v3.25.4
Loans (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Summary of Loans
The table below presents information about loans.
$ in millionsAmortized
Cost		Fair ValueHeld For SaleTotal
As of December 2025    
Loan Type    
Corporate$29,432 $326 $918 $30,676 
Commercial real estate36,261 420 728 37,409 
Residential real estate28,700 3,257 – 31,957 
Securities-based
18,079 – – 18,079 
Other collateralized
97,519 855 625 98,999 
Credit cards– – 19,742 19,742 
Other2,920 47 53 3,020 
Total loans, gross212,911 4,905 22,066 239,882 
Allowance for loan losses(2,148)– – (2,148)
Total loans$210,763 $4,905 $22,066 $237,734 
As of December 2024    
Loan Type    
Corporate$28,689 $467 $816 $29,972 
Commercial real estate28,899 424 466 29,789 
Residential real estate22,243 3,726 – 25,969 
Securities-based
16,477 – – 16,477 
Other collateralized
74,008 783 316 75,107 
Credit cards19,615 – 1,788 21,403 
Other1,950 60 139 2,149 
Total loans, gross191,881 5,460 3,525 200,866 
Allowance for loan losses(4,666)– – (4,666)
Total loans$187,215 $5,460 $3,525 $196,200 
Beginning in the first quarter of 2025, as a result of a decrease in the balance of installment loans (due to the sales of GreenSky and the seller financing loan portfolio in 2024), the remaining installment loans originated by the firm were included in other loans. Previously, such loans were disclosed separately in the table above. The carrying value of installment loans was $22 million as of December 2025 and $70 million as of December 2024. Prior period amounts have been conformed to the current presentation.
In the table above:
•Loans held for investment that are accounted for at amortized cost include net deferred fees and costs, and unamortized premiums and discounts, which are amortized over the life of the loan. These amounts were less than 1% of loans accounted for at amortized cost as of both December 2025 and December 2024.
•Substantially all loans had floating interest rates as of both December 2025 and December 2024.
•In December 2025, the firm transferred the Apple Card loan portfolio of $21.26 billion ($19.74 billion after markdowns) to held for sale. See Note 18 for information about the related commitments that were classified as held for sale. As a result, during the fourth quarter of 2025, the firm recognized a $2.48 billion reduction in loan loss reserves (reflected in provision for credit losses), partially offset by a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card loan portfolio (to reflect this portfolio at the lower of its cost or fair value) and contract termination obligations in connection with the agreement to transition the program to another issuer.
•During 2024, the firm sold the seller financing loan portfolio. The net carrying value of such loans at the time of the sale was not material.
•During 2024, the firm completed the sale of the GreenSky loan portfolio of $3.69 billion. During 2025, the firm sold the GM credit card program to another issuer. The net carrying value of this credit card loan portfolio at the time of the sale was $1.54 billion.
Summary of Other Loans Receivable
The table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans.
$ in millions
Investment-Grade
Non-Investment- GradeOther Metrics/UnratedTotal
As of December 2025   
Accounting Method   
Amortized cost$149,682 $47,675 $15,554 $212,911 
Fair value595 1,025 3,285 4,905 
Held for sale695 1,578 19,793 22,066 
Total$150,972 $50,278 $38,632 $239,882 
Loan Type    
Corporate$9,243 $21,432 $1 $30,676 
Real estate:   
Commercial25,529 11,763 117 37,409 
Residential16,190 2,262 13,505 31,957 
Securities-based
13,130 343 4,606 18,079 
Other collateralized
84,179 14,231 589 98,999 
Credit cards– – 19,742 19,742 
Other2,701 247 72 3,020 
Total$150,972 $50,278 $38,632 $239,882 
Secured94%90%49%86%
Unsecured6%10%51%14%
Total100%100%100%100%
As of December 2024   
Accounting Method   
Amortized cost$113,986 $45,595 $32,300 $191,881 
Fair value505 856 4,099 5,460 
Held for sale869 745 1,911 3,525 
Total$115,360 $47,196 $38,310 $200,866 
Loan Type    
Corporate$8,601 $21,370 $1 $29,972 
Real estate:   
Commercial18,175 11,514 100 29,789 
Residential10,227 3,375 12,367 25,969 
Securities-based
12,662 320 3,495 16,477 
Other collateralized
63,896 10,442 769 75,107 
Credit cards– – 21,403 21,403 
Other1,799 175 175 2,149 
Total$115,360 $47,196 $38,310 $200,866 
Secured93%90%43%83%
Unsecured7%10%57%17%
Total100%100%100%100%

In the table above:
•Substantially all residential real estate loans included in the other metrics/unrated category consists of loans extended to wealth management clients. As of both December 2025 and December 2024, substantially all of such loans had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms. Additionally, as of both December 2025 and December 2024, the vast majority of such loans had a FICO credit score of greater than 740.
