Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2021

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



	As of

$ in millions		June 2021	December 2020
Total nonconsolidated VIEs
Assets in VIEs		$159,629	$148,665
Carrying value of variable interests — assets		$ 9,846	$ 8,624
Carrying value of variable interests — liabilities		$ 755	$ 888
Maximum exposure to loss:
Retained interests		$ 3,870	$ 3,182
Purchased interests		813	1,041
Commitments and guarantees		2,168	2,455
Derivatives		8,792	8,343
Debt and equity		4,789	4,020
Total		$ 20,432	$ 19,041

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



	As of

$ in millions		June 2021	December 2020
Mortgage-backed
Assets in VIEs		$107,729	$99,353
Carrying value of variable interests — assets		$ 4,399	$ 4,014
Maximum exposure to loss:
Retained interests		$ 3,618	$ 2,990
Purchased interests		781	1,024
Commitments and guarantees		41	47
Derivatives		394	394
Total		$ 4,834	$ 4,455
Real estate, credit- and power-related and other investing
Assets in VIEs		$ 23,046	$20,934
Carrying value of variable interests — assets		$ 3,566	$ 3,288
Carrying value of variable interests — liabilities		$ 10	$ 14
Maximum exposure to loss:
Commitments and guarantees		$ 1,426	$ 1,374
Derivatives		70	84
Debt and equity		3,566	3,288
Total		$ 5,062	$ 4,746
Corporate debt and other asset-backed
Assets in VIEs		$ 16,635	$14,077
Carrying value of variable interests — assets		$ 1,452	$ 913
Carrying value of variable interests — liabilities		$ 745	$ 874
Maximum exposure to loss:
Retained interests		$ 252	$ 192
Purchased interests		32	17
Commitments and guarantees		667	989
Derivatives		8,325	7,862
Debt and equity		794	323
Total		$ 10,070	$ 9,383
Investments in funds
Assets in VIEs		$ 12,219	$14,301
Carrying value of variable interests — assets		$ 429	$ 409
Maximum exposure to loss:
Commitments and guarantees		$ 34	$ 45
Derivatives		3	3
Debt and equity		429	409
Total		$ 466	$ 457

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



	As of

$ in millions		June 2021	December 2020
Total consolidated VIEs
Assets
Cash and cash equivalents		$ 215	$ 312
Trading assets		155	96
Investments		867	880
Loans		1,738	2,099
Other assets		575	989
Total		$3,550	$4,376
Liabilities
Other secured financings		$1,348	$1,891
Customer and other payables		5	28
Trading liabilities		54	296
Unsecured short-term borrowings		40	43
Unsecured long-term borrowings		207	226
Other liabilities		946	948
Total		$2,600	$3,432

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



	As of

$ in millions		June 2021	December 2020
Real estate, credit-related and other investing
Assets
Cash and cash equivalents		$ 129	$ 229
Trading assets		38	8
Investments		867	880
Loans		1,738	2,099
Other assets		575	989
Total		$3,347	$4,205
Liabilities
Other secured financings		$ 312	$ 649
Customer and other payables		5	28
Trading liabilities		54	46
Other liabilities		946	948
Total		$1,317	$1,671
Corporate debt and other asset-backed
Assets
Cash and cash equivalents		$ 86	$ 83
Total		$ 86	$ 83
Liabilities
Other secured financings		$ 627	$ 679
Total		$ 627	$ 679
Principal-protected notes
Assets
Trading assets		$ 117	$ 88
Total		$ 117	$ 88
Liabilities
Other secured financings		$ 409	$ 563
Trading liabilities		–	250
Unsecured short-term borrowings		40	43
Unsecured long-term borrowings		207	226
Total		$ 656	$1,082