v3.25.4
Fair Values
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Values Fair Values
Recurring Fair Value Measurements    
Assets and Liabilities Measured at Fair Value on a Recurring Basis
At December 31, 2025
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$70,801 $48,504 $— $— $119,305 
Other sovereign government obligations44,790 359 59 — 45,208 
State and municipal securities— 3,740 — — 3,740 
MABS— 2,326 317 — 2,643 
Loans and lending commitments2
— 9,520 1,424 — 10,944 
Corporate and other debt3,720 32,117 1,414 — 37,251 
Corporate equities3,5
161,160 823 276 — 162,259 
Derivative and other contracts:
Interest rate2,231 125,002 452 — 127,685 
Credit— 10,081 263 — 10,344 
Foreign exchange11 85,969 165 — 86,145 
Equity7,335 85,077 717 — 93,129 
Commodity and other222 13,746 2,494 — 16,462 
Netting1
(7,509)(247,840)(1,049)(40,577)(296,975)
Total derivative and other contracts2,290 72,035 3,042 (40,577)36,790 
Investments4,5
795 416 1,507 — 2,718 
Physical commodities— 685 — — 685 
Total trading assets4
283,556 170,525 8,039 (40,577)421,543 
Investment securities —AFS80,907 29,559 — — 110,466 
Total assets at fair value$364,463 $200,084 $8,039 $(40,577)$532,009 
At December 31, 2025
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $8,754 $1 $— $8,755 
Trading liabilities:
U.S. Treasury and agency securities19,297 2 — — 19,299 
Other sovereign government obligations23,534 28 2 — 23,564 
Corporate and other debt1,447 14,138 50 — 15,635 
Corporate equities3
68,989 27 30 — 69,046 
Derivative and other contracts:
Interest rate2,189 113,060 606 — 115,855 
Credit— 10,520 176 — 10,696 
Foreign exchange70 82,887 129 — 83,086 
Equity6,253 114,930 2,150 — 123,333 
Commodity and other264 13,338 1,574 — 15,176 
Netting1
(7,509)(247,840)(1,049)(49,723)(306,121)
Total derivative and other contracts1,267 86,895 3,586 (49,723)42,025 
Total trading liabilities114,534 101,090 3,668 (49,723)169,569 
Securities sold under agreements to repurchase— 251 445 — 696 
Other secured financings— 16,565 306 — 16,871 
Borrowings— 131,871 608 — 132,479 
Total liabilities at fair value$114,534 $258,531 $5,028 $(49,723)$328,370 
At December 31, 2024
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$54,436 $44,332 $— $— $98,768 
Other sovereign government obligations25,179 9,969 17 — 35,165 
State and municipal securities— 2,993 — — 2,993 
MABS— 2,231 281 — 2,512 
Loans and lending commitments2
— 7,602 1,059 — 8,661 
Corporate and other debt— 30,394 1,258 — 31,652 
Corporate equities3,5
102,874 606 154 — 103,634 
Derivative and other contracts:
Interest rate4,154 124,309 343 — 128,806 
Credit— 8,783 367 — 9,150 
Foreign exchange65 108,037 620 — 108,722 
Equity2,704 72,532 446 — 75,682 
Commodity and other1,366 12,370 2,195 — 15,931 
Netting1
(6,471)(251,771)(645)(40,835)(299,722)
Total derivative and other contracts1,818 74,260 3,326 (40,835)38,569 
Investments4,5
808 933 754 — 2,495 
Physical commodities— 1,229 — — 1,229 
Total trading assets4
185,115 174,549 6,849 (40,835)325,678 
Investment securities —AFS69,834 28,774 — — 98,608 
Total assets at fair value$254,949 $203,323 $6,849 $(40,835)$424,286 
At December 31, 2024
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $6,498 $1 $— $6,499 
Trading liabilities:
U.S. Treasury and agency securities21,505 3 — — 21,508 
Other sovereign government obligations20,724 3,712 84 — 24,520 
Corporate and other debt— 9,032 11 — 9,043 
Corporate equities3
60,653 95 15 — 60,763 
Derivative and other contracts:
Interest rate3,615 114,179 396 — 118,190 
Credit— 9,302 270 — 9,572 
Foreign exchange147 104,793 31 — 104,971 
Equity3,241 90,639 1,594 — 95,474 
Commodity and other1,461 11,215 887 — 13,563 
Netting1
(6,471)(251,771)(645)(44,953)(303,840)
Total derivative and other contracts1,993 78,357 2,533 (44,953)37,930 
Total trading liabilities104,875 91,199 2,643 (44,953)153,764 
Securities sold under agreements to repurchase— 512 444 — 956 
Other secured financings— 14,012 76 — 14,088 
Borrowings— 102,385 947 — 103,332 
Total liabilities at fair value$104,875 $214,606 $4,111 $(44,953)$278,639 
MABS—Mortgage- and asset-backed securities
1.For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6.
2.For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table.
3.For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes.
4.Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein.
5.At December 31, 2025 and December 31, 2024, the Firm’s Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date.
