| Loans, Lending Commitments and Related Allowance for Credit Losses |
Loans, Lending Commitments and Related Allowance for Credit Losses The Firm’s held-for-investment and held-for-sale loan portfolios consist of the following types of loans: •Corporate. Corporate includes revolving lines of credit, term loans and bridge loans made to corporate entities for a variety of purposes. •Secured Lending Facilities. Secured lending facilities include loans provided to clients, which are collateralized by various assets, including residential and commercial real estate mortgage loans, investor commitments for capital calls, corporate loans and other assets. •Commercial Real Estate. Commercial real estate loans include owner-occupied loans and income-producing loans. •Residential Real Estate. Residential real estate loans mainly include non-conforming loans and HELOC. •Securities-based Lending and Other. Securities-based lending includes loans that allow clients to borrow money against the value of qualifying securities, generally for any suitable purpose other than purchasing, trading, or carrying securities or refinancing margin debt. The majority of these loans are structured as revolving lines of credit. Other primarily includes certain loans originated in the tailored lending business within the Wealth Management business segment. Loans by Type | | | | | | | | | | | | | | At December 31, 2025 | | $ in millions | HFI Loans | HFS Loans | Total Loans | | Corporate | $ | 7,277 | | $ | 7,202 | | $ | 14,479 | | | Secured lending facilities | 69,149 | | 1,817 | | 70,966 | | | Commercial real estate | 8,039 | | 320 | | 8,359 | | | Residential real estate | 72,403 | | 5 | | 72,408 | | Securities-based lending and Other | 112,984 | | 30 | | 113,014 | | | Total loans | 269,852 | | 9,374 | | 279,226 | | | ACL | (1,132) | | | (1,132) | | | Total loans, net | $ | 268,720 | | $ | 9,374 | | $ | 278,094 | | | Loans to non-U.S. borrowers, net | $ | 34,532 | | $ | 3,622 | | $ | 38,154 | |
| | | | | | | | | | | | | | At December 31, 2024 | | $ in millions | HFI Loans | HFS Loans | Total Loans | | Corporate | $ | 6,889 | | $ | 9,183 | | $ | 16,072 | | | Secured lending facilities | 48,842 | | 2,507 | | 51,349 | | | Commercial real estate | 8,412 | | 628 | | 9,040 | | | Residential real estate | 66,738 | | — | | 66,738 | | Securities-based lending and Other | 96,019 | | 1 | | 96,020 | | | Total loans | 226,900 | | 12,319 | | 239,219 | | | ACL | (1,066) | | | (1,066) | | | Total loans, net | $ | 225,834 | | $ | 12,319 | | $ | 238,153 | | | Loans to non-U.S. borrowers, net | $ | 23,335 | | $ | 4,763 | | $ | 28,098 | |
Loans by Interest Rate Type | | | | | | | | | | | | | | | | | At December 31, 2025 | At December 31, 2024 | | $ in millions | Fixed Rate | Floating or Adjustable Rate | Fixed Rate | Floating or Adjustable Rate | | Corporate | $ | 1 | | $ | 14,478 | | $ | — | | $ | 16,071 | | | Secured lending facilities | 525 | | 70,440 | | — | | 51,349 | | | Commercial real estate | 327 | | 8,032 | | — | | 9,041 | | | Residential real estate | 32,377 | | 40,031 | | 31,014 | | 35,724 | | Securities-based lending and Other | 27,681 | | 85,334 | | 25,478 | | 70,542 | | | Total loans, before ACL | $ | 60,911 | | $ | 218,315 | | $ | 56,492 | | $ | 182,727 | |
See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 14 for details of current commitments to lend in the future. Credit Quality
