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Unsecured Borrowings
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Unsecured Borrowings
Unsecured Borrowings
The table below presents information about unsecured borrowings.
 
As of
SeptemberDecember
$ in millions20252024
Unsecured short-term borrowings$72,385 $69,709 
Unsecured long-term borrowings276,914 242,634 
Total$349,299 $312,343 
Unsecured Short-Term Borrowings
Unsecured short-term borrowings includes the portion of 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.
The firm accounts for certain hybrid financial instruments at fair value under the fair value option. See Note 10 for further information about unsecured short-term borrowings that are accounted for at fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its unsecured short-term borrowings not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of unsecured short-term borrowings that are not recorded at fair value generally approximates fair value due to the short-term nature of the obligations. As these unsecured short-term 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.
The table below presents information about unsecured short-term borrowings.
 
As of
SeptemberDecember
$ in millions20252024
Current portion of unsecured long-term borrowings$32,606 $38,521 
Hybrid financial instruments37,221 29,130 
Other unsecured short-term borrowings2,558 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.
Unsecured Long-Term Borrowings
The table below presents information about unsecured long-term borrowings.
$ in millionsU.S. DollarNon-U.S.
 Dollar		Total
As of September 2025   
Fixed-rate obligations$135,854 $29,710 $165,564 
Floating-rate obligations71,531 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 obligations60,730 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 by maturity.
As of
$ in millionsSeptember 2025
2026$11,488 
202747,425 
202838,936 
202932,298 
203032,985 
2031 - thereafter113,782 
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.

The firm designates certain derivatives as fair value hedges to convert a portion of fixed-rate unsecured long-term borrowings not accounted for at fair value into floating-rate obligations. See Note 7 for further information about hedging activities.
The table below presents unsecured long-term borrowings, after giving effect to such hedging activities.
 
As of
SeptemberDecember
$ in millions20252024
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.
Subordinated Borrowings
Unsecured long-term borrowings includes subordinated debt and junior subordinated debt. Subordinated debt that matures within one year is included in unsecured short-term borrowings. Junior subordinated debt is junior in right of payment to other subordinated borrowings, which are junior to senior borrowings. Subordinated debt had maturities ranging from 2025 to 2045 as of both September 2025 and December 2024.
The table below presents information about subordinated borrowings.
$ in millionsPar
 Amount		Carrying
 Value		Rate
As of September 2025   
Subordinated debt$12,217 $11,643 6.56%
Junior subordinated debt968 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 debt968 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.

Junior Subordinated Debt
In 2004, Group Inc. issued $2.84 billion of junior subordinated debt to Goldman Sachs Capital I, a Delaware statutory trust. Goldman Sachs Capital I issued $2.75 billion of guaranteed preferred beneficial interests (Trust Preferred securities) to third parties and $85 million of common beneficial interests to Group Inc. As of both September 2025 and December 2024, the outstanding par amount of junior subordinated debt held by Goldman Sachs Capital I was $968 million and the outstanding par amount of Trust Preferred securities and common beneficial interests issued by Goldman Sachs Capital I was $939 million and $29 million, respectively. Goldman Sachs Capital I is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes.
The firm pays interest semi-annually on the junior subordinated debt at an annual rate of 6.345% and the debt matures on February 15, 2034. The coupon rate and the payment dates applicable to the beneficial interests are the same as the interest rate and payment dates for the junior subordinated debt. The firm has the right, from time to time, to defer payment of interest on the junior subordinated debt, and therefore cause payment on Goldman Sachs Capital I’s preferred beneficial interests to be deferred, in each case up to ten consecutive semi-annual periods. During any such deferral period, the firm will not be permitted to, among other things, pay dividends on or make certain repurchases of its common stock. Goldman Sachs Capital I is not permitted to pay any distributions on the common beneficial interests held by Group Inc. unless all dividends payable on the preferred beneficial interests have been paid in full.