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Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Fair Value Disclosure [Abstract] |
Information about Investments | The table below presents information about investments.
| As of
| September | December
$ in millions | 2025 | 2024
Available-for-sale securities, at fair value | $ | 103,962 |  | $ | 79,458 |
Held-to-maturity securities | 73,632 |  | 78,713 |
Equity securities, at fair value | 14,114 |  | 13,832 |
Debt instruments, at fair value | 11,100 |  | 11,452 |
Equity-method investments | 949 |  | 1,059 |
Total other investments | 26,163 |  | 26,343 |
Total investments | $ | 203,757 |  | $ | 184,514 |
Summary of Available-for-Sale Securities by Tenor | The table below presents information about available-for-sale securities by type and tenor.
$ in millions | Amortized Cost | Fair Value |
As of September 2025 |  |  |
Less than 1 year | $ | 10,259 |  | $ | 10,243 |  |
1 year to 5 years | 79,470 |  | 79,676 |  |
5 years to 10 years | 7,421 |  | 7,386 |  |
Total U.S. government obligations | 97,150 |  | 97,305 |  |
1 year to 5 years | 6,104 |  | 5,837 |  |
5 years to 10 years | 851 |  | 820 |  |
Total non-U.S. government obligations | 6,955 |  | 6,657 |  |
Total available-for-sale securities | $ | 104,105 |  | $ | 103,962 |  |
As of December 2024 |  |  |
Less than 1 year | $ | 21,176 |  | $ | 21,011 |  |
1 year to 5 years | 48,564 |  | 47,931 |  |
5 years to 10 years | 6,620 |  | 6,468 |  |
Total U.S. government obligations | 76,360 |  | 75,410 |  |
1 year to 5 years | 4,224 |  | 3,893 |  |
5 years to 10 years | 193 |  | 155 |  |
Total non-U.S. government obligations | 4,417 |  | 4,048 |  |
Total available-for-sale securities | $ | 80,777 |  | $ | 79,458 |  |
In the table above: •The weighted average yield for available-for-sale securities was 3.80% as of September 2025 and 3.29% as of December 2024. The weighted average yield is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the fair value of each security. The effective interest rate considers the contractual coupon, the amortization of premiums and accretion of discounts, and excludes the effect of related hedges. •Substantially all available-for-sale securities were classified in level 1 of the fair value hierarchy. •If the fair value of available-for-sale securities is less than amortized cost, such securities are considered impaired. If the firm has the intent to sell the debt security, or if it is more likely than not that the firm will be required to sell the debt security before recovery of its amortized cost, the difference between the amortized cost (net of allowance, if any) and the fair value of the securities is recognized as an impairment loss in earnings. The firm did not record any such impairment losses during each of the three and nine months ended September 2025 and September 2024. Impaired available-for-sale debt securities that the firm has the intent and ability to hold are reviewed to determine if an allowance for credit losses should be recorded. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings and severity of the unrealized losses. The firm did not record any provision for credit losses on such securities during each of the three and nine months ended September 2025 and September 2024.
Schedule of AFS Securities in Unrealized Loss Position | The table below presents information about available-for-sale securities in an unrealized loss position by aging category.
$ in millions | Less than 12 months | 12 months or longer | Total
As of September 2025 |  |  |
Fair value: |  |  |
U.S. government obligations | $ | 19,515 |  | $ | 15,677 |  | $ | 35,192 |
Non-U.S. government obligations | 2,138 |  | 3,346 |  | 5,484 |
Total | $ | 21,653 |  | $ | 19,023 |  | $ | 40,676 |
Gross unrealized losses: |  |  |
U.S. government obligations | $ | (34) |  | $ | (308) |  | $ | (342) |
Non-U.S. government obligations | (10) |  | (290) |  | (300) |
Total | $ | (44) |  | $ | (598) |  | $ | (642) |
As of December 2024 |  |  |
Fair value: |  |  |
U.S. government obligations | $ | 31,032 |  | $ | 18,732 |  | $ | 49,764 |
Non-U.S. government obligations | 1,674 |  | 2,363 |  | 4,037 |
Total | $ | 32,706 |  | $ | 21,095 |  | $ | 53,801 |
Gross unrealized losses: |  |  |
U.S. government obligations | $ | (383) |  | $ | (630) |  | $ | (1,013) |
Non-U.S. government obligations | (16) |  | (353) |  | (369) |
Total | $ | (399) |  | $ | (983) |  | $ | (1,382) |
Held-to-maturity Securities by Type and Tenor | The table below presents information about held-to-maturity securities by type and tenor.
