Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Financial Assets and Liabilities Carried at Fair Value

The table below presents financial assets and liabilities carried at fair value.


	As of December

$ in millions	2025			2024
Total level 1 financial assets	$	515,386		$	436,298
Total level 2 financial assets	473,090			497,514
Total level 3 financial assets	20,324			20,358
Investments in funds at NAV	1,739			2,547
Counterparty and cash collateral netting	(46,573)			(49,048)
Total financial assets at fair value	$	963,966		$	907,669

Total assets	$	1,809,320		$	1,675,972

Total level 3 financial assets divided by:
Total assets	1.1		%	1.2		%
Total financial assets at fair value	2.1		%	2.2		%

Total level 1 financial liabilities	$	140,556		$	100,350
Total level 2 financial liabilities	648,454			611,340
Total level 3 financial liabilities	32,130			25,721
Counterparty and cash collateral netting	(46,255)			(37,750)
Total financial liabilities at fair value	$	774,885		$	699,661

Total liabilities	$	1,684,348		$	1,553,976

Total level 3 financial liabilities divided by:
Total liabilities	1.9		%	1.7%
Total financial liabilities at fair value	4.1		%	3.7%

In the table above:

•Counterparty netting among positions classified in the same level is included in that level.

•Counterparty and cash collateral netting represents the impact on derivatives of netting across levels.

The table below presents trading cash instruments by level within the fair value hierarchy.


$ in millions	Level 1		Level 2		Level 3		Total
As of December 2025
Assets
Government and agency obligations:
U.S.	$	158,405	$	73,208	$	–	$	231,613
Non-U.S.	67,538		36,349		11		103,898
Loans and securities backed by:
Commercial real estate	–		1,659		63		1,722
Residential real estate	–		12,684		92		12,776
Corporate debt instruments	213		50,521		484		51,218
State and municipal obligations	–		377		2		379
Other debt obligations	1,526		3,534		90		5,150
Equity securities	189,231		1,593		162		190,986
Commodities	–		6,101		–		6,101
Total	$	416,913	$	186,026	$	904	$	603,843

Liabilities
Government and agency obligations:
U.S.	$	(23,172)	$	(15)	$	–	$	(23,187)
Non-U.S.	(49,628)		(4,014)		(3)		(53,645)
Loans and securities backed by:
Commercial real estate	–		(41)		–		(41)
Residential real estate	–		(18)		–		(18)
Corporate debt instruments	(307)		(32,597)		(101)		(33,005)
Other debt obligations	–		(133)		–		(133)
Equity securities	(67,429)		(2)		(15)		(67,446)
Commodities	–		(672)		–		(672)
Total	$	(140,536)	$	(37,492)	$	(119)	$	(178,147)

As of December 2024
Assets
Government and agency obligations:
U.S.	$	169,121	$	66,958	$	–	$	236,079
Non-U.S.	44,427		25,071		41		69,539
Loans and securities backed by:
Commercial real estate	–		1,450		38		1,488
Residential real estate	–		11,364		57		11,421
Corporate debt instruments	172		46,739		728		47,639
State and municipal obligations	–		529		–		529
Other debt obligations	1		2,236		95		2,332
Equity securities	141,821		1,143		242		143,206
Commodities	–		10,971		12		10,983
Total	$	355,542	$	166,461	$	1,213	$	523,216

Liabilities
Government and agency obligations:
U.S.	$	(21,181)	$	(52)	$	–	$	(21,233)
Non-U.S.	(37,466)		(3,283)		(3)		(40,752)
Loans and securities backed by:
Commercial real estate	–		(32)		(1)		(33)
Residential real estate	–		(20)		–		(20)
Corporate debt instruments	(75)		(23,755)		(52)		(23,882)
Other debt obligations	–		(72)		–		(72)
Equity securities	(41,528)		(12)		(19)		(41,559)
Commodities	–		(24)		–		(24)
Total	$	(100,250)	$	(27,250)	$	(75)	$	(127,575)

Trading cash instruments consists of instruments held in connection with the firm’s market-making or risk management activities. These instruments are carried at fair value and the related fair value gains and losses are recognized in the consolidated statements of earnings.

In the table above:

•Assets are shown as positive amounts and liabilities are shown as negative amounts.

•Corporate debt instruments includes corporate loans, debt securities, convertible debentures, prepaid commodity transactions and transfers of assets accounted for as secured loans rather than purchases.

•Other debt obligations includes other asset-backed securities and money market instruments.

•Equity securities includes public equities and exchange-traded funds.

The table below presents derivatives on a gross basis by level and product type, as well as the impact of netting.


$ in millions	Level 1		Level 2		Level 3		Total
As of December 2025
Assets
Interest rates	$	6	$	161,089	$	618	$	161,713
Credit	–		11,305		2,470		13,775
Currencies	–		79,714		80		79,794
Commodities	–		16,151		949		17,100
Equities	5		86,643		1,050		87,698
Gross fair value	11		354,902		5,167		360,080
Counterparty netting in levels	–		(259,670)		(884)		(260,554)
Subtotal	$	11	$	95,232	$	4,283	$	99,526
Cross-level counterparty netting							(621)
Cash collateral netting							(45,952)
Net fair value							$	52,953

Liabilities
Interest rates	$	(11)	$	(121,455)	$	(722)	$	(122,188)
Credit	–		(13,296)		(839)		(14,135)
Currencies	–		(83,756)		(58)		(83,814)
Commodities	–		(19,302)		(214)		(19,516)
Equities	(9)		(147,803)		(3,749)		(151,561)
Gross fair value	(20)		(385,612)		(5,582)		(391,214)
Counterparty netting in levels	–		259,670		884		260,554
Subtotal	$	(20)	$	(125,942)	$	(4,698)	$	(130,660)
Cross-level counterparty netting							621
Cash collateral netting							45,634
Net fair value							$	(84,405)

As of December 2024
Assets
Interest rates	$	102	$	156,054	$	580	$	156,736
Credit	–		9,249		2,188		11,437
Currencies	–		114,500		174		114,674
Commodities	–		12,134		1,192		13,326
Equities	136		79,301		742		80,179
Gross fair value	238		371,238		4,876		376,352
Counterparty netting in levels	–		(279,215)		(750)		(279,965)
Subtotal	$	238	$	92,023	$	4,126	$	96,387
Cross-level counterparty netting							(947)
Cash collateral netting							(48,101)
Net fair value							$	47,339

Liabilities
Interest rates	$	(92)	$	(124,235)	$	(692)	$	(125,019)
Credit	–		(9,060)		(970)		(10,030)
Currencies	–		(114,488)		(127)		(114,615)
Commodities	–		(14,111)		(414)		(14,525)
Equities	(8)		(126,650)		(1,848)		(128,506)
Gross fair value	(100)		(388,544)		(4,051)		(392,695)
Counterparty netting in levels	–		279,215		750		279,965
Subtotal	$	(100)	$	(109,329)	$	(3,301)	$	(112,730)
Cross-level counterparty netting							947
Cash collateral netting							36,803
Net fair value							$	(74,980)

In the table above:

•Gross fair values exclude the effects of both counterparty netting and collateral netting, and therefore are not representative of the firm’s exposure.

•Counterparty netting is reflected in each level to the extent that receivable and payable balances are netted within the same level and is included in counterparty netting in levels. Where the counterparty netting is across levels, the netting is included in cross-level counterparty netting.

•Assets are shown as positive amounts and liabilities are shown as negative amounts.

The table below presents, by level within the fair value hierarchy, other financial assets and liabilities at fair value, substantially all of which are accounted for at fair value under the fair value option.


$ in millions	Level 1		Level 2		Level 3		Total
As of December 2025
Assets
Resale agreements	$	–	$	126,007	$	–	$	126,007
Securities borrowed	–		51,581		–		51,581
Customer and other receivables	–		315		–		315
Other assets	–		–		180		180
Total	$	–	$	177,903	$	180	$	178,083

Liabilities
Deposits	$	–	$	(73,344)	$	(3,225)	$	(76,569)
Repurchase agreements	–		(223,384)		–		(223,384)
Securities loaned	–		(11,995)		–		(11,995)
Other secured financings	–		(27,340)		(493)		(27,833)
Unsecured borrowings:
Short-term	–		(52,093)		(7,665)		(59,758)
Long-term	–		(96,858)		(15,825)		(112,683)
Other liabilities	–		(6)		(105)		(111)
Total	$	–	$	(485,020)	$	(27,313)	$	(512,333)

