v3.26.1
Loans, Lending Commitments and Related Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2026
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Loans, Lending Commitments and Related Allowance for Credit Losses Loans, Lending Commitments and Related Allowance for Credit Losses
Loans by Type
 At March 31, 2026
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$8,911 $14,498 $23,409 
Secured lending facilities70,033 2,396 72,429 
Commercial real estate8,300 186 8,486 
Residential real estate73,529 5 73,534 
Securities-based lending and Other
117,084 146 117,230 
Total loans277,857 17,231 295,088 
ACL(1,174)(1,174)
Total loans, net$276,683 $17,231 $293,914 
Loans to non-U.S. borrowers, net$36,036 $4,455 $40,491 
 At December 31, 2025
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$7,277 $7,202 $14,479 
Secured lending facilities69,149 1,817 70,966 
Commercial real estate8,039 320 8,359 
Residential real estate72,403 5 72,408 
Securities-based lending and Other
112,984 30 113,014 
Total loans269,852 9,374 279,226 
ACL(1,132)(1,132)
Total loans, net$268,720 $9,374 $278,094 
Loans to non-U.S. borrowers, net$34,532 $3,622 $38,154 
For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 9 to the financial statements in the 2025 Form 10-K.
Loans by Interest Rate Type
 At March 31, 2026At December 31, 2025
$ in millionsFixed RateFloating or Adjustable RateFixed RateFloating or Adjustable Rate
Corporate$86 $23,323 $1 $14,478 
Secured lending facilities525 71,904 525 70,440 
Commercial real estate331 8,156 327 8,032 
Residential real estate32,555 40,978 32,377 40,031 
Securities-based lending and Other
27,254 89,976 27,681 85,334 
Total loans, before ACL$60,751 $234,337 $60,911 $218,315 
See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future.
Loans Held for Investment before Allowance by Credit Quality and Origination Year
At March 31, 2026At December 31, 2025
Corporate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$3,226 $5,329 $8,555 $2,362 $4,580 $6,942 
202634 118 152 
2025— 35 35 125 40 165 
202479 50 129 79 50 129 
2023— 25 25 — 25 25 
2022— — — — — — 
Prior15 — 15 15 1 16 
Total
$3,354 $5,557 $8,911 $2,581 $4,696 $7,277 
At March 31, 2026At December 31, 2025
Secured Lending Facilities
$ in millionsIGNIGTotalIGNIGTotal
Revolving$15,118 $39,096 $54,214 $15,709 $37,915 $53,624 
2026481 1,887 2,368 
20251,777 7,591 9,368 2,514 7,248 9,762 
202448 1,688 1,736 78 2,620 2,698 
2023269 701 970 596 935 1,531 
20229 843 852 13 957 970 
Prior11 514 525 7 557 564 
Total
$17,713 $52,320 $70,033 $18,917 $50,232 $69,149 
At March 31, 2026At December 31, 2025
Commercial Real Estate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$33 $— $33 $34 $— $34 
2026— 730 730 
2025317 1,880 2,197 322 2,103 2,425 
2024568 1,384 1,952 577 1,385 1,962 
2023153 404 557 153 409 562 
2022236 1,164 1,400 332 1,094 1,426 
Prior36 1,395 1,431 37 1,593 1,630 
Total
$1,343 $6,957 $8,300 $1,455 $6,584 $8,039 
At March 31, 2026
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$181 $43 $7 $231 $— $231 
20262,214 407 54 2,431 244 2,675 
20258,862 1,648 182 9,662 1,030 10,692 
20247,563 1,448 175 8,293 893 9,186 
20235,924 1,282 185 6,600 791 7,391 
20229,399 2,106 352 10,928 929 11,857 
Prior25,129 5,726 642 29,451 2,046 31,497 
Total$59,272 $12,660 $1,597 $67,596 $5,933 $73,529 
At December 31, 2025
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$172 $40 $7 $219 $— $219 
20259,096 1,666 189 9,900 1,051 10,951 
20247,825 1,480 184 8,571 918 9,489 
20236,099 1,315 187 6,788 813 7,601 
20229,613 2,138 355 11,159 947 12,106 
Prior
25,543 5,841 653 29,944 2,093 32,037 
Total$58,348 $12,480 $1,575 $66,581 $5,822 $72,403 
At March 31, 2026
Securities-based lending1
Other2
$ in millionsIGNIGTotal
Revolving $101,730 $647 $1,622 $103,999 
2026425 7 254 686 
20252,384 173 684 3,241 
20241,017 640 225 1,882 
2023621 126 956 1,703 
2022100 222 1,156 1,478 
Prior249 1,127 2,719 4,095 
Total$106,526 $2,942 $7,616 $117,084 
At December 31, 2025
Securities-based lending1
Other2
$ in millionsIGNIGTotal
Revolving$97,840 $639 $1,615 $100,094 
20252,437 199 808 3,444 
20241,132 690 180 2,002 
2023655 126 981 1,762 
2022132 170 1,260 1,562 
Prior245 1,013 2,862 4,120 
Total$102,441 $2,837 $7,706 $112,984 
IG—Investment Grade
NIG—Non-investment Grade
1. Securities-based loans are subject to collateral maintenance provisions, and at March 31, 2026 and December 31, 2025, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2025 Form 10-K.
