Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Financial Assets and Liabilities Carried at Fair Value

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


	As of
	March			December
$ in millions	2026			2025
Total level 1 financial assets	$	644,652		$	515,386
Total level 2 financial assets	520,910			473,090
Total level 3 financial assets	20,836			20,324
Investments in funds at NAV	1,745			1,739
Counterparty and cash collateral netting	(48,892)			(46,573)
Total financial assets at fair value	$	1,139,251		$	963,966

Total assets	$	2,060,180		$	1,809,320

Total level 3 financial assets divided by:
Total assets	1.0		%	1.1		%
Total financial assets at fair value	1.8		%	2.1		%

Total level 1 financial liabilities	$	174,849		$	140,556
Total level 2 financial liabilities	740,955			648,454
Total level 3 financial liabilities	35,698			32,130
Counterparty and cash collateral netting	(47,230)			(46,255)
Total financial liabilities at fair value	$	904,272		$	774,885

Total liabilities	$	1,937,398		$	1,684,348

Total level 3 financial liabilities divided by:
Total liabilities	1.8		%	1.9%
Total financial liabilities at fair value	3.9		%	4.1%

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 March 2026
Assets
Government and agency obligations:
U.S.	$	187,135	$	58,931	$	–	$	246,066
Non-U.S.	102,380		37,537		34		139,951
Loans and securities backed by:
Commercial real estate	–		1,366		82		1,448
Residential real estate	–		10,786		85		10,871
Corporate debt instruments	100		60,614		736		61,450
State and municipal obligations	–		573		–		573
Other debt obligations	102		8,224		92		8,418
Equity securities	220,346		1,728		176		222,250
Commodities	–		2,939		–		2,939
Total	$	510,063	$	182,698	$	1,205	$	693,966

Liabilities
Government and agency obligations:
U.S.	$	(35,040)	$	(20)	$	–	$	(35,060)
Non-U.S.	(63,331)		(5,547)		(3)		(68,881)
Loans and securities backed by:
Commercial real estate	–		(34)		–		(34)
Residential real estate	–		(35)		–		(35)
Corporate debt instruments	(1)		(41,032)		(47)		(41,080)
Other debt obligations	–		(32)		–		(32)
Equity securities	(76,475)		(18)		(9)		(76,502)
Commodities	–		(396)		–		(396)
Total	$	(174,847)	$	(47,114)	$	(59)	$	(222,020)

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)

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 March 2026
Assets
Interest rates	$	–	$	166,045	$	773	$	166,818
Credit	–		14,327		2,391		16,718
Currencies	–		95,777		245		96,022
Commodities	–		23,745		910		24,655
Equities	5		107,309		1,063		108,377
Gross fair value	5		407,203		5,382		412,590
Counterparty netting in levels	–		(298,763)		(883)		(299,646)
Subtotal	$	5	$	108,440	$	4,499	$	112,944
Cross-level counterparty netting							(886)
Cash collateral netting							(48,006)
Net fair value							$	64,052

Liabilities
Interest rates	$	–	$	(127,612)	$	(952)	$	(128,564)
Credit	–		(15,798)		(905)		(16,703)
Currencies	–		(95,665)		(161)		(95,826)
Commodities	–		(24,678)		(366)		(25,044)
Equities	(2)		(166,391)		(4,546)		(170,939)
Gross fair value	(2)		(430,144)		(6,930)		(437,076)
Counterparty netting in levels	–		298,763		883		299,646
Subtotal	$	(2)	$	(131,381)	$	(6,047)	$	(137,430)
Cross-level counterparty netting							886
Cash collateral netting							46,344
Net fair value							$	(90,200)

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)

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 March 2026
Assets
Resale agreements	$	–	$	152,875	$	–	$	152,875
Securities borrowed	–		61,700		–		61,700
Customer and other receivables	–		325		–		325
Other assets	–		–		192		192
Total	$	–	$	214,900	$	192	$	215,092

Liabilities
Deposits	$	–	$	(89,186)	$	(3,062)	$	(92,248)
Repurchase agreements	–		(259,452)		–		(259,452)
Securities loaned	–		(12,586)		–		(12,586)
Other secured financings	–		(35,058)		(1,081)		(36,139)
Unsecured borrowings:
Short-term	–		(57,422)		(8,283)		(65,705)
Long-term	–		(108,611)		(17,055)		(125,666)
Other liabilities	–		(145)		(111)		(256)
Total	$	–	$	(562,460)	$	(29,592)	$	(592,052)

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)

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.



