v3.25.2
Fair Value Disclosures (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis

June 30, 2025
(in millions)

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Investments
Measured at
NAV(1)

 

 

Other(2)

 

 

June 30,
 2025

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

2,097

 

 

$

75

 

 

$

—

 

 

$

—

 

 

$

2,172

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

551

 

 

 

551

 

Total debt securities

 

—

 

 

 

2,097

 

 

 

75

 

 

 

—

 

 

 

551

 

 

 

2,723

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

2,278

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,278

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

242

 

 

 

139

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

381

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

459

 

 

 

—

 

 

 

459

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

753

 

 

 

—

 

 

 

753

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

594

 

 

 

—

 

 

 

594

 

Investments related to deferred
   cash compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

284

 

 

 

—

 

 

 

284

 

Total equity method

 

242

 

 

 

139

 

 

 

—

 

 

 

2,090

 

 

 

—

 

 

 

2,471

 

Loans held by CIPs

 

—

 

 

 

11

 

 

 

96

 

 

 

—

 

 

 

—

 

 

 

107

 

Federal Reserve Bank stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

94

 

 

 

94

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,143

 

 

 

2,143

 

Other investments(3)

 

354

 

 

 

—

 

 

 

—

 

 

 

546

 

 

 

158

 

 

 

1,058

 

Total investments

 

2,874

 

 

 

2,247

 

 

 

171

 

 

 

2,636

 

 

 

2,946

 

 

 

10,874

 

Other assets(4)

 

452

 

 

 

35

 

 

 

164

 

 

 

—

 

 

 

—

 

 

 

651

 

Separate account assets

 

33,881

 

 

 

21,735

 

 

 

—

 

 

 

—

 

 

 

493

 

 

 

56,109

 

Separate account collateral held under
 securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

3,011

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,011

 

Debt securities

 

—

 

 

 

3,282

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,282

 

Total separate account collateral held
   under securities lending agreements

 

3,011

 

 

 

3,282

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,293

 

Total

$

40,218

 

 

$

27,299

 

 

$

335

 

 

$

2,636

 

 

$

3,439

 

 

$

73,927

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

3,011

 

 

$

3,282

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

6,293

 

Contingent consideration liabilities

 

—

 

 

 

—

 

 

 

4,472

 

 

 

—

 

 

 

—

 

 

 

4,472

 

Other liabilities(5)

 

—

 

 

 

18

 

 

 

97

 

 

 

—

 

 

 

—

 

 

 

115

 

Total

$

3,011

 

 

$

3,300

 

 

$

4,569

 

 

$

—

 

 

$

—

 

 

$

10,880

 

 

(1)
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2)
Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.
(3)
Level 1 amount primarily includes digital asset investments.
(4)
Level 1 amount includes a minority investment in a publicly traded company. Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.
(5)
Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets.

December 31, 2024
(in millions)

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Investments
Measured at
NAV(1)

 

 

Other(2)

 

 

December 31,
2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,744

 

 

$

79

 

 

$

—

 

 

$

—

 

 

$

1,823

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

547

 

 

 

547

 

Total debt securities

 

—

 

 

 

1,744

 

 

 

79

 

 

 

—

 

 

 

547

 

 

 

2,370

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,950

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,950

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

347

 

 

 

131

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

478

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

552

 

 

 

—

 

 

 

552

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,060

 

 

 

—

 

 

 

1,060

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

520

 

 

 

—

 

 

 

520

 

Investments related to deferred
   cash compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

173

 

 

 

—

 

 

 

173

 

Total equity method

 

347

 

 

 

131

 

 

 

—

 

 

 

2,305

 

 

 

—

 

 

 

2,783

 

Loans held by CIPs

 

—

 

 

 

10

 

 

 

135

 

 

 

—

 

 

 

—

 

 

 

145

 

Federal Reserve Bank stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

93

 

 

 

93

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,983

 

 

 

1,983

 

Other investments

 

18

 

 

 

—

 

