v3.25.4
Fair Value Hierarchy (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
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 millions20252024
Total level 1 financial assets$515,386 $436,298 
Total level 2 financial assets473,090 497,514 
Total level 3 financial assets20,324 20,358 
Investments in funds at NAV1,739 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 assets1.1%1.2%
Total financial assets at fair value2.1%2.2%
Total level 1 financial liabilities$140,556 $100,350 
Total level 2 financial liabilities648,454 611,340 
Total level 3 financial liabilities32,130 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 liabilities1.9%1.7%
Total financial liabilities at fair value4.1%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 millionsLevel 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 instruments213 50,521 484 51,218 
State and municipal obligations– 377 2 379 
Other debt obligations1,526 3,534 90 5,150 
Equity securities189,231 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 instruments172 46,739 728 47,639 
State and municipal obligations– 529 – 529 
Other debt obligations1 2,236 95 2,332 
Equity securities141,821 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 millionsLevel 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 
Equities5 86,643 1,050 87,698 
Gross fair value11 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)$(130,660)
Cross-level counterparty netting621 
Cash collateral netting45,634 
Net fair value$(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 
Equities136 79,301 742 80,179 
Gross fair value238 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 millionsLevel 1Level 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 millions20252024
Assets
Beginning balance$194 $187 
Net unrealized gains/(losses)(14)18 
Sales– (11)
Ending balance$180 $194 
Liabilities
Beginning balance$(22,345)$(24,275)
Net realized gains/(losses)(303)(210)
Net unrealized gains/(losses)(1,684)715 
Issuances(15,452)(9,768)
Settlements8,527 11,040 
Transfers into level 3(512)(1,835)
Transfers out of level 34,456 1,988 
Ending balance$(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 millions20252024
Deposits
Beginning balance$(3,045)$(2,737)
Net realized gains/(losses)(8)– 
Net unrealized gains/(losses)(329)(96)
Issuances(914)(1,086)
Settlements1,051 928 
Transfers into level 3(67)(173)
Transfers out of level 387 119 
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)
Settlements186 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)
Settlements4,459 4,700 
Transfers into level 3(240)(101)
Transfers out of level 3475 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)
Settlements2,831 3,797 
Transfers into level 3(205)(1,457)
Transfers out of level 33,894 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 millions20252024
Trading assets:
Trading cash instruments$904 $1,213 
Derivatives4,283 4,126 
Investments14,411 14,142 
Loans546 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 2025As 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 2025As of December 2024
$ in millions, except inputsAmount 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$22 $47  
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/AN/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 2025As 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 2025As 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.
Summary of Changes in Fair Value for Level 3 Loans The table below presents a summary of the changes in fair value for level 3 trading cash instruments.
Year Ended December
$ in millions20252024
Assets
Beginning balance$1,213 $1,791 
Net realized gains/(losses)104 161 
Net unrealized gains/(losses)(11)7 
Purchases455 512 
Sales(356)(618)
Settlements(498)(382)
Transfers into level 3119 222 
Transfers out of level 3(122)(480)
Ending balance$904 $1,213 
Liabilities
Beginning balance$(75)$(78)
Net realized gains/(losses)4 4 
Net unrealized gains/(losses)(4)(25)
Purchases42 57 
Sales(77)(43)
Settlements1 1 
Transfers into level 3(16)(9)
Transfers out of level 36 18 
Ending balance$(119)$(75)
In the table above:
•Changes in fair value are presented for all trading cash instruments that are classified in level 3 as of the end of the period.
•Net unrealized gains/(losses) relates to trading cash instruments 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 trading cash 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 trading cash instrument assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 trading cash instrument liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts.
•Level 3 trading cash instruments are frequently economically hedged with level 1 and level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1 or level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. 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 product type, for assets included in the summary table above.
Year Ended December
$ in millions20252024
Loans and securities backed by real estate
Beginning balance$95 $144 
Net realized gains/(losses)5 18 
Net unrealized gains/(losses)4 (11)
Purchases57 37 
Sales(8)(33)
Settlements(10)(28)
Transfers into level 344 6 
Transfers out of level 3(32)(38)
Ending balance$155 $95 
Corporate debt instruments
Beginning balance$728 $1,415 
Net realized gains/(losses)88 87 
Net unrealized gains/(losses)6 2 
Purchases281 253 
Sales(219)(389)
Settlements(442)(327)
Transfers into level 360 116 
Transfers out of level 3(18)(429)
Ending balance$484 $728 
Other
  
