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Other Assets (Tables)
6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
Equity Method Investments
$ in millionsAt
June 30,
2024
At
December 31,
2023
Investments$1,885 $1,915 
 Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions2024202320242023
Income (loss)$54 $61 $110 $86 
Schedule of Joint Ventures
Japanese Securities Joint Venture
 Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions2024202320242023
Income (loss) from investment in MUMSS$36 $63 $77 $92 
Summary of Tax Equity Investments under the Proportional Amortization Method
Tax Equity Investments under the Proportional Amortization Method
$ in millionsAt
June 30,
2024
At
December 31,
2023
Low-income housing1
$1,790 $1,699 
Renewable energy and other2
34 — 
Total3
$1,824 $1,699 
1.Amounts include unfunded equity contributions of $637 million and $661 million as of June 30, 2024 and December 31, 2023, 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.Prior to adoption of the Investments - Tax Credit Structures accounting update on January 1, 2024, Renewable energy and other investments were accounted for under the equity method.
3.At June 30, 2024, this amount excludes $47 million 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.
Summary of Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Met
Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions2024202320242023
Income tax credits and other income tax benefits$78 $53 $153 $124 
Proportional amortization(59)(50)(119)(99)
Net benefits$19 $$34 $25