v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Fair Value Disclosure [Abstract]  
Information about Investments
The table below presents information about investments.
As of
JuneDecember
$ in millions20262025
Available-for-sale securities, at fair value
$155,636 $99,244 
Held-to-maturity securities74,658 69,193 
Equity securities, at fair value14,226 13,866 
Debt instruments, at fair value10,117 11,072 
Equity-method investments988 887 
Total other investments
25,331 25,825 
Total investments$255,625 $194,262 
Summary of Available-for-Sale Securities by Tenor
The table below presents information about available-for-sale securities by type and tenor.
$ in millions
Amortized
 Cost
Fair
 Value
As of June 2026
Less than 1 year$2,482 $2,418 
1 year to 5 years71,398 71,080 
5 years to 10 years64,837 64,543 
Greater than 10 years2,714 2,668 
Total U.S. government obligations141,431 140,709 
1 year to 5 years76 75 
5 years to 10 years
436 435 
Greater than 10 years
3,202 3,177 
Total U.S. agency obligations3,714 3,687 
Less than 1 year3,926 3,917 
1 year to 5 years
6,712 6,501 
5 years to 10 years853 822 
Total non-U.S. government obligations11,491 11,240 
Total available-for-sale securities$156,636 $155,636 
As of December 2025
Less than 1 year$3,723 $3,730 
1 year to 5 years70,516 70,872 
5 years to 10 years15,970 15,980 
Total U.S. government obligations
90,209 90,582 
5 years to 10 years
104 104 
Greater than 10 years
1,361 1,363 
Total U.S. agency obligations
1,465 1,467 
1 year to 5 years
6,579 6,356 
5 years to 10 years
863 839 
Total non-U.S. government obligations7,442 7,195 
Total available-for-sale securities$99,116 $99,244 
In the table above:
•U.S. agency obligations consists of U.S. agency-issued mortgage-backed securities.
•Substantially all available-for-sale securities were classified in level 1 of the fair value hierarchy.
•The weighted average yield for available-for-sale securities was 3.87% as of June 2026 and 3.81% as of December 2025. The weighted average yield is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the fair value of each security. The effective interest rate considers the contractual coupon, the amortization of premiums and accretion of discounts, and excludes the effect of related hedges.
•If the fair value of available-for-sale securities is less than amortized cost, such securities are considered impaired. If the firm has the intent to sell the debt security, or if it is more likely than not that the firm will be required to sell the debt security before recovery of its amortized cost, the difference between the amortized cost (net of allowance, if any) and the fair value of the securities is recognized as an impairment loss in earnings. The firm did not record any such impairment losses during each of the three and six months ended June 2026 and June 2025. Impaired available-for-sale debt securities that the firm has the intent and ability to hold are reviewed to determine if an allowance for credit losses should be recorded. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings and severity of the unrealized losses. The firm did not record any provision for credit losses on such securities during each of the three and six months ended June 2026 and June 2025.
Schedule of AFS Securities in Unrealized Loss Position
The table below presents information about available-for-sale securities in an unrealized loss position by aging category.
$ in millions
Less than 12 months
12 months or longer
Total
As of June 2026
Fair value:
U.S. government obligations
$80,505 $12,632 $93,137 
U.S. agency obligations
2,492 – 2,492 
Non-U.S. government obligations
5,079 3,054 8,133 
Total
$88,076 $15,686 $103,762 
Gross unrealized losses:
U.S. government obligations
$(612)$(282)$(894)
U.S. agency obligations
(30)– (30)
Non-U.S. government obligations
(26)(229)(255)
Total
$(668)$(511)$(1,179)
As of December 2025
Fair value:
U.S. government obligations
$6,733 $10,464 $17,197 
U.S. agency obligations
706 – 706 
Non-U.S. government obligations
799 3,671 4,470 
Total
$8,238 $14,135 $22,373 
Gross unrealized losses:
U.S. government obligations
$(12)$(226)$(238)
U.S. agency obligations
(1)– (1)
Non-U.S. government obligations
(1)(258)(259)
Total
$(14)$(484)$(498)
Held-to-maturity Securities by Type and Tenor
The table below presents information about held-to-maturity securities by type and tenor.
