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Variable Interest Entities and Securitization Activities (Tables)

9 Months Ended

Sep. 30, 2025

Variable Interest Entities and Securitization Activities [Abstract]

Schedule of Consolidated VIEs

Consolidated VIE Assets and Liabilities by Type of Activity

			At September 30, 2025						At December 31, 2024
$ in millions			VIE Assets			VIE Liabilities			VIE Assets			VIE Liabilities
MABS1			$	237		$	7		$	575		$	236
Investment vehicles2			224			35			378			189
MTOB			1,827			1,696			619			578
Other			87			3			156			4
Total			$	2,375		$	1,741		$	1,728		$	1,007

MTOB—Municipal tender option bonds

1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable.

2.Amounts include investment funds and CLOs.

Consolidated VIE Assets and Liabilities by Balance Sheet Caption

$ in millions			At September 30, 2025			At December 31, 2024
Assets
Cash and cash equivalents			$	20		$	37
Trading assets at fair value			936			1,395
Investment securities			1,402			278
Customer and other receivables			16			16
Other assets			1			2
Total			$	2,375		$	1,728
Liabilities
Other secured financings			$	1,703		$	921
Other liabilities and accrued expenses			35			82
Borrowings			3			4
Total			$	1,741		$	1,007
Noncontrolling interests			$	64		$	42

Schedule of Non-Consolidated VIEs

Non-consolidated VIEs

			At September 30, 2025
$ in millions			MABS1			CDO			MTOB			OSF			Other2
VIE assets (UPB)			$	176,657		$	3,295		$	4,092		$	4,129		$	86,701
Maximum exposure to loss3
Debt and equity interests			$	29,770		$	161		$	—		$	2,455		$	12,101
Derivative and other contracts			—			—			2,834			—			4,731
Commitments, guarantees and other			8,614			—			—			—			231
Total			$	38,384		$	161		$	2,834		$	2,455		$	17,063
Carrying value of variable interests—Assets
Debt and equity interests			$	29,770		$	161		$	—		$	1,810		$	12,101
Derivative and other contracts			—			—			6			—			1,814
Total			$	29,770		$	161		$	6		$	1,810		$	13,915
Additional VIE assets owned4															$	16,697
Carrying value of variable interests—Liabilities
Derivative and other contracts			$	—		$	—		$	3		$	—		$	633
Total			$	—		$	—		$	3		$	—		$	633

			At December 31, 2024
$ in millions			MABS1			CDO			MTOB			OSF			Other2
VIE assets (UPB)			$	179,686		$	1,621		$	3,654		$	3,603		$	74,665
Maximum exposure to loss3
Debt and equity interests			$	26,974		$	62		$	—		$	2,267		$	12,097
Derivative and other contracts			—			—			2,454			—			3,936
Commitments, guarantees and other			8,554			—			—			—			535
Total			$	35,528		$	62		$	2,454		$	2,267		$	16,568
Carrying value of variable interests–Assets
Debt and equity interests			$	26,974		$	62		$	—		$	1,821		$	12,067
Derivative and other contracts			—			—			6			—			1,772
Total			$	26,974		$	62		$	6		$	1,821		$	13,839
Additional VIE assets owned4															$	15,777
Carrying value of variable interests—Liabilities
Derivative and other contracts			$	—		$	—		$	4		$	—		$	448

OSF–Other structured financings

1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form.

2.Other primarily includes exposures to commercial real estate property and investment funds.

3.Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm.

4.Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives.

Schedule of Mortgage- and Asset-Backed Securitization Assets

Detail of Mortgage- and Asset-Backed Securitization Assets

			At September 30, 2025						At December 31, 2024
$ in millions			UPB			Debt and Equity Interests			UPB			Debt and Equity Interests
Residential mortgages			$	14,893		$	2,878		$	17,316		$	2,497
Commercial mortgages			42,986			9,592			82,730			8,445
U.S. agency collateralized mortgage obligations			87,668			7,719			39,317			6,260
Other consumer or commercial loans			31,110			9,581			40,323			9,772
Total			$	176,657		$	29,770		$	179,686		$	26,974

Schedule of Transferred Assets with Continuing Involvement

Transferred Assets with Continuing Involvement

			At September 30, 2025
$ in millions			RML			CML			U.S. Agency CMO			CLN and Other1
SPE assets (UPB)2,3			$	13,509		$	80,099		$	14,595		$	13,080
Retained interests
Investment grade			$	268		$	457		$	530		$	—
Non-investment grade			368			1,058			—			119
Total			$	636		$	1,515		$	530		$	119
Interests purchased in the secondary market3
Investment grade			$	115		$	102		$	154		$	—
Non-investment grade			15			21			—			—
Total			$	130		$	123		$	154		$	—
Derivative assets			$	—		$	—		$	—		$	1,409
Derivative liabilities			—			—			—			582

			At December 31, 2024
$ in millions			RML			CML			U.S. Agency CMO			CLN and Other1
SPE assets (UPB)2,3			$	6,989		$	78,232		$	18,174		$	12,725
Retained interests
Investment grade			$	198		$	543		$	967		$	—
Non-investment grade			175			923			—			71
Total			$	373		$	1,466		$	967		$	71
Interests purchased in the secondary market3
Investment grade			$	45		$	34		$	79		$	—
Non-investment grade			5			24			—			—
Total			$	50		$	58		$	79		$	—
Derivative assets			$	—		$	—		$	—		$	1,408
Derivative liabilities			—			—			—			400

			Fair Value At September 30, 2025
$ in millions			Level 2			Level 3			Total
Retained interests
Investment grade			$	724		$	—		$	724
Non-investment grade			117			56			173
Total			$	841		$	56		$	897
Interests purchased in the secondary market3
Investment grade			$	371		$	—		$	371
Non-investment grade			15			21			36
Total			$	386		$	21		$	407
Derivative assets			$	1,409		$	—		$	1,409
Derivative liabilities			582			—			582

			Fair Value At December 31, 2024
$ in millions			Level 2			Level 3			Total
Retained interests
Investment grade			$	1,080		$	—		$	1,080
Non-investment grade			71			50			121
Total			$	1,151		$	50		$	1,201
Interests purchased in the secondary market3
Investment grade			$	158		$	—		$	158
Non-investment grade			18			11			29
Total			$	176		$	11		$	187
Derivative assets			$	1,408		$	—		$	1,408
Derivative liabilities			400			—			400

RML—Residential mortgage loans

CML—Commercial mortgage loans

1.Amounts include CLO transactions managed by unrelated third parties.

2.Amounts include assets transferred by unrelated transferors.

3.Amounts include transactions where the Firm also holds retained interests as part of the transfer.

Schedule of Proceeds from New Securitization Transactions and Sales of Loans

Proceeds from New Securitization Transactions and Sales of Loans

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
New transactions1			$	11,538		$	7,562		$	37,984		$	24,160
Retained interests			5,092			850			10,332			5,041

1.Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented.

Schedule of Assets Sold with Retained Exposure

Assets Sold with Retained Exposure

$ in millions			At September 30, 2025			At December 31, 2024
Gross cash proceeds from sale of assets1			$	98,694		$	92,229
Fair value
Assets sold			$	100,308		$	92,580
Derivative assets recognized in the balance sheet			1,915			998
Derivative liabilities recognized in the balance sheet			303			648

1.The carrying value of assets derecognized at the time of sale approximates gross cash proceeds.

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Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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