K for further information.
16. Total Equity
Preferred Stock
 Shares Outstanding Carrying Value
$ in millions, except per share dataAt
March 31,
2026 		Liquidation
Preference
per Share		At
March 31,
2026 		At
December 31,
2025
Series
A44,000 $25,000 $1,100 $1,100 
C1
519,882 1,000 408 408 
E34,500 25,000 862 862 
F34,000 25,000 850 850 
I40,000 25,000 1,000 1,000 
K40,000 25,000 1,000 1,000 
L20,000 25,000 500 500 
M400,000 1,000 430 430 
N3,000 100,000 300 300 
O52,000 25,000 1,300 1,300 
P40,000 25,000 1,000 1,000 
Q
40,000 25,000 1,000 1,000 
Total$9,750 $9,750 
Shares authorized30,000,000 
1.Series C preferred stock is held by MUFG.
For a description of Series A through Series Q preferred stock, see Note 17 to the financial statements in the 2025 Form 10-K. The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 15).
Share Repurchases
 Three Months Ended March 31,
$ in millions20262025
Repurchases of common stock under the Firm’s Share Repurchase Authorization$1,750 $1,000 
On July 1, 2025, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2025, which will be exercised from time to time as conditions warrant and is subject to limitations on distributions from the Federal Reserve. For more information on share repurchases, see Note 17 to the financial statements in the 2025 Form 10-K.
Common Shares Outstanding for Basic and Diluted EPS
 Three Months Ended
March 31,
in millions20262025
Weighted average common shares outstanding, basic1,561 1,584 
Effect of dilutive RSUs and PSUs15 16 
Weighted average common shares outstanding and common stock equivalents, diluted1,576 1,600 
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)9 4 
Dividends
$ in millions, except per
share data		Three Months Ended March 31,
20262025
Per Share1
Total
Per Share1
Total
Preferred stock series
A$290 $13 $329 $14 
C25 13 25 13 
E445 15 445 15 
F430 15 430 15 
I398 16 398 16 
K366 15 366 15 
L305 6 305 6 
M2
29 12 29 12 
N1,806 5 1,967 6 
O266 13 266 14 
P406 16 406 16 
Q
414 17 414 16 
Total Preferred stock$156 $158 
Common stock$1.00 $1,589 $0.925 $1,492 
1.Common and Preferred Stock dividends are payable quarterly unless otherwise noted.
2.Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.








71
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Accumulated Other Comprehensive Income (Loss) Rollforward
Three Months Ended March 31, 2026
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance
$(1,170)$(1,585)$(558)$(2,995)$23 $(6,285)
OCI activity:
Pre-Tax Gain (Loss)
45 (171)— 1,619 (396)1,097 
Tax effect
(63)41 — (397)94 (325)
After-tax Gain (Loss)
(18)(130)— 1,222 (302)772 
Non-Controlling Interests
(12)— — 15 — 3 
OCI Activity
(6)(130)— 1,207 (302)769 
Reclassified to Earnings:
Pre-tax Reclass.
— (6)5 9 5 13 
Tax effect
— 1 (1)(2)(1)(3)
Reclass. After-tax
— (5)4 7 4 10 
Net OCI Activity
(6)(135)4 1,214 (298)779 
Ending Balance
$(1,176)$(1,720)$(554)$(1,781)$(275)$(5,506)

Three Months Ended March 31, 2025
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance$(1,477)$(2,573)$(583)$(2,146)$(35)$(6,814)
OCI activity:
Pre-Tax Gain (Loss)54 491 — 439 17 1,001 
Tax effect134 (117)— (108)(4)(95)
After-tax Gain (Loss)188 374 — 331 13 906 
Non-Controlling Interests43 — — 7 — 50 
OCI Activity145 374 — 324 13 856 
Reclassified to Earnings:
Pre-tax Reclass.
— (21)5 9 5 (2)
Tax effect— 5 (3)(2)(1)(1)
Reclass. After-tax
— (16)2 7 4 (3)
Net OCI Activity145 358 2 331 17 853 
Ending Balance$(1,332)$(2,215)$(581)$(1,815)$(18)$(5,961)
17. Interest Income and Interest Expense
 Three Months Ended
March 31,
$ in millions20262025
Interest income
Cash and cash equivalents
$699 $659 
Investment securities1,343 1,280 
Loans3,582 3,325 
Securities purchased under agreements to resell1
3,494 3,416 
Securities borrowed2
1,698 1,116 
Trading assets, net of Trading liabilities1,934 1,439 
Customer receivables and Other
2,523 2,513 
Total interest income$15,273 $13,748 
Interest expense
Deposits$2,557 $2,522 
Borrowings3,183 3,018 
Securities sold under agreements to repurchase3
3,615 3,069 
Securities loaned4
771 256 
Customer payables and Other
2,444 2,530 
Total interest expense$12,570 $11,395 
Net interest$2,703 $2,353 
1.Includes interest paid on Securities purchased under agreements to resell.
2.Includes fees paid on Securities borrowed.
3.Includes interest received on Securities sold under agreements to repurchase.
4.Includes fees received on Securities loaned.

