| Schedule of Fair Value Option |
Borrowings Measured at Fair Value on a Recurring Basis | | | | | | | | | | $ 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 | |
Net Revenues from Liabilities under the Fair Value Option | | | | | | | | | | | | | $ 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) | | | | | | | | | | | | | |
1.Amounts do not reflect any gains or losses from related economic hedges. Gains (Losses) Due to Changes in Instrument-Specific Credit Risk | | | | | | | | | | $ 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) | |
Difference between Contractual Principal and Fair Value1 | | | | | | | | | | $ 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.Fair Value Loans on Nonaccrual Status | | | | | | | | | | $ 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 | |
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