Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheet with related income or loss included in Other revenues in the income statement. See “Net Asset Value Measurements—Fund Interests” in Note 4 for the carrying value of certain of the Firm’s fund interests, which are composed of general and limited partnership interests, as well as any related carried interest.


	Three Months Ended March 31,
$ in millions	2026		2025
Income (loss) from investment in MUMSS	$	50	$	36

For more information on MUMSS and other relationships with MUFG, see Note 11 to the financial statements in the 2025 Form 10-K.

The Firm invests in tax equity investment interests which entitle the Firm to a share of tax credits and other income tax benefits generated by the projects underlying the investments. The Firm accounts for certain renewable energy and other tax equity investments programs using the proportional amortization method.


$ in millions	At March 31, 2026		At December 31, 2025
Low-income housing	$	1,877	$	1,897
Renewable energy and other	26		28
Total1,2	$	1,903	$	1,925

1.Amounts include unfunded equity contributions of $681 million and $707 million as of March 31, 2026 and December 31, 2025, respectively. The corresponding liabilities for the commitments to fund these equity contributions are recorded in Other liabilities and accrued expenses. The majority of these commitments are expected to be funded within 5 years.

2.Amounts exclude $44 million and $45 million as of March 31, 2026 and December 31, 2025, respectively, of tax equity investments within programs for which the Firm elected the proportional amortization method that do not meet the conditions to apply the proportional amortization method, which are accounted for as equity method investments.

Income tax credits and other income tax benefits recognized as well as proportional amortization are included in the Provision for income taxes line in the consolidated income statement and in the Depreciation and amortization line in the consolidated cash flow statement.

Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method


	Three Months Ended March 31,
$ in millions	2026		2025
Income tax credits and other income tax benefits	$	78	$	75
Proportional amortization	(64)		(62)
Net benefits included in income tax expense	14		13
Other income	1		—
Net benefits	$	15	$	13