v3.26.1
Fair Value Hierarchy (Tables)
 3 Months Ended
Mar. 31, 2026
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
MarchDecember
$ in millions20262025
Total level 1 financial assets$644,652 $515,386 
Total level 2 financial assets520,910 473,090 
Total level 3 financial assets20,836 20,324 
Investments in funds at NAV1,745 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 assets1.0%1.1%
Total financial assets at fair value1.8%2.1%
Total level 1 financial liabilities$174,849 $140,556 
Total level 2 financial liabilities740,955 648,454 
Total level 3 financial liabilities35,698 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 liabilities1.8%1.9%
Total financial liabilities at fair value3.9%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 millionsLevel 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 instruments100 60,614 736 61,450 
State and municipal obligations– 573 – 573 
Other debt obligations102 8,224 92 8,418 
Equity securities220,346 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 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)
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 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 
Equities5 107,309 1,063 108,377 
Gross fair value5 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)$(137,430)
Cross-level counterparty netting886 
Cash collateral netting46,344 
Net fair value$(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 
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 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 millionsLevel 1Level 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 millions20262025
Assets
Beginning balance$180 $194 
Net unrealized gains/(losses)12 2 
Ending balance$192 $196 
Liabilities
Beginning balance$(27,313)$(22,345)
Net realized gains/(losses)(306)(85)
Net unrealized gains/(losses)1,490 (59)
Issuances(8,976)(4,891)
Settlements4,757 2,454 
Transfers into level 3(1,113)(982)
Transfers out of level 31,869 4,132 
Ending balance$(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 millions20262025
Deposits  
Beginning balance$(3,225)$(3,045)
Net unrealized gains/(losses)1 (18)
Issuances(566)(279)
Settlements586 249 
Transfers into level 3(8)(69)
Transfers out of level 3150 107 
Ending balance$(3,062)$(3,055)
Other secured financings  
Beginning balance$(493)$(551)
Net unrealized gains/(losses)4 (4)
Issuances(603)(10)
Settlements7 114 
Transfers into level 3(1)(56)
Transfers out of level 35 – 
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)
Settlements2,310 1,286 
Transfers into level 3(680)(459)
Transfers out of level 3969 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)
Settlements1,854 805 
Transfers into level 3(424)(398)
Transfers out of level 3745 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
MarchDecember
$ in millions20262025
Trading assets:
Trading cash instruments$1,205 $904 
Derivatives4,499 4,283 
Investments14,349 14,411 
Loans591 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 2026As 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 2026As of December 2025
$ in millions, except inputsAmount 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$84 $22  
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 2026As 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 2026As 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.
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.
 Three Months
Ended March
$ in millions20262025
Assets
Beginning balance$904 $1,213 
Net realized gains/(losses)38 32 
Net unrealized gains/(losses)(62)(12)
Purchases202 273 
Sales(86)(222)
Settlements(82)(312)
Transfers into level 3420 179 
Transfers out of level 3(129)(137)
Ending balance$1,205 $1,014 
Liabilities
Beginning balance$(119)$(75)
Net unrealized gains/(losses)3 (10)
Purchases28 23 
Sales(17)(77)
Settlements26 (1)
Transfers into level 3(9)(7)
Transfers out of level 329 14 
Ending balance$(59)$(133)
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.
 Three Months
Ended March
$ in millions20262025
Loans and securities backed by real estate
Beginning balance$155 $95 
Net realized gains/(losses)1 1 
Net unrealized gains/(losses)– 1 
Purchases3 1 
Sales– (2)
Settlements(16)(3)
Transfers into level 328 8 
Transfers out of level 3(4)(33)
Ending balance$167 $68 
Corporate debt instruments
Beginning balance$484 $728 
Net realized gains/(losses)28 26 
Net unrealized gains/(losses)(52)(11)
Purchases152 206 
Sales(72)(111)
Settlements(53)(295)
Transfers into level 3360 152 
Transfers out of level 3(111)(74)
Ending balance$736 $621 
Other
  
