v3.25.4
Unsecured Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Unsecured Borrowings
The table below presents information about unsecured borrowings.
 
As of December
$ in millions20252024
Unsecured short-term borrowings$70,459 $69,709 
Unsecured long-term borrowings285,500 242,634 
Total$355,959 $312,343 
Schedule of Long-Term Debt Instruments
The table below presents information about unsecured long-term borrowings.
$ in millionsU.S. DollarNon-U.S.
 Dollar		Total
As of December 2025   
Group Inc.
$151,533 $38,036 $189,569 
Subsidiaries
61,028 34,903 95,931 
Total$212,561 $72,939 $285,500 
As of December 2024  
Group Inc.$134,094 $33,429 $167,523 
Subsidiaries49,747 25,364 75,111 
Total$183,841 $58,793 $242,634 
In the table above:
•Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2070.
•Unsecured long-term borrowings included $112.68 billion as of December 2025 and $89.19 billion as of December 2024 of borrowings accounted for at fair value under the fair value option. Substantially all such borrowings consist of hybrid financial instruments, which primarily includes equity- and interest rate-linked instruments. The carrying value of unsecured long-term borrowings for which the firm did not elect the fair value option was $172.82 billion as of December 2025 and $153.44 billion as of December 2024. The estimated fair value of such unsecured long-term borrowings was $177.67 billion as of December 2025 and $156.31 billion as of December 2024. As these borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both December 2025 and December 2024.
•The vast majority of unsecured long-term borrowings consists of fixed-rate obligations.
•U.S. dollar-denominated borrowings had interest rates ranging from 1.43% to 6.75% (with a weighted average rate of 4.32%) as of December 2025 and 0.86% to 6.75% (with a weighted average rate of 4.10%) as of December 2024. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.
•Non-U.S. dollar-denominated borrowings had interest rates ranging from 0.25% to 7.25% (with a weighted average rate of 2.22%) as of December 2025 and 0.25% to 7.25% (with a weighted average rate of 2.04%) as of December 2024. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.
•Total unsecured long-term borrowings had interest rates ranging from 0.25% to 7.25% (with a weighted average rate of 3.92%) as of December 2025 and 0.25% to 7.25% (with a weighted average rate of 3.76%) as of December 2024. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.
Subordinated Borrowings
The table below presents information about subordinated borrowings.
$ in millionsPar
 Amount		Carrying
 Value		Rate
As of December 2025   
Subordinated debt$10,096 $9,413 6.12%
Junior subordinated debt968 1,026 5.58%
Total$11,064 $10,439 6.07%
As of December 2024   
Subordinated debt$12,131 $11,217 6.89%
Junior subordinated debt968 1,004 5.88%
Total$13,099 $12,221 6.82%
In the table above:
•The par amount of subordinated debt issued by Group Inc. was $10.10 billion as of December 2025 and $12.13 billion as of December 2024, and the carrying value of subordinated debt issued by Group Inc. was $9.41 billion as of December 2025 and $11.22 billion as of December 2024.
•The rate is the weighted average interest rate for these borrowings (excluding borrowings accounted for at fair value under the fair value option), including the effect of fair value hedges used to convert fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities.
Schedule of Maturities of Long-Term Debt
The table below presents unsecured long-term borrowings by maturity.
As of December 2025
$ in millions
Group Inc.
Subsidiaries
Total
2027$24,344 $25,755 $50,099 
202825,370 14,400 39,770 
202924,468 12,029 36,497 
203020,817 14,609 35,426 
2031 - thereafter94,570 29,138 123,708 
Total$189,569 $95,931 $285,500 
In the table above:
•Unsecured long-term borrowings due to mature within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included in unsecured short-term borrowings.
•Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates.
•Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable.
•Unsecured long-term borrowings included $(7.56) billion of adjustments to the carrying value of certain unsecured long-term borrowings resulting from the application of hedge accounting by year of maturity as follows: $(443) million in 2027, $(484) million in 2028, $(555) million in 2029, $(567) million in 2030 and $(5.51) billion in 2031 and thereafter.