Detail of Loans and Lending Commitments at Fair Value
$ in millions
At
December 31, 2025
At
December 31, 2024
Commercial real estate$675 $498 
Residential real estate3,274 1,922 
Securities-based lending and Other loans6,995 6,241 
Total$10,944 $8,661 
Unsettled Fair Value of Futures Contracts1
$ in millions
At
December 31, 2025
At
December 31, 2024
Customer and other receivables (payables), net
$1,538 $1,914 
1.These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.
Valuation Techniques for Assets and Liabilities Measured at Fair Value on a Recurring Basis
U.S. Treasury and Agency Securities
U.S. Treasury Securities
Valuation Technique:
•Fair value is determined using quoted market prices.
Valuation Hierarchy Classification:
•Level 1—as actively traded and prices are observable
U.S. Agency Securities
Valuation Techniques:
•Non-callable agency-issued debt securities are generally valued using quoted market prices, and callable agency-issued debt securities are valued by benchmarking model-derived prices to quoted market prices and trade data for comparable instruments.
•The fair value of agency mortgage pass-through pool securities is model-driven based on spreads of comparable to-be-announced securities.
•CMOs are generally valued using quoted market prices and trade data adjusted by subsequent changes in related indices for comparable instruments.
Valuation Hierarchy Classification:
•Level 1—on-the-run agency issued debt securities if actively traded and prices are observable
•Level 2—all other agency issued debt securities, agency mortgage pass-through pool securities and CMOs if actively traded and inputs are observable
•Level 3—in instances where the trading activity is limited or inputs are unobservable
Other Sovereign Government Obligations
Valuation Techniques:
•Fair value is determined using quoted prices in active markets when available. When not available, quoted prices in less active markets are used. In the absence of position-specific quoted prices, fair value may be determined through benchmarking from comparable instruments.
Valuation Hierarchy Classification:
•Level 1—if actively traded and prices are observable
•Level 2—if the market is less active or prices are dispersed
•Level 3—in instances where the trading activity is limited or the prices are unobservable
State and Municipal Securities
Valuation Techniques:
•Fair value is determined using recently executed transactions, market price quotations or pricing models that factor in, where applicable, interest rates, bond or CDS spreads, adjusted for any basis difference between cash and derivative instruments.
Valuation Hierarchy Classification:
•Level 2—if value based on observable market data supported by market liquidity for comparable instruments
•Level 3—in instances where market data are not observable or supported by market liquidity
Mortgage- and Asset-Backed Securities
Valuation Techniques:
•Mortgage- and asset-backed securities may be valued based on price or spread data obtained from observed transactions or independent external parties such as vendors or brokers.
•When position-specific external price data are not observable, the fair value determination may require benchmarking to comparable instruments, and/or analyzing expected credit losses, default and recovery rates, and/or applying discounted cash flow techniques. When evaluating the comparable instruments for use in the valuation of each security, security collateral-specific attributes, including payment priority, credit enhancement levels, type of collateral, delinquency rates and loss severity, are considered. In addition, for RMBS borrowers, FICO scores and the level of documentation for the loan are considered.
•Market standard cash flow models may be utilized to model the specific collateral composition and cash flow structure of each transaction. Key inputs to these models are market spreads, forecasted credit losses, and default and prepayment rates for each asset category.
•Valuation levels of RMBS and CMBS indices are used as an additional data point for benchmarking purposes or to price outright index positions.
Valuation Hierarchy Classification:
•Level 2—if value based on observable market data supported by market liquidity for comparable instruments
•Level 3—if external prices or significant spread inputs are unobservable or not supported by market liquidity or if the comparability assessment involves significant subjectivity related to property type differences, cash flows, performance or other inputs
Loans and Lending Commitments
Valuation Techniques:
•Fair value of corporate loans is determined using recently executed transactions, market price quotations (where observable), implied yields from comparable debt, market observable CDS spread levels obtained from independent external parties adjusted for any basis difference between cash and derivative instruments, along with proprietary valuation models and default recovery analysis where such transactions and quotations are unobservable.
•Fair value of mortgage loans is determined using observable prices based on transactional data or third-party pricing for comparable instruments, when available.
•Where position-specific external prices are not observable, fair value is estimated based on benchmarking to prices and rates observed in the primary market for similar loan or borrower types or based on the present value of expected future cash flows using the Firm’s best available estimates of the key assumptions, including forecasted credit losses, prepayment rates, forward yield curves and discount rates commensurate with the risks involved or a methodology that utilizes the capital structure and credit spreads of recent comparable securitization transactions.
Fair value of equity margin loans is determined by discounting future interest cash flows, net of potential losses resulting from large downward price movements of the underlying margin loan collateral. The potential losses are modeled using the margin loan rate, which is calibrated from market observable CDS spreads, implied debt yields or volatility metrics of the loan collateral.
Valuation Hierarchy Classification:
•Level 2—if value based on observable market data supported by market liquidity for comparable instruments
•Level 3—in instances where prices or significant spread inputs are unobservable or not supported by market liquidity or if the comparability assessment involves significant subjectivity
Corporate and Other Debt
Corporate Bonds
Valuation Techniques:
•Fair value is determined using recently executed transactions, market price quotations, bond spreads and CDS spreads obtained from independent external parties, such as vendors and brokers, adjusted for any basis difference between cash and derivative instruments.
