Available-for-Sale Securities, at Fair Value

Available-for-sale securities are accounted for at fair value, and the related unrealized fair value gains and losses are included in accumulated other comprehensive income/(loss) unless designated in a fair value hedging relationship. See Note 7 for information about available-for-sale securities that are designated in a hedging relationship.

The table below presents information about available-for-sale securities by type and tenor.


$ in millions	Amortized Cost		Fair Value		Weighted Average Yield
As of December 2025
Less than 1 year	$	3,723	$	3,730	3.99	%
1 year to 5 years	70,516		70,872		3.89	%
5 years to 10 years	15,970		15,980		3.86	%


Total U.S. government obligations	90,209		90,582		3.89	%

5 years to 10 years	104		104		4.43	%
Greater than 10 years	1,361		1,363		5.06	%
Total U.S. agency obligations	1,465		1,467		5.02	%

1 year to 5 years	6,579		6,356		2.36	%
5 years to 10 years	863		839		3.63	%

Total non-U.S. government obligations	7,442		7,195		2.51	%
Total available-for-sale securities	$	99,116	$	99,244	3.81	%
As of December 2024
Less than 1 year	$	21,176	$	21,011	2.62	%
1 year to 5 years	48,564		47,931		3.64	%
5 years to 10 years	6,620		6,468		3.93	%

Total U.S. government obligations	76,360		75,410		3.38	%


1 year to 5 years	4,224		3,893		1.73	%
5 years to 10 years	193		155		0.72	%
Total non-U.S. government obligations	4,417		4,048		1.69	%
Total available-for-sale securities	$	80,777	$	79,458	3.29	%

In the table above:

•U.S. agency obligations consists of U.S. agency-issued mortgage-backed securities.

•Substantially all available-for-sale securities were classified in level 1 of the fair value hierarchy.

•The weighted average yield is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the fair value of each security. The effective interest rate considers the contractual coupon, the amortization of premiums and accretion of discounts, and excludes the effect of related hedges.

•If the fair value of available-for-sale securities is less than amortized cost, such securities are considered impaired. If the firm has the intent to sell the debt security, or if it is more likely than not that the firm will be required to sell the debt security before recovery of its amortized cost, the difference between the amortized cost (net of allowance, if any) and the fair value of the securities is recognized as an impairment loss in earnings. The firm did not record any such impairment losses during either 2025 or 2024. Impaired available-for-sale debt securities that the firm has the intent and ability to hold are reviewed to determine if an allowance for credit losses should be recorded. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings and severity of the unrealized losses. The firm did not record any provision for credit losses on such securities during either 2025 or 2024.

The table below presents information about available-for-sale securities in an unrealized loss position by aging category.


$ in millions	Less than 12 months		12 months or longer		Total
As of December 2025
Fair value:
U.S. government obligations	$	6,733	$	10,464	$	17,197
U.S. agency obligations	706		–		706
Non-U.S. government obligations	799		3,671		4,470
Total	$	8,238	$	14,135	$	22,373

Gross unrealized losses:
U.S. government obligations	$	(12)	$	(226)	$	(238)
U.S. agency obligations	(1)		–		(1)
Non-U.S. government obligations	(1)		(258)		(259)
Total	$	(14)	$	(484)	$	(498)

As of December 2024
Fair value:
U.S. government obligations	$	31,032	$	18,732	$	49,764
Non-U.S. government obligations	1,674		2,363		4,037
Total	$	32,706	$	21,095	$	53,801

Gross unrealized losses:
U.S. government obligations	$	(383)	$	(630)	$	(1,013)
Non-U.S. government obligations	(16)		(353)		(369)
Total	$	(399)	$	(983)	$	(1,382)

The gross unrealized gains included in accumulated other comprehensive income/(loss) for available-for-sale securities were $626 million as of December 2025 and were not material as of December 2024. Net unrealized gains included in other comprehensive income/(loss) for available-for-sale securities were $1.45 billion ($1.08 billion, net of tax) for 2025 and $541 million ($401 million, net of tax) for 2024.

The gross realized gains relating to the sales of available-for-sale securities were not material for each of 2025, 2024 and 2023. The gross realized losses relating to the sales of available-for-sale securities were $135 million for 2025 and were not material for both 2024 and 2023. The specific identification method is used to determine realized gains on available-for-sale securities.

Held-to-Maturity Securities

Held-to-maturity securities are accounted for at amortized cost.

The table below presents information about held-to-maturity securities by type and tenor.


