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
As of March 2026
Less than 1 year	$	25	$	24
1 year to 5 years	59,273		59,170
5 years to 10 years	61,830		61,434
Greater than 10 years	2,750		2,687

Total U.S. government obligations	123,878		123,315

1 year to 5 years	76		76
5 years to 10 years	226		225
Greater than 10 years	2,874		2,870
Total U.S. agency obligations	3,176		3,171

Less than 1 year	3,231		3,213
1 year to 5 years	6,771		6,513
5 years to 10 years	841		802

Total non-U.S. government obligations	10,843		10,528
Total available-for-sale securities	$	137,897	$	137,014
As of December 2025
Less than 1 year	$	3,723	$	3,730
1 year to 5 years	70,516		70,872
5 years to 10 years	15,970		15,980

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

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


1 year to 5 years	6,579		6,356
5 years to 10 years	863		839
Total non-U.S. government obligations	7,442		7,195
Total available-for-sale securities	$	99,116	$	99,244

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 for available-for-sale securities was 3.83% as of March 2026 and 3.81% as of December 2025. 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 the three months ended March 2026 or March 2025. 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 the three months ended March 2026 or March 2025.

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 March 2026
Fair value:
U.S. government obligations	$	76,322	$	12,635	$	88,957
U.S. agency obligations	2,091		–		2,091
Non-U.S. government obligations	6,352		3,003		9,355
Total	$	84,765	$	15,638	$	100,403

Gross unrealized losses:
U.S. government obligations	$	(510)	$	(282)	$	(792)
U.S. agency obligations	(10)		–		(10)
Non-U.S. government obligations	(52)		(266)		(318)
Total	$	(572)	$	(548)	$	(1,120)

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)

The gross unrealized gains included in accumulated other comprehensive income/(loss) for available-for-sale securities were $237 million as of March 2026 and $626 million as of December 2025. Net unrealized gains/(losses) included in other comprehensive income/(loss) for available-for-sale securities were $(1.01) billion ($(753) million, net of tax) for the three months ended March 2026 and $558 million ($420 million, net of tax) for the three months ended March 2025.

The gross realized gains relating to the sales of available-for-sale securities were not material for both the three months ended March 2026 and March 2025. The gross realized losses relating to the sales of available-for-sale securities were not material for both the three months ended March 2026 and March 2025. 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
As of March 2026
Less than 1 year	$	11,253	$	11,222
1 year to 5 years	38,610		38,686
5 years to 10 years	2,631		2,628
Greater than 10 years	1		1
Total government obligations	52,495		52,537

Greater than 10 years	22,232		22,431
Total U.S. agency obligations	22,232		22,431

5 years to 10 years	7		7
Greater than 10 years	155		156
Total securities backed by residential real estate	162		163
Total held-to-maturity securities	$	74,889	$	75,131
As of December 2025
Less than 1 year	$	11,336	$	11,312
1 year to 5 years	33,900		34,214
Greater than 10 years	1		1

Total government obligations	45,237		45,527

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

5 years to 10 years	8		7
Greater than 10 years	163		165
Total securities backed by residential real estate	171		172
Total held-to-maturity securities	$	69,193	$	69,721

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.

•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 residential real estate would have been primarily classified in level 2 of the fair value hierarchy.

•The weighted average yield for held-to-maturity securities was 4.19% as of March 2026 and 4.20% as of December 2025. 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 $440 million as of March 2026 and $643 million as of December 2025. The gross unrealized losses were $198 million as of March 2026 and $115 million as of December 2025.

•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 the three months ended March 2026 or March 2025.

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
	March			December
$ in millions	2026			2025
Equity securities, at fair value	$	14,428		$	13,866

Equity Type
Public equity	3		%	4		%
Private equity	97		%	96		%
Total	100		%	100		%

Asset Class
Corporate	79		%	78		%
Real estate	21		%	22		%
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 $4.03 billion as of March 2026 and $4.23 billion as of December 2025. Gains recognized as a result of changes in the fair value of equity securities for which the fair value option was elected were not material for both the three months ended March 2026 and March 2025. These gains 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 March 2026 and December 2025.

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
	March		December
$ in millions	2026		2025
Corporate debt securities	$	6,560	$	7,039
Securities backed by real estate	314		312
Money market instruments	2,125		2,333
Other	1,321		1,388
Total	$	10,320	$	11,072

In the table above:

•Substantially all of the money market instruments consists of time deposits.

•Other primarily includes investments in credit funds that are measured at NAV.

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.