As of December 2024
Assets
Resale agreements	$	–	$	179,793	$	–	$	179,793
Securities borrowed	–		46,902		–		46,902
Customer and other receivables	–		23		–		23
Other assets	–		–		194		194
Total	$	–	$	226,718	$	194	$	226,912

Liabilities
Deposits	$	–	$	(41,810)	$	(3,045)	$	(44,855)
Repurchase agreements	–		(274,380)		–		(274,380)
Securities loaned	–		(10,246)		–		(10,246)
Other secured financings	–		(27,434)		(551)		(27,985)
Unsecured borrowings:
Short-term	–		(45,073)		(5,294)		(50,367)
Long-term	–		(75,810)		(13,379)		(89,189)
Other liabilities	–		(8)		(76)		(84)
Total	$	–	$	(474,761)	$	(22,345)	$	(497,106)

In the table above, assets are shown as positive amounts and liabilities are shown as negative amounts.

The table below presents a summary of the changes in fair value for level 3 other financial assets and liabilities accounted for at fair value.


	Year Ended December

$ in millions		2025		2024
Assets
Beginning balance		$	194	$	187

Net unrealized gains/(losses)		(14)		18

Sales		–		(11)
Ending balance		$	180	$	194

Liabilities
Beginning balance		$	(22,345)	$	(24,275)
Net realized gains/(losses)		(303)		(210)
Net unrealized gains/(losses)		(1,684)		715
Issuances		(15,452)		(9,768)
Settlements		8,527		11,040
Transfers into level 3		(512)		(1,835)
Transfers out of level 3		4,456		1,988
Ending balance		$	(27,313)	$	(22,345)

In the table above:

•Changes in fair value are presented for all other financial assets and liabilities that are classified in level 3 as of the end of the period.

•Net unrealized gains/(losses) relates to other financial assets and liabilities that were still held at period-end.

•Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a financial instrument was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3.

•For level 3 other financial assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 other financial liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts.

•Level 3 other financial assets and liabilities are frequently economically hedged with trading assets and liabilities. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1, 2 or 3 trading assets and liabilities. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources.

The table below presents information, by the consolidated balance sheet line items, for other financial liabilities included in the summary table above.


	Year Ended December

$ in millions		2025		2024
Deposits
Beginning balance		$	(3,045)	$	(2,737)
Net realized gains/(losses)		(8)		–
Net unrealized gains/(losses)		(329)		(96)
Issuances		(914)		(1,086)
Settlements		1,051		928
Transfers into level 3		(67)		(173)
Transfers out of level 3		87		119
Ending balance		$	(3,225)	$	(3,045)

Other secured financings
Beginning balance		$	(551)	$	(2,022)
Net realized gains/(losses)		2		(1)
Net unrealized gains/(losses)		(28)		12
Issuances		(102)		(51)
Settlements		186		1,615
Transfers into level 3		–		(104)

Ending balance		$	(493)	$	(551)

Unsecured short-term borrowings
Beginning balance		$	(5,294)	$	(5,589)
Net realized gains/(losses)		(98)		(6)
Net unrealized gains/(losses)		(279)		9
Issuances		(6,688)		(4,883)
Settlements		4,459		4,700
Transfers into level 3		(240)		(101)
Transfers out of level 3		475		576
Ending balance		$	(7,665)	$	(5,294)

Unsecured long-term borrowings
Beginning balance		$	(13,379)	$	(13,848)
Net realized gains/(losses)		(199)		(203)
Net unrealized gains/(losses)		(1,040)		787
Issuances		(7,727)		(3,748)
Settlements		2,831		3,797
Transfers into level 3		(205)		(1,457)
Transfers out of level 3		3,894		1,293
Ending balance		$	(15,825)	$	(13,379)

Other liabilities
Beginning balance		$	(76)	$	(79)
Net unrealized gains/(losses)		(8)		3
Issuances		(21)		–

Ending balance		$	(105)	$	(76)

Summary of Level 3 Financial Assets

The table below presents a summary of level 3 financial assets.


	As of December

$ in millions	2025		2024
Trading assets:
Trading cash instruments	$	904	$	1,213
Derivatives	4,283		4,126
Investments	14,411		14,142
Loans	546		683
Other assets	180		194
Total	$	20,324	$	20,358

The table below presents the amount of level 3 trading cash instrument assets, and ranges and weighted averages of significant unobservable inputs used to value such trading cash instrument assets.


