Our investment securities portfolio consists of (i) an AFS securities portfolio and a HTM securities portfolio, both of which represent interest-earning investment securities; and (ii) a non-marketable and other equity securities portfolio, which primarily represents investments managed as part of our funds management business as well as public equity securities held as a result of equity warrant assets exercised.


	December 31, 2021
(Dollars in millions)	Amortized Cost		Unrealized Gains		Unrealized Losses		Carrying Value
AFS securities, at fair value:
U.S. Treasury securities	$	15,799	$	121	$	(70)	$	15,850
U.S. agency debentures	200		—		(4)		196
Foreign government debt securities	61		—		—		61
Residential MBS:
Agency-issued MBS	8,786		13		(210)		8,589
Agency-issued CMO—fixed rate	988		3		(9)		982
Agency-issued CMBS	1,536		27		(20)		1,543
Total AFS securities	$	27,370	$	164	$	(313)	$	27,221


	December 31, 2020
(Dollars in millions)	Amortized Cost		Unrealized Gains		Unrealized Losses		Carrying Value
AFS securities, at fair value:
U.S. Treasury securities	$	4,198	$	272	$	—	$	4,470
U.S. agency debentures	234		4		(1)		237
Foreign government debt securities	24		—		—		24
Residential MBS:
Agency-issued MBS	13,271		233		(1)		13,503
Agency-issued CMO—fixed rate	8,077		40		(10)		8,107
Agency-issued CMBS	4,441		134		(3)		4,572

Total AFS securities	$	30,245	$	683	$	(15)	$	30,913


	Year ended December 31,
(Dollars in millions)	2021		2020		2019
Sales proceeds	$	1,591	$	2,654	$	2,189
Net realized gains and losses:
Gross realized gains	31		61		1
Gross realized losses	—		—		(5)
Net realized gains (losses)	$	31	$	61	$	(4)

The following tables summarize our AFS securities in an unrealized loss position for which an ACL has not been recorded and summarized into categories of less than 12 months, or 12 months or longer as of December 31, 2021 and 2020:


	December 31, 2021
	Less than 12 months				12 months or longer				Total
(Dollars in millions)	Fair Value of Investments		Unrealized Losses		Fair Value of Investments		Unrealized Losses		Fair Value of Investments		Unrealized Losses
AFS securities, at fair value:
U.S. Treasury securities	$	7,777	$	(70)	$	—	$	—	$	7,777	$	(70)
U.S. agency debentures	196		(4)		—		—		196		(4)

Residential MBS:
Agency-issued MBS	8,280		(210)		—		—		8,280		(210)
Agency-issued CMO —fixed rate	740		(9)		—		—		740		(9)
Agency-issued CMBS	603		(11)		163		(9)		766		(20)
Total AFS securities (1)	$	17,596	$	(304)	$	163	$	(9)	$	17,759	$	(313)

(1)As of December 31, 2021, we identified a total of 475 investments that were in unrealized loss positions with 4 investments in unrealized loss positions for a period of time greater than 12 months. Based on our analysis of the securities in an unrealized loss position as of December 31, 2021, the decline in value is unrelated to credit loss and is related to changes in market interest rates since purchase and therefore changes in value for securities are included in other comprehensive income. Market valuations and credit loss analyses on assets in the AFS securities portfolio are reviewed and monitored on a quarterly basis. As of December 31, 2021, we do not intend to sell any of our securities in an unrealized loss position prior to recovery of our amortized cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our amortized cost basis. None of the investments in our AFS securities portfolio were past due as of December 31, 2021.


	December 31, 2020
	Less than 12 months				12 months or longer				Total
(Dollars in millions)	Fair Value of Investments		Unrealized Losses		Fair Value of Investments		Unrealized Losses		Fair Value of Investments		Unrealized Losses
AFS securities, at fair value:
U.S. Treasury securities (1)	$	60	$	—	$	—	$	—	$	60	$	—
U.S. agency debentures	133		(1)		—		—		133		(1)

Residential MBS:
Agency-issued MBS	904		(1)		—		—		904		(1)
Agency-issued CMO —fixed rate	2,199		(10)		—		—		2,199		(10)
Agency-issued CMBS	989		(3)		—		—		989		(3)

Total AFS securities (2)	$	4,285	$	(15)	$	—	$	—	$	4,285	$	(15)

(2)As of December 31, 2020, we identified a total of 93 investments that were in unrealized loss positions, of which no investments are in an unrealized loss position for a period of time greater than 12 months. None of the investments in our AFS securities portfolio were past due as of December 31, 2020.