•The spread data used is for the same maturity as the bond. If the spread data does not reference the issuer, then data that references comparable issuers are used. When position-specific external price data is not observable, fair value is determined based on either benchmarking to comparable instruments or cash flow models with yield curves, bond or single-name CDS spreads and recovery rates or loss given default as significant inputs.
Valuation Hierarchy Classification:
•Level 2—if value based on observable market data for comparable instruments
•Level 3—in instances where prices or significant spread inputs are unobservable, not supported by market liquidity or if the comparability assessment involves significant subjectivity
CDOs
Valuation Techniques:
•The Firm holds cash CDOs that typically reference a tranche of an underlying synthetic portfolio of single-name CDS spreads collateralized by corporate bonds (“CLN”) or cash portfolio of ABS/loans (“asset-backed CDOs”).
•Credit correlation, a primary input used to determine the fair value of CLNs, is usually unobservable and derived using a benchmarking technique. Other model inputs, such as credit spreads, including collateral spreads and interest rates, are typically observable.
•Asset-backed CDOs are valued based on an evaluation of the market and model input parameters sourced from comparable instruments as indicated by market activity. Each asset-backed CDO position is evaluated independently taking into consideration available comparable market levels, underlying collateral performance and pricing, deal structures and liquidity.
Valuation Hierarchy Classification:
•Level 2—when either comparable market transactions are observable or credit correlation input is insignificant
•Level 3—when either comparable market transactions are unobservable or the credit correlation input is significant
Supranational and Government Regional Bonds
Valuation Techniques:
•Fair value is determined using quoted prices in active markets when available. When not available, quoted prices in less active markets are used. In the absence of position-specific quoted prices, fair value may be determined through benchmarking from comparable instruments.
Valuation Hierarchy Classification:
•Level 1—if actively traded and prices are observable
•Level 2—if the market is less active or prices are dispersed
•Level 3—in instances where the trading activity is limited or the prices are unobservable
Equity Contracts with Financing Features
Valuation Techniques:
•Fair value of certain equity contracts, which are not classified as OTC derivatives because they do not meet the net investment criteria, is determined by discounting future interest cash flows, inclusive of the estimated value of the embedded optionality. The valuation uses the same derivative pricing models and valuation techniques as described under “OTC Derivative Contracts” herein.
Valuation Hierarchy Classification:
•Level 2—when the contract is valued using observable inputs or where the unobservable input is not deemed significant
•Level 3—when the contract is valued using unobservable inputs that are deemed significant
Corporate Equities
Valuation Techniques:
•Exchange-traded equity securities are generally valued based on quoted prices from the exchange.
•Unlisted equity securities are generally valued based on an assessment of each security, considering rounds of financing and third-party transactions, discounted cash flow analyses and market-based information, including comparable transactions, trading multiples and changes in market outlook, among other factors.
•Listed fund units are generally marked to the exchange-traded price if actively traded, or to NAV if not. Unlisted fund units are generally marked to NAV.
Valuation Hierarchy Classification:
•Level 1—actively traded exchange-traded securities and fund units
•Level 2—if not actively traded, inputs are observable or if undergoing a recent M&A event or corporate action
•Level 3—if not actively traded, inputs are unobservable or if undergoing an aged M&A event or corporate action
Derivative and Other Contracts
Exchange-Traded Derivative Contracts
Valuation Techniques:
•Exchange-traded derivatives that are actively traded are valued based on quoted prices from the exchange.
•Exchange-traded derivatives that are not actively traded are valued using the same techniques as those applied to OTC derivatives as noted below.
Valuation Hierarchy Classification:
•Level 1—when actively traded
•Level 2—when not actively traded
•Level 3—when not actively traded and inputs are unobservable
OTC Derivative Contracts
Valuation Techniques:
•OTC derivative contracts include forward, swap and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices or commodity prices.
•Depending on the product and the terms of the transaction, the fair value of OTC derivative products can be modeled using a series of techniques, including closed-form analytic formulas, such as the Black-Scholes option-pricing model, simulation models or a combination thereof. Many pricing models do not entail material subjectivity as the methodologies employed do not necessitate significant judgment since model inputs may be observed from actively quoted markets, as is the case for generic interest rate swaps, many equity, commodity and foreign currency option contracts, and certain CDS. In the case of more established derivative products, the pricing models used by the Firm are widely accepted by the financial services industry.
•More complex OTC derivative products are typically less liquid and require more judgment in the implementation of the valuation technique since direct trading activity or quotes are unobservable. This includes certain types of interest rate derivatives with both volatility and correlation exposure, equity, commodity or foreign currency derivatives that are either longer-dated or include exposure to multiple underlyings, and credit derivatives, including CDS on certain mortgage- or asset-backed securities and basket CDS. Where required inputs are unobservable, relationships to observable data points, based on historical and/or implied observations, may be employed as a technique to estimate the model input values. For further information on the valuation techniques for OTC derivative products, see Note 2.