$ in millions	Amortized Cost		Fair Value		Weighted Average Yield
As of December 2025
Less than 1 year	$	11,336	$	11,312	3.02	%
1 year to 5 years	33,900		34,214		3.90	%
Greater than 10 years	1		1		3.81	%
Total government obligations	45,237		45,527		3.68	%

Greater than 10 years	23,785		24,022		5.18	%
Total U.S. agency obligations	23,785		24,022		5.18	%

5 years to 10 years	8		7		6.33	%
Greater than 10 years	163		165		3.93	%
Total securities backed by real estate	171		172		4.04	%
Total held-to-maturity securities	$	69,193	$	69,721	4.20	%
As of December 2024
Less than 1 year	$	15,449	$	15,409	3.46	%
1 year to 5 years	42,420		41,939		3.66	%

Total government obligations	57,869		57,348		3.61	%

Greater than 10 years	20,637		20,482		5.42	%
Total U.S. agency obligations	20,637		20,482		5.42	%

1 year to 5 years	2		2		7.50	%
Greater than 10 years	205		206		5.25	%
Total securities backed by real estate	207		208		5.29	%
Total held-to-maturity securities	$	78,713	$	78,038	4.09	%

In the table above:

•Substantially all of the government obligations consist of U.S. government obligations.

•U.S. agency obligations consist of U.S. agency-issued mortgage-backed securities.

•Substantially all of the securities backed by real estate consist of securities backed by residential real estate.

•As these securities are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these securities been included in the firm’s fair value hierarchy, government obligations would have been classified in level 1, U.S. agency obligations would have been classified in level 2 and securities backed by real estate would have been primarily classified in level 2 of the fair value hierarchy.

•The weighted average yield is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the amortized cost of each security. The effective interest rate considers the contractual coupon and the amortization of premiums and accretion of discounts.

•The gross unrealized gains were $643 million as of December 2025 and $121 million as of December 2024. The gross unrealized losses were $115 million as of December 2025 and $796 million as of December 2024.

•Held-to-maturity securities are reviewed to determine if an allowance for credit losses should be recorded in the consolidated statements of earnings. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings, historical credit losses and sovereign guarantees. Provision for credit losses on such securities was not material during either 2025 or 2024.

Equity Securities and Debt Instruments, at Fair Value

Equity securities and debt instruments, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are recognized in the consolidated statements of earnings.

Equity Securities, at Fair Value. Equity securities, at fair value consists of the firm’s public and private equity investments in corporate and real estate entities.

The table below presents information about equity securities, at fair value.


	As of December

$ in millions	2025			2024
Equity securities, at fair value	$	13,866		$	13,832

Equity Type
Public equity	4		%	6		%
Private equity	96		%	94		%
Total	100		%	100		%

Asset Class
Corporate	78		%	75		%
Real estate	22		%	25		%
Total	100		%	100		%

In the table above:

•Equity securities, at fair value included investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $4.23 billion as of December 2025 and $5.04 billion as of December 2024. Losses recognized as a result of changes in the fair value of equity securities for which the fair value option was elected were $108 million for 2025 and $172 million for 2024. These losses are included in other principal transactions.

•Equity securities, at fair value includes investments in private equity, real estate and hedge funds that are measured at NAV.

•Equity securities, at fair value subject to contractual sale restrictions were not material as of both December 2025 and December 2024.

Debt Instruments, at Fair Value. Debt instruments, at fair value primarily includes mezzanine, senior and distressed debt.

The table below presents information about debt instruments, at fair value.


	As of December

$ in millions	2025		2024
Corporate debt securities	$	7,039	$	7,276
Securities backed by real estate	312		569
Money market instruments	2,333		1,780
Other	1,388		1,827
Total	$	11,072	$	11,452

In the table above, money market instruments primarily consist of time deposits and other primarily includes investments in credit funds that are measured at NAV.

Investments in Funds at Net Asset Value Per Share. Equity securities and debt instruments, at fair value include investments in funds that are measured at NAV of the investment fund. The firm uses NAV to measure the fair value of fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value.

Substantially all of the firm’s investments in funds at NAV consist of investments in firm-sponsored private equity, credit, real estate and hedge funds where the firm co-invests with third-party investors.

Private equity funds primarily invest in a broad range of industries worldwide, including leveraged buyouts, recapitalizations, growth investments and distressed investments. Credit funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for leveraged and management buyout transactions, recapitalizations, financings, refinancings, acquisitions and restructurings for private equity firms, private family companies and corporate issuers. Real estate funds invest globally, primarily in real estate companies, loan portfolios, debt recapitalizations and property. Substantially all private equity and credit funds and the vast majority of real estate funds are closed-end funds in which the firm’s investments are generally not eligible for redemption. Distributions will be received from these funds as the underlying assets are liquidated or distributed, the timing of which is uncertain.