Securitization Activities (Tables)

12 Months Ended

Dec. 31, 2025

Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets

The table below presents information about nonconsolidated securitization entities to which the firm sold assets and had continuing involvement as of the end of the period.


$ in millions	Outstanding Principal Amount		Retained Interests		Purchased Interests
As of December 2025
U.S. government agency-issued CMOs	$	62,433	$	3,169	$	–
Other residential mortgage-backed	38,605		1,630		37
Other commercial mortgage-backed	77,967		1,148		39
Corporate debt and other asset-backed	13,904		511		14
Total	$	192,909	$	6,458	$	90
As of December 2024
U.S. government agency-issued CMOs	$	34,049	$	3,053	$	–
Other residential mortgage-backed	33,069		1,357		14
Other commercial mortgage-backed	59,562		945		57
Corporate debt and other asset-backed	12,059		493		5
Total	$	138,739	$	5,848	$	76

In the table above:

•CMOs represents collateralized mortgage obligations.

•The outstanding principal amount is presented for the purpose of providing information about the size of the securitization entities and is not representative of the firm’s risk of loss.

•The firm’s risk of loss from retained or purchased interests is limited to the carrying value of these interests.

•Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests.

•Substantially all of the total outstanding principal amount and total retained interests relate to securitizations during 2019 and thereafter.

•The fair value of retained interests was $6.37 billion as of December 2025 and $5.78 billion as of December 2024.

Assets that Continue to be Recognized, Transferred Financial Assets and Other Financial Assets Managed Together

The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement as of the end of the period.


	Year Ended December

$ in millions	2025		2024		2023
Residential mortgages	$	55,717	$	33,210	$	20,276
Commercial mortgages	23,512		7,238		4,446
Other financial assets	3,965		2,782		5,951
Total financial assets securitized	$	83,194	$	43,230	$	30,673
Retained interests cash flows	$	783	$	722	$	493

Schedule of Changes in Fair Value of Plan Assets

The table below presents information about the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests.


	As of December

$ in millions	2025		2024
Fair value of retained interests	$	5,865	$	5,292
Weighted average life (years)	6.2		6.1
Constant prepayment rate	12.4%		10.0%
Impact of 10% adverse change	$	(53)	$	(57)
Impact of 20% adverse change	$	(102)	$	(110)
Discount rate	8.6%		7.8%
Impact of 10% adverse change	$	(171)	$	(136)
Impact of 20% adverse change	$	(331)	$	(281)

In the table above:

•Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests.

•Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear.

•The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above.

•The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value.

•The discount rate for retained interests that relate to U.S. government agency-issued CMOs does not include any credit loss. Expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests.