Loans, Lending Commitments and Related Allowance for Credit Losses

9 Months Ended

Sep. 30, 2025

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Loans, Lending Commitments and Related Allowance for Credit Losses

Loans by Type


	At September 30, 2025
$ in millions	HFI Loans		HFS Loans		Total Loans
Corporate	$	7,839	$	8,270	$	16,109
Secured lending facilities	63,610		2,707		66,317
Commercial real estate	7,853		421		8,274
Residential real estate	70,910		5		70,915
Securities-based lending and Other	106,868		30		106,898
Total loans	257,080		11,433		268,513
ACL	(1,213)				(1,213)
Total loans, net	$	255,867	$	11,433	$	267,300
Loans to non-U.S. borrowers, net	$	30,364	$	3,742	$	34,106


	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

For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 9 to the financial statements in the 2024 Form 10-K.

Loans by Interest Rate Type


	At September 30, 2025				At December 31, 2024
$ in millions	Fixed Rate		Floating or Adjustable Rate		Fixed Rate		Floating or Adjustable Rate
Corporate	$	1	$	16,108	$	—	$	16,071
Secured lending facilities	525		65,792		—		51,349
Commercial real estate	328		7,946		—		9,041
Residential real estate	32,051		38,864		31,014		35,724
Securities-based lending and Other	26,178		80,720		25,478		70,542
Total loans, before ACL	$	59,083	$	209,430	$	56,492	$	182,727

See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future.

Loans Held for Investment before Allowance by Credit Quality and Origination Year


	At September 30, 2025						At December 31, 2024
	Corporate
$ in millions	IG		NIG		Total		IG		NIG		Total
Revolving	$	2,606	$	4,876	$	7,482	$	2,668	$	3,963	$	6,631
2025	125		38		163
2024	79		50		129		76		58		134
2023	—		49		49		—		50		50
2022	—		—		—		—		25		25
2021	15		—		15		15		—		15
Prior	—		1		1		31		3		34
Total	$	2,825	$	5,014	$	7,839	$	2,790	$	4,099	$	6,889


	At September 30, 2025						At December 31, 2024
	Secured Lending Facilities
$ in millions	IG		NIG		Total		IG		NIG		Total
Revolving	$	14,662	$	34,796	$	49,458	$	11,405	$	27,753	$	39,158
2025	988		6,410		7,398
2024	268		2,978		3,246		818		2,863		3,681
2023	555		1,047		1,602		1,371		1,359		2,730
2022	115		991		1,106		279		1,909		2,188
2021	—		12		12		—		198		198
Prior	—		788		788		100		787		887
Total	$	16,588	$	47,022	$	63,610	$	13,973	$	34,869	$	48,842


	At September 30, 2025						At December 31, 2024
	Commercial Real Estate
$ in millions	IG		NIG		Total		IG		NIG		Total
Revolving	$	11	$	8	$	19	$	—	$	161	$	161
2025	330		1,278		1,608
2024	582		1,440		2,022		147		2,202		2,349
2023	265		418		683		351		772		1,123
2022	263		1,236		1,499		305		1,488		1,793
2021	251		1,068		1,319		166		1,603		1,769
Prior	37		666		703		—		1,217		1,217
Total	$	1,739	$	6,114	$	7,853	$	969	$	7,443	$	8,412


	At September 30, 2025
	Residential Real Estate
	by FICO Scores						by LTV Ratio				Total
$ in millions	≥ 740		680-739		≤ 679		≤ 80%		> 80%
Revolving	$	159	$	38	$	6	$	203	$	—	$	203
2025	6,748		1,210		151		7,318		791		8,109
2024	8,057		1,530		186		8,838		935		9,773
2023	6,270		1,344		194		6,973		835		7,808
2022	9,804		2,176		359		11,378		961		12,339
2021	10,053		2,143		214		11,558		852		12,410
Prior	15,975		3,835		458		18,974		1,294		20,268
Total	$	57,066	$	12,276	$	1,568	$	65,242	$	5,668	$	70,910


	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 September 30, 2025
	Securities-based lending1		Other2
$ in millions			IG		NIG		Total
Revolving	$	86,581	$	5,995	$	1,556	$	94,132
2025	1,017		286		800		2,103
2024	1,358		780		176		2,314
2023	812		305		900		2,017
2022	238		183		1,265		1,686
2021	100		18		412		530
Prior	238		1,100		2,748		4,086
Total	$	90,344	$	8,667	$	7,857	$	106,868


	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 September 30, 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 to the financial statements in the 2024 Form 10-K.

2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment, which typically consist of bespoke lending arrangements provided to ultra-high worth net clients. These facilities are generally secured by eligible collateral.

Past Due Loans Held for Investment before Allowance1


$ in millions	At September 30, 2025		At December 31, 2024


Commercial real estate	$	199	$	272
Residential real estate	283		186
Securities-based lending and Other	145		86
Total	$	627	$	544

1.As of September 30, 2025 and 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 September 30, 2025		At December 31, 2024
Corporate	$	249	$	108
Secured lending facilities	5		6
Commercial real estate	561		447
Residential real estate	173		160
Securities-based lending and Other	293		298
Total	$	1,281	$	1,019
Nonaccrual loans without an ACL	$	147	$	162

1.There were no loans held for investment that were 90 days or more past due and still accruing as of September 30, 2025 and December 31, 2024. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements in the 2024 Form 10-K.

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


	Three Months Ended September 30,
	2025				2024
$ in millions	Amortized Cost		% of Total Loans2		Amortized Cost		% of Total Loans2
Term Extension
Corporate	$	42	0.5	%	$	30	0.5	%

Commercial real estate	146		1.9	%	56		0.6	%

Securities-based lending and Other	397		0.4	%	21		—	%
Total	$	585	0.5	%	$	107	—	%
Other-than-insignificant Payment Delay



Residential real estate	$	1	—	%	$	—	—	%

Total	$	1	—	%	$	—	—	%














Multiple Modifications - Term Extension and Interest Rate Reduction



Residential real estate	$	5	—	%	$	—	—	%

Total	$	5	—	%	$	—	—	%
Total Modifications	$	591	0.3	%	$	107	—	%


	Nine Months Ended September 30,
	2025				2024
$ in millions	Amortized Cost		% of Total Loans2		Amortized Cost		% of Total Loans2
Term Extension
Corporate	$	172	2.2	%	$	136	2.2	%

Commercial real estate	471		6.0	%	136		1.6	%
Residential real estate	1		—	%	—		—	%
Securities-based lending and Other	429		0.4	%	149		0.2	%
Total	$	1,073	0.6	%	$	421	0.2	%
Other-than-insignificant Payment Delay



Residential real estate	$	1	—	%	$	—	—	%
Securities-based lending and Other	23		—	%	—		—	%
Total	$	24	—	%	$	—	—	%







Interest Rate Reduction



Residential real estate	$	1	—	%	$	—	—	%

Total	$	1	—	%	$	—	—	%
Multiple Modifications - Term Extension and Interest Rate Reduction


Commercial real estate	$	75	1.0	%	$	—	—	%
Residential real estate	7		—	%	1		—	%
Total	$	82	0.1	%	$	1	—	%
Total Modifications	$	1,180	0.6	%	$	422	0.2	%

1.Lending commitments to borrowers for which the Firm has modified terms of the receivable during the three months ended September 30, 2025 and 2024, were $174 million and $212 million, as of September 30, 2025 and 2024, respectively. Lending commitments to borrowers for which the Firm has modified terms of the receivable during the nine months ended September 30, 2025 and 2024 were $532 million and $676 million as of September 30, 2025 and 2024, respectively.

2.Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type.

