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Fair Value Measurements (Tables)
 9 Months Ended
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
SeptemberJuneDecember
$ in millions202520252024
Total level 1 financial assets$516,317 $494,481 $436,298 
Total level 2 financial assets473,641 501,293 497,514 
Total level 3 financial assets21,781 21,117 20,358 
Investments in funds at NAV1,946 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 assets1.2%1.2%1.2%
Total financial assets at fair value2.3%2.2%2.2%
Total level 1 financial liabilities$145,974 $146,888 $100,350 
Total level 2 financial liabilities638,542 615,425 611,340 
Total level 3 financial liabilities30,951 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 liabilities1.8%1.8%1.7%
Total financial liabilities at fair value4.0%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 millionsLevel 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 instruments206 49,819 647 50,672 
State and municipal obligations– 1,012 – 1,012 
Other debt obligations632 3,656 110 4,398 
Equity securities186,901 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 instruments172 46,739 728 47,639 
State and municipal obligations– 529 – 529 
Other debt obligations1 2,236 95 2,332 
Equity securities141,821 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 millionsLevel 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 
Equities21 109,684 1,020 110,725 
Gross fair value24 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)$(123,268)
Cross-level counterparty netting908 
Cash collateral netting42,815 
Net fair value$(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 
Equities136 79,301 742 80,179 
Gross fair value238 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 millionsLevel 1Level 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 millions2025202420252024
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)$(24,275)
Net realized gains/(losses)(114)(96)(201)(161)
Net unrealized gains/(losses)(875)(1,351)(1,804)(830)
Issuances(6,053)(3,788)(12,480)(8,450)
Settlements4,384 3,008 6,401 9,325 
Transfers into level 3(770)(887)(734)(770)
Transfers out of level 32,861 2,773 4,890 2,702 
Ending balance$(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 millions2025202420252024
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)
Settlements206 225 650 655 
Transfers into level 3(80)– (67)(141)
Transfers out of level 316 121 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)
Settlements53 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)
Settlements2,838 1,017 3,349 3,763 
Transfers into level 3(343)(431)(283)(94)
Transfers out of level 31,586 833 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)
Settlements1,287 860 2,293 3,429 
Transfers into level 3(205)(456)(242)(429)
Transfers out of level 31,259 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
SeptemberJuneDecember
$ in millions202520252024
Trading assets:
Trading cash instruments$1,085 $883 $1,213 
Derivatives4,833 4,751 4,126 
Investments15,002 14,604 14,142 
Loans671 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 2025As 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 2025As of December 2024
$ in millions, except inputsAmount 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 2025As 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 2025As 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.