Valuation Hierarchy Classification:
•Level 2—when valued using observable inputs supported by market liquidity or where the unobservable input is not deemed significant
•Level 3—when valued using observable inputs with limited market liquidity or if unobservable inputs are deemed significant
Investments
Valuation Techniques:
•Investments include direct investments in equity securities, as well as various investment management funds, which include DCP investments.
•Exchange-traded direct equity investments are generally valued based on quoted prices from the exchange.
•For direct investments, initially, the transaction price is generally considered by the Firm as the exit price and is its best estimate of fair value.
•After initial recognition, in determining the fair value of non-exchange-traded internally and externally managed funds, the Firm generally considers the NAV of the fund provided by the fund manager to be the best estimate of fair value. These investments are included in the Fund Interests table in the “Net Asset Value Measurements” section herein.
•For non-exchange-traded investments either held directly or held within internally managed funds, fair value after initial recognition is based on an assessment of each underlying investment, considering rounds of financing and third-party transactions, discounted cash flow analyses and market-based information, including comparable Firm transactions, trading multiples and changes in market outlook, among other factors.
Valuation Hierarchy Classification:
•Level 1—if actively traded
•Level 2—when not actively traded and valued based on rounds of financing or third-party transactions
•Level 3—when not actively traded and rounds of financing or third-party transactions are not available
Physical Commodities
Valuation Techniques:
•Fair value is determined using observable inputs, including broker quotations and published indices.
Valuation Hierarchy Classification:
•Level 2—valued using observable inputs
Investment Securities—AFS Securities
Valuation Techniques:
•AFS securities are composed of U.S. government and agency securities (e.g., U.S. Treasury securities, agency-issued debt, agency mortgage pass-through securities and CMOs), CMBS, ABS, state and municipal securities. For further information on the determination of fair value, refer to the corresponding asset/liability Valuation Technique described herein for the same instruments.
Valuation Hierarchy Classification:
•For further information on the determination of valuation hierarchy classification, see the corresponding Valuation Hierarchy Classification described herein.
Deposits
Valuation Techniques:
•The Firm issues FDIC-insured certificates of deposit that pay either fixed coupons or that have repayment terms linked to the performance of debt or equity securities, indices or currencies. The fair value of these certificates of deposit is determined using valuation models that incorporate observable inputs referencing identical or comparable securities, including prices to which the deposits are linked, interest rate yield curves, option volatility and currency rates, equity prices, and the impact of the Firm’s own credit spreads, adjusted for the impact of
the FDIC insurance, which is based on vanilla deposit issuance rates.
Valuation Hierarchy Classification:
•Level 2—when valuation inputs are observable
•Level 3—in instances where unobservable inputs are deemed significant
Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase
Valuation Techniques:
•Fair value is computed using a standard cash flow discounting methodology.
•The inputs to the valuation include contractual cash flows and collateral funding spreads, which are the incremental spread over the OIS rate for a specific collateral rate (which refers to the rate applicable to a specific type of security pledged as collateral).
Valuation Hierarchy Classification:
•Level 2—when the valuation inputs are observable and supported by market liquidity
•Level 3—in instances where the valuation input is observable but not supported by market liquidity or if an unobservable input is deemed significant
Other Secured Financings
Valuation Techniques:
•Other secured financings are composed of short-dated notes secured by Corporate equities, repurchase obligations for fractional shares issued to clients, agreements to repurchase Physical commodities, the liabilities related to sales of Loans and lending commitments accounted for as financings, and secured contracts that are not classified as OTC derivatives because they fail net investment criteria. For further information on the determination of fair value, refer to the Valuation Techniques described herein for the corresponding instruments, which are the collateral referenced by the other secured financing liability.
Valuation Hierarchy Classification:
•For further information on the determination of valuation hierarchy classification, see the Valuation Hierarchy Classification described herein for the corresponding instruments, which are the collateral referenced by the other secured financing liability.
Borrowings
Valuation Techniques:
•The Firm carries certain borrowings at fair value that are primarily composed of: instruments whose payments and redemption values are linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures; and instruments with various interest rate-related features, including step-ups, step-downs and zero coupons. Also included are unsecured contracts that are not classified as derivatives because they fail the initial net investment criterion.
•Fair value is determined using valuation models for the derivative and debt portions of the instruments. These models incorporate observable inputs referencing identical
or comparable securities, including prices to which the instruments are linked, interest rate yield curves, option volatility and currency rates, and commodity or equity prices.
•Independent, external and traded prices are considered, as well as the impact of the Firm’s own credit spreads, which are based on observed secondary bond market spreads.