Interest income and Interest expense are classified in the income statement based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense.
Accrued Interest
$ in millionsAt March 31,
2026		At December 31,
2025
Customer and other receivables$4,666 $4,051 
Customer and other payables4,619 4,663 
18. Income Taxes
The Firm is routinely under examination by the IRS and other tax authorities in certain countries, such as the U.K., and in states and localities in which it has significant business operations, such as New York.
The Firm believes that the resolution of these tax examinations will not have a material effect on the annual financial statements, although a resolution could have a material impact in the income statement and on the effective tax rate for any period in which such resolutions occur.
March 2026 Form 10-Q
72
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
19. Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
 Three Months Ended March 31, 2026
$ in millionsISWMIMI/ETotal
Investment banking$2,116$224$—$(51)$2,289
Trading6,598120(10)22 6,730
Investments473366— 146
Commissions and fees1
1,005783—(98)1,690
Asset management1,2
2335,0791,496 (78)6,730
Other1821103(3)292
Total non-interest revenues10,1816,3491,555 (208)17,877
Interest income11,8223,64622(217)15,273
Interest expense11,2821,47642(230)12,570
Net interest5402,170(20)13 2,703
Net revenues$10,721$8,519$1,535$(195)$20,580
Provision for credit losses$92$6$—$— $98
Compensation and benefits3
3,2644,648630— 8,542
Non-compensation expenses3
3,2041,274625(174)4,929
Total non-interest expenses$6,468 $5,922 $1,255 $(174)$13,471 
Income before provision for income taxes4,1612,591280(21)7,011
Provision for income taxes79654438(5)1,373
Net income3,3652,047242(16)5,638
Net income applicable to noncontrolling interests71——— 71
Net income applicable to Morgan Stanley$3,294 $2,047 $242$(16)$5,567
Pre-tax margin4
39 %30 %18 %N/M34 %

