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Other Assets
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Other Assets Other Assets
Equity Method Investments
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Investments$2,042 $1,869 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
$ in millions2025202420252024
Income (loss)$68 $75 $189 $185 
Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheet with related income or loss included in Other revenues in the income statement. See “Net Asset Value Measurements—Fund Interests” in Note 4 for the carrying value of certain of the Firm’s fund interests, which are composed of general and limited partnership interests, as well as any related carried interest.
Japanese Securities Joint Venture
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Income (loss) from investment in MUMSS$34 $52 $100 $128 
For more information on MUMSS and other relationships with MUFG, see Note 11 to the financial statements in the 2024 Form 10-K.
Tax Equity Investments
The Firm invests in tax equity investment interests which entitle the Firm to a share of tax credits and other income tax benefits generated by the projects underlying the investments.
The Firm accounts for certain renewable energy and other tax equity investments programs using the proportional amortization method.
Tax Equity Investments under the Proportional Amortization Method
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Low-income housing
$1,816 $1,787 
Renewable energy and other
15 67 
Total1,2
$1,831 $1,854 
1.Amounts include unfunded equity contributions of $639 million and $613 million as of September 30, 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 $48 million and $48 million as of September 30, 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.

Income tax credits and other income tax benefits recognized as well as proportional amortization are included in the Provision for income taxes line in the consolidated income statement and in the Depreciation and amortization line in the consolidated cash flow statement.
Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Income tax credits and other income tax benefits$75 $74 $227 $227 
Proportional amortization(60)(59)(184)(177)
Net benefits$15 $15 $43 $50