v3.26.1
Unsecured Borrowings
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Unsecured Borrowings
Unsecured Borrowings
The table below presents information about unsecured borrowings.
 
As of
MarchDecember
$ in millions20262025
Unsecured short-term borrowings$80,878 $70,459 
Unsecured long-term borrowings315,426 285,500 
Total$396,304 $355,959 
Unsecured Short-Term Borrowings
Unsecured short-term borrowings included $33.13 billion as of March 2026 and $30.52 billion as of December 2025 of unsecured long-term borrowings that are 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. In addition, unsecured short-term borrowings included $1.00 billion of commercial paper outstanding as of March 2026. There was no commercial paper outstanding as of December 2025. The vast majority of the remaining unsecured short-term borrowings consist of hybrid financial instruments, which are accounted for at fair value under the fair value option. See Notes 4, 5 and 10 for further information about unsecured short-term borrowings that are accounted for at fair value.
The firm designates certain derivatives as fair value hedges to convert a portion of its unsecured short-term borrowings not accounted for at fair value from fixed-rate obligations into floating-rate obligations.
The carrying value of unsecured short-term borrowings for which the firm did not elect the fair value option generally approximates fair value due to the short-term nature of the obligations. As these unsecured short-term 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 March 2026 and December 2025.
The weighted average interest rates for unsecured short-term borrowings was 4.73% as of March 2026 and 4.34% as of December 2025. These rates include the effect of hedging activities and exclude unsecured short-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.


Unsecured Long-Term Borrowings
The table below presents information about unsecured long-term borrowings.
As of
MarchDecember
$ in millions20262025
U.S. Dollar
$230,070 $212,561 
Non-U.S. Dollar
85,356 72,939 
Total$315,426 $285,500 
In the table above:
•Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2076.
•Unsecured long-term borrowings included $125.67 billion as of March 2026 and $112.68 billion as of December 2025 of borrowings accounted for at fair value under the fair value option. Substantially all such borrowings consist of hybrid financial instruments, which primarily include 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 $189.76 billion as of March 2026 and $172.82 billion as of December 2025. The estimated fair value of such unsecured long-term borrowings was $191.14 billion as of March 2026 and $177.67 billion as of December 2025. 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 March 2026 and December 2025.
•The vast majority of unsecured long-term borrowings consists of fixed-rate obligations.
•U.S. dollar-denominated borrowings had interest rates ranging from 1.54% to 6.75% (with a weighted average rate of 4.39%) as of March 2026 and 1.43% to 6.75% (with a weighted average rate of 4.32%) as of December 2025. 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 2.37%) as of March 2026 and 0.25% to 7.25% (with a weighted average rate of 2.22%) as of December 2025. 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 3.94%) as of March 2026 and 0.25% to 7.25% (with a weighted average rate of 3.92%) as of December 2025. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.
The firm designates certain derivatives as fair value hedges to convert a portion of fixed-rate unsecured long-term borrowings not accounted for at fair value into floating-rate obligations. As of both March 2026 and December 2025, after giving effect to such hedges, the vast majority of unsecured long-term borrowings consisted of floating-rate obligations and had weighted average interest rates of 4.75% as of March 2026 and 4.92% as of December 2025. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.
The table below presents unsecured long-term borrowings by maturity.
As of
$ in millionsMarch 2026
2027$36,495 
202839,709 
202944,810 
203031,870 
203131,295 
2032 - thereafter131,247 
Total$315,426 
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 $(8.13) 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: $(267) million in 2027, $(517) million in 2028, $(718) million in 2029, $(645) million in 2030, $(147) million in 2031, $(5.84) billion in 2032 and thereafter.




Subordinated Borrowings
Unsecured long-term borrowings includes subordinated debt and junior subordinated debt. Subordinated debt that matures within one year is included in unsecured short-term borrowings. Junior subordinated debt is junior in right of payment to other subordinated borrowings, which are junior to senior borrowings. Subordinated debt had maturities ranging from 2026 to 2045 as of both March 2026 and December 2025.
The table below presents information about subordinated borrowings.
$ in millionsPar
 Amount		Carrying
 Value		Rate
As of March 2026   
Subordinated debt$12,418 $11,694 5.93%
Junior subordinated debt968 1,019 5.16%
Total$13,386 $12,713 5.88%
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%
In the table above, 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.



Junior Subordinated Debt
In 2004, Group Inc. issued $2.84 billion of junior subordinated debt to Goldman Sachs Capital I, a Delaware statutory trust. Goldman Sachs Capital I issued $2.75 billion of guaranteed preferred beneficial interests (Trust Preferred securities) to third parties and $85 million of common beneficial interests to Group Inc. As of both March 2026 and December 2025, the outstanding par amount of junior subordinated debt held by Goldman Sachs Capital I was $968 million and the outstanding par amount of Trust Preferred securities and common beneficial interests issued by Goldman Sachs Capital I was $939 million and $29 million, respectively. Goldman Sachs Capital I is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes.
The firm pays interest semi-annually on the junior subordinated debt at an annual rate of 6.345% and the debt matures on February 15, 2034. The coupon rate and the payment dates applicable to the beneficial interests are the same as the interest rate and payment dates for the junior subordinated debt. The firm has the right, from time to time, to defer payment of interest on the junior subordinated debt, and therefore cause payment on Goldman Sachs Capital I’s preferred beneficial interests to be deferred, in each case up to ten consecutive semi-annual periods. During any such deferral period, the firm will not be permitted to, among other things, pay dividends on or make certain repurchases of its common stock. Goldman Sachs Capital I is not permitted to pay any distributions on the common beneficial interests held by Group Inc. unless all dividends payable on the preferred beneficial interests have been paid in full.