 Three Months Ended March 31, 2025
$ in millionsISWMIMI/ETotal
Investment banking$1,559$190$—$(38)$1,711
Trading5,113(12)(7)17 5,111
Investments14933187— 369
Commissions and fees1
869695—(83)1,481
Asset management1,2
1914,3961,451(75)5,963
Other633123—(5)751
Total non-interest revenues8,5145,4251,631(184)15,386
Interest income
10,0733,95923(307)13,748
Interest expense
9,6042,05752(318)11,395
Net interest4691,902(29)11 2,353
Net revenues$8,983$7,327$1,602$(173)$17,739
Provision for credit losses$91$44$—$— $135
Compensation and benefits3
2,8543,999668— 7,521
Non-compensation expenses3
2,7571,333611(162)4,539
Total non-interest expenses$5,611 $5,332 $1,279 $(162)$12,060 
Income before provision for income taxes3,2811,951323(11)5,544
Provision for income taxes69641961(3)1,173
Net income2,5851,532262(8)4,371
Net income applicable to noncontrolling interests56——— 56
Net income applicable to Morgan Stanley$2,529$1,532$262$(8)$4,315
Pre-tax margin4
37 %27 %20 %N/M31 %
1.Substantially all revenues are from contracts with customers.
2.Includes certain fees that may relate to services performed in prior periods.
3.The significant expense categories and amounts align with the segment-level information that is regularly provided to the Firm’s chief operating decision maker (“CODM”).
4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.
For a discussion about the Firm’s business segments, see Note 22 to the financial statements in the 2025 Form 10-K.
Detail of Investment Banking Revenues
 Three Months Ended
March 31,
$ in millions20262025
Institutional Securities Advisory$978 $563 
Institutional Securities Underwriting1,138 996 
Firm Investment banking revenues from contracts with customers86 %81 %
Trading Revenues by Product Type
 Three Months Ended
March 31,
$ in millions20262025
Interest rate$926 $1,373 
Foreign exchange673 628 
Equity1
3,967 3,027 
Commodity and other1,111 324 
Credit53 (241)
Total$6,730 $5,111 
1.Dividend income is included within equity contracts.
The previous table summarizes realized and unrealized gains and losses primarily related to the Firm’s Trading assets and liabilities, from derivative and non-derivative financial instruments, included in Trading revenues in the income
73
March 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes.
Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Net cumulative unrealized performance-based fees at risk of reversing$942 $926 
The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the returns in certain funds fall below specified performance targets. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received.
Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers
 Three Months Ended
March 31,
$ in millions20262025
Fee waivers$34 $30 
The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940.
Certain Other Fee Waivers
Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees.
Other Expenses—Transaction Taxes
Three Months Ended
March 31,
$ in millions20262025
Transaction taxes$517 $266 
Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are levied on trades of listed derivative instruments in certain countries.
Net Revenues by Region
 Three Months Ended
March 31,
$ in millions20262025
Americas$14,591 $13,103 
EMEA2,641 2,291 
Asia3,348 2,345 
Total$20,580 $17,739 
For a discussion about the Firm’s geographic net revenues, see Note 22 to the financial statements in the 2025 Form 10-K.
Revenues Recognized from Prior Services
 Three Months Ended
March 31,
$ in millions20262025
Non-interest revenues$924 $595 
The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees.
Receivables from Contracts with Customers
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Customer and other receivables$2,826 $3,002 
Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer.
Assets by Business Segment
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Institutional Securities1
$1,235,197 $969,553 
Wealth Management1
328,397 433,017 
Investment Management17,824 17,700 
Total2
$1,581,418 $1,420,270 
1.In connection with MSBNA’s acquisition of MSESE and the merging of the Fixed Income business of MSCS into MSBNA, the Firm updated its segment balance sheet allocation methodology in the first quarter of 2026. As a result of this update, certain assets which were previously included in the Wealth Management balance sheet are included within the Institutional Securities balance sheet beginning in the current quarter. This change resulted in an increase to Institutional Securities assets and a decrease to Wealth Management assets of $111 billion as of March 31, 2026 with no impact on total Firm assets.
2.Parent assets have been fully allocated to the business segments.