•The vast majority of securities-based loans included in the other metrics/unrated category had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms as of both December 2025 and December 2024.
•For credit card loans included in the other metrics/unrated category, the evaluation of credit quality incorporates the borrower’s FICO credit score. FICO credit scores are periodically refreshed by the firm to assess the updated creditworthiness of the borrower. See “Vintage” below for information about credit card loans by FICO credit scores as of December 2024.
The tables below present gross loans accounted for at amortized cost (excluding credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans.
 As of December 2025
$ in millionsInvestment-
 Grade		Non-Investment-
 Grade		 Other Metrics/
 Unrated		Total
2025$2,153 $3,840 $– $5,993 
2024623 1,645 – 2,268 
2023705 723 – 1,428 
2022680 838 – 1,518 
202175 1,756 – 1,831 
2020 or earlier477 1,529 – 2,006 
Revolving4,419 9,881 1 14,301 
Revolving converted to term– 87 – 87 
Corporate9,132 20,299 1 29,432 
20253,452 2,866 88 6,406 
20243,653 1,058 – 4,711 
2023993 545 28 1,566 
2022858 1,225 1 2,084 
2021390 1,730 – 2,120 
2020 or earlier851 1,272 – 2,123 
Revolving14,440 2,523 – 16,963 
Revolving converted to term185 103 – 288 
Commercial real estate24,822 11,322 117 36,261 
20251,242 274 2,692 4,208 
202489 38 1,434 1,561 
202390 – 1,155 1,245 
202286 41 2,367 2,494 
202115 74 2,453 2,542 
2020 or earlier– 19 307 326 
Revolving14,624 1,700 – 16,324 
Residential real estate16,146 2,146 10,408 28,700 
20255 – – 5 
20241,750 38 – 1,788 
202338 – – 38 
20225 – – 5 
Revolving11,332 305 4,606 16,243 
Securities-based 13,130 343 4,606 18,079 
202510,064 4,475 135 14,674 
20244,158 1,881 78 6,117 
20232,355 735 93 3,183 
2022614 178 24 816 
2021725 233 48 1,006 
2020 or earlier590 63 44 697 
Revolving64,769 5,754 – 70,523 
Revolving converted to term503 – – 503 
Other collateralized 83,778 13,319 422 97,519 
2025618 56 – 674 
2024251 72 – 323 
202381 11 – 92 
202222 1 – 23 
202122 – – 22 
2020 or earlier– 3 – 3 
Revolving1,680 103 – 1,783 
Other2,674 246 – 2,920 
Total$149,682 $47,675 $15,554 $212,911 
Percentage of total70%23%7%100%
 As of December 2024
$ in millionsInvestment-
 Grade		Non-Investment-
 Grade		Other Metrics/
 Unrated		Total
2024$1,447 $2,545 $– $3,992 
20231,522 1,446 – 2,968 
2022727 2,084 1 2,812 
2021215 2,244 – 2,459 
2020102 1,287 – 1,389 
2019 or earlier376 1,910 – 2,286 
Revolving4,001 8,696 – 12,697 
Revolving converted to term– 86 – 86 
Corporate8,390 20,298 1 28,689 
20242,988 1,669 27 4,684 
20231,079 1,252 – 2,331 
20221,018 1,664 – 2,682 
2021624 1,901 – 2,525 
2020273 766 – 1,039 
2019 or earlier972 738 18 1,728 
Revolving10,355 2,944 5 13,304 
Revolving converted to term201 405 – 606 
