Borrowings Measured at Fair Value on a Recurring Basis


$ in millions	At March 31, 2026		At December 31, 2025
Business Unit Responsible for Risk Management
Equity	$	67,292	$	64,457
Interest rates	47,618		46,394
Commodities	14,482		13,665
Credit	6,217		6,094
Foreign exchange	2,024		1,869
Total	$	137,633	$	132,479

Net Revenues from Liabilities under the Fair Value Option


$ in millions	Trading Revenues		Interest Expense		Net Revenues1
Three Months Ended March 31, 2026
Borrowings	$	2,545	$	338	$	2,207
Deposits	61		61		—

Three Months Ended March 31, 2025
Borrowings	$	(1,788)	$	200	$	(1,988)
Deposits	(37)		53		(90)

1.Amounts do not reflect any gains or losses from related economic hedges.

Gains (Losses) Due to Changes in Instrument-Specific Credit Risk


	Three Months Ended March 31,
	2026				2025
$ in millions	Trading Revenues		OCI		Trading Revenues		OCI
Loans and other receivables1	$	16	$	—	$	(6)	$	—
Lending commitments	(3)		—		(1)		—
Deposits	—		8		—		50
Borrowings	(9)		1,621		(9)		398


$ in millions	At March 31, 2026		At December 31, 2025
Cumulative pre-tax DVA gain (loss) recognized in AOCI	$	(2,377)	$	(4,005)

1.Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses.

Difference Between Contractual Principal and Fair Value1


$ in millions	At March 31, 2026		At December 31, 2025
Loans and other receivables2	$	10,785	$	10,746
Nonaccrual loans2	8,292		8,146
Borrowings3	4,989		3,680

1.Amounts indicate contractual principal greater than or (less than) fair value.

2.The majority of the difference between principal and fair value amounts for loans and other receivables relates to distressed debt positions purchased at amounts well below par.

3.Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index.


$ in millions	At March 31, 2026		At December 31, 2025
Nonaccrual loans	$	1,278	$	1,240
Nonaccrual loans 90 or more days past due	236		124