The following table summarizes the fixed income securities, carried at fair value, classified as AFS as of December 31, 2021 by the remaining contractual principal maturities. For U.S. Treasury securities, U.S. agency debentures and foreign government debt securities, the expected maturity is the actual contractual maturity of the notes. Expected maturities for MBS may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. MBS classified as AFS typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower interest rate environments.

During the year ended December 31, 2021, we re-designated certain securities from the classification of AFS to HTM. The securities re-designated consisted of agency-issued CMO's, CMBS', MBS' and U.S. agency debentures with a total carrying value of $8.8 billion. At the time of re-designation the securities included $132 million of pretax net unrealized losses in other comprehensive income and are being amortized over the life of the securities in a manner consistent with the amortization of a premium or discount. Our decision to re-designate the securities was based on our ability and intent to hold these securities to maturity. Factors used in assessing the ability to hold these securities to maturity were future liquidity needs and sources of funding. HTM securities are carried on the balance sheet at amortized cost and the changes in the value of these securities, other than an ACL, are not reported on the financial statements.


	December 31, 2021
(Dollars in millions)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		ACL (2)
HTM securities, at cost:
U.S. agency debentures (1)	$	609	$	8	$	(2)	$	615	$	—
Residential MBS:
Agency-issued MBS	64,439		124		(887)		63,676		—
Agency-issued CMO—fixed rate	10,226		9		(145)		10,090		—
Agency-issued CMO—variable rate	100		1		—		101		—
Agency-issued CMBS	14,959		39		(277)		14,721		—
Municipal bonds and notes	7,157		185		(27)		7,315		1
Corporate bonds	712		2		(5)		709		6
Total HTM securities	$	98,202	$	368	$	(1,343)	$	97,227	$	7


	December 31, 2020
(Dollars in millions)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		ACL
HTM securities, at amortized cost:
U.S. agency debentures (1)	$	402	$	19	$	—	$	421	$	—
Residential MBS:
Agency-issued MBS	7,740		240		(2)		7,978		—
Agency-issued CMO—fixed rate	1,735		23		—		1,758		—
Agency-issued CMO—variable rate	137		1		—		138		—
Agency-issued CMBS	2,943		124		—		3,067		—
Municipal bonds and notes	3,635		221		(1)		3,855		—
Total HTM securities	$	16,592	$	628	$	(3)	$	17,217	$	—

For the year ended December 31, 2020, the beginning ACL balance, the day one impact of adopting ASC 326, the provision for credit losses and the ending balance of ACL for HTM securities, in each case, were all less than $1 million.

On a quarterly basis, management monitors the credit quality for HTM securities through the use of standard credit ratings. The following table summarizes our amortized cost of HTM securities aggregated by credit quality indicator at December 31, 2021 and December 31, 2020:


(Dollars in millions)	December 31, 2021		December 31, 2020
Municipal bonds and notes:
Aaa	$	3,774	$	2,070
Aa1	2,031		1,145
Aa2	1,154		420
Aa3	172		—
A1	26		—
Total municipal bonds and notes	$	7,157	$	3,635
Corporate bonds:
Aaa	$	39	$	—
Aa1	—		—
Aa2	42		—
Aa3	105		—
A1	251		—
A2	264		—
A3	11		—
Total corporate bonds	$	712	$	—

The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as HTM as of December 31, 2021. For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for MBS may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. MBS classified as HTM typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower interest rate environments; however, we expect to collect substantially all of the recorded investment on these securities.


	December 31, 2021
	Total				One Year or Less				After One Year to Five Years				After Five Years to Ten Years				After Ten Years
(Dollars in millions)	Net Carry Value		Fair Value		Net Carry Value		Fair Value		Net Carry Value		Fair Value		Net Carry Value		Fair Value		Net Carry Value		Fair Value
U.S. agency debentures	$	609	$	615	$	1	$	1	$	133	$	135	$	475	$	479	$	—	$	—
Residential MBS:
Agency-issued MBS	64,439		63,676		—		—		7		7		806		828		63,626		62,841
Agency-issued CMO—fixed rate	10,226		10,090		—		—		14		14		316		319		9,896		9,757
Agency-issued CMO—variable rate	100		101		—		—		—		—		—		—		100		101
Agency-issued CMBS	14,959		14,721		—		—		211		209		971		982		13,777		13,530
Municipal bonds and notes	7,156		7,315		48		48		176		182		1,152		1,195		5,780		5,890
Corporate bonds	706		709		—		—		33		33		673		676		—		—
Total	$	98,195	$	97,227	$	49	$	49	$	574	$	580	$	4,393	$	4,479	$	93,179	$	92,119


(Dollars in millions)	December 31, 2021		December 31, 2020
Non-marketable and other equity securities:
Non-marketable securities (fair value accounting):
Consolidated venture capital and private equity fund investments (1)	$	130	$	89
Unconsolidated venture capital and private equity fund investments (2)	208		185
Other investments without a readily determinable fair value (3)	164		61
Other equity securities in public companies (fair value accounting) (4)	117		281
Non-marketable securities (equity method accounting) (5):
Venture capital and private equity fund investments	671		362
Debt funds	5		5
Other investments	294		203
Investments in qualified affordable housing projects, net (6)	954		616
Total non-marketable and other equity securities	$	2,543	$	1,802

(1)The following table shows the amounts of venture capital and private equity fund investments held by the following consolidated funds and our ownership percentage of each fund at December 31, 2021 and 2020 (fair value accounting):


	December 31, 2021				December 31, 2020
(Dollars in millions)	Amount		Ownership %		Amount		Ownership %
Strategic Investors Fund, LP	$	2	12.6	%	$	5	12.6	%
Capital Preferred Return Fund, LP	61		20.0		50		20.0
Growth Partners, LP	67		33.0		34		33.0

Total consolidated venture capital and private equity fund investments	$	130			$	89

(2)The carrying value represents investments in 150 and 162 funds (primarily venture capital funds) at December 31, 2021 and December 31, 2020, respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. We carry our unconsolidated venture capital and private equity fund investments at fair value based on the fund investments' net asset values per share as obtained from the general partners of the investments. For each fund investment, we adjust the net asset value per share for differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example September 30th for our December 31st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period.

(3)These investments include direct equity investments in private companies. The carrying value is based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. We consider a range of factors when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, financing transactions subsequent to the acquisition of the investment and a discount for certain investments that have lock-up restrictions or other features that indicate a discount to fair value is warranted.

The following table shows the carrying amount of other investments without a readily determinable fair value at December 31, 2021, and the amounts recognized in earnings for the year ended December 31, 2021 and on a cumulative basis:


(Dollars in millions)	Year ended December 31, 2021		Cumulative Adjustments
Measurement alternative:
Carrying value at December 31, 2021	$	164
Carrying value adjustments:
Impairment	$	—	$	(1)
Upward changes for observable prices	69		72
Downward changes for observable prices	(7)		(11)

(4)Investments classified as other equity securities (fair value accounting) represent shares held in public companies as a result of exercising public equity warrant assets, direct equity investments in public companies held by our consolidated funds, and exchange traded funds held by SVB Securities. Changes in equity securities measured at fair value are recognized through net income.


	December 31, 2021				December 31, 2020
(Dollars in millions)	Amount		Ownership %		Amount		Ownership %
Venture capital and private equity fund investments:
Strategic Investors Fund II, LP	$	3	8.6	%	$	4	8.6	%
Strategic Investors Fund III, LP	25		5.9		16		5.9
Strategic Investors Fund IV, LP	36		5.0		25		5.0
Strategic Investors Fund V funds	87		Various		67		Various
CP II, LP (i)	2		5.1		8		5.1
Other venture capital and private equity fund investments	518		Various		242		Various
Total venture capital and private equity fund investments	$	671			$	362
Debt funds:
Gold Hill Capital 2008, LP (ii)	$	4	15.5	%	$	4	15.5	%
Other debt funds	1		Various		1		Various
Total debt funds	$	5			$	5
Other investments:
SPD Silicon Valley Bank Co., Ltd.	$	154	50.0	%	$	115	50.0	%
Other investments	140		Various		88		Various
Total other investments	$	294			$	203

(6)The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments included as a component of "other liabilities" on our consolidated balance sheets at December 31, 2021 and 2020:

The following table presents the net gains and losses on non-marketable and other equity securities in 2021, 2020 and 2019 as recorded in the line item “Gains on investment securities, net," a component of noninterest income:


	Year ended December 31,
(Dollars in millions)	2021		2020		2019
Net gains (losses) on non-marketable and other equity securities:
Non-marketable securities (fair value accounting):
Consolidated venture capital and private equity fund investments	$	71	$	32	$	23
Unconsolidated venture capital and private equity fund investments	75		60		31
Other investments without a readily determinable fair value	75		—		3
Other equity securities in public companies (fair value accounting)	23		105		8
Non-marketable securities (equity method accounting):
Venture capital and private equity fund investments	474		162		74
Debt funds	2		—		1
Other investments	10		1		(1)
Total net gains on non-marketable and other equity securities	$	730	$	360	$	139



Less: realized net gains on sales of non-marketable and other equity securities	85		24		5
Net gains on non-marketable and other equity securities still held	$	645	$	336	$	134