$ in millions
Amortized
Cost
Fair
Value
As of June 2026
Less than 1 year$14,092 $14,049 
1 year to 5 years35,652 35,512 
5 years to 10 years3,961 3,945 
Greater than 10 years1 1 
Total government obligations
53,706 53,507 
Greater than 10 years
20,797 20,992 
Total U.S. agency obligations
20,797 20,992 
5 years to 10 years
7 7 
Greater than 10 years148 149 
Total securities backed by residential real estate
155 156 
Total held-to-maturity securities$74,658 $74,655 
As of December 2025
Less than 1 year$11,336 $11,312 
1 year to 5 years
33,900 34,214 
Greater than 10 years
1 1 
Total government obligations
45,237 45,527 
Greater than 10 years23,785 24,022 
Total U.S. agency obligations23,785 24,022 
5 years to 10 years8 7 
Greater than 10 years163 165 
Total securities backed by residential real estate
171 172 
Total held-to-maturity securities$69,193 $69,721 
In the table above:
•Substantially all of the government obligations consist of U.S. government obligations.
•U.S. agency obligations consist of U.S. agency-issued mortgage-backed securities.
•As these securities are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these securities been included in the firm’s fair value hierarchy, government obligations would have been classified in level 1, U.S. agency obligations would have been classified in level 2 and securities backed by residential real estate would have been primarily classified in level 2 of the fair value hierarchy.
•The weighted average yield for held-to-maturity securities was 4.20% as of both June 2026 and December 2025. The weighted average yield is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the amortized cost of each security. The effective interest rate considers the contractual coupon and the amortization of premiums and accretion of discounts.
•The gross unrealized gains were $343 million as of June 2026 and $643 million as of December 2025. The gross unrealized losses were $346 million as of June 2026 and $115 million as of December 2025.
•Held-to-maturity securities are reviewed to determine if an allowance for credit losses should be recorded in the consolidated statements of earnings. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings, historical credit losses and sovereign guarantees. Provision for credit losses on such securities was not material during each of the three and six months ended June 2026 and June 2025.
The table below presents information about equity securities, at fair value.
As of
JuneDecember
$ in millions20262025
Equity securities, at fair value$14,226 $13,866 
Equity Type
Public equity3%4%
Private equity97%96%
Total100%100%
Asset Class
Corporate80%78%
Real estate20%22%
Total100%100%
In the table above:
•Equity securities, at fair value included investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $3.91 billion as of June 2026 and $4.23 billion as of December 2025. Gains/(losses) recognized as a result of changes in the fair value of equity securities for which the fair value option was elected were not material for each of the three and six months ended June 2026 and June 2025. Such gains/(losses) are included in other principal transactions.
•Equity securities, at fair value includes investments in private equity, real estate and hedge funds that are measured at NAV.
•Equity securities, at fair value subject to contractual sale restrictions were not material as of both June 2026 and December 2025.
Schedule of Investments
The table below presents information about debt instruments, at fair value.
As of
JuneDecember
$ in millions20262025
Corporate debt securities$6,455 $7,039 
Securities backed by real estate314 312 
Money market instruments2,101 2,333 
Other1,247 1,388 
Total$10,117 $11,072 
The table below presents the fair value of investments in funds at NAV and the related unfunded commitments.
$ in millionsFair Value of
 Investments		Unfunded
 Commitments
As of June 2026
Private equity funds$458 $208 
Credit funds913 329 
Hedge funds37 – 
Real estate funds343 134 
Total$1,751 $671 
As of December 2025
Private equity funds$331 $236 
Credit funds999 347 
Hedge funds36 – 
Real estate funds373 158 
Total$1,739 $741