v3.26.3
Fair Value Disclosures (Tables)
 9 Months Ended
Sep. 30, 2026
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

September 30, 2026
(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)

 

 

September 30,
 2026

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

3,302

 

 

$

28

 

 

$

—

 

 

$

—

 

 

$

3,330

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

468

 

 

 

468

 

Total debt securities

 

—

 

 

 

3,302

 

 

 

28

 

 

 

—

 

 

 

468

 

 

 

3,798

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

3,160

 

 

 

—

 

 

 

21

 

 

 

—

 

 

 

—

 

 

 

3,181

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and
   multi-asset mutual funds

 

229

 

 

 

160

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

389

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

423

 

 

 

—

 

 

 

423

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

453

 

 

 

—

 

 

 

453

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

849

 

 

 

—

 

 

 

849

 

Investments related to deferred
   cash compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

455

 

 

 

—

 

 

 

455

 

Total equity method

 

229

 

 

 

160

 

 

 

—

 

 

 

2,180

 

 

 

—

 

 

 

2,569

 

CLOs held at fair value

 

—

 

 

 

476

 

 

 

61

 

 

 

—

 

 

 

—

 

 

 

537

 

Federal Reserve Bank stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

88

 

 

 

88

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,690

 

 

 

3,690

 

Other investments

 

1

 

 

 

—

 

 

 

—

 

 

 

1,333

 

 

 

187

 

 

 

1,521

 

Total investments

 

3,390

 

 

 

3,938

 

 

 

110

 

 

 

3,513

 

 

 

4,433

 

 

 

15,384

 

Other assets(3)

 

249

 

 

 

5

 

 

 

117

 

 

 

—

 

 

 

—

 

 

 

371

 

Separate account assets

 

42,623

 

 

 

21,884

 

 

 

—

 

 

 

—

 

 

 

549

 

 

 

65,056

 

Separate account collateral held under
 securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

3,650

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,650

 

Debt securities

 

—

 

 

 

1,815

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,815

 

Total separate account collateral held
   under securities lending agreements

 

3,650

 

 

 

1,815

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,465

 

Total

$

49,912

 

 

$

27,642

 

 

$

227

 

 

$

3,513

 

 

$

4,982

 

 

$

86,276

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

3,650

 

 

$

1,815

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5,465

 

Contingent consideration liabilities

 

—

 

 

 

—

 

 

 

5,858

 

 

 

—

 

 

 

—

 

 

 

5,858

 

Other liabilities(4)

 

—

 

 

 

485

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

485

 

Total

$

3,650

 

 

$

2,300

 

 

$

5,858

 

 

$

—

 

 

$

—

 

 

$

11,808

 

 

(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 minority investments in publicly traded companies. Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.
(4)
Level 2 amount includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information) and other liabilities held by a CIP.

December 31, 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)

 

 

December 31,
2025

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

2,782

 

 

$

7

 

 

$

—

 

 

$

—

 

 

$

2,789

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

507

 

 

 

507

 

Total debt securities

 

—

 

 

 

2,782

 

 

 

7

 

 

 

—

 

 

 

507

 

 

 

3,296

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

2,146

 

 

 

—

 

 

 

136

 

 

 

—

 

 

 

—

 

 

 

2,282

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and
   multi-asset mutual funds

 

205

 

 

 

148

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

353

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

446

 

 

 

—

 

 

 

446

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

510

 

 

 

—

 

 

 

510

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

524

 

 

 

—

 

 

 

524

 

Investments related to deferred
   cash compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

300

 

 

 

—

 

 

 

300

 

Total equity method

 

205

 

 

 

148

 

 

 

—

 

 

 

1,780

 

 

 

—

 

 

 

2,133

 

CLOs held at fair value

 

—

 

 

 

495

 

 

 

73

 

 

 

—

 

 

 

—

 

 

 

568

 

Federal Reserve Bank stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

87

 

 

 

87

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,710

 

 

 

3,710

 

Other investments

 

—

 

 

 