	Three Months Ended March
$ in millions	2026		2025
Assets
Beginning balance	$	180	$	194

Net unrealized gains/(losses)	12		2


Ending balance	$	192	$	196

Liabilities
Beginning balance	$	(27,313)	$	(22,345)
Net realized gains/(losses)	(306)		(85)
Net unrealized gains/(losses)	1,490		(59)
Issuances	(8,976)		(4,891)
Settlements	4,757		2,454
Transfers into level 3	(1,113)		(982)
Transfers out of level 3	1,869		4,132
Ending balance	$	(29,592)	$	(21,776)

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.



	Three Months Ended March
$ in millions	2026		2025
Deposits
Beginning balance	$	(3,225)	$	(3,045)

Net unrealized gains/(losses)	1		(18)
Issuances	(566)		(279)
Settlements	586		249
Transfers into level 3	(8)		(69)
Transfers out of level 3	150		107
Ending balance	$	(3,062)	$	(3,055)

Other secured financings
Beginning balance	$	(493)	$	(551)

Net unrealized gains/(losses)	4		(4)
Issuances	(603)		(10)
Settlements	7		114
Transfers into level 3	(1)		(56)
Transfers out of level 3	5		–
Ending balance	$	(1,081)	$	(507)

Unsecured short-term borrowings
Beginning balance	$	(7,665)	$	(5,294)
Net realized gains/(losses)	(51)		(28)
Net unrealized gains/(losses)	533		72
Issuances	(3,699)		(1,944)
Settlements	2,310		1,286
Transfers into level 3	(680)		(459)
Transfers out of level 3	969		739
Ending balance	$	(8,283)	$	(5,628)

Unsecured long-term borrowings
Beginning balance	$	(15,825)	$	(13,379)
Net realized gains/(losses)	(255)		(57)
Net unrealized gains/(losses)	947		(106)
Issuances	(4,097)		(2,658)
Settlements	1,854		805
Transfers into level 3	(424)		(398)
Transfers out of level 3	745		3,286
Ending balance	$	(17,055)	$	(12,507)

Other liabilities
Beginning balance	$	(105)	$	(76)
Net unrealized gains/(losses)	5		(3)
Issuances	(11)		–

Ending balance	$	(111)	$	(79)

Summary of Level 3 Financial Assets

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


	As of
	March		December
$ in millions	2026		2025
Trading assets:
Trading cash instruments	$	1,205	$	904
Derivatives	4,499		4,283
Investments	14,349		14,411
Loans	591		546
Other assets	192		180
Total	$	20,836	$	20,324

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 March 2026				As of December 2025
$ in millions	Amount or Range		Weighted Average		Amount or Range		Weighted Average
Loans and securities backed by real estate
Level 3 assets	$	167			$	155
Yield	3.3% to 43.1%		10.0	%	3.1% to 45.1%		10.6	%
Recovery rate	22.3% to 93.0%		84.7	%	22.3% to 62.5%		36.5	%

Duration (years)	0.4 to 17.5		3.7		0.3 to 9.0		3.4
Corporate debt instruments
Level 3 assets	$	736			$	484
Yield	2.3% to 27.6%		16.1	%	2.1% to 18.0%		8.0	%
Recovery rate	4.1% to 69.2%		38.8	%	4.1% to 72.0%		32.3	%
Duration (years)	2.5 to 4.6		3.1		2.3 to 14.7		3.9
Other
Level 3 assets	$	302			$	265
Yield	9.8% to 24.8%		17.3	%	8.4% to 30.0%		17.5	%

