A VIE requires consolidation by the entity’s primary beneficiary. We evaluate all of the entities in which we are involved to determine if the entity is a VIE and if so, whether we hold a variable interest and are the primary beneficiary. Refer to Note 2 of our 2024 Form 10-K for a discussion of our principal involvement with VIEs and the accounting policies regarding determination of whether we are deemed to be the primary beneficiary of VIEs.

Of the VIEs in which we hold an interest, we have determined that certain investments in low-income housing tax credit (“LIHTC”) funds and the trust we utilize in connection with restricted stock unit (“RSU”) awards granted to certain employees of one of our Canadian subsidiaries (the “Restricted Stock Trust Fund”) require consolidation in our financial statements, as we are deemed the primary beneficiary of such VIEs. The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table. Aggregate assets and aggregate liabilities may differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE.


$ in millions	Aggregate assets		Aggregate liabilities
June 30, 2025

LIHTC funds	$	89	$	33
Restricted Stock Trust Fund	28		28
Total	$	117	$	61

September 30, 2024

LIHTC funds	$	136	$	60
Restricted Stock Trust Fund	19		19
Total	$	155	$	79

The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and are not reflected in the following table.


$ in millions	June 30, 2025		September 30, 2024
Assets:
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash	$	20	$	17


Other assets	69		119
Total assets	$	89	$	136
Liabilities:
Other payables	$	24	$	37

Total liabilities	$	24	$	37
Noncontrolling interests	$	2	$	(6)

As discussed in Note 2 of our 2024 Form 10-K, we have concluded that for certain VIEs we are not the primary beneficiary and therefore do not consolidate these VIEs. Such VIEs primarily include certain LIHTC funds, our interests in certain limited partnerships which are part of our private equity portfolio (“Private Equity Interests”), and other limited partnerships. Our risk of loss for these VIEs is limited to our investments in, advances to, and/or receivables due from these VIEs.

The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table.


	June 30, 2025						September 30, 2024
$ in millions	Aggregate assets		Aggregate liabilities		Our risk of loss		Aggregate assets		Aggregate liabilities		Our risk of loss
LIHTC funds	$	9,644	$	3,085	$	68	$	9,049	$	3,079	$	116
Private Equity Interests	3,002		871		110		2,824		873		102
Other	536		173		79		204		146		64
Total	$	13,182	$	4,129	$	257	$	12,077	$	4,098	$	282