	As of December 2025				As of December 2024
$ in millions	Amount or Range		Weighted Average		Amount or Range		Weighted Average
Loans and securities backed by real estate
Level 3 assets	$	155			$	95
Yield	3.1% to 45.1%		10.6	%	7.2% to 24.3%		11.5	%
Recovery rate	22.3% to 62.5%		36.5	%	23.3% to 69.2%		50.9	%

Duration (years)	0.3 to 9.0		3.4		1.9 to 12.1		3.7
Corporate debt instruments
Level 3 assets	$	484			$	728
Yield	2.1% to 18.0%		8.0	%	3.0% to 35.9%		13.0	%
Recovery rate	4.1% to 72.0%		32.3	%	6.8% to 69.0%		53.6	%
Duration (years)	2.3 to 14.7		3.9		1.6 to 3.3		2.3
Other
Level 3 assets	$	265			$	390
Yield	8.4% to 30.0%		17.5	%	4.7% to 37.9%		15.2	%

Duration (years)	0.2 to 8.7		2.6		1.5 to 3.5		2.4

In the table above:

•Other includes government and agency obligations, state and municipal obligations, other debt obligations, equity securities and commodities.

•Ranges represent the significant unobservable inputs that were used in the valuation of each type of trading cash instrument.

•Weighted averages are calculated by weighting each input by the relative fair value of the trading cash instruments.

•The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one trading cash instrument. For example, the highest recovery rate for corporate debt instruments is appropriate for valuing a specific corporate debt instrument, but may not be appropriate for valuing any other corporate debt instrument. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 trading cash instruments.

•Increases in yield or duration used in the valuation of level 3 trading cash instruments would have resulted in a lower fair value measurement, while an increase in recovery rate would have resulted in a higher fair value measurement as of both December 2025 and December 2024. Due to the distinctive nature of each level 3 trading cash instrument, the interrelationship of inputs is not necessarily uniform within each product type.

•Trading cash instruments are valued using discounted cash flows.

The table below presents the amount of level 3 derivative assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value such derivatives.

As of December 2025

As of December 2024

$ in millions, except inputs

Amount or
Range

Average/
Median

Amount or
Range

Average/
Median

Interest rates, net

(104)

(112)

Correlation

(10)% to 95%

34%/25%

(10)% to 95%

60%/72%

Volatility (bps)

31 to 151

69/57

31 to 101

63/59

Credit, net

1,631

1,218

Credit spreads (bps)

9 to 1,065

135/106

8 to 1,328

134/91

Upfront credit points

0 to 100

19/10

(10) to 100

24/14

Recovery rates

25% to 60%

43%/40%

20% to 70%

46%/50%

Currencies, net

Correlation

0% to 70%

21%/3%

20% to 68%

34%/23%

Volatility

17% to 18%

17%/17%

17% to 17%

17%/17%

Commodities, net

735

778

Volatility

20% to 101%

35%/30%

21% to 120%

37%/33%

Natural gas spread

$(4.27) to $2.19

$(0.40)/$(0.33)

$(2.82) to $3.76

$(0.14)/ $(0.16)

Oil spread

N/A

$(6.42) to $22.10

$1.77/ $(3.80)

Electricity price

$2.98 to $489.82

$57.43/$35.57

$1.89 to $587.75

$52.18/ $32.68

Equities, net

(2,699)

(1,106)

Correlation

(70)% to 100%

58%/60%

(75)% to 100%

56%/52%

Volatility

2% to 102%

14%/9%

2% to 101%

15%/12%

In the table above:

•Assets are shown as positive amounts and liabilities are shown as negative amounts.

•Ranges represent the significant unobservable inputs that were used in the valuation of each type of derivative.

•Averages represent the arithmetic average of the inputs and are not weighted by the relative fair value or notional amount of the respective financial instruments. An average greater than the median indicates that the majority of inputs are below the average. For example, the difference between the average and the median for credit spreads indicates that the majority of the inputs fall in the lower end of the range.

•The ranges, averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative. For example, the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 derivatives.

•Interest rates, currencies and equities derivatives are valued using option pricing models, credit derivatives are valued using option pricing, correlation and discounted cash flow models, and commodities derivatives are valued using option pricing and discounted cash flow models.

•The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flow models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques.

•Correlation within currencies and equities includes cross-product type correlation.

•Natural gas spread represents the spread per million British thermal units of natural gas.