Valuation Hierarchy Classification:
•Level 2—when valued using observable inputs or where the unobservable input is not deemed significant
•Level 3—in instances where unobservable inputs are deemed significant
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
$ in millions202520242023
U.S. Treasury and agency securities
Beginning balance$— $— $17 
Sales— — (10)
Net transfers— — (7)
Ending balance$— $— $— 
Unrealized gains (losses)$— $— $— 
Other sovereign government obligations
Beginning balance$17 $94 $169 
Realized and unrealized gains (losses)(1)(12)5 
Purchases13 4 38 
Sales(14)— (86)
Net transfers44 (69)(32)
Ending balance$59 $17 $94 
Unrealized gains (losses)$(1)$(9)$2 
State and municipal securities
Beginning balance$— $34 $145 
Purchases— — 9 
Sales— (29)(6)
Net transfers— (5)(114)
Ending balance$— $— $34 
Unrealized gains (losses)$— $— $— 
MABS
Beginning balance$281 $489 $416 
Realized and unrealized gains (losses)23 9 (2)
Purchases268 83 232 
Sales(296)(121)(165)
Net transfers41 (179)8 
Ending balance$317 $281 $489 
Unrealized gains (losses)$8 $(16)$(14)
Loans and lending commitments
Beginning balance$1,059 $2,066 $2,017 
Realized and unrealized gains (losses)(40)(15)(189)
Purchases and originations905 235 1,502 
Sales(604)(674)(477)
Settlements— (221)(843)
Net transfers
104 (332)56 
Ending balance$1,424 $1,059 $2,066 
Unrealized gains (losses)$3 $(15)$(76)
$ in millions202520242023
Corporate and other debt
Beginning balance$1,258 $1,983 $2,096 
Realized and unrealized gains (losses)(50)(72)145 
Purchases and originations750 602 623 
Sales(444)(631)(664)
Settlements— (84)(33)
Net transfers
(100)(540)(184)
Ending balance$1,414 $1,258 $1,983 
Unrealized gains (losses)$33 $55 $(10)
Corporate equities
Beginning balance$154 $199 $116 
Realized and unrealized gains (losses)(16)(119)12 
Purchases130 40 85 
Sales(125)(16)(41)
Net transfers133 50 27 
Ending balance$276 $154 $199 
Unrealized gains (losses)$— $(44)$19 
Investments
Beginning balance$754 $949 $923 
Realized and unrealized gains (losses)359 33 35 
Purchases126 62 158 
Sales(252)(288)(183)
Net transfers520 (2)16 
Ending balance$1,507 $754 $949 
Unrealized gains (losses)$348 $(32)$27 
Investment securities—AFS
Beginning balance$— $— $35 
Sales— — (32)
Net transfers
— — (3)
Ending balance$— $— $— 
Unrealized gains (losses)$— $— $— 
Net derivatives: Interest rate
Beginning balance$(53)$(73)$(151)
Realized and unrealized gains (losses)(366)126 (336)
Purchases28 59 140 
Issuances(33)(9)(43)
Settlements65 (175)241 
Net transfers205 19 76 
Ending balance$(154)$(53)$(73)
Unrealized gains (losses)$(252)$(53)$(210)
Net derivatives: Credit
Beginning balance$97 $96 $110 
Realized and unrealized gains (losses)(115)(30)5 
Issuances(2)— — 
Settlements86 32 (21)
Net transfers21 (1)2 
Ending balance$87 $97 $96 
Unrealized gains (losses)$(112)$(47)$2 
Net derivatives: Foreign exchange
Beginning balance$589 $(365)$66 
Realized and unrealized gains (losses)109 874 (290)
Purchases8 — — 
Issuances(36)— (1)
Settlements(601)(25)(15)
Net transfers(33)105 (125)
Ending balance$36 $589 $(365)
Unrealized gains (losses)$109 $728 $(277)
$ in millions202520242023
Net derivatives: Equity
Beginning balance$(1,148)$(1,102)$(736)
Realized and unrealized gains (losses)(775)225 (91)
Purchases392 214 221 
Issuances(1,124)(710)(572)
Settlements729 132 87 
Net transfers
493 93 (11)
Ending balance$(1,433)$(1,148)$(1,102)
Unrealized gains (losses)$(886)$308 $(201)
Net derivatives: Commodity and other
Beginning balance$1,308 $1,290 $1,083 
Realized and unrealized gains (losses)494 (1,361)910 
Purchases263 87 78 
Issuances(438)(153)(136)
Settlements(583)1,336 (701)
Net transfers(124)109 56 
Ending balance$920 $1,308 $1,290 
Unrealized gains (losses)$540 $(142)$243 
Deposits
Beginning balance$1 $33 $20 
Realized and unrealized losses (gains)— — 1 
Issuances1 — 25 
Settlements(1)— — 
Net transfers— (32)(13)
Ending balance$1 $1 $33 
Unrealized losses (gains)$— $— $1 
Nonderivative trading liabilities
Beginning balance$110 $60 $74 
Realized and unrealized losses (gains)(1)(27)8 
Purchases(32)(27)(38)
Sales64 101 22 
Net transfers(59)3 (6)
Ending balance$82 $110 $60 
Unrealized losses (gains)$(1)$(21)$8 
Securities sold under agreements to repurchase
Beginning balance$444 $449 $512 
Realized and unrealized losses (gains)1 (5)2 
Issuances— — 1 
Settlements— — (9)
Net transfers— — (57)
Ending balance$445 $444 $449 
Unrealized losses (gains)$1 $(5)$2 
Other secured financings
Beginning balance$76 $92 $91 
Realized and unrealized losses (gains)(1)(14)5 
Sales(231)(21)— 
Issuances434 112 83 
Settlements(152)(113)(99)
Net transfers180 20 12 
Ending balance$306 $76 $92 
Unrealized losses (gains)$(1)$(14)$5 
$ in millions202520242023
Borrowings
Beginning balance$947 $1,878 $1,587 
Realized and unrealized losses (gains)97 4 219 
Issuances313 288 708 
Settlements(463)(255)(391)
Net transfers
(286)(968)(245)
Ending balance$608 $947 $1,878 
Unrealized losses (gains)$19 $16 $182 
Portion of unrealized losses (gains) recorded in OCI—Change in net DVA— 7 29 
Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories.
