The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models.


$ in millions	At December 31, 2025		At December 31, 2024
Business Unit Responsible for Risk Management
Equity	$	64,457	$	49,144
Interest rates	46,394		34,451
Commodities	13,665		14,829
Credit	6,094		3,306
Foreign exchange	1,869		1,602
Total	$	132,479	$	103,332


$ in millions	Trading Revenues		Interest Expense		Net Revenues1
2025
Borrowings	$	(11,414)	$	1,000	$	(12,414)
Deposits	(254)		235		(489)


2024
Borrowings	(1,118)		650		(1,767)
Deposits	(134)		242		(376)


2023
Borrowings	(7,991)		503		(8,494)

Gains (losses) from changes in fair value are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates.


$ in millions	Trading Revenues		OCI
2025
Loans and other receivables1	$	(44)	$	—
Lending commitments	(2)		—
Deposits	—		50
Borrowings	(20)		(1,187)
2024
Loans and other receivables1	$	(53)	$	—
Lending commitments	(3)		—
Deposits	—		(39)
Borrowings	(27)		(663)
2023
Loans and other receivables1	$	(123)	$	—
Lending commitments	14		—
Deposits	—		17
Borrowings	(19)		(1,726)


$ in millions	At December 31, 2025		At December 31, 2024
Cumulative pre-tax DVA gain (loss) recognized in AOCI	$	(4,005)	$	(2,868)

1.Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses.


$ in millions	At December 31, 2025		At December 31, 2024
Loans and other receivables2	$	10,746	$	10,207
Nonaccrual loans2	8,146		7,719
Borrowings3	3,680		3,249

1.Amounts indicate contractual principal greater than or (less than) fair value.

2.The majority of the difference between principal and fair value amounts for loans and other receivables relates to distressed debt positions purchased at amounts well below par.

3.Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index.

The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to transfers of financial assets treated as collateralized financings, pledged commodities and other liabilities that have specified assets attributable to them.


$ in millions	At December 31, 2025		At December 31, 2024
Nonaccrual loans	$	1,240	$	647
Nonaccrual loans 90 or more days past due	$	124	$	155

- Definition

The entire disclosure for a company's election to apply the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items; (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected: (i) information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures and (ii) the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (d) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (e) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (f) for investments that would have been accounted for under the equity method if the entity had not chosen to apply the fair value option, the information required for such investments, if material either individually or in the aggregate; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) a description of how interest and dividends are measured and where they are reported in the income statement; (c) for loans and other receivables held as assets: (i) the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk and (ii) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (d) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk, (ii) qualitative information about the reasons for those changes, and (iii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided.

+ References

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+ Details