What was the total asset value of Lehman Brothers at its 2008 bankruptcy?

Lehman Brothers had total assets of $639 billion when it filed for bankruptcy in 2008. The filing on September 15, 2008, became the largest bankruptcy in U.S. history at the time.

That enormous figure included financial instruments such as loans, securities, mortgage-related assets, and trading positions. Lehman also reported about $613 billion in liabilities, showing why its collapse was so consequential even though its balance sheet listed substantial assets.

The bankruptcy followed years of expansion into mortgage finance and increasingly risky real-estate-related securities. As housing prices fell and credit markets tightened, many of those assets became difficult to value or sell. Lehman’s failure intensified the global financial crisis and helped trigger widespread panic in credit markets.

A common mix-up is confusing total assets with liabilities, losses, or market capitalization. The $639 billion figure refers specifically to the assets reported at the time of the bankruptcy filing.