2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment, which typically consist of bespoke lending arrangements provided to ultra-high worth net clients. These facilities are generally secured by eligible collateral.
Past Due Loans Held for Investment before Allowance1
$ in millionsAt March 31, 2026At December 31, 2025
Commercial real estate$187 $129 
Residential real estate200 298 
Securities-based lending and Other
— 41 
Total$387 $468 
1.As of March 31, 2026 and December 31, 2025, the majority of the amounts were 90 days or more past due.
Nonaccrual Loans Held for Investment before Allowance1
$ in millionsAt March 31, 2026At December 31, 2025
Corporate$150 $203 
Secured lending facilities12 14 
Commercial real estate465 476 
Residential real estate195 208 
Securities-based lending and Other
201 246 
Total
$1,023 $1,147 
Nonaccrual loans without an ACL$174 $180 
1.There were no loans held for investment that were 90 days or more past due and still accruing as of March 31, 2026 and December 31, 2025. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements in the 2025 Form 10-K.
Loan Modifications to Borrowers Experiencing Financial Difficulty
The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower’s financial difficulties, and these modifications include interest rate reductions, principal forgiveness, term extensions and other-than-insignificant payment delays or a combination of these aforementioned modifications. Modified loans are typically evaluated individually for allowance for credit losses.
Modified Loans Held for Investment
Period-end loans held for investment modified during the following periods1
 Three Months Ended March 31,
20262025
$ in millionsAmortized Cost
% of Total Loans2
Amortized Cost
% of Total Loans2
Term Extension
Corporate$13 0.1 %$42 0.5 %
Secured lending facilities12 — %41 0.1 %
Commercial real estate— — %292 3.4 %
Securities-based lending and Other 5 — %34 — %
Total$30 — %$409 0.2 %
Other-than-insignificant Payment Delay
Securities-based lending and Other— — %30 — %
Total$— — %$30 — %
Total Modifications$30 — %$439 0.3 %
1.Lending commitments to borrowers for which the Firm has modified terms of the receivable during the three months ended March 31, 2026 and 2025, were $887 million and $214 million, as of March 31, 2026 and 2025, respectively.
2.Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type.

Financial Effect of Modifications on Loans Held for Investment
Three Months Ended March 31, 20261
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate290$— — %
Secured lending facilities10— — %
Securities-based lending and Other240— — %
Three Months Ended March 31, 20251
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate370$— — %
Secured lending facilities30— — %
Commercial real estate10— — %
Securities-based lending and Other1211— — %
1.In instances where more than one loan was modified, modification impact is presented on a weighted-average basis.