The CRM evaluates new obligors before credit transactions are initially approved and at least annually thereafter for corporate and commercial real estate loans. For Corporate, Secured lending facilities and Other loans, credit evaluations typically involve the evaluation of financial statements, assessment of leverage, liquidity, capital strength, asset composition and quality, market capitalization and access to capital markets, cash flow projections and debt service requirements, and the adequacy of collateral, if applicable. The CRM also evaluates strategy, market position, industry dynamics, obligor’s management and other factors that could affect an obligor’s risk profile. For Commercial real estate loans, the credit evaluation is focused on property and transaction metrics, including property type, LTV ratio, occupancy levels, debt service ratio, prevailing capitalization rates and market dynamics. For Residential real estate and Securities-based loans, the initial credit evaluation typically includes, but is not limited to, review of the obligor’s income, net worth, liquidity, collateral, LTV ratio and credit bureau information. Subsequent credit monitoring for residential real estate loans is performed at the portfolio level. Securities-based loan collateral values are monitored on an ongoing basis. For information related to credit quality indicators considered in developing the ACL, see Note 2. Loans Held for Investment before Allowance by Credit Quality and Origination Year | | | | | | | | | | | | | | | | | | | | | | At December 31, 2025 | At December 31, 2024 | | Corporate | | $ in millions | IG | NIG | Total | IG | NIG | Total | Revolving | $ | 2,362 | | $ | 4,580 | | $ | 6,942 | | $ | 2,668 | | $ | 3,963 | | $ | 6,631 | | | 2025 | 125 | | 40 | | 165 | | | | | | 2024 | 79 | | 50 | | 129 | | 76 | | 58 | | 134 | | | 2023 | — | | 25 | | 25 | | — | | 50 | | 50 | | | 2022 | — | | — | | — | | — | | 25 | | 25 | | | 2021 | 15 | | — | | 15 | | 15 | | — | | 15 | | Prior | — | | 1 | | 1 | | 31 | | 3 | | 34 | | Total | $ | 2,581 | | $ | 4,696 | | $ | 7,277 | | $ | 2,790 | | $ | 4,099 | | $ | 6,889 | |
| | | | | | | | | | | | | | | | | | | | | | At December 31, 2025 | At December 31, 2024 | | Secured Lending Facilities | | $ in millions | IG | NIG | Total | IG | NIG | Total | Revolving | $ | 15,709 | | $ | 37,915 | | $ | 53,624 | | $ | 11,405 | | $ | 27,753 | | $ | 39,158 | | | 2025 | 2,514 | | 7,248 | | 9,762 | | | | | | 2024 | 78 | | 2,620 | | 2,698 | | 818 | | 2,863 | | 3,681 | | | 2023 | 596 | | 935 | | 1,531 | | 1,371 | | 1,359 | | 2,730 | | | 2022 | 13 | | 957 | | 970 | | 279 | | 1,909 | | 2,188 | | | 2021 | — | | 12 | | 12 | | — | | 198 | | 198 | | Prior | 7 | | 545 | | 552 | | 100 | | 787 | | 887 | | Total | $ | 18,917 | | $ | 50,232 | | $ | 69,149 | | $ | 13,973 | | $ | 34,869 | | $ | 48,842 | |
| | | | | | | | | | | | | | | | | | | | | | At December 31, 2025 | At December 31, 2024 | | Commercial Real Estate | | $ in millions | IG | NIG | Total | IG | NIG | Total | | Revolving | $ | 34 | | $ | — | | $ | 34 | | $ | — | | $ | 161 | | $ | 161 | | | 2025 | 322 | | 2,103 | | 2,425 | | | | | | 2024 | 577 | | 1,385 | | 1,962 | | 147 | | 2,202 | | 2,349 | | | 2023 | 153 | | 409 | | 562 | | 351 | | 772 | | 1,123 | | | 2022 | 332 | | 1,094 | | 1,426 | | 305 | | 1,488 | | 1,793 | | | 2021 | — | | 938 | | 938 | | 166 | | 1,603 | | 1,769 | | Prior | 37 | | 655 | | 692 | | — | | 1,217 | | 1,217 | | Total | $ | 1,455 | | $ | 6,584 | | $ | 8,039 | | $ | 969 | | $ | 7,443 | | $ | 8,412 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2025 | | Residential Real Estate | | by FICO Scores | | by LTV Ratio | | Total | | $ in millions | ≥ 740 | 680-739 | ≤ 679 | | ≤ 80% | > 80% | | | Revolving | $ | 172 | | $ | 40 | | $ | 7 | | | $ | 219 | | $ | — | | | $ | 219 | | | 2025 | 9,096 | | 1,666 | | 189 | | | 9,900 | | 1,051 | | | 10,951 | | | 2024 | 7,825 | | 1,480 | | 184 | | | 8,571 | | 918 | | | 9,489 | | | 2023 | 6,099 | | 1,315 | | 187 | | | 6,788 | | 813 | | | 7,601 | | | 2022 | 9,613 | | 2,138 | | 355 | | | 11,159 | | 947 | | | 12,106 | | | 2021 | 9,906 | | 2,086 | | 204 | | | 11,361 | | 835 | | | 