March 2026 Form 10-Q
74
Financial Data Supplement
(Unaudited)
Image28.jpg


Average Balances and Interest Rates and Net Interest Income
 Three Months Ended March 31,
 20262025
$ in millionsAverage Daily BalanceInterestAnnualized Average RateAverage Daily BalanceInterestAnnualized Average Rate
Interest earning assets
Cash and cash equivalents:
U.S.
$68,236 $486 2.9 %$55,223 $447 3.3 %
Non-U.S.
53,613 213 1.6 %42,083 212 2.0 %
Investment securities1
163,967 1,343 3.3 %158,395 1,280 3.3 %
Loans1
283,227 3,582 5.1 %241,885 3,325 5.6 %
Securities purchased under agreements to resell2:
U.S.79,628 2,363 12.0 %66,638 2,213 13.5 %
Non-U.S.47,736 1,131 9.6 %41,448 1,203 11.8 %
Securities borrowed3:
U.S.136,635 1,646 4.9 %113,539 1,048 3.7 %
Non-U.S.21,579 52 1.0 %16,125 68 1.7 %
Trading assets, net of Trading liabilities:
U.S.155,501 1,659 4.3 %111,891 1,248 4.5 %
Non-U.S.31,263 275 3.6 %18,435 191 4.2 %
Customer receivables and Other:
U.S.82,527 1,948 9.6 %60,918 2,006 13.4 %
Non-U.S.25,462 575 9.2 %16,474 507 12.5 %
Total$1,149,374 $15,273 5.4 %$943,054 $13,748 5.9 %
Interest bearing liabilities
Deposits1
$411,670 $2,557 2.5 %$370,745 $2,522 2.8 %
Borrowings1,4
350,516 3,183 3.7 %282,999 3,018 4.3 %
Securities sold under agreements to repurchase5,7:
U.S.67,114 2,354 14.2 %18,108 1,786 40.0 %
Non-U.S.71,168 1,261 7.2 %50,533 1,283 10.3 %
Securities loaned6,7:
U.S.11,141 515 18.7 %10,093 29 1.2 %
Non-U.S.7,500 256 13.8 %6,048 227 15.2 %
Customer payables and Other:
U.S.154,071 1,661 4.4 %119,309 1,776 6.0 %
Non-U.S.76,704 783 4.1 %58,052 754 5.3 %
Total$1,149,884 $12,570 4.4 %$915,887 $11,395 5.0 %
Net interest income and net interest rate spread$2,703 1.0 % $2,353 0.9 %
1.Amounts include primarily U.S. balances.
2.Includes interest paid on Securities purchased under agreements to resell.
3.Includes fees paid on Securities borrowed.
4.Average daily balance includes borrowings carried at fair value but, for certain borrowings, interest expense is considered part of fair value and is recorded in Trading revenues.
5.Includes interest received on Securities sold under agreements to repurchase.
6.Includes fees received on Securities loaned.
7.The annualized average rate was calculated using (a) interest expense incurred on all securities sold under agreements to repurchase and securities-loaned transactions, whether or not such transactions were reported in the balance sheet and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions.




75
March 2026 Form 10-Q
Glossary of Common Terms and Acronyms
Image29.jpg
2025 Form  10-K
Annual report on Form 10-K for year ended December 31, 2025 filed with the SEC
ABSAsset-backed securities
ACLAllowance for credit losses
AFSAvailable-for-sale
AMLAnti-money laundering
AOCIAccumulated other comprehensive income (loss)
AUMAssets under management or supervision
Balance sheetConsolidated balance sheet
BHCBank holding company
bpsBasis points; one basis point equals 1/100th of 1%
Cash flow statementConsolidated cash flow statement
CCARComprehensive Capital Analysis and Review
CCyBCountercyclical capital buffer
CDOCollateralized debt obligation(s), including Collateralized loan obligation(s)
CDSCredit default swaps
CECL
Current Expected Credit Losses, as calculated under the Financial Instruments—Credit Losses accounting update
CET1
Common Equity Tier 1
CFTCU.S. Commodity Futures Trading Commission
CLNCredit-linked note(s)
CLOCollateralized loan obligation(s)
CMBSCommercial mortgage-backed securities
CMOCollateralized mortgage obligation(s)
CRE Commercial real estate
CRMCredit Risk Management Department
CTACumulative foreign currency translation adjustments
DCP
Employee deferred cash-based compensation plans linked to investment performance
DCP investments
Investments associated with certain DCP
DVADebt valuation adjustment
EBITDAEarnings before interest, taxes, depreciation and amortization
EMEAEurope, Middle East and Africa
EPSEarnings per common share
FDICFederal Deposit Insurance Corporation
FFELPFederal Family Education Loan Program
FHCFinancial holding company
FICOFair Isaac Corporation
Financial statementsConsolidated financial statements
FVOFair value option
G-SIB
Global systemically important bank
HFIHeld-for-investment
HFSHeld-for-sale
HQLAHigh-quality liquid assets
HTMHeld-to-maturity
I/EIntersegment eliminations
IMInvestment Management
Income statementConsolidated income statement
IRSInternal Revenue Service
ISInstitutional Securities
LCRLiquidity coverage ratio, as adopted by the U.S. banking agencies
LTVLoan-to-value
M&AMerger, acquisition and restructuring transaction
MSBNAMorgan Stanley Bank, N.A.
MS&Co.Morgan Stanley & Co. LLC
MSCGMorgan Stanley Capital Group Inc.
MSCSMorgan Stanley Capital Services LLC
MSESEMorgan Stanley Europe SE
MSIPMorgan Stanley & Co. International plc
MSMSMorgan Stanley MUFG Securities Co., Ltd.
MSPBNAMorgan Stanley Private Bank, National Association
MSSBMorgan Stanley Smith Barney LLC
MUFGMitsubishi UFJ Financial Group, Inc.
MUMSSMitsubishi UFJ Morgan Stanley Securities Co., Ltd.
MWhMegawatt hour
N/ANot Applicable
N/MNot Meaningful
NAVNet asset value
Non-GAAP
Non-generally accepted accounting principles in the U.S.
NSFRNet stable funding ratio, as adopted by the U.S. banking agencies
OCCOffice of the Comptroller of the Currency
OCIOther comprehensive income (loss)
OTCOver-the-counter
PSUPerformance-based stock unit
ROEReturn on average common equity
ROTCEReturn on average tangible common equity
ROURight-of-use
RSURestricted stock unit
RWARisk-weighted assets
SCBStress capital buffer
SECU.S. Securities and Exchange Commission
SLRSupplementary leverage ratio
S&PStandard & Poor’s
SPESpecial purpose entity
SPOESingle point of entry
TLACTotal loss-absorbing capacity
U.K.United Kingdom
UPBUnpaid principal balance
U.S.United States of America
U.S. Bank Subsidiaries
MSBNA and MSPBNA
U.S. GAAP
Accounting principles generally accepted in the U.S.
VaRValue-at-Risk
VIEVariable interest entity
WACCImplied weighted average cost of capital
WMWealth Management