Beginning balance$265 $390 
Net realized gains/(losses)9 5 
Net unrealized gains/(losses)(10)(2)
Purchases47 66 
Sales(14)(109)
Settlements(13)(14)
Transfers into level 332 19 
Transfers out of level 3(14)(30)
Ending balance$302 $325 
In the table above, other includes government and agency obligations, state and municipal obligations, other debt obligations and equity securities.
The table below presents a summary of the changes in fair value for level 3 investments.
 Three Months
Ended March
$ in millions20262025
Beginning balance$14,411 $14,142 
Net realized gains/(losses)79 86 
Net unrealized gains/(losses)(159)(71)
Purchases147 274 
Sales(118)(119)
Settlements(473)(242)
Transfers into level 3794 723 
Transfers out of level 3(332)(244)
Ending balance$14,349 $14,549 
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.
 Three Months
Ended March
$ in millions20262025
Corporate debt securities  
Beginning balance$4,279 $4,510 
Net realized gains/(losses)53 56 
Net unrealized gains/(losses)(51)(5)
Purchases48 108 
Sales(30)(33)
Settlements(184)(139)
Transfers into level 3625 362 
Transfers out of level 3(143)(163)
Ending balance$4,597 $4,696 
Securities backed by real estate 
Beginning balance$306 $562 
Net realized gains/(losses)2 – 
Net unrealized gains/(losses)(1)(8)
Purchases4 6 
Settlements(2)(3)
Transfers out of level 3– (25)
Ending balance$309 $532 
Other debt obligations  
Beginning balance$345 $328 
Net unrealized gains/(losses)4 2 
Purchases4 32 
Settlements(59)(6)
Ending balance$294 $356 
Equity securities  
Beginning balance$9,481 $8,742 
Net realized gains/(losses)24 30 
Net unrealized gains/(losses)(111)(60)
Purchases91 128 
Sales(88)(86)
Settlements(228)(94)
Transfers into level 3169 361 
Transfers out of level 3(189)(56)
Ending balance$9,149 $8,965 
The table below presents a summary of the changes in fair value for level 3 loans.
 Three Months
Ended March
$ in millions20262025
Beginning balance$546 $683 
Net realized gains/(losses)5 14 
Net unrealized gains/(losses)(8)– 
Purchases46 11 
Sales
– (4)
Settlements(14)(45)
Transfers into level 335 – 
Transfers out of level 3(19)(1)
Ending balance$591 $658 
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.
 Three Months
Ended March
$ in millions20262025
Corporate  
Beginning balance$290 $403 
Net realized gains/(losses)1 7 
Net unrealized gains/(losses)(5)– 
Purchases46 10 
Settlements(7)(17)
Transfers out of level 3– (1)
Ending balance$325 $402 
Real estate
  
Beginning balance$99 $117 
Net realized gains/(losses)2 4 
Net unrealized gains/(losses)– – 
Sales
– (3)
Settlements(4)(7)
Ending balance$97 $111 
Other collateralized
Beginning balance$138 $135 
Net realized gains/(losses)1 – 
Net unrealized gains/(losses)– 2 
Purchases– 1 
Settlements
(2)(18)
Ending balance$137 $120 
Other 
Beginning balance$19 $28 
Net realized gains/(losses)1 3 
Net unrealized gains/(losses)(3)(2)
Sales
– (1)
Settlements(1)(3)
Transfers into level 3
35 – 
Transfers out of level 3(19)– 
Ending balance$32 $25 
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.
 Three Months
Ended March
$ in millions20262025
Total level 3 derivatives, net
Beginning balance$(415)$825 
Net realized gains/(losses)(92)15 
Net unrealized gains/(losses)(851)612 
Purchases160 88 
Sales(424)(491)
Settlements66 114 
Transfers into level 3(37)4 
Transfers out of level 345 (12)
Ending balance$(1,548)$1,155 
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.
 Three Months
Ended March
$ in millions20262025
Interest rates, net  
Beginning balance$(104)$(112)
Net realized gains/(losses)(9)49 
Net unrealized gains/(losses)(121)286 
Purchases26 – 
Sales(52)(83)
Settlements35 30 
Transfers into level 321 (98)
Transfers out of level 325 (1)
Ending balance$(179)$71 
Credit, net
  
Beginning balance$1,631 $1,218 
Net realized gains/(losses)(23)(35)
Net unrealized gains/(losses)29 65 
Purchases14 32 
Sales(15)(19)
Settlements(146)(64)
Transfers into level 336 155 
Transfers out of level 3(40)7 
Ending balance$1,486 $1,359 
Currencies, net
Beginning balance$22 $47 
Net realized gains/(losses)2 (16)
Net unrealized gains/(losses)100 25 
Purchases14 22 
Sales(27)(3)
Settlements11 49 
Transfers into level 3(30)(6)
Transfers out of level 3(8)(1)
Ending balance$84 $117 
Commodities, net
Beginning balance$735 $778 
Net realized gains/(losses)(22)(11)
Net unrealized gains/(losses)(129)119 
Purchases24 – 
Sales(20)(12)
Settlements(20)11 
Transfers into level 36 (23)
Transfers out of level 3(30)(51)
Ending balance$544 $811 
Equities, net
  
Beginning balance$(2,699)$(1,106)
Net realized gains/(losses)(40)28 
Net unrealized gains/(losses)(730)117 
Purchases82 34 
Sales(310)(374)
Settlements186 88 
Transfers into level 3(70)(24)
Transfers out of level 398 34 
Ending balance$(3,483)$(1,203)
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 March 2026
Government and agency obligations:
U.S.$123,315 $3,171 $– $126,486 
Non-U.S.10,528 4 – 10,532 
Corporate debt securities135 1,828 4,597 6,560 
Securities backed by real estate– 5 309 314 
Money market instruments78 2,047 – 2,125 
Other debt obligations4 – 294 298 
Equity securities524 4,029 9,149 13,702 
Subtotal$134,584 $11,084 $14,349 $160,017 
Investments in funds at NAV   1,745 
Total investments   $161,762 
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 NAV1,739 
Total investments
 
$124,182 
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 March 2026    
Loan Type    
Corporate$– $17 $325 $342 
Real estate:
Commercial
– 353 64 417 
Residential
– 3,033 33 3,066 
Other collateralized
– 374 137 511 
Other– 11 32 43 
Total$– $3,788 $591 $4,379 
As of December 2025   
Loan Type   
Corporate$– $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