Performance of Loans Held for Investment Modified in the Last 12 Months
 At March 31, 2026
$ in millions
Current and less than 30 days past due
30-89 days past due
90+ days past due
Total
Corporate$221 $— $— $221 
Secured lending facilities20 — — 20 
Commercial real estate470 — — 470 
Residential real estate7 2 — 9 
Securities-based lending and Other416 — — 416 
Total$1,134 $2 $— $1,136 
 At March 31, 2025
$ in millions
Current and less than 30 days past due
30-89 days past due
90+ days past due
Total
Corporate$185 $— $— $185 
Secured lending facilities42 — — 42 
Commercial real estate423 — 63 486 
Residential real estate3 — — 3 
Securities-based lending and Other149 — — 149 
Total$802 $— $63 $865 
At March 31, 2026, there were no loans held for investment that defaulted during the three months ended March 31, 2026 that had been modified in the 12 month period prior to default. At March 31, 2025 there was one commercial real estate loan held for investment with an amortized cost of $63 million that defaulted during the three months ended March 31, 2025 that had been modified in the 12 month period prior to default.
Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments
Three Months Ended March 31, 2026
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance
$260 $201 $283 $127 $261 $1,132 
Gross charge-offs(16)— (11)— (10)(37)
Provision (release)(2)18 56 4 6 82 
Other(2)(1)— — — (3)
Ending balance$240 $218 $328 $131 $257 $1,174 
Percent of loans to total loans1
3 %25 %3 %27 %42 %100 %
ACL—Lending commitments
Beginning balance$625 $137 $12 $5 $19 $798 
Provision (release)31 (16)4 — (3)16 
Other(7)(1)— — 1 (7)
Ending balance$649 $120 $16 $5 $17 $807 
Total ending balance
$889 $338 $344 $136 $274 $1,981 
Three Months Ended March 31, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance$200 $140 $373 $97 $256 $1,066 
Gross charge-offs
— — (31)— — (31)
Recoveries— — 8 — — 8 
Net (charge-offs)/ recoveries
— — (23)— — (23)
Provision (release)2 7 24 23 25 81 
Other3 2 5 — (1)9 
Ending balance$205 $149 $379 $120 $280 $1,133 
Percent of loans to total loans1
3 %22 %4 %29 %42 %100 %
ACL—Lending commitments
Beginning balance$507 $88 $40 $4 $17 $656 
Provision (release)37 41 (27)— 3 54 
Other5 1 — — 2 8 
Ending balance$549 $130 $13 $4 $22 $718 
Total ending balance
$754 $279 $392 $124 $302 $1,851 
CRE—Commercial real estate
SBL—Securities-based lending
1.Percentage of loans to total loans represents loans held for investment by loan type to total loans held for investment.
The allowance for credit losses for loans and lending commitments increased during the three months ended March 31, 2026, primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. Charge-offs in the current quarter were primarily related to commercial real estate and corporate loans.
The base scenario used in the Firm’s ACL models as of March 31, 2026 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. The Firm’s ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate with the base scenario for the quarter incorporating expectations of continued economic growth relative to the prior quarter forecast. Other key macroeconomic variables used in the Firm’s ACL models
include corporate credit spreads, interest rates and commercial real estate indices. The significance of these key macroeconomic variables on the Firm’s ACL models varies depending on portfolio composition and economic conditions. The Firm also considered increased macroeconomic uncertainty in determining the aggregate allowance for credit losses for the current quarter. For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 9 to the financial statements in the 2025 Form 10-K.
Gross Charge-offs by Origination Year
Three Months Ended March 31, 2026
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Revolving
$(16)$— $— $— $— $(16)
Prior
— — (11)— (10)(21)
Total
$(16)$— $(11)$— $(10)$(37)
Three Months Ended March 31, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
2022$— $— $(10)$— $— $(10)
Prior
— — (21)— — (21)
Total
$— $— $(31)$— $— $(31)
CRE—Commercial real estate
SBL—Securities-based lending
Selected Credit Ratios
At
March 31,
2026 		At
December 31,
2025
ACL for loans to total HFI loans0.4 %0.4 %
Nonaccrual HFI loans to total HFI loans
0.4 %0.4 %
ACL for loans to nonaccrual HFI loans
114.8 %98.7 %
Employee Loans
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Currently employed by the Firm1
$4,830 $4,769 
No longer employed by the Firm2
87 89 
Employee loans$4,917 $4,858 
ACL(118)(127)
Employee loans, net of ACL$4,799 $4,731 
Remaining repayment term, weighted average in years5.75.7
1.These loans are predominantly current.
2.These loans are predominantly past due for a period of 90 days or more.
Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management financial advisors, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheet. See Note 2 to the financial statements in the 2025 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.