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Commitments, Contingencies and Guarantees (Tables) | 9 Months Ended
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Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments | The table below presents commitments by type.
| As of
| September | December
$ in millions | 2025 | 2024
Commitment Type |  |
Commercial lending: |  |
Investment-grade | $ | 151,105 |  | $ | 124,001 |
Non-investment-grade | 83,143 |  | 67,755 |
Warehouse financing | 15,450 |  | 13,587 |
Credit cards | 70,187 |  | 78,099 |
Total lending | 319,885 |  | 283,442 |
Risk participations | 8,007 |  | 5,014 |
Collateralized agreement | 112,510 |  | 95,282 |
Collateralized financing | 90,864 |  | 49,333 |
Investment | 7,070 |  | 5,832 |
Other | 9,184 |  | 8,223 |
Total commitments | $ | 547,520 |  | $ | 447,126 |
The table below presents commitments by expiration.
| As of September 2025
| Remainder | 2026 - | 2028 - | 2030 -
$ in millions | of 2025 | 2027 | 2029 | Thereafter
Commitment Type |  |  |  |
Commercial lending: |  |  |  |
Investment-grade | $ | 3,735 |  | $ | 50,310 |  | $ | 58,061 |  | $ | 38,999 |
Non-investment-grade | 1,089 |  | 20,724 |  | 27,490 |  | 33,840 |
Warehouse financing | 1 |  | 5,909 |  | 6,373 |  | 3,167 |
Credit cards | 70,187 |  | – |  | – |  | – |
Total lending | 75,012 |  | 76,943 |  | 91,924 |  | 76,006 |
Risk participations | 37 |  | 1,304 |  | 4,074 |  | 2,592 |
Collateralized agreement | 106,073 |  | 6,437 |  | – |  | – |
Collateralized financing | 86,207 |  | 4,657 |  | – |  | – |
Investment | 2,321 |  | 1,319 |  | 283 |  | 3,147 |
Other | 7,471 |  | 1,672 |  | 40 |  | 1 |
Total commitments | $ | 277,121 |  | $ | 92,332 |  | $ | 96,321 |  | $ | 81,746 |
The table below presents information about lending commitments.
| As of
| September | December
$ in millions | 2025 | 2024
Held for investment | $ | 302,646 |  | $ | 262,604 |
Held for sale | 15,680 |  | 20,258 |
At fair value | 1,559 |  | 580 |
Total | $ | 319,885 |  | $ | 283,442 |
In the table above: •Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $1.07 billion (including allowance for credit losses of $800 million) as of September 2025 and $929 million (including allowance for credit losses of $674 million) as of December 2024. The estimated fair value of such lending commitments was a liability of $5.68 billion as of September 2025 and $4.84 billion as of December 2024. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $3.33 billion as of September 2025 and $2.44 billion as of December 2024 would have been classified in level 2, and $2.35 billion as of September 2025 and $2.40 billion as of December 2024 would have been classified in level 3. •Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $65 million as of September 2025 and $43 million as of December 2024. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 3 as of both September 2025 and December 2024. •Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions.
Guarantees | The table below presents derivatives that meet the definition of a guarantee, securities lending and clearing guarantees and certain other financial guarantees.
$ in millions | Derivatives | Securities lending and clearing | Other financial guarantees
As of September 2025 |  |  |
Carrying Value of Net Liability | $ | 2,855 |  | $ | – |  | $ | 422 |
Maximum Payout/Notional Amount by Period of Expiration
Remainder of 2025 | $ | 69,846 |  | $ | 150,523 |  | $ | 1,328 |
2026 - 2027 | 245,139 |  | – |  | 3,460 |
2028 - 2029 | 30,413 |  | – |  | 2,656 |
2030 - thereafter | 38,327 |  | – |  | 676 |
Total | $ | 383,725 |  | $ | 150,523 |  | $ | 8,120 |
As of December 2024 |  |  |
Carrying Value of Net Liability | $ | 3,535 |  | $ | – |  | $ | 425 |
Maximum Payout/Notional Amount by Period of Expiration
2025 | $ | 181,940 |  | $ | 58,056 |  | $ | 2,523 |
2026 - 2027 | 78,419 |  | – |  | 3,086 |
2028 - 2029 | 17,074 |  | – |  | 1,843 |
2030 - thereafter | 31,819 |  | – |  | 505 |
Total | $ | 309,252 |  | $ | 58,056 |  | $ | 7,957 |
In the table above: •The maximum payout is based on the notional amount of the contract and does not represent anticipated losses. •Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments. •The carrying value for derivatives included derivative assets of $663 million as of September 2025 and $464 million as of December 2024, and derivative liabilities of $3.52 billion as of September 2025 and $4.00 billion as of December 2024.

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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 + Details
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