 

 

—

 

 

 

274

 

 

 

153

 

 

 

445

 

Total investments

 

2,315

 

 

 

1,885

 

 

 

214

 

 

 

2,579

 

 

 

2,776

 

 

 

9,769

 

Other assets(3)

 

—

 

 

 

7

 

 

 

149

 

 

 

—

 

 

 

—

 

 

 

156

 

Separate account assets

 

32,933

 

 

 

19,346

 

 

 

—

 

 

 

—

 

 

 

532

 

 

 

52,811

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

2,719

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,719

 

Debt securities

 

—

 

 

 

3,340

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,340

 

Total separate account collateral held
   under securities lending agreements

 

2,719

 

 

 

3,340

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,059

 

Total

$

37,967

 

 

$

24,578

 

 

$

363

 

 

$

2,579

 

 

$

3,308

 

 

$

68,795

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

2,719

 

 

$

3,340

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

6,059

 

Contingent consideration liabilities

 

—

 

 

 

—

 

 

 

4,302

 

 

 

—

 

 

 

—

 

 

 

4,302

 

Other liabilities(4)

 

—

 

 

 

46

 

 

 

129

 

 

 

—

 

 

 

—

 

 

 

175

 

Total

$

2,719

 

 

$

3,386

 

 

$

4,431

 

 

$

—

 

 

$

—

 

 

$

10,536

 

 

(1)
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2)
Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.
(3)
Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets.
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 30, 2025

(in millions)

 

March 31,
 2025

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

June 30,
 2025

 

 

Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

79

 

 

$

(3

)

 

$

1

 

 

$

(1

)

 

$

—

 

 

$

—

 

 

$

(1

)

 

$

75

 

 

$

(3

)

Loans

 

 

107

 

 

 

2

 

 

 

4

 

 

 

(18

)

 

 

—

 

 

 

—

 

 

 

1

 

 

 

96

 

 

 

2

 

Total investments

 

 

186

 

 

 

(1

)

 

 

5

 

 

 

(19

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

171

 

 

 

(1

)

Other assets

 

 

152

 

 

 

12

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

164

 

 

 

12

 

Total assets

 

$

338

 

 

$

11

 

 

$

5

 

 

$

(19

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

335

 

 

$

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

March 31,
 2025

 

 

Realized
and
Unrealized
(Gains)
Losses

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

June 30,
 2025

 

 

Total Net
Unrealized
(Gains) Losses
Included in
Earnings(2)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration 
   liabilities

 

$

4,390

 

 

$

82

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

4,472

 

 

$

82

 

Other liabilities

 

 

102

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5

)

 

 

—

 

 

 

—

 

 

 

97

 

 

 

—

 

Total liabilities

 

$

4,492

 

 

$

82

 

 

$

—

 

 

$

—

 

 

$

(5

)

 

$

—

 

 

$

—

 

 

$

4,569

 

 

$

82

 

 

(1)
Issuances and other settlements amount includes repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2025

(in millions)

 

December 31,
2024

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

June 30,
2025

 

 

Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

79

 

 

$

(5

)

 

$

5

 

 

$

(3

)

 

$

—

 

 

$

—

 

 

$

(1

)

 

$

75

 

 

$

(5

)

Loans

 

 

135

 

 

 

(9

)

 

 

15

 

 

 

(46

)

 

 

—

 

 

 

—

 

 

 

1

 

 

 

96

 

 

 

(9

)

Total investments

 

 

214

 

 

 

(14

)

 

 

20

 

 

 

(49

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

171

 

 

 

(14

)

Other assets

 

 

149

 

 

 

15

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

164

 

 

 

15

 

Total assets

 

$

363

 

 

$

1

 

 

$

20

 

 

$

(49

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

335

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

December 31,
2024

 

 

Realized
and
Unrealized
(Gains)
Losses

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

June 30,
2025

 

 

Total Net
Unrealized
(Gains) Losses
Included in
Earnings(2)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration 
   liabilities

