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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Summary of Financial Assets and Liabilities Carried at Fair Value | The table below presents financial assets and liabilities carried at fair value.
| As of
| September | June | December
$ in millions | 2025 | 2025 | 2024
Total level 1 financial assets | $ | 516,317 |  | $ | 494,481 |  | $ | 436,298 |
Total level 2 financial assets | 473,641 |  | 501,293 |  | 497,514 |
Total level 3 financial assets | 21,781 |  | 21,117 |  | 20,358 |
Investments in funds at NAV | 1,946 |  | 2,021 |  | 2,547 |
Counterparty and cash collateral netting | (48,075) |  | (51,066) |  | (49,048) |
Total financial assets at fair value | $ | 965,610 |  | $ | 967,846 |  | $ | 907,669 |
Total assets | $ | 1,807,982 |  | $ | 1,785,009 |  | $ | 1,675,972 |
Total level 3 financial assets divided by: |  |
Total assets | 1.2 | % | 1.2 | % | 1.2 | %
Total financial assets at fair value | 2.3 | % | 2.2 | % | 2.2 | %
Total level 1 financial liabilities | $ | 145,974 |  | $ | 146,888 |  | $ | 100,350 |
Total level 2 financial liabilities | 638,542 |  | 615,425 |  | 611,340 |
Total level 3 financial liabilities | 30,951 |  | 29,648 |  | 25,721 |
Counterparty and cash collateral netting | (43,723) |  | (39,223) |  | (37,750) |
Total financial liabilities at fair value | $ | 771,744 |  | $ | 752,738 |  | $ | 699,661 |
Total liabilities | $ | 1,683,580 |  | $ | 1,660,913 |  | $ | 1,553,976 |
Total level 3 financial liabilities divided by: |  |
Total liabilities | 1.8 | % | 1.8 | % | 1.7%
Total financial liabilities at fair value | 4.0 | % | 3.9 | % | 3.7%
In the table above: •Counterparty netting among positions classified in the same level is included in that level. •Counterparty and cash collateral netting represents the impact on derivatives of netting across levels. The table below presents trading cash instruments by level within the fair value hierarchy.
$ in millions | Level 1 | Level 2 | Level 3 | Total
As of September 2025 |  |  |  |
Assets |  |  |  |
Government and agency obligations: |  |  |
U.S. | $ | 142,098 |  | $ | 75,828 |  | $ | – |  | $ | 217,926 |
Non-U.S. | 81,737 |  | 37,667 |  | 20 |  | 119,424 |
Loans and securities backed by: |  |  |
Commercial real estate | – |  | 1,416 |  | 93 |  | 1,509 |
Residential real estate | – |  | 10,616 |  | 55 |  | 10,671 |
Corporate debt instruments | 206 |  | 49,819 |  | 647 |  | 50,672 |
State and municipal obligations | – |  | 1,012 |  | – |  | 1,012 |
Other debt obligations | 632 |  | 3,656 |  | 110 |  | 4,398 |
Equity securities | 186,901 |  | 1,640 |  | 160 |  | 188,701 |
Commodities | – |  | 6,007 |  | – |  | 6,007 |
Total | $ | 411,574 |  | $ | 187,661 |  | $ | 1,085 |  | $ | 600,320 |
Liabilities |  |  |  |
Government and agency obligations: |  |  |
U.S. | $ | (24,258) |  | $ | (3) |  | $ | – |  | $ | (24,261) |
Non-U.S. | (55,428) |  | (4,133) |  | (3) |  | (59,564) |
Loans and securities backed by: |  |  |
Commercial real estate | – |  | (34) |  | – |  | (34) |
Residential real estate | – |  | (9) |  | – |  | (9) |
Corporate debt instruments | (191) |  | (31,940) |  | (186) |  | (32,317) |
Equity securities | (66,021) |  | (9) |  | (52) |  | (66,082) |
Commodities | – |  | (18) |  | – |  | (18) |
Total | $ | (145,898) |  | $ | (36,146) |  | $ | (241) |  | $ | (182,285) |
As of December 2024 |  |  |  |
Assets |  |  |  |
Government and agency obligations: |  |  |
U.S. | $ | 169,121 |  | $ | 66,958 |  | $ | – |  | $ | 236,079 |
Non-U.S. | 44,427 |  | 25,071 |  | 41 |  | 69,539 |
Loans and securities backed by: |  |  |
Commercial real estate | – |  | 1,450 |  | 38 |  | 1,488 |
Residential real estate | – |  | 11,364 |  | 57 |  | 11,421 |
