v3.25.4
Commitments, Contingencies and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments
The table below presents commitments by type.
 
As of December
$ in millions20252024
Commitment Type  
Commercial lending:  
Investment-grade$154,598 $124,001 
Non-investment-grade81,407 67,755 
Warehouse financing16,349 13,587 
Credit cards
70,823 78,099 
Total lending323,177 283,442 
Risk participations8,435 5,014 
Collateralized agreement103,188 95,282 
Collateralized financing43,206 49,333 
Investment9,721 5,832 
Other9,392 8,223 
Total commitments$497,119 $447,126 
The table below presents commitments by expiration.
As of December 2025
2027 -2029 -2031 -
$ in millions202620282030Thereafter
Commitment Type    
Commercial lending:    
Investment-grade$21,573 $51,812 $75,375 $5,838 
Non-investment-grade5,884 22,835 34,679 18,009 
Warehouse financing1,525 8,488 4,957 1,379 
Credit cards
70,823 – – – 
Total lending99,805 83,135 115,011 25,226 
Risk participations360 1,856 6,139 80 
Collateralized agreement102,682 506 – – 
Collateralized financing43,104 102 – – 
Investment5,964 768 179 2,810 
Other9,063 328 – 1 
Total commitments$260,978 $86,695 $121,329 $28,117 
The table below presents information about lending commitments.
 
As of December
$ in millions20252024
Held for investment$238,972 $262,604 
Held for sale82,558 20,258 
At fair value1,647 580 
Total$323,177 $283,442 
In the table above:
•Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $1.04 billion (including allowance for credit losses of $731 million) as of December 2025 and $929 million (including allowance for credit losses of $674 million) as of December 2024. The estimated fair value of such lending commitments was a liability of $6.03 billion as of December 2025 and $4.84 billion as of December 2024. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $3.44 billion as of December 2025 and $2.44 billion as of December 2024 would have been classified in level 2, and $2.59 billion as of December 2025 and $2.40 billion as of December 2024 would have been classified in level 3.
•Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale were not material as of both December 2025 and December 2024. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 2 as of December 2025 and primarily classified in level 3 as of December 2024.
•Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions.
Guarantees
The table below presents derivatives that meet the definition of a guarantee, securities lending and clearing guarantees and certain other financial guarantees.
$ in millionsDerivativesSecurities
 lending and
 clearing		Other
 financial
 guarantees
As of December 2025   
Carrying Value of Net Liability$2,643 $– $485 
Maximum Payout/Notional Amount by Period of Expiration
2026$219,426 $182,017 $2,435 
2027 - 2028111,873 – 3,709 
2029 - 203017,321 – 2,195 
2031 - thereafter31,026 – 313 
Total$379,646 $182,017 $8,652 
As of December 2024   
Carrying Value of Net Liability$3,535 $– $425 
Maximum Payout/Notional Amount by Period of Expiration
2025$181,940 $58,056 $2,523 
2026 - 202778,419 – 3,086 
2028 - 202917,074 – 1,843 
2030 - thereafter31,819 – 505 
Total$309,252 $58,056 $7,957 
In the table above:
•The maximum payout is based on the notional amount of the contract and does not represent anticipated losses.
•Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments.
•The carrying value for derivatives included derivative assets of $765 million as of December 2025 and $464 million as of December 2024, and derivative liabilities of $3.41 billion as of December 2025 and $4.00 billion as of December 2024.