The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statement.
Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements.
Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements
Valuation Techniques and Unobservable Inputs
Balance / Range (Average1)
$ in millions, except inputs
At December 31, 2025At December 31, 2024
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations$59 $17 
Comparable pricing:
Bond price
58 to 112 points (100 points)
45 to 104 points (75 points)
MABS$317 $281 
Comparable pricing:
Bond price
30 to 100 points (68 points)
27 to 98 points (67 points)
Loans and lending
commitments
$1,424 $1,059 
Margin loan model:
Margin loan rate
N/M
1% to 4% (3%)
Comparable pricing:
Loan price
54 to 102 points (81 points)
49 to 102 points (90 points)
Corporate and
other debt
$1,414 $1,258 
Comparable pricing:
Bond price
29 to 130 points (90 points)
28 to 130 points (83 points)
Discounted cash flow:
Loss given default
40% to 40% (40% / 40%)
54% to 84% (62% / 54%)
Balance / Range (Average1)
$ in millions, except inputs
At December 31, 2025At December 31, 2024
Corporate equities$276 $154 
Comparable pricing:
Equity price
100%
100%
Investments$1,507 $754 
Discounted cash flow:
WACC
10% to 21% (16%)
12% to 21% (16%)
Exit multiple
9 to 9 times (9 times)
9 to 10 times (10 times)
Market approach:
EBITDA multiple
18 times
20 times
Comparable pricing:
Equity price
24% to 100% (95%)
24% to 100% (84%)
Net derivative and other contracts:
Interest rate$(154)$(53)
Option model:
IR volatility skew
52% to 86% (67% / 66%)
72% to 97% (81% / 79%)
IR curve correlation
56% to 99% (87% / 88%)
28% to 99% (83% / 86%)
Bond volatility
63% to 97% (80% / 80%)
78% to 148% (92% / 92%)
 Inflation volatility
32% to 67% (44% / 40%)
30% to 68% (44% / 38%)
Credit$87 $97 
Credit default swap model:
Cash-synthetic basis
11 points
7 points
Bond price
0 to 97 points (53 points)
0 to 90 points (48 points)
Credit spread
22 to 680 bps (108 bps)
10 to 360 bps (90 bps)
Funding spread
6 to 590 bps (77 bps)
10 to 590 bps (76 bps)
Foreign exchange2
$36 $589 
Option model:
IR curve
-1% to 10% (2% / 1%)
5% to 10% (8% / 8%)
Foreign exchange volatility skew
6% to 10% (8% / 8%)
N/M
Contingency probability
80% to 95% (95% / 95%)
90% to 95% (91% / 95%)
Equity2
$(1,433)$(1,148)
Option model:
Equity volatility
1% to 133% (27%)
7% to 98% (20%)
Equity volatility skew
-11% to 3% (-1%)
 -2% to 0% (-1%)
Equity correlation
0% to 100% (57%)
20% to 94% (58%)
FX correlation
 -90% to 90% (-30%)
 -68% to 60% (-36%)
IR correlation
 (5)% to 16% 15%
N/M
Commodity and other$920 $1,308 
Option model:
Forward power price
$5 to $141 ($59) per MWh
$0 to $185 ($48) per MWh
Commodity volatility
6% to 137% (29%)
0% to 165% (37%)
Cross-commodity correlation
54% to 99% (98%)
54% to 100% (94%)
Liabilities at Fair Value on a Recurring Basis
Corporate and other
  debt
$50 
N/M
Comparable pricing:
Bond price
2 to 101 points (25 points)
N/M
Securities sold under agreements to repurchase$445 $444 
Discounted cash flow:
Funding spread
18 to 109 bps (63 / 63 bps)
11 to 102 bps (36 / 26 bps)
Other secured financings$306 $76 
Comparable pricing:
Loan price
0 to 98 points (66 points)
0 to 100 points (33 points)
Balance / Range (Average1)
$ in millions, except inputs
At December 31, 2025At December 31, 2024
Borrowings$608 $947 
Option model:
Equity volatility
 5% to 102% (44%)
7% to 71% (21%)
Equity volatility skew
 -3% to 1% (-1%)
 -2% to 0% (0%)
Equity correlation
20% to 100% (84%)
53% to 64% (58%)
Equity - FX correlation
 -70% to 30% (-19%)
 -52% to 24% (-12%)
Credit default swap model:
Credit spread
325 to 325 bps (325 bps)
247 to 433 bps (340 bps)
Discounted cash flow:
Loss given default
40% to 40% (40% / 40%)
54% to 84% (62% / 54%)
Nonrecurring Fair Value Measurement
Loans$1,319 $4,518 
Corporate loan model:
Credit spread
87 to 967 bps (272 bps)
109 to 1,469 bps (1,007 bps)
Comparable pricing:
Loan price
50 to 100 points (67 points)
25 to 100 points (71 points)
Warehouse model:
Credit spread
66 to 113 bps (82 bps)
207 to 280 bps (254 bps)
Points—Percentage of par
IR—Interest rate
FX—Foreign exchange
1.A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant.