Corporate debt instruments | 172 |  | 46,739 |  | 728 |  | 47,639 |
State and municipal obligations | – |  | 529 |  | – |  | 529 |
Other debt obligations | 1 |  | 2,236 |  | 95 |  | 2,332 |
Equity securities | 141,821 |  | 1,143 |  | 242 |  | 143,206 |
Commodities | – |  | 10,971 |  | 12 |  | 10,983 |
Total | $ | 355,542 |  | $ | 166,461 |  | $ | 1,213 |  | $ | 523,216 |
Liabilities |  |  |  |
Government and agency obligations: |  |  |
U.S. | $ | (21,181) |  | $ | (52) |  | $ | – |  | $ | (21,233) |
Non-U.S. | (37,466) |  | (3,283) |  | (3) |  | (40,752) |
Loans and securities backed by: |  |  |
Commercial real estate | – |  | (32) |  | (1) |  | (33) |
Residential real estate | – |  | (20) |  | – |  | (20) |
Corporate debt instruments | (75) |  | (23,755) |  | (52) |  | (23,882) |
Other debt obligations | – |  | (72) |  | – |  | (72) |
Equity securities | (41,528) |  | (12) |  | (19) |  | (41,559) |
Commodities | – |  | (24) |  | – |  | (24) |
Total | $ | (100,250) |  | $ | (27,250) |  | $ | (75) |  | $ | (127,575) |
Trading cash instruments consists of instruments held in connection with the firm’s market-making or risk management activities. These instruments are carried at fair value and the related fair value gains and losses are recognized in the consolidated statements of earnings. In the table above: •Assets are shown as positive amounts and liabilities are shown as negative amounts. •Corporate debt instruments includes corporate loans, debt securities, convertible debentures, prepaid commodity transactions and transfers of assets accounted for as secured loans rather than purchases. •Other debt obligations includes other asset-backed securities and money market instruments. •Equity securities includes public equities and exchange-traded funds. The table below presents derivatives on a gross basis by level and product type, as well as the impact of netting.
$ in millions | Level 1 | Level 2 | Level 3 | Total
As of September 2025 |  |  |  |
Assets |  |  |  |
Interest rates | $ | 3 |  | $ | 157,396 |  | $ | 788 |  | $ | 158,187 |
Credit | – |  | 11,640 |  | 2,397 |  | 14,037 |
Currencies | – |  | 76,545 |  | 182 |  | 76,727 |
Commodities | – |  | 11,888 |  | 1,296 |  | 13,184 |
Equities | 21 |  | 109,684 |  | 1,020 |  | 110,725 |
Gross fair value | 24 |  | 367,153 |  | 5,683 |  | 372,860 |
Counterparty netting in levels | – |  | (271,670) |  | (850) |  | (272,520) |
Subtotal | $ | 24 |  | $ | 95,483 |  | $ | 4,833 |  | $ | 100,340 |
Cross-level counterparty netting |  |  |  | (908) |
Cash collateral netting |  |  |  | (47,167) |
Net fair value |  |  |  | $ | 52,265 |
Liabilities |  |  |  |
Interest rates | $ | (57) |  | $ | (119,220) |  | $ | (628) |  | $ | (119,905) |
Credit | – |  | (13,367) |  | (1,033) |  | (14,400) |
Currencies | – |  | (76,861) |  | (69) |  | (76,930) |
Commodities | – |  | (14,858) |  | (543) |  | (15,401) |
Equities | (19) |  | (166,119) |  | (3,014) |  | (169,152) |
Gross fair value | (76) |  | (390,425) |  | (5,287) |  | (395,788) |
Counterparty netting in levels | – |  | 271,670 |  | 850 |  | 272,520 |
Subtotal | $ | (76) |  | $ | (118,755) |  | $ | (4,437) |  | $ | (123,268) |
Cross-level counterparty netting |  |  |  | 908 |
Cash collateral netting |  |  |  | 42,815 |
Net fair value |  |  |  | $ | (79,545) |
As of December 2024 |  |  |  |
Assets |  |  |  |
Interest rates | $ | 102 |  | $ | 156,054 |  | $ | 580 |  | $ | 156,736 |
Credit | – |  | 9,249 |  | 2,188 |  | 11,437 |
Currencies | – |  | 114,500 |  | 174 |  | 114,674 |
Commodities | – |  | 12,134 |  | 1,192 |  | 13,326 |
Equities | 136 |  | 79,301 |  | 742 |  | 80,179 |
Gross fair value | 238 |  | 371,238 |  | 4,876 |  | 376,352 |
Counterparty netting in levels | – |  | (279,215) |  | (750) |  | (279,965) |
