Transactions with Affiliated Funds

9 Months Ended

Sep. 30, 2025

Transactions With Affiliated Funds [Abstract]

The firm has formed nonconsolidated investment funds with third-party investors. As the firm generally acts as the investment manager for these funds, it is entitled to receive management fees and, in certain cases, incentive fees from these funds. Additionally, the firm invests alongside its clients in certain funds.

The tables below present information about affiliated funds.



	Three Months Ended September				Nine Months Ended September
$ in millions	2025		2024		2025		2024
Fees earned from funds	$	1,476	$	1,386	$	4,381	$	3,905


	As of
	September		December
$ in millions	2025		2024
Fees receivable from funds	$	1,593	$	1,589
Aggregate carrying value of interests in funds	$	3,599	$	4,079

In the ordinary course of business, the firm may choose to provide voluntary financial support to funds, although any such support is not expected to be material to the results of operations of the firm. The firm has waived or deferred collection of management fees and has deferred reimbursement of expenses, and in the future may waive or defer collection of management fees, from select funds. The impact of these voluntary waivers and deferrals was not material to the firm’s results of operations for both the three months ended September 2025 and September 2024. Except as noted above, the firm did not provide any additional voluntary financial support to its affiliated funds during both the three months ended September 2025 and September 2024.

In addition, in the ordinary course of business and subject to applicable regulatory requirements, the firm may also engage in other activities with its affiliated funds, including, among others, securities lending, trade execution, market-making, custody, and acquisition and bridge financing. See Note 18 for information about the firm’s investment commitments related to these funds.