Beginning balance$390 $232 
Net realized gains/(losses)11 56 
Net unrealized gains/(losses)(21)16 
Purchases117 222 
Sales(129)(196)
Settlements(46)(27)
Transfers into level 315 100 
Transfers out of level 3(72)(13)
Ending balance$265 $390 
In the table above, other includes government and agency obligations, state and municipal obligations, other debt obligations, equity securities and commodities.
The table below presents a summary of the changes in fair value for level 3 investments.
Year Ended December
$ in millions20252024
Beginning balance$14,142 $17,138 
Net realized gains/(losses)373 342 
Net unrealized gains/(losses)186 (287)
Purchases1,189 1,395 
Sales(1,165)(916)
Settlements(1,380)(2,322)
Transfers into level 31,930 953 
Transfers out of level 3(864)(2,161)
Ending balance$14,411 $14,142 
In the table above:
•Changes in fair value are presented for all investments that are classified in level 3 as of the end of the period.
•Net unrealized gains/(losses) relates to investments 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 an investment was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3.
The table below presents information, by product type, for investments included in the summary table above.
Year Ended December
$ in millions20252024
Corporate debt securities  
Beginning balance$4,510 $6,533 
Net realized gains/(losses)180 179 
Net unrealized gains/(losses)55 (169)
Purchases390 600 
Sales(261)(306)
Settlements(631)(1,672)
Transfers into level 3464 462 
Transfers out of level 3(428)(1,117)
Ending balance$4,279 $4,510 
Securities backed by real estate 
Beginning balance$562 $687 
Net realized gains/(losses)7 52 
Net unrealized gains/(losses)(136)(82)
Purchases35 53 
Sales(89)(33)
Settlements(51)(114)
Transfers into level 37 1 
Transfers out of level 3(29)(2)
Ending balance$306 $562 
Other debt obligations  
Beginning balance$328 $244 
Net realized gains/(losses)17 5 
Net unrealized gains/(losses)3 – 
Purchases74 141 
Settlements(77)(31)
Transfers out of level 3– (31)
Ending balance$345 $328 
Equity securities  
Beginning balance$8,742 $9,674 
Net realized gains/(losses)169 106 
Net unrealized gains/(losses)264 (36)
Purchases690 601 
Sales(815)(577)
Settlements(621)(505)
Transfers into level 31,459 490 
Transfers out of level 3(407)(1,011)
Ending balance$9,481 $8,742 
The table below presents a summary of the changes in fair value for level 3 loans.
Year Ended December
$ in millions20252024
Beginning balance$683 $823 
Net realized gains/(losses)28 33 
Net unrealized gains/(losses)(9)(41)
Purchases96 135 
Sales
(17)(61)
Settlements(270)(286)
Transfers into level 362 124 
Transfers out of level 3(27)(44)
Ending balance$546 $683 
In the table above:
•Changes in fair value are presented for loans that are classified in level 3 as of the end of the period.
•Net unrealized gains/(losses) relates to loans that were still held at period-end.
•Purchases includes originations and secondary purchases.
•Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a loan was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3.
The table below presents information, by loan type, for loans included in the summary table above.
Year Ended December
$ in millions20252024
Corporate  
Beginning balance$403 $344 
Net realized gains/(losses)3 12 
Net unrealized gains/(losses)(6)(26)
Purchases36 127 
Sales– (5)
Settlements(125)(160)
Transfers into level 36 111 
Transfers out of level 3(27)– 
Ending balance$290 $403 
Real estate
  
