Variable Interest Entities and Securitization Activities (Tables)

6 Months Ended

Jun. 30, 2026

Variable Interest Entities and Securitization Activities [Abstract]

Consolidated VIE Assets and Liabilities by Type of Activity


	At June 30, 2026				At December 31, 2025
$ in millions	VIE Assets		VIE Liabilities		VIE Assets		VIE Liabilities
MABS1	$	1,366	$	479	$	468	$	2
Investment vehicles2	550		382		263		5
MTOB	2,225		2,022		1,781		1,651
Other	170		3		47		3
Total	$	4,311	$	2,886	$	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 June 30, 2026		At December 31, 2025
Assets
Cash and cash equivalents	$	45	$	19
Trading assets at fair value	2,955		1,216
Investment securities	1,304		1,318

Customer and other receivables	6		5
Other assets	1		1
Total	$	4,311	$	2,559
Liabilities
Trading liabilities at fair value	$	4	$	—
Other secured financings	$	2,871	$	1,653
Other liabilities and accrued expenses	8		5
Borrowings	3		3
Total	$	2,886	$	1,661
Noncontrolling interests	$	72	$	145

Schedule of Non-Consolidated VIEs

Non-consolidated VIEs


	At June 30, 2026
$ in millions	MABS1		CDO		MTOB		OSF		Other2
VIE assets (UPB)	$	234,747	$	4,212	$	3,546	$	4,268	$	92,172
Maximum exposure to loss3
Debt and equity interests	$	32,313	$	227	$	—	$	2,516	$	12,806
Derivative and other contracts	—		—		2,604		—		5,905
Commitments, guarantees and other	10,093		—		—		—		179
Total	$	42,406	$	227	$	2,604	$	2,516	$	18,890
Carrying value of variable interests—Assets
Debt and equity interests	$	32,313	$	227	$	—	$	1,950	$	12,806
Derivative and other contracts	—		—		3		—		2,387
Total	$	32,313	$	227	$	3	$	1,950	$	15,193
Additional VIE assets owned4									$	17,110
Carrying value of variable interests—Liabilities
Derivative and other contracts	$	—	$	—	$	1	$	—	$	1,095


	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 investment funds and equity-linked notes.

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 June 30, 2026				At December 31, 2025
$ in millions	UPB		Debt and Equity Interests		UPB		Debt and Equity Interests
Residential mortgages	$	25,431	$	3,743	$	20,130	$	3,183
Commercial mortgages	89,596		8,386		96,473		11,251
U.S. agency collateralized mortgage obligations	64,458		7,452		58,876		7,136
Other consumer or commercial loans	55,262		12,732		43,064		10,504
Total	$	234,747	$	32,313	$	218,543	$	32,074

Schedule of Transferred Assets with Continuing Involvement

Transferred Assets with Continuing Involvement


	At June 30, 2026
$ in millions	RML		CML		U.S. Agency CMO		CLN and Other1
SPE assets (UPB)2,3	$	18,307	$	88,002	$	18,560	$	12,983
Retained interests
Investment grade	$	270	$	506	$	988	$	—
Non-investment grade	655		1,052		—		88
Total	$	925	$	1,558	$	988	$	88
Interests purchased in the secondary market3
Investment grade	$	119	$	22	$	—	$	—
Non-investment grade	14		38		2		10
Total	$	133	$	60	$	2	$	10
Derivative assets	$	—	$	—	$	—	$	1,656
Derivative liabilities	—		—		—		881


	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 June 30, 2026
$ in millions	Level 2		Level 3		Total
Retained interests
Investment grade	$	1,183	$	—	$	1,183
Non-investment grade	49		111		160
Total	$	1,232	$	111	$	1,343
Interests purchased in the secondary market3
Investment grade	$	141	$	—	$	141
Non-investment grade	37		27		64
Total	$	178	$	27	$	205
Derivative assets	$	1,656	$	—	$	1,656
Derivative liabilities	881		—		881


	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


	Three Months Ended June 30,				Six Months Ended June 30,
$ in millions	2026		2025		2026		2025
New transactions1	$	14,775	$	12,136	$	26,740	$	26,446
Retained interests2	159		2,461		290		5,240

1.Amounts include cash and non-cash proceeds from transfers of mortgage loans and mortgage-backed securities to U.S. agency and non-agency securitization entities. Net gains on new transactions were not material for all periods presented.

2.Amounts include principal and interest cash flows received in the period on retained interests held by the Firm. Prior to the second quarter of 2026, Retained interests also included the notional of interests in securitization transactions sold by the Firm in the secondary market during the period, which were $3.4 billion for the three months ended March 31, 2026. Principal and interest cash flows were $91 million and $180 million for the three months and six months ended June 30, 2025, respectively.

Schedule of Assets Sold with Retained Exposure

Assets Sold with Retained Exposure


$ in millions	At June 30, 2026		At December 31, 2025
Gross cash proceeds from sale of assets1	$	132,445	$	112,395
Fair value
Assets sold	$	134,984	$	113,159
Derivative assets recognized in the balance sheet	3,170		1,201
Derivative liabilities recognized in the balance sheet	631		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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