Investment Securities

AFS and HTM Securities


	At March 31, 2026
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	80,724	$	77	$	63	$	80,738
U.S. agency securities2	24,022		24		1,966		22,080
Agency CMBS	5,326		1		276		5,051


State and municipal securities	1,535		1		25		1,511
FFELP student loan ABS3	443		1		7		437

Unallocated basis adjustment4	—		—		—		—
Total AFS securities	112,050		104		2,337		109,817
HTM securities
U.S. Treasury securities	10,457		—		689		9,768
U.S. agency securities2	37,602		51		6,811		30,842
Agency CMBS	619		—		41		578
Non-agency CMBS	1,868		9		72		1,805
Total HTM securities	50,546		60		7,613		42,993
Total investment securities	$	162,596	$	164	$	9,950	$	152,810


	At December 31, 2025
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	80,745	$	187	$	25	$	80,907
U.S. agency securities2	24,031		24		1,943		22,112
Agency CMBS	5,504		1		286		5,219


State and municipal securities	1,754		10		17		1,747
FFELP student loan ABS3	486		1		6		481

Unallocated basis adjustment4	2		—		2		—
Total AFS securities	112,522		223		2,279		110,466
HTM securities
U.S. Treasury securities	12,299		—		663		11,636
U.S. agency securities2	38,303		67		6,785		31,585
Agency CMBS	709		—		43		666
Non-agency CMBS	1,779		12		63		1,728
Total HTM securities	53,090		79		7,554		45,615
Total investment securities	$	165,612	$	302	$	9,833	$	156,081

1.Amounts are net of any ACL.

2.U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt.

3.Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding.

4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information.

AFS Securities in an Unrealized Loss Position


	At March 31, 2026				At December 31, 2025
$ in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities
Less than 12 months	$	22,092	$	57	$	47	$	—
12 months or longer	3,183		6		7,440		25
Total	25,275		63		7,487		25
U.S. agency securities
Less than 12 months	1,031		3		75		—
12 months or longer	15,873		1,963		17,290		1,943
Total	16,904		1,966		17,365		1,943
Agency CMBS
Less than 12 months	58		—		133		—
12 months or longer	4,440		276		4,675		286
Total	4,498		276		4,808		286








State and municipal securities
Less than 12 months	786		11		360		4
12 months or longer	355		14		382		13
Total	1,141		25		742		17
FFELP student loan ABS
Less than 12 months	1		—		—		—
12 months or longer	359		7		383		6
Total	360		7		383		6




Unallocated basis adjustment	—		—		—		2
Total AFS securities in an unrealized loss position
Less than 12 months	23,968		71		615		4
12 months or longer	24,210		2,266		30,170		2,273
Unallocated basis adjustment	—		—		—		2
Total	$	48,178	$	2,337	$	30,785	$	2,279

For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2025 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of March 31, 2026 and December 31, 2025, the securities in an unrealized loss position are predominantly investment grade.

The HTM securities net carrying amounts at March 31, 2026 and December 31, 2025 reflect an ACL of $62 million and $60 million, respectively, predominantly related to Non-agency CMBS. See Note 2 in the 2025 Form 10-K for a description of the ACL methodology used for HTM Securities.

As of March 31, 2026 and December 31, 2025, 96% and 97%, respectively, of the Firm’s portfolio of HTM securities were investment grade U.S. agency securities, U.S. Treasury securities and Agency CMBS, which were on accrual status and for which there is an underlying assumption of zero credit losses. Non-investment grade HTM securities primarily consisted of certain Non-agency CMBS securities, for which the expected credit losses were insignificant and were

predominantly on accrual status at March 31, 2026 and December 31, 2025.

See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS.

Investment Securities by Contractual Maturity


	At March 31, 2026
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year	$	31,053	$	31,084	3.9	%
After 1 year through 5 years	49,308		49,291		3.9	%
After 5 years through 10 years	363		363		4.0	%

Total	80,724		80,738
U.S. agency securities:
Due within 1 year	9		9		1.5	%
After 1 year through 5 years	200		190		1.9	%
After 5 years through 10 years	333		308		1.6	%
After 10 years	23,480		21,573		3.2	%
Total	24,022		22,080
Agency CMBS:
Due within 1 year	538		534		2.1	%
After 1 year through 5 years	3,673		3,594		1.9	%
After 5 years through 10 years	176		172		1.5	%
After 10 years	939		751		1.6	%
Total	5,326		5,051












State and municipal securities:
Due within 1 year	81		81		4.8	%
After 1 year through 5 years	228		225		3.6	%
After 5 years through 10 years	160		158		4.5	%
After 10 Years	1,066		1,047		4.6	%
Total	1,535		1,511
FFELP student loan ABS:
Due within 1 year	57		55		4.7	%
After 1 year through 5 years	46		44		4.7	%
After 5 years through 10 years	24		24		3.9	%
After 10 years	316		314		4.8	%
Total	443		437







Total AFS securities	$	112,050	$	109,817	3.6	%


	At March 31, 2026
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year	$	3,045	$	3,033	2.3	%
After 1 year through 5 years	5,656		5,489		2.6	%
After 5 years through 10 years	203		178		1.3	%
After 10 years	1,553		1,068		2.3	%
Total	10,457		9,768
U.S. agency securities:

After 1 year through 5 years	141		135		2.0	%
After 5 years through 10 years	13		13		2.4	%
After 10 years	37,448		30,694		2.1	%
Total	37,602		30,842
Agency CMBS:
Due within 1 year	167		164		1.2	%
After 1 year through 5 years	310		295		1.4	%
After 5 years through 10 years	119		100		1.6	%
After 10 years	23		19		1.3	%
Total	619		578
Non-agency CMBS:
Due within 1 year	128		127		4.8	%
After 1 year through 5 years	871		841		4.4	%
After 5 years through 10 years	312		288		4.6	%
After 10 years	557		549		6.8	%
Total	1,868		1,805
Total HTM securities	$	50,546	$	42,993	2.3	%
Total investment securities	$	162,596	$	152,810	3.2	%

1.Amounts are net of any ACL.

2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives.

3.At March 31, 2026, the annualized average yield, including the interest rate swap accrual of related hedges, was 3.8% for AFS securities contractually maturing within 1 year and 3.6% for all AFS securities.

Gross Realized Gains (Losses) on Sales of AFS Securities


	Three Months Ended March 31,
$ in millions	2026		2025
Gross realized gains	$	8	$	21
Gross realized (losses)	(3)		—
Total1	$	5	$	21

1.Realized gains and losses are recognized in Other revenues in the income statement.