Duration (years)	0.2 to 6.8		2.7		0.2 to 8.7		2.6

In the table above:

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

•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 March 2026 and December 2025. 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 March 2026

As of December 2025

$ in millions, except inputs

Amount or
Range

Average/
Median

Amount or
Range

Average/
Median

Interest rates, net

(179)

(104)

Correlation

(10)% to 90%

33%/25%

(10)% to 95%

34%/25%

Volatility (bps)

31 to 151

69/57

31 to 151

69/57

Credit, net

1,486

1,631

Credit spreads (bps)

16 to 1,400

146/120

9 to 1,065

135/106

Upfront credit points

(2) to 100

16/9

0 to 100

19/10

Recovery rates

40% to 41%

40%/40%

25% to 60%

43%/40%

Currencies, net

Correlation

0% to 70%

29%/3%

0% to 70%

21%/3%

Volatility

17% to 17%

17%/17%

17% to 18%

17%/17%

Commodities, net

544

735

Volatility

19% to 127%

49%/43%

20% to 101%

35%/30%

Natural gas spread

$(7.11) to $5.36

$(0.31)/$(0.24)

$(4.27) to $2.19

$(0.40)/ $(0.33)

Electricity price

$3.10 to $443.79

$51.95/$33.55

$2.98 to $489.82

$57.43/ $35.57

Equities, net

(3,483)

(2,699)

Correlation

(70)% to 99%

59%/61%

(70)% to 100%

58%/60%

Volatility

3% to 135%

18%/8%

2% to 102%

14%/9%

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.

•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 March 2026				As of December 2025
$ in millions	Amount or Range		Weighted Average		Amount or Range		Weighted Average
Corporate debt securities
Level 3 assets	$	4,597			$	4,279
Yield	7.0% to 21.7%		10.8	%	6.8% to 19.1%		10.9	%
Recovery rate	41.0% to 93.8%		58.3	%	20.0% to 65.0%		57.4	%
Duration (years)	1.0 to 7.0		3.6		0.7 to 6.5		3.6
Multiples	1.3x to 27.0x		6.3x		0.8x to 43.0x		7.0x
Securities backed by real estate
Level 3 assets	$	309			$	306
Yield	8.7% to 34.0%		14.7	%	8.9% to 30.8%		13.3	%
Duration (years)	0.2 to 1.8		1.7		0.2 to 2.0		2.0
Other debt obligations
Level 3 assets	$	294			$	345
Yield	5.4% to 7.1%		6.6	%	4.4% to 7.6%		6.9	%
Equity securities
Level 3 assets	$	9,149			$	9,481
Multiples	0.4x to 25.0x		8.4x		0.4x to 25.0x		8.6x
Discount rate/yield	6.0% to 60.0%		13.5	%	6.0% to 42.0%		12.3	%
Capitalization rate	3.4% to 11.5%		5.5	%	4.4% to 11.5%		5.5	%

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 March 2026 and December 2025. 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 March 2026				As of December 2025
$ in millions	Amount or Range		Weighted Average		Amount or Range		Weighted Average
Corporate
Level 3 assets	$	325			$	290
Yield	6.1% to 21.4%		11.3	%	6.4% to 19.9%		18.0	%
Recovery rate	32.1% to 94.9%		61.6	%	32.5% to 94.9%		65.4	%
Duration (years)	2.9 to 4.1		3.1		3.1 to 4.4		3.3
Real estate
Level 3 assets	$	97			$	99

Recovery rate	69.0% to 99.2%		74.6	%	69.0% to 99.2%		76.1	%

Other collateralized
Level 3 assets	$	137			$	138
Yield	5.8% to 6.3%		5.8	%	5.7% to 6.3%		5.7	%

Level 3 other loans were not material as of both March 2026 and December 2025, 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 March 2026 and December 2025. 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.