2.Includes derivative contracts with multiple risks (i.e., hybrid products).

The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique.
During 2025, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs.
An increase (decrease) to the following significant unobservable inputs would generally result in a higher (lower) fair value.
•Comparable Bond or Loan Price. A pricing input used when prices for the identical instrument are not available. Significant subjectivity may be involved when fair value is determined using pricing data available for comparable instruments. Valuation using comparable instruments can be done by calculating an implied yield (or spread over a liquid benchmark) from the price of a comparable bond or loan, then adjusting that yield (or spread) to derive a value for the bond or loan. The adjustment to yield (or spread)
should account for relevant differences in the bonds or loans, such as maturity or credit quality. Alternatively, a price-to-price basis can be assumed between the comparable instrument and the bond or loan being valued in order to establish the value of the bond or loan.
•Comparable Equity Price. A price derived from equity raises, share buybacks and external bid levels, etc. A discount or premium may be included in the fair value estimate.
•Contingency Probability. Probability associated with the realization of an underlying event upon which the value of an asset is contingent.
•EBITDA Multiple/Exit Multiple. The ratio of enterprise value to EBITDA, where enterprise value is the aggregate value of equity and debt minus cash and cash equivalents. The EBITDA multiple reflects the value of a company in terms of its full-year EBITDA, whereas the exit multiple reflects the value of a company in terms of its full-year expected EBITDA at exit. Either multiple allows comparison between companies from an operational perspective as the effect of capital structure, taxation and depreciation/amortization is excluded.
An increase (decrease) to the following significant unobservable inputs would generally result in a lower (higher) fair value.
•Cash-Synthetic Basis. The measure of the price differential between cash financial instruments and their synthetic derivative-based equivalents. The range disclosed in the previous table signifies the number of points by which the synthetic bond equivalent price is higher than the quoted price of the underlying cash bonds.
•Funding Spread. The cost of borrowing defined as the incremental spread over the OIS rate for a specific collateral rate (which refers to the rate applicable to a specific type of security pledged as collateral).
•Loss Given Default. Amount expressed as a percentage of par that is the expected loss when a credit event occurs.
•Margin Loan Rate. The annualized rate that reflects the possibility of losses as a result of movements in the price of the underlying margin loan collateral. The rate is calibrated from the discount rate, credit spreads and/or volatility measures.
•WACC. WACC represents the theoretical rate of return required to debt and equity investors. The WACC is used in a discounted cash flow model that calculates the value of the equity. The model assumes that the cash flow assumptions, including projections, are fully reflected in the current equity value, while the debt to equity ratio is held constant.
An increase (decrease) to the following significant unobservable inputs would generally result in an impact to the fair value, but the magnitude and direction of the impact would depend on whether the Firm is long or short the exposure.
•Correlation. A pricing input where the payoff is driven by more than one underlying risk. Correlation is a measure of the relationship between the movement of two variables (i.e., how the change in one variable influences a change in the other variable).
•Credit Spread. The credit spread reflects the additional net yield an investor can earn from a security with more credit risk relative to one with less credit risk. The credit spread of a particular security is often quoted in relation to the yield on a credit risk-free benchmark security or reference rate.
•Interest Rate Curve. The term structure of interest rates (relationship between interest rates and the time to maturity) and a market’s measure of future interest rates at the time of observation. An interest rate curve is used to set interest rate and foreign exchange derivative cash flows and is a pricing input used in the discounting of any OTC derivative cash flow.
•Volatility. The measure of variability in possible returns for an instrument given how much that instrument changes in value over time. Volatility is a pricing input for options, and, generally, the lower the volatility, the less risky the option. The level of volatility used in the valuation of a particular option depends on a number of factors, including the nature of the risk underlying that option, the tenor and the strike price of the option.
•Volatility Skew. The measure of the difference in implied volatility for options with identical underliers and expiry dates but with different strikes.

Net Asset Value Measurements
Fund Interests
 At December 31, 2025At December 31, 2024
$ in millionsCarrying
Value		CommitmentCarrying
Value		Commitment
Private equity and other$3,110 $671 $2,653 $644 
Real estate3,551 246 3,461 214 
Hedge72 1 92 2 
Total$6,733 $918 $6,206 $860 
Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based income in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value.
Private Equity and Other.  Amounts include private equity, private credit and other funds that pursue multiple strategies, including leveraged buyouts, venture capital, infrastructure growth capital, distressed investments and mezzanine capital. In addition, the funds may be structured with a focus on specific geographic regions.