 

$

4,302

 

 

$

181

 

 

$

—

 

 

$

—

 

 

$

(11

)

 

$

—

 

 

$

—

 

 

$

4,472

 

 

$

181

 

Other liabilities

 

 

129

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

 

(29

)

 

 

—

 

 

 

—

 

 

 

97

 

 

 

(3

)

Total liabilities

 

$

4,431

 

 

$

178

 

 

$

—

 

 

$

—

 

 

$

(40

)

 

$

—

 

 

$

—

 

 

$

4,569

 

 

$

178

 

 

(1)
Issuances and other settlements amounts include a contingent liability payment related to a previous acquisition and repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 30, 2024

(in millions)

 

March 31,
2024

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

June 30,
2024

 

 

Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

48

 

 

$

5

 

 

$

29

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

82

 

 

$

5

 

Loans

 

 

525

 

 

 

(2

)

 

 

33

 

 

 

(337

)

 

 

—

 

 

 

6

 

 

 

—

 

 

 

225

 

 

 

(2

)

Total investments

 

 

573

 

 

 

3

 

 

 

62

 

 

 

(337

)

 

 

—

 

 

 

6

 

 

 

—

 

 

 

307

 

 

 

3

 

Other assets

 

 

138

 

 

 

—

 

 

 

12

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

150

 

 

 

—

 

Total assets

 

$

711

 

 

$

3

 

 

$

74

 

 

$

(337

)

 

$

—

 

 

$

6

 

 

$

—

 

 

$

457

 

 

$

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

March 31,
2024

 

 

Realized
and
Unrealized
(Gains)
Losses

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

June 30,
2024

 

 

Total Net
Unrealized
(Gains) Losses
Included in
Earnings(2)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

258

 

 

$

3

 

 

$

—

 

 

$

—

 

 

$

37

 

 

$

—

 

 

$

—

 

 

$

298

 

 

$

3

 

 

 

(1)
Issuances and other settlements amount include a contingent liability in connection with the acquisition of the remaining equity interest in SpiderRock Advisors ("SRA") in May 2024 (the "SpiderRock Transaction"), partially offset by repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2024

(in millions)

 

December 31,
2023

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

June 30,
2024

 

 

Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

42

 

 

$

4

 

 

$

36

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

82

 

 

$

4

 

Loans

 

 

175

 

 

 

—

 

 

 

398

 

 

 

(354

)

 

 

—

 

 

 

9

 

 

 

(3

)

 

 

225

 

 

 

—

 

Total investments

 

 

217

 

 

 

4

 

 

 

434

 

 

 

(354

)

 

 

—

 

 

 

9

 

 

 

(3

)

 

 

307

 

 

 

4

 

Other assets

 

 

120

 

 

 

(7

)

 

 

37

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

150

 

 

 

(7

)

Total assets

 

$

337

 

 

$

(3

)

 

$

471

 

 

$

(354

)

 

$

—

 

 

$

9

 

 

$

(3

)

 

$

457

 

 

$

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

December 31,
2023

 

 

Realized
and
Unrealized
(Gains)
Losses

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

June 30,
2024

 

 

Total Net
Unrealized
(Gains) Losses
Included in
Earnings(2)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

279

 

 

$

(3

)

 

$

—

 

 

$

—

 

 

$

22

 

 

$

—

 

 

$

—

 

 

$

298

 

 

$

(3

)

 

(1)
Issuances and other settlements amount include a contingent liability in connection with the SpiderRock Transaction, partially offset by repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.
Fair Value of Financial Assets and Financial Liabilities

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At June 30, 2025 and December 31, 2024, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

 

June 30, 2025

 

 

December 31, 2024

 

 

 

 

(in millions)

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Fair Value
Hierarchy

 

Financial assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

9,478

 

 

$

9,478

 

 

$

12,762

 

 

$

12,762

 

 

Level 1

(2)(3)

Other assets

$

104

 

 

$

104

 

 

