Goldman Sachs 2012 Annual Report Download - page 162

Notes to Consolidated Financial Statements
‰Assets and liabilities held by the firm related to real estate,
credit-related and other investing VIEs are primarily
included in “Financial instruments owned, at fair value”
and in “Financial instruments sold, but not yet purchased,
at fair value,” and “Other liabilities and accrued
expenses,” respectively.
‰Assets and liabilities held by the firm related to
power-related VIEs are primarily included in “Financial
instruments owned, at fair value” and “Other assets” and
in “Other liabilities and accrued expenses,” respectively.
Nonconsolidated VIEs
As of December 2012
in millions
Mortgage-
backed
Corporate
CDOs and
CLOs
Real estate,
credit-related
and other
investing
Other
asset-
backed
Power-
related
Investment
funds Total
Assets in VIE $79,171 2$23,842 $9,244 $3,510 $147 $1,898 $117,812
Carrying Value of the Firm’s Variable Interests
Assets 6,269 1,193 1,801 220 32 4 9,519
Liabilities — 12 — 30 — — 42
Maximum Exposure to Loss in Nonconsolidated VIEs
Retained interests 4,761 51 — — — — 4,812
Purchased interests 1,162 659 — 204 — — 2,025
Commitments and guarantees 1— 1 438 — — 1 440
Derivatives 11,574 6,761 — 952 — — 9,287
Loans and investments 39 — 1,801 — 32 4 1,876
Total $ 7,536 2$ 7,472 $2,239 $1,156 $ 32 $ 5 $ 18,440
Nonconsolidated VIEs
As of December 2011
in millions
Mortgage-
backed
Corporate
CDOs and
CLOs
Real estate,
credit-related
and other
investing
Other
asset-
backed
Power-
related
Investment
funds Total
Assets in VIE $94,047 2$20,340 $8,974 $4,593 $519 $2,208 $130,681
Carrying Value of the Firm’s Variable Interests
Assets 7,004 911 1,495 352 289 5 10,056
Liabilities — 63 3 24 2 — 92
Maximum Exposure to Loss in Nonconsolidated VIEs
Retained interests 5,745 32 — — — — 5,777
Purchased interests 962 368 — 333 — — 1,663
Commitments and guarantees 1— 1 373 — 46 — 420
Derivatives 12,469 7,529 — 1,221 — — 11,219
Loans and investments 82 — 1,495 — 288 5 1,870
Total $ 9,258 2$ 7,930 $1,868 $1,554 $334 $ 5 $ 20,949
1. The aggregate amounts include $3.25 billion and $4.17 billion as of December 2012 and December 2011, respectively, related to guarantees and derivative
transactions with VIEs to which the firm transferred assets.
2. Assets in VIE and maximum exposure to loss include $3.57 billion and $1.72 billion, respectively, as of December 2012, and $6.15 billion and $2.62 billion,
respectively, as of December 2011, related to CDOs backed by mortgage obligations.
160 Goldman Sachs 2012 Annual Report