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v3.25.3

Unsecured Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Unsecured Borrowings | The table below presents information about unsecured borrowings.
| As of
| September | December
$ in millions | 2025 | 2024
Unsecured short-term borrowings | $ | 72,385 |  | $ | 69,709 |
Unsecured long-term borrowings | 276,914 |  | 242,634 |
Total | $ | 349,299 |  | $ | 312,343 |
Schedule of Short-Term Debt | The table below presents information about unsecured short-term borrowings.
| As of
| September | December
$ in millions | 2025 | 2024
Current portion of unsecured long-term borrowings | $ | 32,606 |  | $ | 38,521 |
Hybrid financial instruments | 37,221 |  | 29,130 |
Other unsecured short-term borrowings | 2,558 |  | 2,058 |
Total unsecured short-term borrowings | $ | 72,385 |  | $ | 69,709 |
Weighted average interest rate | 5.28 | % | 5.87 | %
In the table above, the weighted average interest rates for these borrowings include the effect of hedging activities and exclude unsecured short-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.
Subordinated Borrowings | The table below presents information about subordinated borrowings.
$ in millions | Par Amount | Carrying Value | Rate
As of September 2025 |  |  |
Subordinated debt | $ | 12,217 |  | $ | 11,643 |  | 6.56 | %
Junior subordinated debt | 968 |  | 1,032 |  | 5.79 | %
Total | $ | 13,185 |  | $ | 12,675 |  | 6.51 | %
As of December 2024 |  |  |
Subordinated debt | $ | 12,131 |  | $ | 11,217 |  | 6.89 | %
Junior subordinated debt | 968 |  | 1,004 |  | 5.88 | %
Total | $ | 13,099 |  | $ | 12,221 |  | 6.82 | %
In the table above, the rate is the weighted average interest rate for these borrowings (excluding borrowings accounted for at fair value under the fair value option), including the effect of fair value hedges used to convert fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities.
Schedule of Long-Term Debt Instruments | The table below presents information about unsecured long-term borrowings.
$ in millions | U.S. Dollar | Non-U.S. Dollar | Total
As of September 2025 |  |  |
Fixed-rate obligations | $ | 135,854 |  | $ | 29,710 |  | $ | 165,564 |
Floating-rate obligations | 71,531 |  | 39,819 |  | 111,350 |
Total | $ | 207,385 |  | $ | 69,529 |  | $ | 276,914 |
As of December 2024 |  |  |
Fixed-rate obligations | $ | 123,111 |  | $ | 28,321 |  | $ | 151,432 |
Floating-rate obligations | 60,730 |  | 30,472 |  | 91,202 |
Total | $ | 183,841 |  | $ | 58,793 |  | $ | 242,634 |
In the table above: •Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2061. •Unsecured long-term borrowings included $111.93 billion as of September 2025 and $89.19 billion as of December 2024 of borrowings accounted for at fair value under the fair value option. The carrying value of unsecured long-term borrowings for which the firm did not elect the fair value option was $164.99 billion as of September 2025 and $153.44 billion as of December 2024. The estimated fair value of such unsecured long-term borrowings was $168.79 billion as of September 2025 and $156.31 billion as of December 2024. As these borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both September 2025 and December 2024. •Floating-rate obligations includes equity-linked, credit-linked and indexed instruments. Floating interest rates are generally based on SOFR and Euro Interbank Offered Rate. •U.S. dollar-denominated debt had interest rates ranging from 1.09% to 6.75% (with a weighted average rate of 4.23%) as of September 2025 and 0.86% to 6.75% (with a weighted average rate of 4.10%) as of December 2024. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. •Non-U.S. dollar-denominated debt had interest rates ranging from 0.25% to 7.25% (with a weighted average rate of 2.12%) as of September 2025 and 0.25% to 7.25% (with a weighted average rate of 2.04%) as of December 2024. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. The table below presents unsecured long-term borrowings, after giving effect to such hedging activities.
|  | As of
|  | September | December
$ in millions |  | 2025 | 2024
Fixed-rate obligations |  | $ | 31,870 |  | $ | 25,666 |
Floating-rate obligations |  | 245,044 |  | 216,968 |
Total |  | $ | 276,914 |  | $ | 242,634 |
In the table above, the aggregate amounts of unsecured long-term borrowings had weighted average interest rates of 5.35% (3.97% related to fixed-rate obligations and 5.50% related to floating-rate obligations) as of September 2025 and 5.72% (4.39% related to fixed-rate obligations and 5.82% related to floating-rate obligations) as of December 2024. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.
Schedule of Maturities of Long-Term Debt | The table below presents unsecured long-term borrowings by maturity.
|  |  | As of
$ in millions |  |  | September 2025
2026 |  |  | $ | 11,488 |
2027 |  |  | 47,425 |
2028 |  |  | 38,936 |
2029 |  |  | 32,298 |
2030 |  |  | 32,985 |
2031 - thereafter |  |  | 113,782 |
Total |  |  | $ | 276,914 |
In the table above: •Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included in unsecured short-term borrowings. •Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. •Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable. •Unsecured long-term borrowings included $(7.21) billion of adjustments to the carrying value of certain unsecured long-term borrowings resulting from the application of hedge accounting by year of maturity as follows: $(52) million in 2026, $(529) million in 2027, $(555) million in 2028, $(590) million in 2029, $(589) million in 2030 and $(4.90) billion in 2031 and thereafter.

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