v3.25.4
Other Assets and Leases (Tables)
12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
Equity Method Investments
$ in millions
At
December 31, 2025
At
December 31, 2024
Investments$2,054 $1,869 
$ in millions202520242023
Income (loss)$246 $241 $124 
Schedule of Japanese Securities Joint Venture
Japanese Securities Joint Venture
$ in millions202520242023
Income (loss) from investment in MUMSS$123 $146 $129 
Summary of Tax Equity Investments under the Proportional Amortization Method
Tax Equity Investments under the Proportional Amortization Method
$ in millionsAt
December 31,
2025
At
December 31,
2024
Low-income housing
$1,897 $1,787 
Renewable energy and other
28 67 
Total1,2
$1,925 $1,854 
1.Amounts include unfunded equity contributions of $707 million and $613 million as of December 31, 2025 and December 31, 2024, respectively. The corresponding liabilities for the commitments to fund these equity contributions are recorded in Other liabilities and accrued expenses. The majority of these commitments are expected to be funded within 5 years.
2.Amounts exclude $45 million and $48 million as of December 31, 2025 and December 31, 2024, respectively, of tax equity investments within programs for which the Firm elected the proportional amortization method that do not meet the conditions to apply the proportional amortization method, which are accounted for as equity method investments.
Summary of Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Met
Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method
$ in millions202520242023
Income tax credits and other income tax benefits$290 $301 $237 
Proportional amortization(237)(239)(197)
Net benefits included in income tax expense53 62 40 
Other income5 — — 
Net benefits$58 $62 $40 
Schedule of Balance Sheet Amounts Related to Leases
Balance Sheet Amounts Related to Leases
$ in millions
At
December 31, 2025
At
December 31, 2024
Other assets—ROU assets$4,164 $4,114 
Other liabilities and accrued expenses—Lease liabilities4,996 4,937 
Weighted average:
Remaining lease term, in years8.28.5
Discount rate4.4 %4.3 %
Schedule of Lease Liabilities
Lease Liabilities
$ in millions
At
December 31, 2025
At
December 31, 2024
2025$772 
2026$819 790 
2027853 736 
2028751 716 
2029664 562 
2030612 482 
Thereafter2,337 1,923 
Total undiscounted cash flows$6,036 $5,981 
Imputed interest(1,040)(1,044)
Amount on balance sheet$4,996 $4,937 
Committed leases not yet commenced$163 $63 
Schedule of Lease Costs and Rent Expense
Lease Costs
$ in millions202520242023
Fixed costs$831 $917 $938 
Variable costs1
171 181 206 
Less: Sublease income(2)(6)(10)
Total lease cost, net$1,000 $1,092 $1,134 
1.Includes common area maintenance charges and other variable costs not included in the measurement of ROU assets and lease liabilities.
Schedule of Cash Flows Statement Supplemental Information
Cash Flows Statement Supplemental Information
$ in millions202520242023
Cash outflows—Lease liabilities$852 $942 $892 
Non-cash—ROU assets recorded for new and modified leases645 489 1,055