Financial Effect of Modifications on Loans Held for Investment


	Three Months Ended September 30, 20251
	Term Extension (Months)	Other-than-insignificant Payment Delay (Months)	Principal Forgiveness ($ millions)		Interest Rate Reduction (%)
Single Modifications
Corporate	47	0	$	—	—	%

Commercial real estate	24	0	—		—	%
Residential real estate	0	19	—		—	%
Securities-based lending and Other	24	0	—		—	%
Multiple Modifications - Term Extension and Interest Rate Reduction



Residential real estate	120	0	$	—	1	%


	Three Months Ended September 30, 20241
	Term Extension (Months)	Other-than-insignificant Payment Delay (Months)	Principal Forgiveness ($ millions)		Interest Rate Reduction (%)
Single Modifications
Corporate	11	0	$	—	—	%

Commercial real estate	27	0	—		—	%

Securities-based lending and Other	12	0	—		—	%


	Nine Months Ended September 30, 20251
	Term Extension (Months)	Other-than-insignificant Payment Delay (Months)	Principal Forgiveness ($ millions)		Interest Rate Reduction (%)
Single Modifications
Corporate	39	0	$	—	—	%

Commercial real estate	31	0	—		—	%
Residential real estate	29	19	—		—	%
Securities-based lending and Other	23	12	—		—	%
Multiple Modifications - Term Extension and Interest Rate Reduction


Commercial real estate	65	0	$	—	1	%
Residential real estate	120	0	—		1	%


	Nine Months Ended September 30, 20241
	Term Extension (Months)	Other-than-insignificant Payment Delay (Months)	Principal Forgiveness ($ millions)		Interest Rate Reduction (%)
Single Modifications
Corporate	23	0	$	—	—	%

Commercial real estate	14	0	—		—	%

Securities-based lending and Other	21	0	—		—	%
Multiple Modifications - Term Extension and Interest Rate Reduction
Residential real estate	120	0	$	—	1	%

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

As of September 30, 2025, there were no past due loans held for investment modified in the 12 month period prior.


	At September 30, 2024
$ in millions	30-89 Days Past Due		90+ days Past Due		Total


Commercial real estate	$	—	$	67	$	67

Securities-based lending and Other	42		—		42
Total	$	42	$	67	$	109

As of September 30, 2025, there were no loans held for investment that defaulted during the nine months ended September 30, 2025 that had been modified in the 12 month period prior. As of September 30, 2024 there was one commercial real estate loan held for investment with an amortized cost of $67 million that defaulted during the nine months ended September 30, 2024 that had been modified in the 12 month period prior to default.

Provision for Credit Losses


	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2025		2024		2025		2024
Loans	$	6	$	18	$	225	$	81
Lending commitments	(6)		61		106		68

Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments


	Nine Months Ended September 30, 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	(10)			—			(99)			—			(17)			(126)
Recoveries	—			—			21			—			—			21
Net (charge-offs)/ recoveries	(10)			—			(78)			—			(17)			(105)
Provision (release)	41			55			55			26			48			225
Other	8			5			14			(1)			1			27
Ending balance	$	239		$	200		$	364		$	122		$	288		$	1,213
Percent of loans to total loans1	3		%	25		%	3		%	28		%	41		%	100		%
ACL—Lending commitments
Beginning balance	$	507		$	88		$	40		$	4		$	17		$	656



Provision (release)	93			39			(25)			—			(1)			106
Other	17			4			—			1			—			22
Ending balance	$	617		$	131		$	15		$	5		$	16		$	784
Total ending balance	$	856		$	331		$	379		$	127		$	304		$	1,997


	Nine Months Ended September 30, 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)			(103)			—			(2)			(155)
Recoveries	—			—			4			—			3			7
Net (charge-offs)/ recoveries	(39)			(11)			(99)			—			1			(148)
Provision (release)	24			(12)			44			(10)			35			81
Other	1			—			3			—			(2)			2
Ending balance	$	227		$	130		$	411		$	90		$	246		$	1,104
Percent of loans to total loans1	3		%	21		%	4		%	30		%	42		%	100		%
ACL—Lending commitments
Beginning balance	$	431		$	70		$	26		$	4		$	20		$	551