—

 

 

 

—

 

 

 

1,078

 

 

 

117

 

 

 

1,195

 

Total investments

 

2,351

 

 

 

3,425

 

 

 

216

 

 

 

2,858

 

 

 

4,421

 

 

 

13,271

 

Other assets(3)

 

113

 

 

 

10

 

 

 

151

 

 

 

—

 

 

 

—

 

 

 

274

 

Separate account assets

 

38,688

 

 

 

20,895

 

 

 

—

 

 

 

—

 

 

 

515

 

 

 

60,098

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

4,194

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,194

 

Debt securities

 

—

 

 

 

3,728

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,728

 

Total separate account collateral held
   under securities lending agreements

 

4,194

 

 

 

3,728

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,922

 

Total

$

45,346

 

 

$

28,058

 

 

$

367

 

 

$

2,858

 

 

$

4,936

 

 

$

81,565

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

4,194

 

 

$

3,728

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7,922

 

Contingent consideration liabilities

 

—

 

 

 

—

 

 

 

8,429

 

 

 

—

 

 

 

—

 

 

 

8,429

 

Other liabilities(4)

 

—

 

 

 

13

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13

 

Total

$

4,194

 

 

$

3,741

 

 

$

8,429

 

 

$

—

 

 

$

—

 

 

$

16,364

 

 

(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 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.
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information).
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 September 30, 2026

(in millions)

 

June 30,
 2026

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
 2026

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

46

 

 

$

—

 

 

$

4

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(22

)

 

$

28

 

 

$

—

 

Equity securities/mutual funds

 

 

24

 

 

 

2

 

 

 

9

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14

)

 

 

21

 

 

 

2

 

CLOs held at fair value

 

 

56

 

 

 

5

 

 

 

1

 

 

 

(7

)

 

 

—

 

 

 

6

 

 

 

—

 

 

 

61

 

 

 

5

 

Total investments

 

 

126

 

 

 

7

 

 

 

14

 

 

 

(7

)

 

 

—

 

 

 

6

 

 

 

(36

)

 

 

110

 

 

 

7

 

Other assets

 

 

149

 

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

(28

)

 

 

—

 

 

 

—

 

 

 

117

 

 

 

(4

)

Total assets

 

$

275

 

 

$

3

 

 

$

14

 

 

$

(7

)

 

$

(28

)

 

$

6

 

 

$

(36

)

 

$

227

 

 

$

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

June 30,
 2026

 

 

Realized
and
Unrealized
(Gains)
Losses(2)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
 2026

 

 

Total Net
Unrealized
(Gains) Losses
Included in
Earnings(2)(3)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration
liabilities

 

$

7,875

 

 

$

563

 

 

$

—

 

 

$

—

 

 

$

(2,580

)

 

$

—

 

 

$

—

 

 

$

5,858

 

 

$

563

 

 

(1)
Issuances and other settlements amounts include reclassification to NCI - Subco of a portion of contingent consideration liability related to the HPS Transaction. See Condensed Consolidated Statements of Changes in Equity and Note 2, Significant Accounting Policies, for more information.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.
(3)
Amount includes changes in fair value of contingent consideration recorded within expense on the condensed consolidated statements of income.

 

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2026

(in millions)

 

December 31,
2025

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
2026

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

7

 

 

$

—

 

 

$

62

 

 

$

(26

)

 

$

—

 

 

$

7

 

 

$

(22

)

 

$

28

 

 

$

—

 

Equity securities/mutual funds

 

 

136

 

 

 

6

 

 

 

15

 

 

 

(136

)

 

 

—

 

 

 

14

 

 

 

(14

)

 

 

21

 

 

 

6

 

CLOs held at fair value

 

 

73

 

 

 

3

 

 

 

4

 

 

 

(22

)

 

 

—

 

 

 

8

 

 

 

(5

)

 

 

61

 

 

 

(1

)

Total investments

 

 

216

 

 

 

9

 

 

 

81

 

 

 

(184

)

 

 