Commercial real estate17,510 11,339 50 28,899 
2024713 584 1,746 3,043 
2023224 9 1,414 1,647 
202287 46 2,537 2,670 
202121 122 2,598 2,741 
2020– 6 41 47 
2019 or earlier– 19 306 325 
Revolving9,182 2,588 – 11,770 
Residential real estate10,227 3,374 8,642 22,243 
20241,528 78 16 1,622 
202335 – – 35 
20225 – – 5 
2019 or earlier– 22 – 22 
Revolving11,094 220 3,479 14,793 
Securities-based
12,662 320 3,495 16,477 
20245,033 2,009 151 7,193 
20233,816 1,279 150 5,245 
2022910 144 42 1,096 
2021546 739 72 1,357 
2020854 566 26 1,446 
2019 or earlier196 45 25 266 
Revolving51,373 5,211 15 56,599 
Revolving converted to term710 96 – 806 
Other collateralized 63,438 10,089 481 74,008 
2024257 73 – 330 
2023113 10 – 123 
202236 6 – 42 
202116 – 16 32 
2020– 2 – 2 
Revolving1,337 84 – 1,421 
Other1,759 175 16 1,950 
Total$113,986 $45,595 $12,685 $172,266 
Percentage of total
66%27%7%100%







The table below presents gross credit card loans (which consist of revolving lines of credit) that were accounted for at amortized cost as of December 2024 by refreshed FICO credit scores. As of December 2025, the firm did not have credit card loans accounted for at amortized cost.
 
As of December
$ in millions
2025
2024
Refreshed FICO credit score
Greater than or equal to 660
$– – $13,090 67%
Less than 660– – 6,525 33%
Total$– – $19,615 100%
Summary of Credit Concentration by Region The table below presents the concentration of gross loans by region.
$ in millionsCarrying
 Value		AmericasEMEAAsiaTotal
As of December 2025     
Corporate$30,676 66%25%9%100%
Commercial real estate37,409 76%20%4%100%
Residential real estate31,957 92%7%1%100%
Securities-based
18,079 78%22%– 100%
Other collateralized
98,999 80%18%2%100%
Credit cards19,742 100%– – 100%
Other3,020 97%3%– 100%
Total$239,882 81%16%3%100%
As of December 2024    
Corporate$29,972 66%26%8%100%
Commercial real estate29,789 78%18%4%100%
Residential real estate25,969 94%5%1%100%
Securities-based
16,477 76%24%– 100%
Other collateralized
75,107 86%12%2%100%
Credit cards21,403 100%– – 100%
Other2,149 96%4%– 100%
Total$200,866 83%14%3%100%
In the table above:
•EMEA represents Europe, Middle East and Africa.
•The top five industry concentrations for corporate loans as of December 2025 were 26% for technology, media & telecommunications, 18% for diversified industrials, 16% for real estate, 10% for consumer & retail and 8% for financial institutions.
•The top five industry concentrations for corporate loans as of December 2024 were 24% for technology, media & telecommunications, 16% for diversified industrials, 14% for real estate, 9% for financial institutions and 9% for healthcare.
Summary of Past Due Loans
The table below presents information about past due loans accounted for at amortized cost.
