v3.25.4
Loans, Lending Commitments and Related Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Schedule of Loans by Type
Loans by Type
 At December 31, 2025
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$7,277 $7,202 $14,479 
Secured lending facilities69,149 1,817 70,966 
Commercial real estate8,039 320 8,359 
Residential real estate72,403 5 72,408 
Securities-based lending and Other
112,984 30 113,014 
Total loans269,852 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 millionsHFI LoansHFS LoansTotal Loans
Corporate$6,889 $9,183 $16,072 
Secured lending facilities48,842 2,507 51,349 
Commercial real estate8,412 628 9,040 
Residential real estate66,738 — 66,738 
Securities-based lending and Other
96,019 1 96,020 
Total loans226,900 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
Loans by Interest Rate Type
 At December 31, 2025At December 31, 2024
$ in millionsFixed RateFloating or Adjustable RateFixed RateFloating or Adjustable Rate
Corporate$1 $14,478 $— $16,071 
Secured lending facilities525 70,440 — 51,349 
Commercial real estate327 8,032 — 9,041 
Residential real estate32,377 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 
Schedule of Loans Held for Investment
Loans Held for Investment before Allowance by Credit Quality and Origination Year
At December 31, 2025At December 31, 2024
Corporate
$ in millionsIGNIGTotalIGNIGTotal
Revolving
$2,362 $4,580 $6,942 $2,668 $3,963 $6,631 
2025125 40 165 
202479 50 129 76 58 134 
2023— 25 25 — 50 50 
2022— — — — 25 25 
202115 — 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, 2025At December 31, 2024
Secured Lending Facilities
$ in millionsIGNIGTotalIGNIGTotal
Revolving
$15,709 $37,915 $53,624 $11,405 $27,753 $39,158 
20252,514 7,248 9,762 
202478 2,620 2,698 818 2,863 3,681 
2023596 935 1,531 1,371 1,359 2,730 
202213 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, 2025At December 31, 2024
Commercial Real Estate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$34 $— $34 $— $161 $161 
2025322 2,103 2,425 
2024577 1,385 1,962 147 2,202 2,349 
2023153 409 562 351 772 1,123 
2022332 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 Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$172 $40 $7 $219 $— $219 
20259,096 1,666 189 9,900 1,051 10,951 
20247,825 1,480 184 8,571 918 9,489 
20236,099 1,315 187 6,788 813 7,601 
20229,613 2,138 355 11,159 947 12,106 
20219,906 2,086 204 11,361 835 12,196 
Prior15,637 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 Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$136 $39 $5 $180 $— $180 
20248,653 1,607 191 9,458 993 10,451 
20236,778 1,431 201 7,529 881 8,410 
202210,294 2,298 370 11,941 1,021 12,962 
202110,510 2,247 228 12,094 891 12,985 
Prior17,088 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 millionsIGNIGTotal
Revolving
$97,840 $639 $1,615 $100,094 
20252,437 199 808 3,444 
20241,132 690 180 2,002 
2023655 126 981 1,762 
2022132 170 1,260 1,562 
2021— 17 400 417 
Prior245 996 2,462 3,703 
Total$102,441 $2,837 $7,706 $112,984 
At December 31, 2024
Securities-based lending1
Other2
$ in millionsIGNIGTotal
Revolving$76,432 $6,342 $1,551 $84,325 
20241,291 719 453 2,463 
2023949 424 685 2,058 
2022449 472 1,053 1,974 
2021100 14 538 652 
Prior270 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 millionsAt December 31, 2025At December 31, 2024
Commercial real estate$129 $272 
Residential real estate298 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 millionsAt December 31, 2025At December 31, 2024
Corporate$203 $108 
Secured lending facilities14 6 
Commercial real estate476 447 
Residential real estate208 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.
Schedule of Modified Loans and Troubled Debt Restructurings
Modified Loans Held for Investment
Period-end loans held for investment modified during the following periods1
 Year Ended December 31,
20252024
$ in millionsAmortized Cost
% of Total Loans2
Amortized Cost
% of Total Loans2
Term Extension
Corporate$230 3.2 %$211 3.1 %
Secured lending facilities9 — %41 0.1 %
Commercial real estate398 5.0 %172 2.0 %
Residential real estate1 — %— — %
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 estate1 — %— — %
Securities-based lending and Other23 — %— — %
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 estate7 — %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
Corporate278$— — %
Secured lending facilities300— — %
Commercial real estate360— — %
Residential real estate2919— 0.3 %
Securities-based lending and Other2312— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Commercial real estate640— 0.6 %
Residential real estate1200— 1.0 %
Year Ended December 31, 20241
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate150$— — %
Secured lending facilities20— — %
Commercial real estate110— — %
Residential real estate00— 1.0 %
Securities-based lending and Other210— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Commercial real estate610— 1.6 %
Residential real estate840— 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 millions30-89 Days Past Due
90+ Days
Past Due
Total
Commercial real estate$— $71 $71 
 At December 31, 2024
$ in millions30-89 Days Past Due90+ 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.
Schedule of Allowance for Credit Losses Rollforward - Loans and Lending Commitments
Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments
Year Ended December 31, 2025
$ in millionsCorporate 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 
Other9 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 
Other17 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 millionsCorporate 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 millionsCorporate 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)
Recoveries1 — — 1 — 2 
Net (charge-offs)/recoveries
(33)— (129)1 (4)(165)
Provision (release)37 — 314 13 124 488 
Other2 — 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 
Other4 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.
Gross Charge-offs by Origination Year
Year Ended December 31, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
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 millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
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 estate
SBL—Securities-based lending
Schedule of Selected Credit Ratios Selected Credit Ratios
At
December 31,
2025 		At
December 31,
2024
ACL for loans to total HFI loans0.4 %0.5 %
Nonaccrual HFI loans to total HFI loans
0.4 %0.4 %
ACL for loans to nonaccrual HFI loans
98.7 %104.6 %
Schedule of Employee Loans
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 years5.75.6
1.These loans are predominantly current.
2.These loans are predominantly past due for a period of 90 days or more.