12,196 | | | Prior | 15,637 | | 3,755 | | 449 | | | 18,583 | | 1,258 | | | 19,841 | | | Total | $ | 58,348 | | $ | 12,480 | | $ | 1,575 | | | $ | 66,581 | | $ | 5,822 | | | $ | 72,403 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2024 | | Residential Real Estate | | by FICO Scores | | by LTV Ratio | | Total | | $ in millions | ≥ 740 | 680-739 | ≤ 679 | | ≤ 80% | > 80% | | | Revolving | $ | 136 | | $ | 39 | | $ | 5 | | | $ | 180 | | $ | — | | | $ | 180 | | | 2024 | 8,653 | | 1,607 | | 191 | | | 9,458 | | 993 | | | 10,451 | | | 2023 | 6,778 | | 1,431 | | 201 | | | 7,529 | | 881 | | | 8,410 | | | 2022 | 10,294 | | 2,298 | | 370 | | | 11,941 | | 1,021 | | | 12,962 | | | 2021 | 10,510 | | 2,247 | | 228 | | | 12,094 | | 891 | | | 12,985 | | | Prior | 17,088 | | 4,171 | | 491 | | | 20,355 | | 1,395 | | | 21,750 | | | Total | $ | 53,459 | | $ | 11,793 | | $ | 1,486 | | | $ | 61,557 | | $ | 5,181 | | | $ | 66,738 | |
| | | | | | | | | | | | | | | | At December 31, 2025 | | Securities-based lending1 | Other2 | | | $ in millions | IG | NIG | Total | Revolving | $ | 97,840 | | $ | 639 | | $ | 1,615 | | $ | 100,094 | | | 2025 | 2,437 | | 199 | | 808 | | 3,444 | | | 2024 | 1,132 | | 690 | | 180 | | 2,002 | | | 2023 | 655 | | 126 | | 981 | | 1,762 | | | 2022 | 132 | | 170 | | 1,260 | | 1,562 | | | 2021 | — | | 17 | | 400 | | 417 | | | Prior | 245 | | 996 | | 2,462 | | 3,703 | | | Total | $ | 102,441 | | $ | 2,837 | | $ | 7,706 | | $ | 112,984 | |
| | | | | | | | | | | | | | | | At December 31, 2024 | | Securities-based lending1 | Other2 | | | $ in millions | IG | NIG | Total | | Revolving | $ | 76,432 | | $ | 6,342 | | $ | 1,551 | | $ | 84,325 | | | 2024 | 1,291 | | 719 | | 453 | | 2,463 | | | 2023 | 949 | | 424 | | 685 | | 2,058 | | | 2022 | 449 | | 472 | | 1,053 | | 1,974 | | | 2021 | 100 | | 14 | | 538 | | 652 | | | Prior | 270 | | 1,430 | | 2,847 | | 4,547 | | | Total | $ | 79,491 | | $ | 9,401 | | $ | 7,127 | | $ | 96,019 | |
IG—Investment Grade NIG—Non-investment Grade 1.Securities-based loans are subject to collateral maintenance provisions, and at December 31, 2025 and December 31, 2024, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2. 2. Other loans primarily include tailored lending. For a further discussion of Other loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein. Past Due Loans Held for Investment before Allowance1 | | | | | | | | | | $ in millions | At December 31, 2025 | At December 31, 2024 | | | | | | | | Commercial real estate | $ | 129 | | $ | 272 | | | Residential real estate | 298 | | 186 | | Securities-based lending and Other | 41 | | 86 | | | Total | $ | 468 | | $ | 544 | |
1.As of December 31, 2025, the majority of the amounts are 90 days or more past due. As of December 31, 2024, the majority of the amounts are 90 days or more past due. Nonaccrual Loans Held for Investment before Allowance1 | | | | | | | | | | $ in millions | At December 31, 2025 | At December 31, 2024 | | Corporate | $ | 203 | | $ | 108 | | | Secured lending facilities | 14 | | 6 | | | Commercial real estate | 476 | | 447 | | | Residential real estate | 208 | | 160 | | Securities-based lending and Other | 246 | | 298 | | Total | $ | 1,147 | | $ | 1,019 | | | Nonaccrual loans without an ACL | $ | 180 | | $ | 162 | |
1.There were no loans held for investment that were 90 days or more past due and still accruing as of December 31, 2025 and December 31, 2024. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements. Loan Modifications to Borrowers Experiencing Financial Difficulty The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower’s financial difficulties, and these modifications include interest rate reductions, principal forgiveness, term extensions and other-than-insignificant payment delays or a combination of these aforementioned modifications. Modified loans are typically evaluated individually for allowance for credit losses. Modified Loans Held for Investment Period-end loans held for investment modified during the following periods1 | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | $ in millions | Amortized Cost | % of Total Loans2 | | Amortized Cost | % of Total Loans2 | Term Extension | | Corporate | $ | 230 | | 3.2 | % | | $ | 211 | | 3.1 | % | | Secured lending facilities | 9 | | — | % | | 41 | | 0.1 | % | | Commercial real estate | 398 | | 5.0 | % | | 172 | | 2.0 | % | | Residential real estate | 1 | | — | % | | — | | — | % | | Securities-based lending and Other | 449 | | 0.4 | % | | 138 | | 0.1 | % | | Total | $ | 1,087 | | 0.4 | % | | $ | 562 | | 0.4 | % | | Other-than-insignificant Payment Delay | | Corporate | $ | 10 | | 0.1 | % | | $ | — | | — | % | | | | | | | | | | | | | | Residential real estate | 1 | | — | % | | — | | — | % | | Securities-based lending and Other | 23 | | — | % | | — | | — | % | | Total | $ | 34 | | — | % | | $ | — | | — | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest Rate Reduction | | | | | | | | | | | | | | | | | | | | Residential real estate | $ | 1 | | — | % | | $ | 2 | | — | % | | | | | | | | Total | $ | 1 | | — | % | | $ | 2 | | — | % | | Multiple Modifications - Term Extension and Interest Rate Reduction | | | | | | | | | | | | | | Commercial real estate | $ | 74 | | 0.9 | % | | $ | 81 | | 1.0 | % | | Residential real estate | 7 | | — | % | | 1 | | — | % | | | | | | | | Total | $ | 81 | | 0.1 | % | | $ | 82 | | 0.1 | % | | | | | | | | | | | | | | | Total Modifications | $ | 1,203 | | 0.4 | % | | $ | 646 | | 0.3 | % |
1.Lending commitments to borrowers for which the Firm has modified terms of the receivable, during the year ended December 31, 2025 and 2024, were $681 million and $746 million, as of December 31, 2025 and December 31, 2024, respectively. 2.Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type. Financial Impact of Modifications on Loans Held for Investment | | | | | | | | | | | | | | | | Year Ended December 31, 20251 | | Term Extension
(Months) | Other-than-insignificant Payment Delay
(Months) | Principal Forgiveness ($ millions) | Interest Rate Reduction
(%) | Single Modifications | | Corporate | 27 | 8 | $ | — | | — | % | | Secured lending facilities | 30 | 0 | — | | — | % | | Commercial real estate | 36 | 0 | — | | — | % | | Residential real estate | 29 | 19 | — | | 0.3 | % | | Securities-based lending and Other | 23 | 12 | — | | — | % | | Multiple Modifications - Term Extension and Interest Rate Reduction | | | | | | | | | | | | Commercial real estate | 64 | 0 | — | | 0.6 | % | | Residential real estate | 120 | 0 | — | | 1.0 | % | | | | | |
| | | | | | | | | | | | | | | | Year Ended December 31, 20241 | | Term Extension
(Months) | Other-than-insignificant Payment Delay
(Months) | Principal Forgiveness ($ millions) | Interest Rate Reduction
(%) | Single Modifications | | Corporate | 15 | 0 | $ | — | | — | % | | Secured lending facilities | 2 | 0 | — | | — | % | | Commercial real estate | 11 | 0 | — | | — | % | | Residential real estate | 0 | 0 | — | | 1.0 | % | | Securities-based lending and Other | 21 | 0 | — | | — | % | | Multiple Modifications - Term Extension and Interest Rate Reduction | | Commercial real estate | 61 | 0 | — | | 1.6 | % | | Residential real estate | 84 | 0 | — | | 1.0 | % |
1.In instances where more than one loan was modified, modification impact is presented on a weighted-average basis. Past Due Loans Held for Investment Modified in the Last 12 Months | | | | | | | | | | | | | | | | At December 31, 2025 | | $ in millions | | 30-89 Days Past Due | 90+ Days Past Due | Total | | | | | | | | | | | | Commercial real estate | | $ | — | | $ | 71 | | $ | 71 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | At December 31, 2024 | | $ in millions | | 30-89 Days Past Due | 90+ days