March 2026 Form 10-Q
76
Image30.jpg
Controls and Procedures
Under the supervision and with the participation of the Firm’s management, including the Chief Executive Officer and Chief Financial Officer, the Firm conducted an evaluation of the effectiveness of the Firm’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Firm’s disclosure controls and procedures were effective as of the end of the period covered by this report.
No change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.
Legal Proceedings
See “Contingencies—Legal” in Note 13 to the Financial Statements for information about our material legal proceedings.
Risk Factors
For a discussion of the risk factors affecting the Firm, see “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K.

Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
$ in millions, except per share data
Total Number of Shares Purchased1
Average Price Paid per Share
Total Shares Purchased as Part of Share Repurchase Authorization2,3
Dollar Value of Remaining Authorized Repurchase
January6,706,286 $189.54 1,364,300 $17,165 
February4,238,605 $175.45 3,876,500 $16,487 
March5,342,423 $160.93 5,104,787 $15,665 
Three Months Ended March 31, 202616,287,314 $176.49 10,345,587 
1.Includes 5,941,727 shares acquired by the Firm in satisfaction of the tax withholding obligations on stock-based awards granted under the Firm’s stock-based compensation plans during the three months ended March 31, 2026.
2.Share purchases under publicly announced authorizations are made pursuant to open-market purchases, Rule 10b5-1 plans or privately negotiated transactions (including with employee benefit plans) as market conditions warrant and at prices the Firm deems appropriate and may be suspended at any time.
3.On July 1, 2025, the Firm announced that its Board of Directors reauthorized a multi-year repurchase authorization of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2025, which will be exercised from time to time as conditions warrant and is subject to limitations on distributions from the Federal Reserve. The Share Repurchase Authorization is for capital management purposes and considers, among other things, business segment capital needs, as well as equity-based compensation and benefit plan requirements. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer.”

Other Information
None.
Exhibits
Exhibit No.Description
10.1
Eighth Amendment to Investor Agreement, dated April 13, 2026, between Morgan Stanley and Mitsubishi UFJ Financial Group, Inc.
10.2
Form of Award Certificate for Performance Stock Unit Awards.
15
Letter of awareness from Deloitte & Touche LLP, dated May 5, 2026, concerning unaudited interim financial information.
31.1
Rule 13a-14(a) Certification of Chief Executive Officer.
31.2
Rule 13a-14(a) Certification of Chief Financial Officer.
32.1
Section 1350 Certification of Chief Executive Officer.
32.2
Section 1350 Certification of Chief Financial Officer.
101Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (“Inline XBRL”).
104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MORGAN STANLEY
(Registrant)
By:
/s/ SHARON YESHAYA
Sharon Yeshaya
Executive Vice President and
Chief Financial Officer
By:
/s/ VICTORIA WORSTER
Victoria Worster
Chief Accounting Officer and Controller
Date: May 5, 2026
77
March 2026 Form 10-Q

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