—

 

 

 

29

 

 

 

(41

)

 

 

110

 

 

 

5

 

Other assets

 

 

151

 

 

 

(6

)

 

 

—

 

 

 

—

 

 

 

(28

)

 

 

—

 

 

 

—

 

 

 

117

 

 

 

(6

)

Total assets

 

$

367

 

 

$

3

 

 

$

81

 

 

$

(184

)

 

$

(28

)

 

$

29

 

 

$

(41

)

 

$

227

 

 

$

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

December 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

 

 

September 30,
2026

 

 

Total Net
Unrealized
(Gains) Losses
Included in
Earnings(2)(3)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration
liabilities

 

$

8,429

 

 

$

22

 

 

$

—

 

 

$

—

 

 

$

(2,593

)

 

$

—

 

 

$

—

 

 

$

5,858

 

 

$

22

 

 

(1)
Issuances and other settlements amounts include reclassification to NCI - Subco of a portion of contingent consideration liability related to the HPS Transaction. See Condensed Consolidated Statements of Changes in Equity and Note 2, Significant Accounting Policies, for more information.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.
(3)
Amount includes changes in fair value of contingent consideration recorded within expense on the condensed consolidated statements of income.

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

(in millions)

 

June 30,
2025

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
2025

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

7

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7

 

 

$

—

 

Loans

 

$

96

 

 

$

1

 

 

$

—

 

 

$

(96

)

 

$

—

 

 

$

—

 

 

$

(1

)

 

$

—

 

 

$

—

 

CLOs held at fair value

 

 

68

 

 

 

(1

)

 

 

1

 

 

 

—

 

 

 

21

 

 

 

—

 

 

 

—

 

 

 

89

 

 

 

(1

)

Total investments

 

 

171

 

 

 

—

 

 

 

1

 

 

 

(96

)

 

 

21

 

 

 

—

 

 

 

(1

)

 

 

96

 

 

 

(1

)

Other assets

 

 

164

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(16

)

 

 

150

 

 

 

2

 

Total assets

 

$

335

 

 

$

2

 

 

$

1

 

 

$

(96

)

 

$

21

 

 

$

—

 

 

$

(17

)

 

$

246

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

June 30,
2025

 

 

Realized
and
Unrealized
(Gains)
Losses

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
2025

 

 

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

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration
liabilities

 

$

4,472

 

 

$

93

 

 

$

—

 

 

$

—

 

 

$

3,413

 

 

$

—

 

 

$

—

 

 

$

7,978

 

 

$

93

 

Other liabilities

 

 

97

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

(15

)

 

 

—

 

 

 

—

 

 

 

81

 

 

 

(1

)

Total liabilities

 

$

4,569

 

 

$

92

 

 

$

—

 

 

$

—

 

 

$

3,398

 

 

$

—

 

 

$

—

 

 

$

8,059

 

 

$

92

 

 

(1)
Issuances and other settlements amounts include acquired investments in CLOs and a contingent liability primarily related to the HPS Transaction. In addition, issuances and other settlements include 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 Nine Months Ended September 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

 

 

September 30,
2025

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

7

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7

 

 

$

—

 

Loans

 

$

135

 

 

$

(8

)

 

$

15

 

 

$

(142

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

CLOs held at fair value

 

 

72

 

 

 

(6

)

 

 

6

 

 

 

(3

)

 

 

21

 

 

 

—

 

 

 

(1

)

 

 

89

 

 

 

(6

)

Total investments

 

 

214

 

 

 

(14

)

 

 

21

 

 

 

(145

)

 

 

21

 

 

 

—

 

 

 

(1

)

 

 

96

 

 

 

(6

)

Other assets

 

 

149

 

 

 

17

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(16

)

 

 

150

 

 

 

17

 

Total assets

 

$

363

 

 

$

3

 

 

$

21

 

 

$

(145

)

 

$

21

 

 

$

—

 

 

$

(17

)

 

$

246

 

 

$

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

September 30,
2025

 

 

