v3.25.4
Borrowings and Other Secured Financings
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Borrowings and Other Secured Financings Borrowings and Other Secured Financings
Maturities and Terms of Borrowings
Parent CompanySubsidiaries
At
December 31, 2025
At
December 31, 2024
$ in millions
Fixed Rate1
Variable Rate2
Fixed Rate1
Variable Rate2
Original maturities of one year or less:
Next 12 months$— $— $62 $7,192 $7,254 $4,512 
Original maturities greater than one year:
2025$21,921 
2026$10,821 $747 $3,816 $10,851 $26,235 37,969 
202719,976 2,090 4,108 13,443 39,617 34,050 
202812,947 3,133 10,807 17,875 44,762 28,719 
202921,014 2,535 4,735 8,226 36,510 26,159 
203015,582 498 2,869 11,971 30,920 20,016 
Thereafter108,593 2,392 21,996 30,656 163,637 115,473 
Total greater than one year$188,933 $11,395 $48,331 $93,022 $341,681 $284,307 
Total
$188,933 $11,395 $48,393 $100,214 $348,935 $288,819 
Weighted average coupon at period end3
4.1 %3.4 %4.8 %4.8 %4.2 %4.1 %
1.Fixed rate borrowings include instruments with step-up, step-down and zero coupon features.
2.Variable rate borrowings include those that bear interest based on a variety of indices, including SOFR and federal funds rates, in addition to certain notes carried at fair value with various payment provisions, including notes linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures.
3.Only includes borrowings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes the effect of related hedging derivatives and financial instruments for which the fair value option was elected. See “Rates for Borrowings with Original Maturities Greater than One Year” table herein for more information.
Borrowings with Original Maturities Greater than One Year
$ in millions
At
December 31, 2025
At
December 31, 2024
Senior$329,502 $270,594 
Subordinated12,179 13,713 
Total$341,681 $284,307 
Weighted average stated maturity, in years6.36.6
Certain senior debt securities are denominated in various non-U.S. dollar currencies and may be structured to provide a return that is linked to equity, credit, commodity or other indices (e.g., the consumer price index). Senior debt also may be structured to be callable by the Firm or extendible at the option of holders of the senior debt securities.
The Firm’s Borrowings include notes carried and managed on a fair value basis. These include instruments whose payments and redemption values are linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures; and instruments with various interest rate-related features, including step-ups, step-downs and zero coupons. Also included are unsecured contracts that are not classified as derivatives because they fail the initial net investment criterion. To minimize the exposure from such instruments, the Firm has entered into various swap contracts, options, and other hedges that effectively convert the borrowing costs into floating rates. The swaps and purchased options used to economically hedge the embedded features are derivatives and also are carried at fair value. Changes in fair value related to the notes and economic hedges are reported in Trading revenues. See Notes 2 and 5 for further information on borrowings carried at fair value.
Senior Debt Subject to Put Options or Liquidity Obligations
$ in millions
At
December 31, 2025
At
December 31, 2024
Put options embedded in debt agreements$295 $429 
Liquidity obligations1
$4,824 $3,597 
1.Includes obligations to support secondary market trading.
Subordinated Debt
20252024
Contractual weighted average coupon4.4 %4.5 %

Subordinated debt generally is issued to meet the capital requirements of the Firm or its regulated subsidiaries and primarily is U.S. dollar denominated. Maturities of subordinated debt range from 2026 to 2039.
Rates for Borrowings with Original Maturities Greater than One Year
 At December 31,
202520242023
Contractual weighted average coupon1
4.2 %4.1 %3.6 %
Weighted average coupon after hedging derivatives4.9 %5.6 %6.5 %
1.Weighted average coupon was calculated utilizing U.S. and non-U.S. dollar interest rates and excludes financial instruments for which the fair value option was elected.
In general, other than securities inventories and customer balances financed by secured funding sources, the majority of the Firm’s assets are financed with a combination of deposits, short-term funding, floating rate long-term debt or fixed rate long-term debt swapped to a floating rate. The Firm uses interest rate swaps to more closely match these borrowings to the duration, holding period and interest rate characteristics of the assets being funded and to manage interest rate risk. These swaps effectively convert certain of the Firm’s fixed rate borrowings into floating rate obligations. In addition, for non-U.S. dollar currency borrowings that are not used to fund assets in the same currency, the Firm has entered into currency swaps that effectively convert the borrowings into U.S. dollar obligations.
The Firm’s use of swaps for asset and liability management affects its effective average borrowing rate.
Other Secured Financings
$ in millions
At
December 31, 2025
At
December 31, 2024
Original maturities:
One year or less$13,892 $17,133 
Greater than one year7,711 4,469 
Total$21,603 $21,602 
Transfers of assets accounted for as secured financings9,713 10,275 
Maturities and Terms of Other Secured Financings1
 At December 31, 2025At
December 31,
2024
$ in millionsFixed
Rate
Variable
Rate2
Total
Original maturities of one year or less:
Next 12 months$42 $4,478 $4,520 $7,006 
Original maturities greater than one year:
2025$2,389 
2026$— $2,511 $2,511 690 
2027191 1,675 1,866 107 
2028— 1,617 1,617 453 
2029— — — — 
2030— 40 40 44 
Thereafter17 1,319 1,336 638 
Total$208 $7,162 $7,370 $4,321 
Weighted average coupon at period-end3
1.2 %4.7 %3.7 %4.6 %
1.Excludes transfers of assets accounted for as secured financings. See subsequent table.
2.Variable rate other secured financings bear interest based on a variety of indices, including SOFR and federal funds rates. Amounts include notes carried at fair value with various payment provisions, including notes linked to equity, credit, commodity or other indices.
3.Includes only other secured financings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes other secured financings that are linked to non-interest indices and for which the fair value option was elected.
Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 15 for further information on other secured financings related to VIEs and securitization activities.
Maturities of Transfers of Assets Accounted for as Secured Financings1
$ in millions
At
December 31, 2025
At
December 31, 2024
2025$— $10,184 
20269,391 42 
202715 5 
202828 12 
2029— 5 
2030147 21 
Thereafter132 6 
Total$9,713 $10,275 
1.Excludes Securities sold under agreements to repurchase and Securities loaned.
For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheet.