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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Fair Value Disclosure [Abstract] |
Investments | Investments Investments includes debt securities classified as available-for-sale and held-to-maturity that are generally held in connection with the firm’s asset-liability management activities. In addition, investments includes equity securities and debt instruments that are accounted for at fair value and equity securities that are accounted for under the equity method that are generally held by the firm in connection with its long-term investing activities. 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 |
See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of investments, and Note 5 for information about investments within the fair value hierarchy. Available-for-Sale Securities, at Fair Value Available-for-sale securities are accounted for at fair value, and the related unrealized fair value gains and losses are included in accumulated other comprehensive income/(loss) unless designated in a fair value hedging relationship. See Note 7 for information about available-for-sale securities that are designated in a hedging relationship. 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. 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) |
The gross unrealized gains included in accumulated other comprehensive income/(loss) for available-for-sale securities were $499 million as of September 2025 and were not material as of December 2024. Net unrealized gains included in other comprehensive income/(loss) for available-for-sale securities were $248 million ($185 million, net of tax) for the three months ended September 2025, $674 million ($504 million, net of tax) for the three months ended September 2024, $1.18 billion ($878 million, net of tax) for the nine months ended September 2025 and $1.03 billion ($766 million, net of tax) for the nine months ended September 2024. The gross realized gains relating to the sales of available-for-sale securities were not material for each of the three and nine months ended September 2025 and September 2024. The gross realized losses relating to the sales of available-for-sale securities were not material for both the three months ended September 2025 and September 2024, $111 million for the nine months ended September 2025 and were not material for the nine months ended September 2024. The specific identification method is used to determine realized gains on available-for-sale securities. Held-to-Maturity Securities Held-to-maturity securities are accounted for at amortized cost. 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. •Held-to-maturity securities are reviewed to determine if an allowance for credit losses should be recorded in the consolidated statements of earnings. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings, historical credit losses and sovereign guarantees. Provision for credit losses on such securities was not material during each of the three and nine months ended September 2025 and September 2024. Equity Securities and Debt Instruments, at Fair Value Equity securities and debt instruments, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are recognized in the consolidated statements of earnings. Equity Securities, at Fair Value. Equity securities, at fair value consists of the firm’s public and private equity investments in corporate and real estate entities. 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. Debt Instruments, at Fair Value. Debt instruments, at fair value primarily includes mezzanine, senior and distressed debt. 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 |
In the table above, money market instruments primarily consist of time deposits and other primarily includes investments in credit funds that are measured at NAV. Investments in Funds at Net Asset Value Per Share. Equity securities and debt instruments, at fair value include investments in funds that are measured at NAV of the investment fund. The firm uses NAV to measure the fair value of fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value. Substantially all of the firm’s investments in funds at NAV consist of investments in firm-sponsored private equity, credit, real estate and hedge funds where the firm co-invests with third-party investors. Private equity funds primarily invest in a broad range of industries worldwide, including leveraged buyouts, recapitalizations, growth investments and distressed investments. Credit funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for leveraged and management buyout transactions, recapitalizations, financings, refinancings, acquisitions and restructurings for private equity firms, private family companies and corporate issuers. Real estate funds invest globally, primarily in real estate companies, loan portfolios, debt recapitalizations and property. Substantially all private equity, credit and real estate funds are closed-end funds in which the firm’s investments are generally not eligible for redemption. Distributions will be received from these funds as the underlying assets are liquidated or distributed, the timing of which is uncertain. The firm also invests in hedge funds, primarily multi-disciplinary hedge funds that employ a fundamental bottom-up investment approach across various asset classes and strategies. The firm’s investments in hedge funds primarily include interests where the underlying assets are illiquid in nature, and proceeds from redemptions will not be received until the underlying assets are liquidated or distributed, the timing of which is uncertain. 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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