Past Due | Total | | | | | | | | | | | | Commercial real estate | | $ | — | | $ | 56 | | $ | 56 | | | | | | | | | | | | | | | | |
At December 31, 2025, there was one commercial real estate loan held for investment with an amortized cost of $71 million that defaulted during the year ended December 31, 2025 and had been modified in the form of term extension in the 12 month period prior to default. At December 31, 2024, there were two commercial real estate loans held for investment with a total amortized cost of $56 million that defaulted during the year ended December 31, 2024 and had been modified in the 12 month period prior to default. Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2025 | | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | | ACL—Loans | | | | | | | Beginning balance | $ | 200 | | $ | 140 | | $ | 373 | | $ | 97 | | $ | 256 | | $ | 1,066 | | | Gross charge-offs | (24) | | — | | (173) | | — | | (17) | | (214) | | | Recoveries | — | | — | | 22 | | — | | — | | 22 | | Net (charge-offs)/recoveries | (24) | | — | | (151) | | — | | (17) | | (192) | | | Provision (release) | 75 | | 59 | | 47 | | 30 | | 19 | | 230 | | | Other | 9 | | 2 | | 14 | | — | | 3 | | 28 | | | Ending balance | $ | 260 | | $ | 201 | | $ | 283 | | $ | 127 | | $ | 261 | | $ | 1,132 | | Percent of loans to total loans1 | 3 | % | 25 | % | 3 | % | 27 | % | 42 | % | 100 | % | ACL—Lending commitments | Beginning balance | $ | 507 | | $ | 88 | | $ | 40 | | $ | 4 | | $ | 17 | | $ | 656 | | | Provision (release) | 101 | | 46 | | (28) | | 1 | | (1) | | 119 | | | Other | 17 | | 3 | | — | | — | | 3 | | 23 | | | Ending balance | $ | 625 | | $ | 137 | | $ | 12 | | $ | 5 | | $ | 19 | | $ | 798 | | Total ending balance | $ | 885 | | $ | 338 | | $ | 295 | | $ | 132 | | $ | 280 | | $ | 1,930 | |
| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | | ACL—Loans | | | | | | | Beginning balance | $ | 241 | | $ | 153 | | $ | 463 | | $ | 100 | | $ | 212 | | $ | 1,169 | | | Gross charge-offs | (39) | | (11) | | (165) | | — | | (27) | | (242) | | | Recoveries | — | | — | | 4 | | — | | 3 | | 7 | | Net (charge-offs)/recoveries | (39) | | (11) | | (161) | | — | | (24) | | (235) | | | Provision (release) | 2 | | 1 | | 77 | | (3) | | 69 | | 146 | | | Other | (4) | | (3) | | (6) | | — | | (1) | | (14) | | | Ending balance | $ | 200 | | $ | 140 | | $ | 373 | | $ | 97 | | $ | 256 | | $ | 1,066 | | Percent of loans to total loans1 | 3 | % | 22 | % | 4 | % | 29 | % | 42 | % | 100 | % | ACL—Lending commitments | Beginning balance | $ | 431 | | $ | 70 | | $ | 26 | | $ | 4 | | $ | 20 | | $ | 551 | | | Provision (release) | 86 | | 19 | | 16 | | — | | (3) | | 118 | | | Other | (10) | | (1) | | (2) | | — | | — | | (13) | | | Ending balance | $ | 507 | | $ | 88 | | $ | 40 | | $ | 4 | | $ | 17 | | $ | 656 | | Total ending balance | $ | 707 | | $ | 228 | | $ | 413 | | $ | 101 | | $ | 273 | | $ | 1,722 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2023 | | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | | ACL—Loans | | | | | | | Beginning balance | $ | 235 | | $ | 153 | | $ | 275 | | $ | 87 | | $ | 89 | | $ | 839 | | | Gross charge-offs | (34) | | — | | (129) | | — | | (4) | | (167) | | | Recoveries | 1 | | — | | — | | 1 | | — | | 2 | | Net (charge-offs)/recoveries | (33) | | — | | (129) | | 1 | | (4) | | (165) | | | Provision (release) | 37 | | — | | 314 | | 13 | | 124 | | 488 | | | Other | 2 | | — | | 3 | | (1) | | 3 | | 7 | | | Ending balance | $ | 241 | | $ | 153 | | $ | 463 | | $ | 100 | | $ | 212 | | $ | 1,169 | | Percent of loans to total loans1 | 3 | % | 19 | % | 4 | % | 30 | % | 44 | % | 100 | % | ACL—Lending commitments | Beginning balance | $ | 411 | | $ | 51 | | $ | 15 | | $ | 4 | | $ | 23 | | $ | 504 | | | Provision (release) | 16 | | 18 | | 11 | | — | | (1) | | 44 | | | Other | 4 | | 1 | | — | | — | | (2) | | 3 | | | Ending balance | $ | 431 | | $ | 70 | | $ | 26 | | $ | 4 | | $ | 20 | | $ | 551 | | Total ending balance | $ | 672 | | $ | 223 | | $ | 489 | | $ | 104 | | $ | 232 | | $ | 1,720 | |