Real Estate.  Funds that invest in real estate assets such as commercial office buildings, retail properties, multifamily residential properties, developments or hotels. In addition, the funds may be structured with a focus on specific geographic regions.
Investments in Private Equity and Other funds and Real Estate funds generally are not redeemable due to the closed-end nature of these funds. Instead, distributions from each fund will be received as the underlying investments of the funds are disposed and monetized.
Hedge.  Funds that pursue various investment strategies, including long-short equity, fixed income/credit, event-driven and multi-strategy. Investments in hedge funds may be subject to initial period lock-up or gate provisions, which restrict an investor from withdrawing from the fund during a certain initial period or restrict the redemption amount on any redemption date, respectively.
See Note 14 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 22 for information regarding unrealized carried interest at risk of reversal.
Nonredeemable Funds by Contractual Maturity
 Carrying Value at December 31, 2025
$ in millions
Private Equity and Other
Real Estate
Less than 5 years$993 $2,544 
5-10 years1,679 803 
Over 10 years438 204 
Total$3,110 $3,551 
Nonrecurring Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
 At December 31, 2025
$ in millionsLevel 2
Level 31
Total
Assets
Loans$2,385 $1,319 $3,704 
Other assets—Other investments— 64 64 
Other assets—ROU assets20 — 20 
Total$2,405 $1,383 $3,788 
Liabilities
Other liabilities and accrued expenses—Lending commitments$53 $18 $71 
Total$53 $18 $71 
 At December 31, 2024
$ in millionsLevel 2
Level 31
Total
Assets
Loans$1,607 $4,518 $6,125 
Other assets—Other investments— 58 58 
Other assets—ROU assets23 — 23 
Total$1,630 $4,576 $6,206 
Liabilities
Other liabilities and accrued expenses—Lending commitments$48 $33 $81 
Total$48 $33 $81 
1.For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement.
Gains (Losses) from Nonrecurring Fair Value Remeasurements1
$ in millions202520242023
Assets
Loans2
$(473)$(64)$(426)
Other assets—Other investments3
(6)(9)(15)
Other assets—Premises, equipment and software4
(69)(17)(8)
Other assets—ROU assets5
(12)(33)(35)
Total$(560)$(123)$(484)
Liabilities
Other liabilities and accrued expenses—Lending commitments2
$15 $19 $75 
Total$15 $19 $75 
1.Gains and losses for Loans and Other assets—Other investments are classified in Other revenues and gains and losses for Other assets—ROU assets are recorded in Occupancy and equipment or Information processing and communication expenses. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses.
2.Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable.
3.Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions.
4.Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.
5.Losses related to Other Assets—ROU assets include impairments related to the discontinued leased properties.
Financial Instruments Not Measured at Fair Value
 At December 31, 2025
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$111,695 $111,695 $— $— $111,695 
Investment securities—HTM53,090 11,636 32,622 1,357 45,615 
Securities purchased 
under agreements to resell
120,243 — 119,273 1,003 120,276 
Securities borrowed151,908 — 151,909 — 151,909 
Customer and other receivables108,189 — 103,458 4,682 108,140 
Loans1:
Held for investment
268,720 — 27,243 238,800 266,043 
Held for sale
9,374 — 5,692 3,703 9,395 
Other assets704 — 704 — 704 
Financial liabilities
Deposits$406,768 $— $407,350 $— $407,350 
Securities sold under agreements to repurchase77,843 — 77,832 — 77,832 
Securities loaned17,310 — 17,313 — 17,313 
Other secured financings4,732 — 4,729 — 4,729 
Customer and other payables226,342 — 226,342 — 226,342 
Borrowings216,456 — 220,547 200 220,747 
Commitment
Amount
Lending commitments2
$208,435 $— $1,145 $1,087 $2,232 
 At December 31, 2024
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$105,386 $105,386 $— $— $105,386 
Investment securities—HTM61,071 15,803 34,180 1,220 51,203 
Securities purchased 
under agreements to resell
118,565 — 117,151 1,450 118,601 
Securities borrowed123,859 — 123,859 — 123,859 
Customer and other receivables79,586 — 75,361 4,056 79,417 
Loans1:
Held for investment225,834 — 17,859 202,297 220,156 
Held for sale
12,319 — 6,324 6,115 12,439 
Other assets839 — 839 — 839 
Financial liabilities
Deposits$369,508 $— $370,039 $— $370,039 
Securities sold under agreements to repurchase49,111 — 49,103 — 49,103 
Securities loaned15,226 — 15,228 — 15,228 
Other secured financings7,514 — 7,511 — 7,511 
Customer and other payables175,890 — 175,890 — 175,890 
Borrowings185,487 — 188,269 93 188,362 
Commitment
Amount
Lending commitments2
$175,774 $— $1,094 $839 $1,933 
1.Amounts include loans measured at fair value on a nonrecurring basis.
2.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 14.
The previous tables exclude all non-financial assets and liabilities, such as Goodwill and Intangible assets, and certain
financial instruments, such as equity method investments and certain receivables.