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Securitization Activities (Tables)

9 Months Ended

Sep. 30, 2025

Transfers and Servicing [Abstract]

Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets

The table below presents information about nonconsolidated securitization entities to which the firm sold assets and had continuing involvement as of the end of the period.

$ in millions			Outstanding  Principal  Amount			Retained  Interests			Purchased  Interests
As of September 2025
U.S. government agency-issued CMOs			$	54,899		$	4,120		$	–
Other residential mortgage-backed			36,532			1,514			23
Other commercial mortgage-backed			68,325			1,106			44
Corporate debt and other asset-backed			13,228			500			19
Total			$	172,984		$	7,240		$	86
As of December 2024
U.S. government agency-issued CMOs			$	34,049		$	3,053		$	–
Other residential mortgage-backed			33,069			1,357			14
Other commercial mortgage-backed			59,562			945			57
Corporate debt and other asset-backed			12,059			493			5
Total			$	138,739		$	5,848		$	76

In the table above:

•CMOs represents collateralized mortgage obligations.

•The outstanding principal amount is presented for the purpose of providing information about the size of the securitization entities and is not representative of the firm’s risk of loss.

•The firm’s risk of loss from retained or purchased interests is limited to the carrying value of these interests.

•Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests.

•Substantially all of the total outstanding principal amount and total retained interests relate to securitizations during 2019 and thereafter.

•The fair value of retained interests was $7.19 billion as of September 2025 and $5.78 billion as of December 2024.

Assets that Continue to be Recognized, Transferred Financial Assets and Other Financial Assets Managed Together

The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement as of the end of the period.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Residential mortgages			$	15,270		$	10,708					$	41,681		$	22,588
Commercial mortgages			4,538			1,600						13,335			4,201
Other financial assets			1,181			1,046						2,711			1,268
Total financial assets securitized			$	20,989		$	13,354					$	57,727		$	28,057
Retained interests cash flows			$	212		$	218					$	551		$	503

Schedule of Changes in Fair Value of Plan Assets

The table below presents information about the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests.

			As of
			September			December
$ in millions			2025			2024
Fair value of retained interests			$	6,703		$	5,292
Weighted average life (years)			5.1			6.1
Constant prepayment rate			15.0%			10.0%
Impact of 10% adverse change			$	(55)		$	(57)
Impact of 20% adverse change			$	(107)		$	(110)
Discount rate			7.3%			7.8%
Impact of 10% adverse change			$	(164)		$	(136)
Impact of 20% adverse change			$	(320)		$	(281)

In the table above:

•Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests.

•Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear.

•The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above.

•The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value.

•The discount rate for retained interests that relate to U.S. government agency-issued CMOs does not include any credit loss. Expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests.

X

- Definition

Tabular disclosure of a transferor's continuing involvement with financial assets transferred to a transferee in a securitization, asset-backed financing arrangement, or similar transfer. Such disclosure would, at a minimum, contain information allowing for an assessment of the reasons for the transferor's continuing involvement, the risks related to the transferred financial assets to which the transferor continues to be exposed, and the extent of change to the transferor's risk profile due to the transfer (including, but not limited to, credit risk, interest rate risk, other).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

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X

- Definition

Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (b)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
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X

- Definition

Tabular disclosure of transferred financial assets that continue to be recognized and other financial assets that it manages together with them. Includes, but is not limited to, delinquencies and credit losses, after recoveries.

+ References

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-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
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