Beginning balance$117 $261 
Net realized gains/(losses)5 9 
Net unrealized gains/(losses)8 (10)
Purchases3 2 
Sales
(13)(52)
Settlements(21)(93)
Ending balance$99 $117 
Other collateralized
Beginning balance$135 $136 
Net realized gains/(losses)14 4 
Net unrealized gains/(losses)(9)1 
Purchases57 6 
Sales– (3)
Settlements
(115)(22)
Transfers into level 356 13 
Ending balance$138 $135 
Other 
Beginning balance$28 $82 
Net realized gains/(losses)6 8 
Net unrealized gains/(losses)(2)(6)
Sales
(4)(1)
Settlements(9)(11)
Transfers out of level 3– (44)
Ending balance$19 $28 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The table below presents a summary of the changes in fair value for level 3 derivatives.
Year Ended December
$ in millions20252024
Total level 3 derivatives, net
Beginning balance$825 $810 
Net realized gains/(losses)(467)(129)
Net unrealized gains/(losses)(1,231)25 
Purchases564 480 
Sales(833)(885)
Settlements531 573 
Transfers into level 3157 (25)
Transfers out of level 339 (24)
Ending balance$(415)$825 
In the table above:
•Changes in fair value are presented for all derivative assets and liabilities that are classified in level 3 as of the end of the period.
•Net unrealized gains/(losses) relates to instruments 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 derivative was transferred into level 3 during a reporting period, its entire gain or loss for the period is classified in level 3.
•Positive amounts for transfers into level 3 and negative amounts for transfers out of level 3 represent net transfers of derivative assets. Negative amounts for transfers into level 3 and positive amounts for transfers out of level 3 represent net transfers of derivative liabilities.
•A derivative with level 1 and/or level 2 inputs is classified in level 3 in its entirety if it has at least one significant level 3 input.
•If there is one significant level 3 input, the entire gain or loss from adjusting only observable inputs (i.e., level 1 and level 2 inputs) is classified in level 3.
•Gains or losses that have been classified in level 3 resulting from changes in level 1 or level 2 inputs are frequently offset by gains or losses attributable to level 1 or level 2 derivatives and/or level 1, level 2 and level 3 trading cash instruments. As a result, gains/(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 product type, for derivatives included in the summary table above.
Year Ended December
$ in millions20252024
Interest rates, net  
Beginning balance$(112)$(439)
Net realized gains/(losses)(67)21 
Net unrealized gains/(losses)318 63 
Purchases14 4 
Sales(266)(29)
Settlements46 290 
Transfers into level 3(59)(36)
Transfers out of level 322 14 
Ending balance$(104)$(112)
Credit, net
  
Beginning balance$1,218 $1,650 
Net realized gains/(losses)148 94 
Net unrealized gains/(losses)85 9 
Purchases38 85 
Sales– (74)
Settlements(123)(354)
Transfers into level 3268 79 
Transfers out of level 3(3)(271)
Ending balance$1,631 $1,218 
Currencies, net
Beginning balance$47 $42 
Net realized gains/(losses)(52)(27)
Net unrealized gains/(losses)(45)1 
Purchases3 44 
Sales(5)(9)
Settlements81 (45)
Transfers into level 3(4)3 
Transfers out of level 3(3)38 
Ending balance$22 $47 
Commodities, net
Beginning balance$778 $628 
Net realized gains/(losses)(113)(340)
Net unrealized gains/(losses)11 91 
Purchases16 192 
Sales(7)(27)
Settlements69 57 
Transfers into level 33 14 
Transfers out of level 3(22)163 
Ending balance$735 $778 
Equities, net
  
Beginning balance$(1,106)$(1,071)
Net realized gains/(losses)(383)123 
Net unrealized gains/(losses)(1,600)(139)
Purchases493 155 
Sales(555)(746)
Settlements458 625 
Transfers into level 3(51)(85)
Transfers out of level 345 32 
Ending balance$(2,699)$(1,106)
Fair Value of Loans Held for Investment by Level The table below presents investments accounted for at fair value by level within the fair value hierarchy.
$ in millionsLevel 1Level 2Level 3Total
As of December 2025
Government and agency obligations:
U.S.$90,582 $1,467 $– $92,049 
Non-U.S.7,195 4 – 7,199 
Corporate debt securities139 2,621 4,279 7,039 
Securities backed by real estate– 6 306 312 
Money market instruments78 2,255 – 2,333 
Other debt obligations9 – 345 354 
Equity securities459 3,217 9,481 13,157 
Subtotal$98,462 $9,570 $14,411 $122,443 
Investments in funds at NAV   1,739 
Total investments   $124,182 
As of December 2024    
Government and agency obligations:   
U.S.$75,410 $– $– $75,410 
Non-U.S.4,048 62 – 4,110 
Corporate debt securities137 2,629 4,510 7,276 
Securities backed by real estate– 7 562 569 
Money market instruments327 1,453 – 1,780 
Other debt obligations22 53 328 403 
Equity securities574 3,331 8,742 12,647 
Subtotal$80,518 $7,535 $14,142 $102,195 
Investments in funds at NAV2,547 
Total investments
 
$104,742 
The table below presents loans held for investment accounted for at fair value under the fair value option by level within the fair value hierarchy.
$ in millionsLevel 1Level 2Level 3Total
As of December 2025    
Loan Type    
Corporate$– $36 $290 $326 
Real estate:
Commercial
– 356 64 420 
Residential
– 3,222 35 3,257 
Other collateralized
– 717 138 855 
Other– 28 19 47 
Total$– $4,359 $546 $4,905 
As of December 2024   
Loan Type   
Corporate$– $64 $403 $467 
Real estate:
Commercial
– 349 75 424 
Residential
– 3,684 42 3,726 
Other collateralized
– 648 135 783 
Other– 32 28 60 
Total$– $4,777 $683 $5,460