
	At December 31, 2025
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	80,745	$	187	$	25	80,907
U.S. agency securities2	24,031		24		1,943		22,112
Agency CMBS	5,504		1		286		5,219


State and municipal securities	1,754		10		17		1,747
FFELP student loan ABS3	486		1		6		481

Unallocated basis adjustment4	2		—		2		—
Total AFS securities	112,522		223		2,279		110,466
HTM securities
U.S. Treasury securities	12,299		—		663		11,636
U.S. agency securities2	38,303		67		6,785		31,585
Agency CMBS	709		—		43		666
Non-agency CMBS	1,779		12		63		1,728
Total HTM securities	53,090		79		7,554		45,615
Total investment securities	$	165,612	$	302	$	9,833	$	156,081


	At December 31, 2024
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	70,160	$	62	$	388	$	69,834
U.S. agency securities2	24,113		6		2,652		21,467
Agency CMBS	5,704		—		388		5,316


State and municipal securities	1,373		18		4		1,387
FFELP student loan ABS3	612		1		9		604

Unallocated basis adjustment4	(2)		2		—		—
Total AFS securities	101,960		89		3,441		98,608
HTM securities
U.S. Treasury securities	16,885		—		1,082		15,803
U.S. agency securities2	41,582		4		8,592		32,994
Agency CMBS	1,154		—		88		1,066
Non-agency CMBS	1,450		3		113		1,340
Total HTM securities	61,071		7		9,875		51,203
Total investment securities	$	163,031	$	96	$	13,316	$	149,811

adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information.

AFS Securities in an Unrealized Loss Position


	At December 31, 2025				At December 31, 2024
$ in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities
Less than12 months	$	47	$	—	$	18,338	$	65
12 months or longer	7,440		25		19,629		323
Total	7,487		25		37,967		388
U.S. agency securities
Less than12 months	75		—		765		11
12 months or longer	17,290		1,943		18,996		2,641
Total	17,365		1,943		19,761		2,652
Agency CMBS
Less than12 months	133		—		—		—
12 months or longer	4,675		286		5,018		388
Total	4,808		286		5,018		388








State and municipal securities
Less than12 months	360		4		242		2
12 months or longer	382		13		62		2
Total	742		17		304		4
FFELP student loan ABS

12 months or longer	383		6		442		9
Total	383		6		442		9




Unallocated basis adjustment	—		2		—		—
Total AFS securities in an unrealized loss position
Less than12 months	615		4		19,345		78
12 months or longer	30,170		2,273		44,147		3,363
Unallocated basis adjustment	—		2		—		—
Total	$	30,785	$	2,279	$	63,492	$	3,441

For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of December 31, 2025 and December 31, 2024, the securities in an unrealized loss position are predominantly investment grade.

The HTM securities net carrying amounts at December 31, 2025 and December 31, 2024 reflect an ACL of $60 million and $52 million, respectively, predominantly related to Non-agency CMBS. See Note 2 for a description of the ACL methodology used for HTM Securities.

As of December 31, 2025 and December 31, 2024, 97% and 98%, respectively, of the Firm’s portfolio of HTM securities were investment grade U.S. agency securities, U.S. Treasury securities and Agency CMBS, which were on accrual status and for which there is an underlying assumption of zero credit losses. Non-investment grade HTM securities primarily consisted of certain Non-agency CMBS securities, for which the expected credit losses were insignificant and were predominantly on accrual status at December 31, 2025 and December 31, 2024.

See Note 15 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS.

Investment Securities by Contractual Maturity


	At December 31, 2025
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year	$	28,824	$	28,870	3.7	%
After 1 year through 5 years	51,178		51,291		3.8	%
After 5 years through 10 years	743		746		4.0	%

Total	80,745		80,907
U.S. agency securities:
Due within 1 year	23		22		0.6	%
After 1 year through 5 years	185		176		1.8	%
After 5 years through 10 years	399		371		1.6	%
After 10 years	23,424		21,543		3.4	%
Total	24,031		22,112
Agency CMBS:
Due within 1 year	596		591		2.1	%
After 1 year through 5 years	3,763		3,674		1.8	%
After 5 years through 10 years	193		189		1.3	%
After 10 years	952		765		1.6	%
Total	5,504		5,219












State and municipal securities:
Due within 1 year	78		78		4.8	%
After 1 year through 5 years	243		239		3.6	%
After 5 years through 10 years	113		114		4.9	%
After 10 years	1,320		1,316		4.5	%
Total	1,754		1,747
FFELP student loan ABS:
Due within 1 year	59		57		4.6	%
After 1 year through 5 years	47		46		4.6	%
After 5 years through 10 years	26		25		3.9	%
After 10 years	354		353		4.9	%
Total	486		481






Unallocated basis adjustment4:	2		—		—
Total AFS securities	112,522		110,466		3.6	%


	At December 31, 2025
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year	$	5,435	$	5,416	2.2	%
After 1 year through 5 years	5,108		4,961		2.4	%
After 5 years through 10 years	203		179		1.3	%
After 10 years	1,553		1,080		2.3	%
Total	12,299		11,636
U.S. agency securities:

After 1 year through 5 years	140		135		2.0	%
After 5 years through 10 years	28		28		2.2	%
After 10 years	38,135		31,422		2.1	%
Total	38,303		31,585
Agency CMBS:
Due within 1 year	202		199		1.1	%
After 1 year through 5 years	354		338		1.4	%
After 5 years through 10 years	130		110		1.6	%
After 10 years	23		19		1.3	%
Total	709		666
Non-agency CMBS:
Due within 1 year	138		135		4.9	%
After 1 year through 5 years	847		824		4.6	%
After 5 years through 10 years	321		298		4.5	%
After 10 years	473		471		6.9	%
Total	1,779		1,728
Total HTM securities	53,090		45,615		2.2	%
Total investment securities	$	165,612	$	156,081	3.2	%