1.Percent of loans to total loans represents loans held for investment by loan type to total loans held for investment. The allowance for credit losses for loans and lending commitments increased in 2025, primarily related to portfolio growth in corporate loans and secured lending facilities and provisions for certain specific commercial real estate loans. Charge-offs in 2025 were primarily related to commercial real estate loans within the Institutional Securities business segment. The base scenario used in our ACL models as of December 31, 2025 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes continued economic growth relative to the prior year forecast. Our ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate. The significance of key macroeconomic variables on our ACL models varies depending on portfolio composition and economic conditions. Other key macroeconomic variables used in our ACL models include corporate credit spreads, interest rates and commercial real estate indices. See Note 2 for a description of the ACL calculated under the CECL methodology, including credit quality indicators, used for held-for-investment loans. Gross Charge-offs by Origination Year | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2025 | | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | Revolving | $ | (14) | | $ | — | | $ | — | | $ | — | | $ | (8) | | $ | (22) | | | 2025 | (10) | | — | | — | | — | | — | | (10) | | | | | | | | | | | | | | | | | 2022 | — | | — | | (13) | | — | | — | | (13) | | | 2021 | — | | — | | (119) | | — | | (4) | | (123) | | Prior | — | | — | | (41) | | — | | (5) | | (46) | | Total | $ | (24) | | $ | — | | $ | (173) | | $ | — | | $ | (17) | | $ | (214) | |
| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | $ in millions | Corporate | Secured Lending Facilities | CRE | Residential Real Estate | SBL and Other | Total | Revolving | $ | (39) | | $ | — | | $ | — | | $ | — | | $ | — | | $ | (39) | | | | | | | | | | 2022 | — | | — | | (18) | | — | | — | | (18) | | | 2021 | — | | — | | (14) | | — | | (2) | | (16) | | | 2020 | — | | (11) | | — | | — | | — | | (11) | | | | | | | | | Prior | — | | — | | (133) | | — | | (25) | | (158) | | Total | $ | (39) | | $ | (11) | | $ | (165) | | $ | — | | $ | (27) | | $ | (242) | |
CRE—Commercial real estateSBL—Securities-based lending Selected Credit Ratios | | | | | | | | | | At
December 31,
2025 | At
December 31,
2024 | | ACL for loans to total HFI loans | 0.4 | % | 0.5 | % | Nonaccrual HFI loans to total HFI loans | 0.4 | % | 0.4 | % | ACL for loans to nonaccrual HFI loans | 98.7 | % | 104.6 | % |
Employee Loans | | | | | | | | | | $ in millions | At December 31, 2025 | At December 31, 2024 | Currently employed by the Firm1 | $ | 4,769 | | $ | 4,255 | | No longer employed by the Firm2 | 89 | | 83 | | | Employee loans | $ | 4,858 | | $ | 4,338 | | | ACL | (127) | | (112) | | | Employee loans, net of ACL | $ | 4,731 | | $ | 4,226 | | | Remaining repayment term, weighted average in years | 5.7 | 5.6 |
1.These loans are predominantly current. 2.These loans are predominantly past due for a period of 90 days or more. Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management financial advisors, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheet. See Note 2 for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.
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