v3.26.1
Loans, Lending Commitments and Related Allowance for Credit Losses
 6 Months Ended
Jun. 30, 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 June 30, 2026
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$8,955 $10,880 $19,835 
Secured lending facilities73,537 1,920 75,457 
Commercial real estate7,878 179 8,057 
Residential real estate75,627 5 75,632 
Securities-based lending and Other
124,569 73 124,642 
Total loans290,566 13,057 303,623 
ACL(1,248)(1,248)
Total loans, net$289,318 $13,057 $302,375 
Loans to non-U.S. borrowers, net$36,937 $5,781 $42,718 
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 June 30, 2026At December 31, 2025
$ in millionsFixed RateFloating or Adjustable RateFixed RateFloating or Adjustable Rate
Corporate$86 $19,749 $1 $14,478 
Secured lending facilities— 75,457 525 70,440 
Commercial real estate331 7,726 327 8,032 
Residential real estate33,088 42,544 32,377 40,031 
Securities-based lending and Other
28,341 96,301 27,681 85,334 
Total loans, before ACL$61,846 $241,777 $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 June 30, 2026At December 31, 2025
Corporate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$3,070 $5,608 $8,678 $2,362 $4,580 $6,942 
2026— 75 75 
2025— 35 35 125 40 165 
202478 50 128 79 50 129 
2023— 24 24 — 25 25 
2022— — — — — — 
Prior15 — 15 15 1 16 
Total
$3,163 $5,792 $8,955 $2,581 $4,696 $7,277 
At June 30, 2026At December 31, 2025
Secured Lending Facilities
$ in millionsIGNIGTotalIGNIGTotal
Revolving$18,601 $38,209 $56,810 $15,709 $37,915 $53,624 
2026999 3,666 4,665 
20251,528 7,271 8,799 2,514 7,248 9,762 
202448 1,254 1,302 78 2,620 2,698 
2023266 590 856 596 935 1,531 
20225 610 615 13 957 970 
Prior9 481 490 7 557 564 
Total
$21,456 $52,081 $73,537 $18,917 $50,232 $69,149 
At June 30, 2026At December 31, 2025
Commercial Real Estate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$19 $— $19 $34 $— $34 
2026— 976 976 
2025634 1,536 2,170 322 2,103 2,425 
2024540 1,374 1,914 577 1,385 1,962 
2023153 394 547 153 409 562 
2022166 895 1,061 332 1,094 1,426 
Prior28 1,163 1,191 37 1,593 1,630 
Total
$1,540 $6,338 $7,878 $1,455 $6,584 $8,039 
At June 30, 2026
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$184 $47 $7 $238 $— $238 
20265,453 948 154 5,993 562 6,555 
20258,650 1,622 181 9,445 1,008 10,453 
20247,299 1,389 171 8,006 853 8,859 
20235,711 1,241 182 6,369 765 7,134 
20229,217 2,056 341 10,712 902 11,614 
Prior24,596 5,554 624 28,779 1,995 30,774 
Total$61,110 $12,857 $1,660 $69,542 $6,085 $75,627 
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 June 30, 2026
Securities-based lending1
Other2
$ in millionsIGNIGTotal
Revolving $108,745 $721 $1,694 $111,160 
20261,264 6 986 2,256 
20252,128 195 560 2,883 
2024532 640 214 1,386 
2023529 140 887 1,556 
202267 222 1,072 1,361 
Prior232 1,010 2,725 3,967 
Total$113,497 $2,934 $8,138 $124,569 
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 June 30, 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 net worth clients. These facilities are generally secured by eligible collateral.
Past Due Loans Held for Investment before Allowance1
$ in millionsAt June 30, 2026At December 31, 2025
Commercial real estate$181 $129 
Residential real estate221 298 
Securities-based lending and Other
81 41 
Total$483 $468 
1.As of June 30, 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 June 30, 2026At December 31, 2025
Corporate$146 $203 
Secured lending facilities7 14 
Commercial real estate454 476 
Residential real estate193 208 
Securities-based lending and Other
207 246 
Total
$1,007 $1,147 
Nonaccrual loans without an ACL$180 $180 
1.There were no loans held for investment that were 90 days or more past due and still accruing as of June 30, 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 June 30,
20262025
$ in millionsAmortized Cost
% of Total Loans2
Amortized Cost
% of Total Loans2
Term Extension
Corporate$— — %$113 1.5 %
Commercial real estate50 0.6 %330 4.0 %
Total$50 0.6 %$443 2.8 %
Other-than-insignificant Payment Delay
Securities-based lending and Other$5 — %$— — %
Total$5 — %$— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Corporate$27 0.3 %$— — %
Commercial real estate— — %75 0.9 %
Residential real estate— — %2 — %
Total$27 0.3 %$77 0.1 %
Total Modifications$82 0.1 %$520 0.6 %
Six Months Ended June 30,
20262025
$ in millionsAmortized Cost
% of Total Loans2
Amortized Cost
% of Total Loans2
Term Extension
Corporate$5 0.1 %$126 1.6 %
Commercial real estate50 0.6 %330 4.0 %
Securities-based lending and Other 4 — %33 — %
Total$59 — %$489 0.4 %
Other-than-insignificant Payment Delay
Securities-based lending and Other5 — %29 — %
Total$5 — %$29 — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Corporate$27 0.3 %$— — %
Commercial real estate— — %75 0.9 %
Residential real estate— — %2 — %
Total$27 0.3 %$77 0.1 %
Total Modifications$91 0.1 %$595 0.3 %
1.Lending commitments to borrowers for which the Firm has modified terms of the receivable during the three months ended June 30, 2026 and 2025, were $407 million and $242 million, as of June 30, 2026 and 2025, respectively. Lending commitments to borrowers for which the Firm has modified terms of the receivable during the six months ended June 30, 2026 and 2025, were $1,302 million and $401 million, as of June 30, 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 June 30, 20261
