Consolidated VIE Assets and Liabilities by Balance Sheet Caption


$ in millions	At March 31, 2026		At December 31, 2025
Assets
Cash and cash equivalents	$	37	$	19
Trading assets at fair value	2,368		1,216
Investment securities	1,110		1,318

Customer and other receivables	4		5
Other assets	1		1
Total	$	3,520	$	2,559
Liabilities
Trading liabilities at fair value	$	2	$	—
Other secured financings	$	2,419	$	1,653
Other liabilities and accrued expenses	11		5
Borrowings	3		3
Total	$	2,435	$	1,661
Noncontrolling interests	$	71	$	145

Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement.

In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders.

Non-consolidated VIEs


	At March 31, 2026
$ in millions	MABS1		CDO		MTOB		OSF		Other2
VIE assets (UPB)	$	227,153	$	2,897	$	5,014	$	5,074	$	90,508
Maximum exposure to loss3
Debt and equity interests	$	30,156	$	293	$	—	$	2,595	$	12,253
Derivative and other contracts	—		—		3,549		—		5,152
Commitments, guarantees and other	10,726		—		—		—		182
Total	$	40,882	$	293	$	3,549	$	2,595	$	17,587
Carrying value of variable interests—Assets
Debt and equity interests	$	30,156	$	293	$	—	$	2,048	$	12,253
Derivative and other contracts	—		—		5		—		2,166
Total	$	30,156	$	293	$	5	$	2,048	$	14,419
Additional VIE assets owned4									$	16,934
Carrying value of variable interests—Liabilities
Derivative and other contracts	$	—	$	—	$	2	$	—	$	889


	At December 31, 2025
$ in millions	MABS1		CDO		MTOB		OSF		Other2
VIE assets (UPB)	$	218,543	$	3,432	$	4,620	$	4,535	$	87,118
Maximum exposure to loss3
Debt and equity interests	$	32,074	$	158	$	—	$	2,611	$	11,904
Derivative and other contracts	—		—		3,258		—		4,473
Commitments, guarantees and other	10,414		—		—		—		190
Total	$	42,488	$	158	$	3,258	$	2,611	$	16,567
Carrying value of variable interests–Assets
Debt and equity interests	$	32,074	$	158	$	—	$	1,967	$	11,904
Derivative and other contracts	—		—		5		—		2,010
Total	$	32,074	$	158	$	5	$	1,967	$	13,914
Additional VIE assets owned4									$	15,907
Carrying value of variable interests—Liabilities
Derivative and other contracts	$	—	$	—	$	2	$	—	$	780

OSF–Other structured financings

1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form.

2.Other primarily includes exposures to commercial real estate property and investment funds.

3.Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm.

4.Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives.

The previous tables include VIEs sponsored by unrelated parties, as well as VIEs sponsored by the Firm; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 7).

The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as well as the fair value of certain other derivatives and investments the Firm has made in the VIE.

The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss.

Liabilities issued by VIEs generally are non-recourse to the Firm.

Detail of Mortgage- and Asset-Backed Securitization Assets


	At March 31, 2026				At December 31, 2025
$ in millions	UPB		Debt and Equity Interests		UPB		Debt and Equity Interests
Residential mortgages	$	21,998	$	2,809	$	20,130	$	3,183
Commercial mortgages	89,820		8,966		96,473		11,251
U.S. agency collateralized mortgage obligations	63,643		6,839		58,876		7,136
Other consumer or commercial loans	51,692		11,542		43,064		10,504
Total	$	227,153	$	30,156	$	218,543	$	32,074

Transferred Assets with Continuing Involvement


	At March 31, 2026
$ in millions	RML		CML		U.S. Agency CMO		CLN and Other1
SPE assets (UPB)2,3	$	16,467	$	88,320	$	14,017	$	13,787
Retained interests
Investment grade	$	286	$	504	$	858	$	—
Non-investment grade	540		1,105		—		107
Total	$	826	$	1,609	$	858	$	107
Interests purchased in the secondary market3
Investment grade	$	97	$	50	$	20	$	—
Non-investment grade	13		33		—		10
Total	$	110	$	83	$	20	$	10
Derivative assets	$	—	$	—	$	—	$	1,712
Derivative liabilities	—		—		—		722


	At December 31, 2025
$ in millions	RML		CML		U.S. Agency CMO		CLN and Other1
SPE assets (UPB)2,3	$	15,089	$	84,729	$	18,230	$	13,312
Retained interests
Investment grade	$	288	$	456	$	1,127	$	—
Non-investment grade	460		1,131		—		123
Total	$	748	$	1,587	$	1,127	$	123
Interests purchased in the secondary market3
Investment grade	$	62	$	62	$	52	$	—
Non-investment grade	14		30		—		—
Total	$	76	$	92	$	52	$	—
Derivative assets	$	—	$	—	$	—	$	1,522
Derivative liabilities	—		—		—		733


	Fair Value At March 31, 2026
$ in millions	Level 2		Level 3		Total
Retained interests
Investment grade	$	1,072	$	—	$	1,072
Non-investment grade	95		72		167
Total	$	1,167	$	72	$	1,239
Interests purchased in the secondary market3
Investment grade	$	146	$	21	$	167
Non-investment grade	26		30		56
Total	$	172	$	51	$	223
Derivative assets	$	1,712	$	—	$	1,712
Derivative liabilities	722		—		722


	Fair Value At December 31, 2025
$ in millions	Level 2		Level 3		Total
Retained interests
Investment grade	$	1,346	$	—	$	1,346
Non-investment grade	122		58		180
Total	$	1,468	$	58	$	1,526
Interests purchased in the secondary market3
Investment grade	$	176	$	—	$	176
Non-investment grade	22		22		44
Total	$	198	$	22	$	220
Derivative assets	$	1,522	$	—	$	1,522
Derivative liabilities	733		—		733

RML—Residential mortgage loans

CML—Commercial mortgage loans

1.Amounts include CLO transactions managed by unrelated third parties.

2.Amounts include assets transferred by unrelated transferors.

3.Amounts include transactions where the Firm also holds retained interests as part of the transfer.

The previous tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. The transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statement. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. Certain retained interests are carried at fair value in the balance sheet with changes in fair value recognized in the income statement. Fair value for these interests is measured using techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Note 2 in the 2025 Form 10-K and Note 4 herein. Further, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table.

Proceeds from New Securitization Transactions and Sales of Loans


	Three Months Ended March 31,
$ in millions	2026		2025
New transactions1	$	11,965	$	14,310
Retained interests	3,478		2,780

1.Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented.

The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 13).