Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2025

Variable Interest Entities [Abstract]

The table below presents a summary of the nonconsolidated VIEs in which the firm holds variable interests.


	As of December

$ in millions	2025		2024
Total nonconsolidated VIEs
Assets in VIEs	$	271,331	$	206,500
Carrying value of variable interests — assets	$	17,746	$	16,710
Carrying value of variable interests — liabilities	$	3,016	$	2,754
Maximum exposure to loss:
Retained interests	$	6,458	$	5,848
Purchased interests	681		767
Commitments and guarantees	6,239		5,034
Derivatives	9,445		8,974
Debt and equity	6,284		6,878
Total	$	29,107	$	27,501

In the table above:

•The nature of the firm’s variable interests is described in the rows under maximum exposure to loss.

•The firm’s exposure to the obligations of VIEs is generally limited to its interests in these entities. In certain instances, the firm provides guarantees, including derivative guarantees, to VIEs or holders of variable interests in VIEs.

•The maximum exposure to loss excludes the benefit of offsetting financial instruments that are held to mitigate the risks associated with these variable interests.

•The maximum exposure to loss from retained interests, purchased interests, and debt and equity is the carrying value of these interests.

•The maximum exposure to loss from commitments and guarantees, and derivatives is the notional amount, which does not represent anticipated losses and has not been reduced by unrealized losses. As a result, the maximum exposure to loss exceeds liabilities recorded for commitments and guarantees, and derivatives.

The table below presents information, by principal business activity, for nonconsolidated VIEs included in the summary table above.


	As of December

$ in millions	2025		2024
Mortgage-backed
Assets in VIEs	$	180,240	$	128,378
Carrying value of variable interests — assets	$	6,094	$	5,618
Maximum exposure to loss:
Retained interests	$	5,947	$	5,355
Purchased interests	147		263

Derivatives	1		1
Total	$	6,095	$	5,619

Tax credit, credit-related, real estate and other investing
Assets in VIEs	$	67,290	$	55,311
Carrying value of variable interests — assets	$	7,073	$	6,978
Carrying value of variable interests — liabilities	$	2,587	$	2,315
Maximum exposure to loss:

Commitments and guarantees	$	5,376	$	4,138
Debt and equity	4,494		4,831
Total	$	9,870	$	8,969

Corporate debt and other asset-backed
Assets in VIEs	$	23,801	$	22,811
Carrying value of variable interests — assets	$	4,579	$	4,114
Carrying value of variable interests — liabilities	$	429	$	439
Maximum exposure to loss:
Retained interests	$	511	$	493
Purchased interests	534		504
Commitments and guarantees	863		896
Derivatives	9,444		8,973
Debt and equity	1,790		2,047
Total	$	13,142	$	12,913

The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in consolidated VIEs.


	As of December

$ in millions	2025		2024
Total consolidated VIEs
Assets
Cash and cash equivalents	$	49	$	172
Customer and other receivables	1		325
Trading assets	112		95
Investments	347		170
Loans	–		9
Other assets	71		69
Total	$	580	$	840

Liabilities
Other secured financings	$	643	$	661
Customer and other payables	7		7

Unsecured short-term borrowings	5		5
Unsecured long-term borrowings	14		15
Other liabilities	212		165
Total	$	881	$	853

In the table above:

•Assets and liabilities are presented net of intercompany eliminations and exclude the benefit of offsetting financial instruments that are held to mitigate the risks associated with the firm’s variable interests.

•VIEs in which the firm holds a majority voting interest are excluded if (i) the VIE meets the definition of a business and (ii) the VIE’s assets can be used for purposes other than the settlement of its obligations.

•Substantially all assets can only be used to settle obligations of the VIE.

The table below presents information, by principal business activity, for consolidated VIEs included in the summary table above.


	As of December

$ in millions	2025		2024
Assets
Real estate and other investing	$	466	$	283
Corporate debt and other asset-backed	23		155
Principal-protected notes	91		402
Total	$	580	$	840

Liabilities
Real estate and other investing	$	221	$	176
Corporate debt and other asset-backed	298		334
Principal-protected notes	362		343
Total	$	881	$	853

In the table above:

•Beginning in the fourth quarter of 2025, as the balances of assets and liabilities of consolidated VIEs have decreased during the year, the amounts have been summarized by principal business activity rather than disclosed on a disaggregated basis by balance sheet line item. Prior period amounts have been conformed to the current presentation.

•Creditors and beneficial interest holders of real estate and other investing VIEs do not have recourse to the general credit of the firm.

Other Assets

The table below presents other assets by type.


	As of December

$ in millions	2025		2024
Property, leasehold improvements and equipment	$	7,474	$	8,024
Goodwill	5,949		5,853
Identifiable intangible assets	842		847
Operating lease right-of-use assets	2,050		1,967
Income tax-related assets	11,332		9,131
Miscellaneous receivables and other	8,565		8,365
Total	$	36,212	$	34,187

The table below presents information about investments (included in miscellaneous receivables and other within other assets in the consolidated balance sheets) in qualified affordable housing and renewable energy projects that met the criteria of the proportional amortization method of accounting.


	As of December

$ in millions	2025		2024
Carrying value of investments	$	4,123	$	3,456

The table below presents information about the amortization and income tax credits and other income tax benefits related to investments in qualified affordable housing and renewable energy projects that met the criteria of the proportional amortization method of accounting.


	Year Ended December

$ in millions	2025		2024		2023
Amortization	$	440	$	381	$	301
Tax credits and other benefits	$	520	$	452	$	370

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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