Provision (release)	41			19			9			—			(1)			68
Other	(1)			1			—			—			—			—
Ending balance	$	471		$	90		$	35		$	4		$	19		$	619
Total ending balance	$	698		$	220		$	446		$	94		$	265		$	1,723

CRE—Commercial real estate

SBL—Securities-based lending

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 during the nine months ended September 30, 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 the current year period were primarily related to commercial real estate lending.

The base scenario used in the Firm’s ACL models as of September 30, 2025 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes modest economic growth in 2025, followed by a gradual

improvement in 2026, as well as lower interest rates relative to the prior quarter forecast. The ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate. The significance of key macroeconomic variables on the ACL models varies depending on portfolio composition and economic conditions. Other key macroeconomic variables used in the ACL models include corporate credit spreads, interest rates and commercial real estate indices.

For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 9 to the financial statements in the 2024 Form 10-K.

Gross Charge-offs by Origination Year


	Three Months Ended September 30, 2025
$ in millions	Corporate		Secured Lending Facilities		CRE		Residential Real Estate		SBL and Other		Total
Revolving	$	—	$	—	$	—	$	—	$	(8)	$	(8)
2025	(10)		—		—		—		—		(10)


2022	—		—		(2)		—		—		(2)
2021	—		—		(34)		—		(4)		(38)
Prior	—		—		(1)		—		(5)		(6)
Total	$	(10)	$	—	$	(37)	$	—	$	(17)	$	(64)


	Three Months Ended September 30, 2024
$ in millions	Corporate		Secured Lending Facilities		CRE		Residential Real Estate		SBL and Other		Total
Revolving	$	(39)	$	—	$	—	$	—	$	—	$	(39)



2022	—		—		(18)		—		—		(18)

Prior	—		—		(44)		—		—		(44)
Total	$	(39)	$	—	$	(62)	$	—	$	—	$	(101)


	Nine Months Ended September 30, 2025
$ in millions	Corporate		Secured Lending Facilities		CRE		Residential Real Estate		SBL and Other		Total
Revolving	$	—	$	—	$	—	$	—	$	(8)	$	(8)
2025	(10)		—		—		—		—		(10)


2022	—		—		(13)		—		—		(13)
2021	—		—		(45)		—		(4)		(49)
Prior	—		—		(41)		—		(5)		(46)
Total	$	(10)	$	—	$	(99)	$	—	$	(17)	$	(126)


	Nine Months Ended September 30, 2024
$ in millions	Corporate		Secured Lending Facilities		CRE		Residential Real Estate		SBL and Other		Total
Revolving	$	(39)	$	—	$	—	$	—	$	—	$	(39)



2022	—		—		(18)		—		—		(18)
2021	—		—		—		—		(2)		(2)
Prior	—		(11)		(85)		—		—		(96)
Total	$	(39)	$	(11)	$	(103)	$	—	$	(2)	$	(155)

CRE—Commercial real estate

SBL—Securities-based lending

Selected Credit Ratios


	At September 30, 2025		At December 31, 2024
ACL for loans to total HFI loans	0.5	%	0.5	%
Nonaccrual HFI loans to total HFI loans	0.5	%	0.4	%
ACL for loans to nonaccrual HFI loans	94.7	%	104.6	%

Employee Loans


$ in millions	At September 30, 2025		At December 31, 2024
Currently employed by the Firm1	$	4,621	$	4,255
No longer employed by the Firm2	81		83
Employee loans	$	4,702	$	4,338
ACL	(116)		(112)
Employee loans, net of ACL	$	4,586	$	4,226
Remaining repayment term, weighted average in years	5.8		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 to the financial statements in the 2024 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.