$ in millions | Amortized Cost | Fair Value |
As of September 2025 |  |  |
Less than 1 year | $ | 10,664 |  | $ | 10,623 |  |
1 year to 5 years | 37,023 |  | 37,254 |  |
Total government obligations | 47,687 |  | 47,877 |  |
Greater than 10 years | 25,766 |  | 25,992 |  |
Total U.S. agency obligations | 25,766 |  | 25,992 |  |
Greater than 10 years | 179 |  | 180 |  |
Total securities backed by real estate | 179 |  | 180 |  |
Total held-to-maturity securities | $ | 73,632 |  | $ | 74,049 |  |
As of December 2024 |  |  |
Less than 1 year | $ | 15,449 |  | $ | 15,409 |  |
1 year to 5 years | 42,420 |  | 41,939 |  |
Total government obligations | 57,869 |  | 57,348 |  |
Greater than 10 years | 20,637 |  | 20,482 |  |
Total U.S. agency obligations | 20,637 |  | 20,482 |  |
1 year to 5 years | 2 |  | 2 |  |
Greater than 10 years | 205 |  | 206 |  |
Total securities backed by real estate | 207 |  | 208 |  |
Total held-to-maturity securities | $ | 78,713 |  | $ | 78,038 |  |
In the table above: •Substantially all of the government obligations consist of U.S. government obligations. •U.S. agency obligations consist of U.S. agency issued mortgage-backed securities. •Substantially all of the securities backed by real estate consist of securities backed by residential real estate. •As these securities are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these securities been included in the firm’s fair value hierarchy, government obligations would have been classified in level 1, U.S. agency obligations would have been classified in level 2 and securities backed by real estate would have been primarily classified in level 2 of the fair value hierarchy. •The weighted average yield for held-to-maturity securities was 4.23% as of September 2025 and 4.09% as of December 2024. The weighted average yield is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the amortized cost of each security. The effective interest rate considers the contractual coupon and the amortization of premiums and accretion of discounts. •The gross unrealized gains were $603 million as of September 2025 and $121 million as of December 2024. The gross unrealized losses were $186 million as of September 2025 and $796 million as of December 2024. The table below presents information about equity securities, at fair value.
| As of
| September | December
$ in millions | 2025 | 2024
Equity securities, at fair value | $ | 14,114 |  | $ | 13,832 |
Equity Type |  |
Public equity | 3 | % | 6 | %
Private equity | 97 | % | 94 | %
Total | 100 | % | 100 | %
Asset Class |  |
Corporate | 77 | % | 75 | %
Real estate | 23 | % | 25 | %
Total | 100 | % | 100 | %
In the table above: •Equity securities, at fair value included investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $4.61 billion as of September 2025 and $5.04 billion as of December 2024. Gains/(losses) recognized as a result of changes in the fair value of equity securities for which the fair value option was elected were not material for both the three months ended September 2025 and September 2024, $(97) million for the nine months ended September 2025 and $(107) million for the nine months ended September 2024. These gains/(losses) are included in other principal transactions. •Equity securities, at fair value includes investments in private equity, real estate and hedge funds that are measured at NAV. •Equity securities, at fair value subject to contractual sale restrictions were not material as of both September 2025 and December 2024
Schedule of Investments | The table below presents information about debt instruments, at fair value.
| As of
| September | December
$ in millions | 2025 | 2024
Corporate debt securities | $ | 7,208 |  | $ | 7,276 |
Securities backed by real estate | 416 |  | 569 |
Money market instruments | 1,984 |  | 1,780 |
Other | 1,492 |  | 1,827 |
Total | $ | 11,100 |  | $ | 11,452 |
The table below presents the fair value of investments in funds at NAV and the related unfunded commitments.
$ in millions | Fair Value of Investments | Unfunded Commitments
As of September 2025 |  |
Private equity funds | $ | 463 |  | $ | 432 |
Credit funds | 1,066 |  | 348 |
Hedge funds | 30 |  | – |
Real estate funds | 387 |  | 159 |
Total | $ | 1,946 |  | $ | 939 |
As of December 2024 |  |
Private equity funds | $ | 881 |  | $ | 432 |
Credit funds | 1,281 |  | 364 |
Hedge funds | 31 |  | – |
Real estate funds | 354 |  | 159 |
Total | $ | 2,547 |  | $ | 955 |

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