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

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration
liabilities

 

$

4,302

 

 

$

274

 

 

$

—

 

 

$

—

 

 

$

3,402

 

 

$

—

 

 

$

—

 

 

$

7,978

 

 

$

274

 

Other liabilities

 

 

129

 

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

(44

)

 

 

—

 

 

 

—

 

 

 

81

 

 

 

(4

)

Total liabilities

 

$

4,431

 

 

$

270

 

 

$

—

 

 

$

—

 

 

$

3,358

 

 

$

—

 

 

$

—

 

 

$

8,059

 

 

$

270

 

 

(1)
Issuances and other settlements amounts include acquired investments in CLOs and a contingent liability primarily related to the HPS Transaction, 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.
Fair Value of Financial Assets and Financial Liabilities

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At September 30, 2026 and December 31, 2025, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

 

September 30, 2026

 

 

December 31, 2025

 

 

 

 

(in millions)

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Fair Value
Hierarchy

 

Financial assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

12,877

 

 

$

12,877

 

 

$

11,468

 

 

$

11,468

 

 

Level 1

(2)(3)

Other assets

$

176

 

 

$

176

 

 

$

103

 

 

$

103

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

$

12,740

 

 

$

11,735

 

 

$

12,768

 

 

$

12,546

 

 

Level 2

(5)

Other liabilities

$

661

 

 

$

661

 

 

$

302

 

 

$

302

 

 

Level 2

(6)

 

(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 September 30, 2026 and December 31, 2025, approximately $5.1 billion and $5.3 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 September 30, 2026 and December 31, 2025, other assets included cash collateral of approximately $154 million and $81 million, respectively. See Note 9, Derivatives and Hedging, for further information on derivatives held by the Company. In addition, other assets included $22 million of restricted cash at both September 30, 2026 and December 31, 2025.
(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 September 2026 and December 2025, respectively. See Note 14, Borrowings, for the fair value of each of the Company’s long-term borrowings.
(6)
Other liabilities primarily include repurchase agreements related to CIPs as well as CLO financing arrangements to finance portions of investments in certain CLOs managed by the Company. Repurchase agreements were recorded at amortized cost, which approximates fair value, with maturity dates primarily ranging from 2034 to 2039.
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).

September 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

423

 

 

$

174

 

 

Daily/Monthly (1%)
Quarterly (13%)
N/R (86%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

453

 

 

 

214

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

849

 

 

 

1,680

 

 

Quarterly (4%)
N/R (96%)

 

60 days

Investments related to deferred
   cash compensation plans

 

(d)

 

 

455

 

 

 

—

 

 

Monthly

 

1 – 90 days

Other investments:

 

 

 

 

 

 

 

 

 

 

 

 

Private credit funds

 

(a)

 

 

148

 

 

 

—

 

 

Quarterly

 

30 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

601

 

 

 

92

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

266

 

 

 

22

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

318

 

 

 

34

 

 

Quarterly (87%)
N/R (13%)

 

60 – 90 days

Total

 

 

 

$

3,513

 

 

$

2,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 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)

 

$

446

 

 

$

150

 

 

Quarterly (12%)
N/R (88%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

510

 

 

 

225

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

524

 

 

 

1,870

 

 

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

 

60 days

Investments related to deferred
   cash compensation plans

 

(d)

 

 

300

 

 

 

—

 

 

Monthly

 

1 – 90 days

Other investments:

 

 

 

 

 

 

 

 

 

 

 

 

Private credit funds

 

(a)

 

 

140

 

 

 

—

 

 

Quarterly

 

30 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

372

 

 

 

29

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

181

 

 

 

34

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

385

 

 

 

48

 

 

Quarterly (89%)
N/R (11%)

 

60 – 90 days

Total

 

 

 

$

2,858

 

 

$

2,356

 

 

 

 

 

 

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 September 30, 2026 and December 31, 2025.
(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 September 30, 2026 and December 31, 2025.
(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 September 30, 2026 and December 31, 2025.
(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.