Subtotal | $ | 238 |  | $ | 92,023 |  | $ | 4,126 |  | $ | 96,387 |
Cross-level counterparty netting |  |  |  | (947) |
Cash collateral netting |  |  |  | (48,101) |
Net fair value |  |  |  | $ | 47,339 |
Liabilities |  |  |  |
Interest rates | $ | (92) |  | $ | (124,235) |  | $ | (692) |  | $ | (125,019) |
Credit | – |  | (9,060) |  | (970) |  | (10,030) |
Currencies | – |  | (114,488) |  | (127) |  | (114,615) |
Commodities | – |  | (14,111) |  | (414) |  | (14,525) |
Equities | (8) |  | (126,650) |  | (1,848) |  | (128,506) |
Gross fair value | (100) |  | (388,544) |  | (4,051) |  | (392,695) |
Counterparty netting in levels | – |  | 279,215 |  | 750 |  | 279,965 |
Subtotal | $ | (100) |  | $ | (109,329) |  | $ | (3,301) |  | $ | (112,730) |
Cross-level counterparty netting |  |  |  | 947 |
Cash collateral netting |  |  |  | 36,803 |
Net fair value | $ | (74,980) |
In the table above: •Gross fair values exclude the effects of both counterparty netting and collateral netting, and therefore are not representative of the firm’s exposure. •Counterparty netting is reflected in each level to the extent that receivable and payable balances are netted within the same level and is included in counterparty netting in levels. Where the counterparty netting is across levels, the netting is included in cross-level counterparty netting. •Assets are shown as positive amounts and liabilities are shown as negative amounts. The table below presents, by level within the fair value hierarchy, other financial assets and liabilities at fair value, substantially all of which are accounted for at fair value under the fair value option.
$ in millions | Level 1 | Level 2 | Level 3 | Total
As of September 2025 |  |  |  |
Assets |  |  |  |
Resale agreements | $ | – |  | $ | 129,786 |  | $ | – |  | $ | 129,786 |
Securities borrowed | – |  | 48,253 |  | – |  | 48,253 |
Customer and other receivables | – |  | 122 |  | – |  | 122 |
Other assets | – |  | – |  | 190 |  | 190 |
Total | $ | – |  | $ | 178,161 |  | $ | 190 |  | $ | 178,351 |
Liabilities |  |  |  |
Deposits | $ | – |  | $ | (79,947) |  | $ | (3,199) |  | $ | (83,146) |
Repurchase agreements | – |  | (217,797) |  | – |  | (217,797) |
Securities loaned | – |  | (12,837) |  | – |  | (12,837) |
Other secured financings | – |  | (23,907) |  | (688) |  | (24,595) |
Unsecured borrowings: |  |  |  |
Short-term | – |  | (52,548) |  | (6,976) |  | (59,524) |
Long-term | – |  | (96,597) |  | (15,328) |  | (111,925) |
Other liabilities | – |  | (8) |  | (82) |  | (90) |
Total | $ | – |  | $ | (483,641) |  | $ | (26,273) |  | $ | (509,914) |
As of December 2024 |  |  |  |
Assets |  |  |  |
Resale agreements | $ | – |  | $ | 179,793 |  | $ | – |  | $ | 179,793 |
Securities borrowed | – |  | 46,902 |  | – |  | 46,902 |
Customer and other receivables | – |  | 23 |  | – |  | 23 |
Other assets | – |  | – |  | 194 |  | 194 |
Total | $ | – |  | $ | 226,718 |  | $ | 194 |  | $ | 226,912 |
Liabilities |  |  |  |
Deposits | $ | – |  | $ | (41,810) |  | $ | (3,045) |  | $ | (44,855) |
Repurchase agreements | – |  | (274,380) |  | – |  | (274,380) |
Securities loaned | – |  | (10,246) |  | – |  | (10,246) |
Other secured financings | – |  | (27,434) |  | (551) |  | (27,985) |
Unsecured borrowings: |  |  |  |
Short-term | – |  | (45,073) |  | (5,294) |  | (50,367) |
Long-term | – |  | (75,810) |  | (13,379) |  | (89,189) |
Other liabilities | – |  | (8) |  | (76) |  | (84) |
Total | $ | – |  | $ | (474,761) |  | $ | (22,345) |  | $ | (497,106) |
In the table above, assets are shown as positive amounts and liabilities are shown as negative amounts. The table below presents a summary of the changes in fair value for level 3 other financial assets and liabilities accounted for at fair value.
| Three Months Ended September |  | Nine Months Ended September
$ in millions | 2025 | 2024 |  | 2025 | 2024
Assets |  |  |  |  |
Beginning balance | $ | 198 |  | $ | 174 |  |  | $ | 194 |  | $ | 187 |
Net unrealized gains/(losses) | (8) |  | 9 |  |  | (4) |  | 7 |
Sales | – |  | – |  |  | – |  | (11) |
Ending balance | $ | 190 |  | $ | 183 |  |  | $ | 190 |  | $ | 183 |
Liabilities |  |  |  |  |
Beginning balance | $ | (25,706) |  | $ | (22,118) |  |  | $ | (22,345) |  | $ | (24,275) |
Net realized gains/(losses) | (114) |  | (96) |  |  | (201) |  | (161) |
Net unrealized gains/(losses) | (875) |  | (1,351) |  |  | (1,804) |  | (830) |
Issuances | (6,053) |  | (3,788) |  |  | (12,480) |  | (8,450) |
Settlements | 4,384 |  | 3,008 |  |  | 6,401 |  | 9,325 |
Transfers into level 3 | (770) |  | (887) |  |  | (734) |  | (770) |
Transfers out of level 3 | 2,861 |  | 2,773 |  |  | 4,890 |  | 2,702 |
Ending balance | $ | (26,273) |  | $ | (22,459) |  |  | $ | (26,273) |  | $ | (22,459) |
In the table above: •Changes in fair value are presented for all other financial assets and liabilities that are classified in level 3 as of the end of the period. •Net unrealized gains/(losses) relates to other financial assets and liabilities that were still held at period-end. •Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a financial instrument was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. •For level 3 other financial assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 other financial liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. •Level 3 other financial assets and liabilities are frequently economically hedged with trading assets and liabilities. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1, 2 or 3 trading assets and liabilities. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by the consolidated balance sheet line items, for other financial liabilities included in the summary table above.
| Three Months Ended September |  | Nine Months Ended September
$ in millions | 2025 | 2024 |  | 2025 | 2024
Deposits |  |  |  |  |
Beginning balance | $ | (3,010) |  | $ | (2,904) |  |  | $ | (3,045) |  | $ | (2,737) |
Net realized gains/(losses) | (1) |  | – |  |  | (4) |  | – |
Net unrealized gains/(losses) | (202) |  | (83) |  |  | (260) |  | (157) |
Issuances | (128) |  | (319) |  |  | (560) |  | (737) |
Settlements | 206 |  | 225 |  |  | 650 |  | 655 |
Transfers into level 3 | (80) |  | – |  |  | (67) |  | (141) |
Transfers out of level 3 | 16 |  | 121 |  |  | 87 |  | 157 |
Ending balance | $ | (3,199) |  | $ | (2,960) |  |  | $ | (3,199) |  | $ | (2,960) |
Other secured financings |  |  |  |  |
Beginning balance | $ | (468) |  | $ | (1,545) |  |  | $ | (551) |  | $ | (2,022) |
Net realized gains/(losses) | 4 |  | (7) |  |  | 4 |  | (7) |
Net unrealized gains/(losses) | (6) |  | (25) |  |  | (30) |  | 13 |
Issuances | (129) |  | (33) |  |  | (103) |  | (60) |
Settlements | 53 |  | 906 |  |  | 109 |  | 1,478 |
Transfers into level 3 | (142) |  | – |  |  | (142) |  | (106) |
Transfers out of level 3 | – |  | – |  |  | 25 |  | – |
Ending balance | $ | (688) |  | $ | (704) |  |  | $ | (688) |  | $ | (704) |
Unsecured short-term borrowings |  |  |  |
Beginning balance | $ | (7,113) |  | $ | (4,554) |  |  | $ | (5,294) |  | $ | (5,589) |
Net realized gains/(losses) | (43) |  | (33) |  |  | (54) |  | (5) |
Net unrealized gains/(losses) | (160) |  | (162) |  |  | (399) |  | (231) |
Issuances | (3,741) |  | (2,205) |  |  | (5,355) |  | (4,401) |
Settlements | 2,838 |  | 1,017 |  |  | 3,349 |  | 3,763 |
Transfers into level 3 | (343) |  | (431) |  |  | (283) |  | (94) |
Transfers out of level 3 | 1,586 |  | 833 |  |  | 1,060 |  | 1,022 |
Ending balance | $ | (6,976) |  | $ | (5,535) |  |  | $ | (6,976) |  | $ | (5,535) |