•Oil spread represents the spread per barrel of oil and refined products. Oil spread was not significant to the valuation of level 3 commodity derivatives as of December 2025.

•Electricity price represents the price per megawatt hour of electricity.

The table below presents the amount of level 3 investments, and ranges and weighted averages of significant unobservable inputs used to value such investments.


	As of December 2025				As of December 2024
$ in millions	Amount or Range		Weighted Average		Amount or Range		Weighted Average
Corporate debt securities
Level 3 assets	$	4,279			$	4,510
Yield	6.8% to 19.1%		10.9	%	5.0% to 28.8%		12.2	%
Recovery rate	20.0% to 65.0%		57.4	%	5.8% to 41.0%		25.2	%
Duration (years)	0.7 to 6.5		3.6		0.3 to 9.0		3.6
Multiples	0.8x to 43.0x		7.0x		1.1x to 34.2x		6.5x
Securities backed by real estate
Level 3 assets	$	306			$	562
Yield	8.9% to 30.8%		13.3	%	9.5% to 16.0%		13.6	%
Duration (years)	0.2 to 2.0		2.0		1.1 to 2.8		2.8
Other debt obligations
Level 3 assets	$	345			$	328
Yield	4.4% to 7.6%		6.9	%	7.0% to 8.7%		7.7	%
Equity securities
Level 3 assets	$	9,481			$	8,742
Multiples	0.4x to 25.0x		8.6x		0.4x to 34.2x		8.6x
Discount rate/yield	6.0% to 42.0%		12.3	%	6.0% to 27.9%		13.3	%
Capitalization rate	4.4% to 11.5%		5.5	%	4.4% to 9.1%		5.4	%

In the table above:

•Ranges represent the significant unobservable inputs that were used in the valuation of each type of investment.

•Weighted averages are calculated by weighting each input by the relative fair value of the investment.

•The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one investment. For example, the highest multiple for private equity securities is appropriate for valuing a specific private equity security but may not be appropriate for valuing any other private equity security. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 investments.

•Increases in yield, discount rate, capitalization rate or duration used in the valuation of level 3 investments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both December 2025 and December 2024. Due to the distinctive nature of each level 3 investment, the interrelationship of inputs is not necessarily uniform within each product type.

•Corporate debt securities, securities backed by real estate and other debt obligations are valued using discounted cash flows, and equity securities are valued using market comparables and discounted cash flows.

•The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques.

The table below presents the amount of level 3 loans, and ranges and weighted averages of significant unobservable inputs used to value such loans.


	As of December 2025				As of December 2024
$ in millions	Amount or Range		Weighted Average		Amount or Range		Weighted Average
Corporate
Level 3 assets	$	290			$	403
Yield	6.4% to 19.9%		18.0	%	11.6% to 22.4%		17.5	%
Recovery rate	32.5% to 94.9%		65.4	%	37.2% to 95.6%		72.9	%
Duration (years)	3.1 to 4.4		3.3		0.6 to 9.3		6.0
Real estate
Level 3 assets	$	99			$	117
Yield	N/A		N/A		6.1% to 10.9%		6.7	%
Recovery rate	69.0% to 99.2%		76.1	%	3.3% to 99.2%		73.7	%
Duration (years)	N/A		N/A		0.2 to 3.6		0.6
Other collateralized
Level 3 assets	$	138			$	135
Yield	5.7% to 6.3%		5.7	%	6.2% to 6.8%		6.3	%

Level 3 other loans were not material as of both December 2025 and December 2024, and therefore, are not included in the table above.

In the table above:

•Ranges represent the significant unobservable inputs that were used in the valuation of each type of loan.

•Weighted averages are calculated by weighting each input by the relative fair value of the loan.

•The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one loan. For example, the highest yield for corporate loans is appropriate for valuing a specific corporate loan but may not be appropriate for valuing any other corporate loan. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 loans.

•Increases in yield or duration used in the valuation of level 3 loans would have resulted in a lower fair value measurement, while increases in recovery rate would have resulted in a higher fair value measurement as of both December 2025 and December 2024. Due to the distinctive nature of each level 3 loan, the interrelationship of inputs is not necessarily uniform within each product type.

•Loans are valued using discounted cash flows.

•The significant unobservable inputs for yield and duration related to real estate loans as of December 2025 did not have a range (and there was no weighted average), as each pertained to a single position. Therefore, such unobservable inputs are not included in the table above.