Equity Securities |
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| Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Securities |
Equity securities include noncontrolling ownership interests in third-party entities, such as corporations, partnerships, or limited liability companies. Trading equity securities are held for customer accommodation and market-making purposes and are classified within trading assets on our consolidated balance sheet. Non-trading equity securities are held for investment purposes and are classified within equity securities on our consolidated balance sheet. For additional information on trading equity securities, see Note 11 (Fair Value Measurements). Non-Trading Equity Securities Table 4.1 provides a summary of our equity securities by business purpose and accounting method. Table 4.1: Equity Securities
(1)Includes securities subject to contractual lock-up periods restricting their sale. These securities had fair values of $295 million at March 31, 2026, the majority of which have sale restrictions that will expire in second quarter 2027, and $218 million at December 31, 2025, the majority of which have sale restrictions that will expire in second quarter 2027. (2)Includes affordable housing investments of $11.3 billion and $11.6 billion at March 31, 2026, and December 31, 2025, respectively, and renewable energy investments of $9.6 billion at both March 31, 2026, and December 31, 2025. The renewable energy investments are presented net of deferred investment tax credits of $1.8 billion and $1.7 billion at March 31, 2026, and December 31, 2025, respectively. Tax credit investments are accounted for using either the proportional amortization method or the equity method. See Note 12 (Securitizations and Variable Interest Entities) for information about tax credit investments. (3)Includes equity securities accounted for under the measurement alternative of $9.8 billion at both March 31, 2026, and December 31, 2025, which were predominantly securities associated with our venture capital investments. The remaining securities are accounted for using the equity method. (4)Includes $3.5 billion of investments in Federal Reserve Bank stock at both March 31, 2026, and December 31, 2025, and $1.4 billion and $762 million of investments in Federal Home Loan Bank stock at March 31, 2026, and December 31, 2025, respectively. Table 4.2 provides a summary of the net gains and losses from equity securities, which excludes equity method adjustments for our share of the investee’s earnings or losses that are recognized in other noninterest income. Gains and losses from equity securities are reported in net gains from trading and securities. Table 4.2: Net Gains (Losses) from Equity Securities
(1)Includes amounts related to venture capital investments in consolidated portfolio companies, which are not reported in equity securities on our consolidated balance sheet. (2)Includes unrealized gains (losses) due to observable price changes from equity securities accounted for under the measurement alternative. Table 4.3 provides additional information about the net gains and losses from equity securities accounted for under the measurement alternative. Gains and losses related to these adjustments are also included in Table 4.2. Table 4.3: Net Gains (Losses) from Measurement Alternative Equity Securities
Table 4.4 presents cumulative carrying value adjustments to equity securities accounted for under the measurement alternative that were still held at the end of each reporting period presented. Table 4.4: Measurement Alternative Cumulative Gains (Losses)
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