Unsecured long-term borrowings |  |  |  |
Beginning balance | $ | (15,026) |  | $ | (13,051) |  |  | $ | (13,379) |  | $ | (13,848) |
Net realized gains/(losses) | (74) |  | (56) |  |  | (147) |  | (149) |
Net unrealized gains/(losses) | (514) |  | (1,065) |  |  | (1,109) |  | (454) |
Issuances | (2,055) |  | (1,231) |  |  | (6,462) |  | (3,252) |
Settlements | 1,287 |  | 860 |  |  | 2,293 |  | 3,429 |
Transfers into level 3 | (205) |  | (456) |  |  | (242) |  | (429) |
Transfers out of level 3 | 1,259 |  | 1,819 |  |  | 3,718 |  | 1,523 |
Ending balance | $ | (15,328) |  | $ | (13,180) |  |  | $ | (15,328) |  | $ | (13,180) |
Other liabilities |  |  |  |  |
Beginning balance | $ | (89) |  | $ | (64) |  |  | $ | (76) |  | $ | (79) |
Net unrealized gains/(losses) | 7 |  | (16) |  |  | (6) |  | (1) |
Ending balance | $ | (82) |  | $ | (80) |  |  | $ | (82) |  | $ | (80) |
Summary of Level 3 Financial Assets | The table below presents a summary of level 3 financial assets.
| As of
| September | June | December
$ in millions | 2025 | 2025 | 2024
Trading assets: |  |  |
Trading cash instruments | $ | 1,085 |  | $ | 883 |  | $ | 1,213 |
Derivatives | 4,833 |  | 4,751 |  | 4,126 |
Investments | 15,002 |  | 14,604 |  | 14,142 |
Loans | 671 |  | 681 |  | 683 |
Other assets | 190 |  | 198 |  | 194 |
Total | $ | 21,781 |  | $ | 21,117 |  | $ | 20,358 |
The table below presents the amount of level 3 trading cash instrument assets, and ranges and weighted averages of significant unobservable inputs used to value such trading cash instrument assets.
| As of September 2025 |  | As of December 2024
$ in millions | Amount or Range | Weighted Average |  | Amount or Range | Weighted Average
Loans and securities backed by real estate
Level 3 assets | $ | 148 |  |  |  | $ | 95 |  |
Yield | 2.4% to 45.3% | 11.3 | % |  | 7.2% to 24.3% | 11.5 | %
Recovery rate | 22.3% to 62.5% | 36.5 | % |  | 23.3% to 69.2% | 50.9 | %
Duration (years) | 0.3 to 9.2 | 2.8 |  | 1.9 to 12.1 | 3.7
Corporate debt instruments |  |  |  |
Level 3 assets | $ | 647 |  |  |  | $ | 728 |  |
Yield | 2.1% to 19.3% | 7.7 | % |  | 3.0% to 35.9% | 13.0 | %
Recovery rate | 4.1% to 70.0% | 45.9 | % |  | 6.8% to 69.0% | 53.6 | %
Duration (years) | 2.5 to 15.1 | 3.9 |  | 1.6 to 3.3 | 2.3
Other |  |  |  |
Level 3 assets | $ | 290 |  |  |  | $ | 390 |  |
Yield | 5.4% to 42.6% | 25.3 | % |  | 4.7% to 37.9% | 15.2 | %
Duration (years) | 0.2 to 7.6 | 2.1 |  | 1.5 to 3.5 | 2.4
In the table above: •Other includes government and agency obligations, other debt obligations, equity securities and commodities. •Ranges represent the significant unobservable inputs that were used in the valuation of each type of trading cash instrument. •Weighted averages are calculated by weighting each input by the relative fair value of the trading cash instruments. •The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one trading cash instrument. For example, the highest recovery rate for corporate debt instruments is appropriate for valuing a specific corporate debt instrument, but may not be appropriate for valuing any other corporate debt instrument. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 trading cash instruments. •Increases in yield or duration used in the valuation of level 3 trading cash instruments would have resulted in a lower fair value measurement, while an increase in recovery rate would have resulted in a higher fair value measurement as of both September 2025 and December 2024. Due to the distinctive nature of each level 3 trading cash instrument, the interrelationship of inputs is not necessarily uniform within each product type. •Trading cash instruments are valued using discounted cash flows. The table below presents the amount of level 3 derivative assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value such derivatives.
| As of September 2025 |  | As of December 2024
$ in millions, except inputs | Amount or Range | Average/ Median |  | Amount or Range | Average/ Median
Interest rates, net | $ | 160 |  |  |  | $ | (112) |  |
Correlation | (10)% to 95% | 34%/25% |  | (10)% to 95% | 60%/72%
Volatility (bps) | 31 to 151 | 69/56 |  | 31 to 101 | 63/59
Credit, net | $ | 1,364 |  |  |  | $ | 1,218 |  |
Credit spreads (bps) | 9 to 1,787 | 147/100 |  | 8 to 1,328 | 134/91
Upfront credit points | 0 to 100 | 24/14 |  | (10) to 100 | 24/14
Recovery rates | 20% to 60% | 43%/40% |  | 20% to 70% | 46%/50%
Currencies, net | $ | 113 |  |  |  | $ | 47 |  |
Correlation | 0% to 68% | 20%/3% |  | 20% to 68% | 34%/23%
Volatility | 16% to 17% | 16%/16% |  | 17% to 17% | 17%/17%
Commodities, net | $ | 753 |  |  |  | $ | 778 |  |
Volatility | 16% to 92% | 40%/34% |  | 21% to 120% | 37%/33%
Natural gas spread | $(3.51) to $4.02 | $(0.14)/$(0.15) |  | $(2.82) to $3.76 | $(0.14)/ $(0.16)
Oil spread | $(4.79) to $32.06 | $13.51/$19.49 |  | $(6.42) to $22.10 | $1.77/ $(3.80)
Electricity price | $3.10 to $466.76 | $58.51/$37.89 |  | $1.89 to $587.75 | $52.18/ $32.68
Equities, net | $ | (1,994) |  |  |  | $ | (1,106) |  |
Correlation | (70)% to 100% | 58%/59% |  | (75)% to 100% | 56%/52%
Volatility | 2% to 107% | 14%/8% |  | 2% to 101% | 15%/12%
In the table above: •Assets are shown as positive amounts and liabilities are shown as negative amounts. •Ranges represent the significant unobservable inputs that were used in the valuation of each type of derivative. •Averages represent the arithmetic average of the inputs and are not weighted by the relative fair value or notional amount of the respective financial instruments. An average greater than the median indicates that the majority of inputs are below the average. For example, the difference between the average and the median for credit spreads indicates that the majority of the inputs fall in the lower end of the range. •The ranges, averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative. For example, the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 derivatives. •Interest rates, currencies and equities derivatives are valued using option pricing models, credit derivatives are valued using option pricing, correlation and discounted cash flow models, and commodities derivatives are valued using option pricing and discounted cash flow models. •The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flow models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. •Correlation within currencies and equities includes cross-product type correlation. •Natural gas spread represents the spread per million British thermal units of natural gas. •Oil spread represents the spread per barrel of oil and refined products. •Electricity price represents the price per megawatt hour of electricity. The table below presents the amount of level 3 investments, and ranges and weighted averages of significant unobservable inputs used to value such investments.
