Variable Interest Entities and Securitization Activities (Tables)

3 Months Ended

Mar. 31, 2026

Variable Interest Entities and Securitization Activities [Abstract]

Consolidated VIE Assets and Liabilities by Type of Activity


	At March 31, 2026				At December 31, 2025
$ in millions	VIE Assets		VIE Liabilities		VIE Assets		VIE Liabilities
MABS1	$	1,115	$	517	$	468	$	2
Investment vehicles2	654		384		263		5
MTOB	1,631		1,529		1,781		1,651
Other	120		5		47		3
Total	$	3,520	$	2,435	$	2,559	$	1,661

MTOB—Municipal tender option bonds

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. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable.

2.Amounts include investment funds and CLOs.

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

Schedule of Non-Consolidated VIEs

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.

Schedule of Mortgage- and Asset-Backed Securitization Assets

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

Schedule of Transferred Assets with Continuing Involvement

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.

Schedule of Proceeds from New Securitization Transactions and Sales of Loans

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.

Schedule of Assets Sold with Retained Exposure

Assets Sold with Retained Exposure


$ in millions	At March 31, 2026		At December 31, 2025
Gross cash proceeds from sale of assets1	$	99,348	$	112,395
Fair value
Assets sold	$	96,748	$	113,159
Derivative assets recognized in the balance sheet	777		1,201
Derivative liabilities recognized in the balance sheet	3,376		438

1.The carrying value of assets derecognized at the time of sale approximates gross cash proceeds.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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