$

86

 

 

$

86

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

$

12,762

 

 

$

12,449

 

 

$

12,314

 

 

$

11,680

 

 

Level 2

(5)

 

(1)
See Note 5, Investments, for further information on investments not held at fair value.
(2)
Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.
(3)
At June 30, 2025 and December 31, 2024, approximately $4.2 billion and $6.2 billion, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund.
(4)
At June 30, 2025 and December 31, 2024, other assets included cash collateral of approximately $87 million and $69 million, respectively. See Note 9, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $17 million of restricted cash at both June 30, 2025 and December 31, 2024.
(5)
Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined using market prices and the EUR/USD foreign exchange rate at the end of June 2025 and December 2024, respectively. See Note 14, Borrowings, for the fair value of each of the Company’s long-term borrowings.
Investments in Certain Entities that Calculate Net Asset Value per Share The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent).

June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

459

 

 

$

135

 

 

Daily/Monthly (2%)
Quarterly (16%)
N/R (82%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

753

 

 

 

293

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

594

 

 

 

692

 

 

Quarterly (6%)
N/R (94%)

 

60 days

Investments related to deferred
   cash compensation plan

 

(d)

 

 

284

 

 

 

—

 

 

Monthly

 

1 – 90 days

Other investments:

 

 

 

 

 

 

 

 

 

 

 

 

Private credit fund

 

(a)

 

 

135

 

 

 

—

 

 

Quarterly

 

30 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

151

 

 

 

32

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

85

 

 

 

39

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

175

 

 

 

55

 

 

Quarterly (78%)
N/R (22%)

 

90 days

Total

 

 

 

$

2,636

 

 

$

1,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

552

 

 

$

138

 

 

Daily/Monthly (2%)
Quarterly (10%)
N/R (88%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,060

 

 

 

227

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

520

 

 

 

710

 

 

Quarterly (7%)
N/R (93%)

 

60 days

Investments related to deferred
   cash compensation plan

 

(d)

 

 

173

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

175

 

 

 

40

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

7

 

 

 

42

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

92

 

 

 

58

 

 

Quarterly (64%)
N/R (36%)

 

90 days

Total

 

 

 

$

2,579

 

 

$

1,215

 

 

 

 

 

 

 

N/R – Not Redeemable

(1)
Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value.
(a)
This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both June 30, 2025 and December 31, 2024.
(b)
This category includes private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds and may also include other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. The liquidation period for the investments in these funds is unknown at both June 30, 2025 and December 31, 2024.
(c)
This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds. The liquidation period for the investments in the funds that are not subject to redemptions is unknown at both June 30, 2025 and December 31, 2024. The total remaining unfunded commitments were $724 million and $750 million at June 30, 2025 and December 31, 2024, respectively. The Company’s portion of the total remaining unfunded commitments was $714 million and $736 million at June 30, 2025 and December 31, 2024, respectively.
(d)
This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company's ownership interest in partners' capital. The investments in hedge funds will be redeemed upon settlement of certain deferred cash compensation liabilities.
(e)
This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. These investments are not subject to redemption or are not currently redeemable; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. The liquidation period for the underlying assets of these funds is unknown.
Summary of Information Related to Bank Loans and Borrowings of Consolidated CLO Recorded within Investments and Borrowings of Consolidated VIEs Respectively for which Fair Value Option was Elected

In addition, the Company elected the fair value option for bank loans and borrowings of a consolidated CLO, recorded within investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at June 30, 2025 and December 31, 2024:

 

 

June 30,

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

CLO loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

128

 

 

$

156

 

Fair value

 

 

104

 

 

 

141

 

Aggregate unpaid principal balance in excess of (less than) fair value

 

$

24

 

 

$

15

 

 

 

 

 

 

 

CLO borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

123

 

 

$

146

 

Fair value

 

 

97

 

 

 

129

 

Aggregate unpaid principal balance in excess of (less than) fair value

 

$

26

 

 

$

17