$ in millions30-89 days90 days
 or more		Total
As of December 2025   
Corporate$– $32 $32 
Commercial real estate336 281 617 
Residential real estate3 19 22 
Securities-based
2 – 2 
Other collateralized
57 6 63 
Other– 34 34 
Total$398 $372 $770 
Total divided by gross loans at amortized cost0.4%
As of December 2024   
Corporate$– $15 $15 
Commercial real estate186 286 472 
Residential real estate3 18 21 
Securities-based
6 – 6 
Other collateralized
– 5 5 
Credit cards417 456 873 
Total$612 $780 $1,392 
Total divided by gross loans at amortized cost0.7%
Summary of Nonaccrual Loans
The table below presents information about nonaccrual loans accounted for at amortized cost.
 
As of December
$ in millions20252024
Corporate$2,065 $1,977 
Commercial real estate1,079 800 
Residential real estate85 104 
Securities-based
– 2 
Other collateralized
121 757 
Other37 12 
Total$3,387 $3,652 
Total divided by gross loans at amortized cost1.6%1.9%
In the table above:
•Nonaccrual loans included $756 million as of December 2025 and $322 million as of December 2024 of loans that were 30 days or more past due.
•Loans that were 90 days or more past due and still accruing were not material as of both December 2025 and December 2024.
•Allowance for loan losses as a percentage of total nonaccrual loans was 63.4% as of December 2025 and 127.8% as of December 2024.
•Commercial real estate, residential real estate, securities-based and other collateralized loans are collateral dependent loans and the repayment of such loans is generally expected to be provided by the operation or sale of the underlying collateral. The allowance for credit losses for such nonaccrual loans is determined by considering the fair value of the collateral less estimated costs to sell, if applicable. See Note 4 for further information about fair value measurements.
Summary of Loans Modified
The table below presents the carrying value of loans accounted for at amortized cost, as of both December 2025 and December 2024, that were modified during either 2025 or 2024.
Year Ended December
$ in millions20252024
Modified loans
$848 $1,208 
In the table above:
•During 2025, loan modifications were primarily in the form of term and payment extensions and the impact of these modifications was not material. During 2024, loan modifications were primarily in the form of term extensions. These extensions increased the weighted average term for loans modified by 19 months.
•As of December 2025, substantially all of the modified loans were related to corporate and commercial real estate loans. Such modified loans represented less than 2% of corporate loans (at amortized cost) and approximately 1% of commercial real estate loans (at amortized cost).
•As of December 2024, substantially all of the modified loans were related to corporate, commercial real estate and credit card loans. Such modified loans represented approximately 2% of corporate loans (at amortized cost), and approximately 1% of both commercial real estate loans (at amortized cost) and credit card loans (at amortized cost).
•Lending commitments related to modified loans were $191 million as of December 2025 and were $156 million as of December 2024.
•During both 2025 and 2024, loans that defaulted after being modified were not material. The vast majority of the modified loans as of December 2025 and substantially all of the modified loans as of December 2024 were performing in accordance with the modified contractual terms.
Summary of Loans and Lending Commitments Accounted for at Amortized Cost by Portfolio
The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio.
As of December
20252024
$ in millionsLoansLending
 Commitments
LoansLending
 Commitments
Wholesale
Corporate$29,432 $179,236 $28,689 $156,562 
Commercial real estate36,261 7,109 28,899 4,969 
Residential real estate28,700 3,017 22,243 1,742 
Securities-based
18,079 784 16,477 1,542 
Other collateralized
97,519 47,741 74,008 33,136 
Other2,920 1,085 1,950 872 
Consumer
Credit cards– – 19,615 63,781 
Total$212,911 $238,972 $191,881 $262,604 
In the table above, wholesale loans included $3.39 billion as of December 2025 and $3.65 billion as of December 2024 of nonaccrual loans for which the allowance for credit losses was measured on an asset-specific basis. The allowance for credit losses on these loans was $975 million as of December 2025 and $735 million as of December 2024. These loans included $656 million as of December 2025 and $585 million as of December 2024 of loans which did not require a reserve as the loan was deemed to be recoverable.
Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments
The table below presents information about the allowance for credit losses.
$ in millionsWholesale Consumer Total
Year Ended December 2025
Allowance for loan losses
Beginning balance$2,099 $2,567 $4,666 
Charge-offs(104)(1,353)(1,457)
Recoveries42 165 207 
Net (charge-offs)/recoveries(62)(1,188)(1,250)
Provision225 (1,379)(1,154)
Other(114)– (114)
Ending balance$2,148 $– $2,148 
Allowance ratio1.0%– 1.0%
Net charge-off ratio0.0%6.1%0.6%
Allowance for losses on lending commitments
Beginning balance$674 $– $674 
Provision52 – 52 
Other5 – 5 
Ending balance$731 $– $731 
Year Ended December 2024
Allowance for loan losses
Beginning balance$2,576 $2,474 $5,050 
Charge-offs(169)(1,471)(1,640)
Recoveries121 104 225 
Net (charge-offs)/recoveries(48)(1,367)(1,415)
Provision(292)1,540 1,248 
Other(137)(80)(217)
Ending balance$2,099 $2,567 $4,666 
Allowance ratio1.2%13.1%2.4%
Net charge-off ratio0.0%7.6%0.8%
Allowance for losses on lending commitments
Beginning balance$620 $– $620 
Provision56 – 56 
Other(2)– (2)
Ending balance$674 $– $674 
In the table above:
•Other (within allowance for loan losses) primarily represented the reduction to the allowance related to loans transferred to held for sale.
•The allowance ratio is calculated by dividing the allowance for loan losses by gross loans accounted for at amortized cost.
•The net charge-off ratio is calculated by dividing net (charge-offs)/recoveries by average gross loans accounted for at amortized cost.
Schedule of Forecasted Economic Scenarios
The table below presents the forecasted U.S. unemployment and U.S. GDP growth rates used in the baseline economic scenario of the forecast model.
As of December 2025
U.S. unemployment rate 
Forecast for the quarter ended: 
June 2026
4.7%
December 2026
4.4%
June 2027
4.4%
U.S. GDP rate 
Forecast for the year: 
20261.9%
20271.8%
20281.9%
In the table above:
•U.S. unemployment rate represents the rate forecasted as of the respective quarter-end.
•U.S. GDP rate represents the year-over-year growth rate forecasted for the respective years.
The adverse economic scenario of the forecast model reflects a global recession, resulting in an economic contraction and rising unemployment rates. In this scenario, the U.S. unemployment rate peaks at 7.4% (during the first quarter of 2027) and the maximum decline in quarterly U.S. GDP relative to the fourth quarter of 2025 is 3.0% (which occurs during the fourth quarter of 2026).
In the multi-scenario forecast, the weighted average peak U.S. unemployment rate is 5.4% (during the first quarter of 2027) and the largest difference in quarterly U.S. GDP between the baseline scenario and the weighted average is 1.7% (which occurs during the second quarter of 2027).
While the U.S. unemployment and U.S. GDP growth rates are significant inputs to the forecast model, the model contemplates a variety of other inputs across a range of scenarios to provide a forecast of future economic conditions. Given the complex nature of the forecasting process, no single economic variable can be viewed in isolation and independently of other inputs.
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value
The table below presents the estimated fair value of loans that are not accounted for at fair value and in what level of the fair value hierarchy they would have been classified if they had been included in the firm’s fair value hierarchy.
 Carrying ValueEstimated Fair Value
$ in millionsLevel 2Level 3Total
As of December 2025    
Amortized cost$210,763 $113,861 $97,210 $211,071 
Held for sale$22,066 $21,383 $694 $22,077 
As of December 2024    
Amortized cost$187,215 $99,790 $89,540 $189,330 
Held for sale$3,525 $2,928 $600 $3,528