v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Fair Value Disclosure [Abstract]  
Information about Investments
The table below presents information about investments.
As of December
$ in millions20252024
Available-for-sale securities, at fair value
$99,244 $79,458 
Held-to-maturity securities69,193 78,713 
Equity securities, at fair value13,866 13,832 
Debt instruments, at fair value11,072 11,452 
Equity-method investments887 1,059 
Total other investments
25,825 26,343 
Total investments$194,262 $184,514 
Summary of Available-for-Sale Securities by Tenor
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 years70,516 70,872 3.89%
5 years to 10 years15,970 15,980 3.86%
Total U.S. government obligations90,209 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 obligations1,465 1,467 5.02%
1 year to 5 years
6,579 6,356 2.36%
5 years to 10 years863 839 3.63%
Total non-U.S. government obligations7,442 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 years48,564 47,931 3.64%
5 years to 10 years6,620 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 obligations4,417 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.
Schedule of AFS Securities in Unrealized Loss Position
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)
Held-to-maturity Securities by Type and Tenor
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 years33,900 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 years163 165 3.93%
Total securities backed by real estate171 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 years42,420 41,939 3.66%
Total government obligations
57,869 57,348 3.61%
Greater than 10 years20,637 20,482 5.42%
Total U.S. agency obligations20,637 20,482 5.42%
1 year to 5 years2 2 7.50%
Greater than 10 years205 206 5.25%
Total securities backed by real estate207 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.
The table below presents information about equity securities, at fair value.
As of December
$ in millions20252024
Equity securities, at fair value$13,866 $13,832 
Equity Type
Public equity4%6%
Private equity96%94%
Total100%100%
Asset Class
Corporate78%75%
Real estate22%25%
Total100%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.
Schedule of Investments
The table below presents information about debt instruments, at fair value.
As of December
$ in millions20252024
Corporate debt securities$7,039 $7,276 
Securities backed by real estate312 569 
Money market instruments2,333 1,780 
Other1,388 1,827 
Total$11,072 $11,452 
The table below presents the fair value of investments in funds at NAV and the related unfunded commitments.
$ in millionsFair Value of
 Investments		Unfunded
 Commitments
As of December 2025  
Private equity funds$331 $236 
Credit funds999 347 
Hedge funds36 – 
Real estate funds373 158 
Total$1,739 $741 
As of December 2024  
Private equity funds$881 $432 
Credit funds1,281 364 
Hedge funds31 – 
Real estate funds354 159 
Total$2,547 $955