| As of September 2025 |  | As of December 2024
$ in millions | Amount or Range | Weighted Average |  | Amount or Range | Weighted Average
Corporate debt securities |  |  |  |
Level 3 assets | $ | 4,539 |  |  |  | $ | 4,510 |  |
Yield | 6.0% to 37.5% | 11.0 | % |  | 5.0% to 28.8% | 12.2 | %
Recovery rate | 8.6% to 82.3% | 70.3 | % |  | 5.8% to 41.0% | 25.2 | %
Duration (years) | 1.0 to 8.3 | 3.8 |  | 0.3 to 9.0 | 3.6
Multiples | 1.0x to 42.9x | 6.9x |  | 1.1x to 34.2x | 6.5x
Securities backed by real estate |  |  |
Level 3 assets | $ | 405 |  |  |  | $ | 562 |  |
Yield | 9.2% to 17.0% | 15.7 | % |  | 9.5% to 16.0% | 13.6 | %
Duration (years) | 2.3 to 2.3 | 2.3 |  | 1.1 to 2.8 | 2.8
Other debt obligations |  |  |  |
Level 3 assets | $ | 346 |  |  |  | $ | 328 |  |
Yield | 5.1% to 7.6% | 7.0 | % |  | 7.0% to 8.7% | 7.7 | %
Equity securities |  |  |  |  |
Level 3 assets | $ | 9,712 |  |  |  | $ | 8,742 |  |
Multiples | 0.4x to 24.4x | 8.7x |  | 0.4x to 34.2x | 8.6x
Discount rate/yield | 4.4% to 25.0% | 11.9 | % |  | 6.0% to 27.9% | 13.3 | %
Capitalization rate | 2.9% to 9.1% | 5.3 | % |  | 4.4% to 9.1% | 5.4 | %
In the table above: •Ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. •Weighted averages are calculated by weighting each input by the relative fair value of the investment. •The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one investment. For example, the highest multiple for private equity securities is appropriate for valuing a specific private equity security but may not be appropriate for valuing any other private equity security. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 investments. •Increases in yield, discount rate, capitalization rate or duration used in the valuation of level 3 investments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both September 2025 and December 2024. Due to the distinctive nature of each level 3 investment, the interrelationship of inputs is not necessarily uniform within each product type. •Corporate debt securities, securities backed by real estate and other debt obligations are valued using discounted cash flows, and equity securities are valued using market comparables and discounted cash flows. •The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. The table below presents the amount of level 3 loans, and ranges and weighted averages of significant unobservable inputs used to value such loans.
| As of September 2025 |  | As of December 2024
$ in millions | Amount or Range | Weighted Average |  | Amount or Range | Weighted Average
Corporate |  |  |  |  |
Level 3 assets | $ | 391 |  |  |  | $ | 403 |  |
Yield | 6.4% to 17.8% | 15.2 | % |  | 11.6% to 22.4% | 17.5 | %
Recovery rate | 32.3% to 95.2% | 58.2 | % |  | 37.2% to 95.6% | 72.9 | %
Duration (years) | 2.9 to 4.6 | 3.5 |  | 0.6 to 9.3 | 6.0
Real estate |  |  |  |
Level 3 assets | $ | 102 |  |  |  | $ | 117 |  |
Yield | N/A | N/A |  | 6.1% to 10.9% | 6.7 | %
Recovery rate | 69.0% to 99.2% | 74.8 | % |  | 3.3% to 99.2% | 73.7 | %
Duration (years) | N/A | N/A |  | 0.2 to 3.6 | 0.6
Other collateralized
Level 3 assets | $ | 155 |  |  |  | $ | 135 |  |
Yield | 5.8% to 6.5% | 5.8 | % |  | 6.2% to 6.8% | 6.3 | %
Level 3 other loans were not material as of both September 2025 and December 2024, and therefore, are not included in the table above. In the table above: •Ranges represent the significant unobservable inputs that were used in the valuation of each type of loan. •Weighted averages are calculated by weighting each input by the relative fair value of the loan. •The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one loan. For example, the highest yield for corporate loans is appropriate for valuing a specific corporate loan but may not be appropriate for valuing any other corporate loan. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 loans. •Increases in yield or duration used in the valuation of level 3 loans would have resulted in a lower fair value measurement, while increases in recovery rate would have resulted in a higher fair value measurement as of both September 2025 and December 2024. Due to the distinctive nature of each level 3 loan, the interrelationship of inputs is not necessarily uniform within each product type. •Loans are valued using discounted cash flows. •The significant unobservable inputs for yield and duration related to real estate loans as of September 2025 did not have a range (and there was no weighted average), as each pertained to a single position. Therefore, such unobservable inputs are not included in the table above.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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