The table below presents other assets by type.


	As of
	March		December
$ in millions	2026		2025
Property, leasehold improvements and equipment	$	7,534	$	7,474
Goodwill	6,590		5,949
Identifiable intangible assets	932		842
Operating lease right-of-use assets	1,970		2,050
Income tax-related assets	11,142		11,332
Miscellaneous receivables and other	8,539		8,565
Total	$	36,707	$	36,212

During the first quarter of 2026, the firm completed the acquisition of Industry Ventures, a leading venture capital platform. The transaction consideration consisted of cash of approximately $360 million, equity with a fair value of approximately $315 million and contingent consideration, with a fair value of approximately $140 million as of the closing date (which is subject to Industry Ventures’ achievement of future performance targets through 2030), of up to approximately $105 million of cash and up to approximately 250,000 of exchangeable instruments convertible into the firm's common shares (a portion of which will be cash settled). The acquisition was accounted for under the acquisition method of accounting for business combinations. The fair value of consideration has been preliminarily allocated to goodwill of approximately $655 million, identifiable intangible assets of approximately $130 million and tangible assets of approximately $30 million. See below for further information about goodwill and identifiable intangible assets related to this acquisition.

In April 2026, the firm completed the acquisition of Innovator Capital Management, a leading active exchange-traded fund sponsor. The transaction consideration consisted of cash of approximately $1.50 billion, equity with a fair value of approximately $400 million and contingent consideration (which is subject to Innovator Capital Management’s achievement of future performance targets through 2030) of up to approximately 63,000 of the firm's common shares. The transaction will be accounted for under the acquisition method of accounting for business combinations. The firm is currently in the process of completing the purchase price allocation, including the identification and valuation of the goodwill and identifiable intangible assets acquired.

Property, Leasehold Improvements and Equipment

Property, leasehold improvements and equipment is net of accumulated depreciation and amortization of $15.40 billion as of March 2026 and $15.17 billion as of December 2025. Property, leasehold improvements and equipment included $6.51 billion as of March 2026 and $6.55 billion as of December 2025 that the firm uses in connection with its operations. Substantially all of the remainder is held by investment entities, including VIEs, consolidated by the firm. Substantially all property and equipment is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years.

The firm tests property, leasehold improvements and equipment for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. Any impairments recognized are included in depreciation and amortization. The firm had no material impairments during both the three months ended March 2026 and March 2025.

Goodwill

Goodwill is the cost of acquired companies in excess of the fair value of net assets, including identifiable intangible assets, at the acquisition date.

The table below presents the carrying value of goodwill by reporting unit.


	As of
	March		December
$ in millions	2026		2025
Global Banking & Markets:
Investment banking	$	267	$	267
FICC	269		269
Equities	2,647		2,647
Asset & Wealth Management:
Asset management	2,098		1,457
Wealth management	1,309		1,309



Total	$	6,590	$	5,949

The increase in the carrying value of goodwill within Asset & Wealth Management from December 2025 to March 2026 reflected the acquisition of Industry Ventures in the first quarter of 2026.

Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment.

The quantitative goodwill test compares the estimated fair value of each reporting unit with its carrying value (including goodwill and identifiable intangible assets). If the reporting unit’s estimated fair value exceeds its carrying value, goodwill is not impaired. An impairment is recognized if the estimated fair value of a reporting unit is less than its carrying value and any such impairment is included in depreciation and amortization.

During the fourth quarter of 2025, goodwill was tested for impairment. The estimated fair value of each of the reporting units with goodwill exceeded its respective carrying value, and therefore, goodwill was not impaired.

There were no events or changes in circumstances during the three months ended March 2026 that would indicate that it was more likely than not that the estimated fair value of each of the reporting units with goodwill did not exceed its respective carrying value as of March 2026.

Identifiable Intangible Assets

The table below presents information about identifiable intangible assets.


	As of
	March		December
$ in millions	2026		2025
Gross carrying value	$	2,422	$	2,320
Accumulated amortization	(1,490)		(1,478)
Net carrying value	$	932	$	842

In the table above:

•The firm acquired approximately $130 million of identifiable intangible assets related to the Industry Ventures' acquisition (with a weighted average amortization period of 8 years) during the three months ended March 2026, substantially all of which consisted of customer lists. During 2025, the amount of identifiable intangible assets acquired by the firm was not material.

•Substantially all of the firm’s identifiable intangible assets consist of customer lists, have finite useful lives and are amortized over their estimated useful lives generally using the straight-line method.

The tables below present information about the amortization of identifiable intangible assets.



	Three Months Ended March
$ in millions	2026		2025
Amortization	$	23	$	21


	As of
$ in millions	March 2026
Estimated future amortization
Remainder of 2026	$	69
2027	$	92
2028	$	92
2029	$	92
2030	$	92
2031	$	92

The firm tests identifiable intangible assets for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. There were no material impairments or write-downs during either the three months ended March 2026 or March 2025.

Operating Lease Right-of-Use Assets

The firm enters into operating leases for real estate, office equipment and other assets, substantially all of which are used in connection with its operations. For leases longer than one year, the firm recognizes a right-of-use asset representing the right to use the underlying asset for the lease term, and a lease liability representing the liability to make payments. The lease term is generally determined based on the contractual maturity of the lease. For leases where the firm has the option to terminate or extend the lease, an assessment of the likelihood of exercising the option is incorporated into the determination of the lease term. Such assessment is initially performed at the inception of the lease and is updated if events occur that impact the original assessment.

An operating lease right-of-use asset is initially determined based on the operating lease liability, adjusted for initial direct costs, lease incentives and amounts paid at or prior to lease commencement. This amount is then amortized over the lease term. Right-of-use assets and operating lease liabilities recognized (in non-cash transactions for leases entered into or assumed) by the firm were not material for both the three months ended March 2026 and March 2025. See Note 15 for information about operating lease liabilities.

For leases where the firm will derive no economic benefit from leased space that it has vacated or where the firm has shortened the term of a lease when space is no longer needed, the firm will record an impairment or accelerated amortization of right-of-use assets. There were no material impairments or accelerated amortizations during either the three months ended March 2026 or March 2025.

Miscellaneous Receivables and Other

Miscellaneous receivables and other included:

•Investments in qualified affordable housing and renewable energy projects of $4.06 billion as of March 2026 and $4.12 billion as of December 2025. The firm receives tax credits for such investments. See Note 17 for further information about these investments.