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Commercial real estate480— — %
Securities-based lending and Other04— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Corporate280$— 0.1 %
Three Months Ended June 30, 20251
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate260$— — %
Commercial real estate330— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Commercial real estate650$— 0.6 %
Residential real estate1200— 1.0 %
Six Months Ended June 30, 20261
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate200$— — %
Commercial real estate480— — %
Securities-based lending and Other244— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Corporate280$— 0.1 %
Six Months Ended June 30, 20251
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate270$— — %
Commercial real estate330— — %
Securities-based lending and Other1211— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Commercial real estate650$— 0.6 %
Residential real estate1200— 1.0 %
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 June 30, 2026
$ in millions
Current and less than 30 days past due
30-89 days past due
90+ days past due
Total
Corporate$76 $— $— $76 
Secured lending facilities7 — — 7 
Commercial real estate196 — — 196 
Residential real estate6 — — 6 
Securities-based lending and Other415 5 — 420 
Total$700 $5 $— $705 
At June 30, 2025
$ in millions
Current and less than 30 days past due
30-89 days past due
90+ days past due
Total
Corporate$152 $— $— $152 
Commercial real estate546 — — 546 
Residential real estate2 — 2 4 
Securities-based lending and Other84 — — 84 
Total$784 $— $2 $786 
At June 30, 2026, there were no loans held for investment that defaulted during the six months ended June 30, 2026 that had been modified in the 12 month period prior to default. At June 30, 2025, there were no loans held for investment that
defaulted during the six months ended June 30, 2025 that had been modified in the 12 month period prior to default.
Provision for Credit Losses
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Loans
$110 $138 $192 $219 
Lending commitments
(12)58 4 112
Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments
Six Months Ended June 30, 2026
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance
$260 $201 $283 $127 $261 $1,132 
Gross charge-offs(45)— (17)— (10)(72)
Recoveries— — 2 — — 2 
Net (charge-offs)/ recoveries
(45)— (15)— (10)(70)
Provision (release)66 43 46 9 28 192 
Other(2)(2)(2)— — (6)
Ending balance$279 $242 $312 $136 $279 $1,248 
Percent of loans to total loans1
3 %25 %3 %26 %43 %100 %
ACL—Lending commitments
Beginning balance$625 $137 $12 $5 $19 $798 
Provision (release)24 (20)4 — (4)4 
Other(9)(1)— — — (10)
Ending balance$640 $116 $16 $5 $15 $792 
Total ending balance
$919 $358 $328 $141 $294 $2,040 
Six Months Ended June 30, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance$200 $140 $373 $97 $256 $1,066 
Gross charge-offs— — (62)— — (62)
Recoveries— — 20 — — 20 
Net (charge-offs)/ recoveries
— — (42)— — (42)
Provision (release)63 30 52 23 51 219 
Other8 5 15 — — 28 
Ending balance$271 $175 $398 $120 $307 $1,271 
Percent of loans to total loans1
3 %24 %3 %28 %42 %100 %
ACL—Lending commitments
Beginning balance$507 $88 $40 $4 $17 $656 
Provision (release)83 47 (21)— 3 112 
Other17 3 1 — 1 22 
Ending balance$607 $138 $20 $4 $21 $790 
Total ending balance
$878 $313 $418 $124 $328 $2,061 
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 six months ended June 30, 2026, primarily related to certain specific commercial real estate and corporate loans and portfolio growth in corporate
loans and secured lending facilities. Charge-offs in the current year period were primarily related to corporate and commercial real estate loans.
The base scenario used in the Firm’s ACL models as of June 30, 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 current quarter incorporating expectations of continued economic growth consistent with 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 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 June 30, 2026
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Revolving
$(29)$— $— $— $— $(29)
2022— — (6)— — (6)
Total
$(29)$— $(6)$— $— $(35)
Three Months Ended June 30, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Prior to 2022$— $— $(31)$— $— $(31)
Total
$— $— $(31)$— $— $(31)
Six Months Ended June 30, 2026
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Revolving
$(45)$— $— $— $— $(45)
2022— — (6)— — (6)
Prior to 2022— — (11)— (10)(21)
Total
$(45)$— $(17)$— $(10)$(72)
Six Months Ended June 30, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
2022$— $— $(10)$— $— $(10)
Prior to 2022— — (52)— — (52)
Total
$— $— $(62)$— $— $(62)
CRE—Commercial real estate
SBL—Securities-based lending
Selected Credit Ratios
At
June 30,
2026 		At
December 31,
2025
ACL for loans to total HFI loans0.4 %0.4 %
Nonaccrual HFI loans to total HFI loans
0.3 %0.4 %
ACL for loans to nonaccrual HFI loans
123.9 %98.7 %
Employee Loans
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Currently employed by the Firm1
$4,949 $4,769 
No longer employed by the Firm2
90 89 
Employee loans$5,039 $4,858 
ACL(119)(127)
Employee loans, net of ACL$4,920 $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.