The amortized cost, gross unrealized gains and losses and fair value of available-for-sale and held-to-maturity investment securities are as follows (dollars in millions):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2023
Available-for-Sale Investment Securities(1)
U.S. Treasury and U.S. GSE securities	$	12,971	$	52	$	(86)	$	12,937
Residential mortgage-backed securities - Agency	480		—		(15)		465
Total available-for-sale investment securities	$	13,451	$	52	$	(101)	$	13,402
Held-to-Maturity Investment Securities(2)
Residential mortgage-backed securities - Agency(3)	$	253	$	—	$	(19)	$	234
Total held-to-maturity investment securities	$	253	$	—	$	(19)	$	234

December 31, 2022
Available-for-Sale Investment Securities(1)
U.S. Treasury and U.S. GSE securities	$	11,580	$	21	$	(178)	$	11,423
Residential mortgage-backed securities - Agency	587		—		(23)		564
Total available-for-sale investment securities	$	12,167	$	21	$	(201)	$	11,987
Held-to-Maturity Investment Securities(2)
Residential mortgage-backed securities - Agency(3)	$	221	$	—	$	(22)	$	199
Total held-to-maturity investment securities	$	221	$	—	$	(22)	$	199

The Company invests in U.S. Treasury obligations and securities issued by government agencies or U.S. GSEs, which have long histories with no credit losses and are explicitly or implicitly guaranteed by the U.S. federal government. Therefore, management has concluded that there is no expectation of non-payment on its investment securities and does not record an allowance for credit losses on these investments. In addition, the Company does not have the intent to sell any available-for-sale securities in an unrealized loss position and does not believe it is more likely than not that it will be required to sell any such security before recovery of its amortized cost basis.

The following table provides information about available-for-sale investment securities with aggregate gross unrealized losses and the length of time that individual investment securities have been in a continuous unrealized loss position (dollars in millions):


		Less than 12 months				More than 12 months
	Number of Securities in a Loss Position	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2023
Available-for-Sale Investment Securities
U.S. Treasury and U.S. GSE securities	105	$	3,513	$	(13)	$	3,978	$	(73)
Residential mortgage-backed securities - Agency	31	$	—	$	—	$	465	$	(15)

December 31, 2022
Available-for-Sale Investment Securities
U.S. Treasury and U.S. GSE securities	123	$	9,060	$	(175)	$	106	$	(3)
Residential mortgage-backed securities - Agency	34	$	559	$	(22)	$	5	$	(1)

During the years ended December 31, 2023 and 2022, the Company had no sales of available-for-sale securities. The Company received $5 million of proceeds from the sale of available-for-sale securities during the year ended December 31, 2021. See Note 13: Accumulated Other Comprehensive Income for unrealized gains and losses on available-for-sale securities during the years ended December 31, 2023, 2022 and 2021.

Maturities and weighted-average yields of available-for-sale debt securities and held-to-maturity debt securities are provided in the following tables (dollars in millions):


At December 31, 2023	One Year or Less			After One Year Through Five Years			After Five Years Through Ten Years			After Ten Years			Total
Available-for-Sale Investment Securities — Amortized Cost
U.S. Treasury and U.S. GSE securities	$	2,127		$	10,634		$	210		$	—		$	12,971
Residential mortgage-backed securities - Agency(1)	—			73			26			381			480
Total available-for-sale investment securities	$	2,127		$	10,707		$	236		$	381		$	13,451
Held-to-Maturity Investment Securities — Amortized Cost
Residential mortgage-backed securities - Agency(1)	$	—		$	—		$	—		$	253		$	253
Total held-to-maturity investment securities	$	—		$	—		$	—		$	253		$	253

Available-for-Sale Investment Securities — Fair Values
U.S. Treasury and U.S. GSE securities	$	2,093		$	10,628		$	216		$	—		$	12,937
Residential mortgage-backed securities - Agency(1)	—			70			25			370			465
Total available-for-sale investment securities	$	2,093		$	10,698		$	241		$	370		$	13,402
Held-to-Maturity Investment Securities — Fair Values
Residential mortgage-backed securities - Agency(1)	$	—		$	—		$	—		$	234		$	234
Total held-to-maturity investment securities	$	—		$	—		$	—		$	234		$	234

Available-for-Sale Investment Securities — Weighted-Average Yields(2)
U.S. Treasury and U.S. GSE securities	2.14		%	3.87		%	4.37		%	—		%	3.59		%
Residential mortgage-backed securities - Agency(1)	—		%	2.09		%	3.35		%	3.53		%	3.30		%
Total available-for-sale investment securities	2.14		%	3.86		%	4.26		%	3.53		%	3.58		%
Held-to-Maturity Investment Securities — Weighted-Average Yields
Residential mortgage-backed securities - Agency(1)	—		%	—		%	—		%	3.56		%	3.56		%
Total held-to-maturity investment securities	—		%	—		%	—		%	3.56		%	3.56		%

As a part of the Company’s community reinvestment initiatives, the Company has made equity investments in certain limited partnerships and limited liability companies that finance the construction and rehabilitation of affordable rental housing and stimulate economic development in low- to moderate-income communities. These investments are accounted for using the equity method of accounting and are recorded within other assets. The related commitment for future investments is recorded in accrued expenses and other liabilities within the consolidated statements of financial condition. The portion of each investment’s operating results allocable to the Company reduces the carrying value of the investments and is recorded in other expense within the consolidated statements of income. The Company further reduces the carrying value of the investments by recognizing any amounts that are in excess of future net tax benefits in other expense. The Company earns a return primarily through tax credits allocated to the affordable housing projects and the community revitalization projects. The Company does not consolidate these investments as the Company does

not have a controlling financial interest in the investee entities. As of December 31, 2023 and 2022, the Company had outstanding investments in these entities of $514 million and $416 million, respectively, and related contingent liabilities for unconditional and legally binding delayed equity contributions of $187 million and $111 million, respectively. Of the above outstanding equity investments, the Company had $456 million and $375 million of investments related to affordable housing projects as of December 31, 2023 and 2022, respectively, which had $155 million and $100 million of related contingent liabilities for unconditional and legally binding delayed equity contributions, respectively.

The Company holds non-controlling equity positions in several payment services entities and third-party venture capital funds, which invest in such entities. Most of the direct investments in such entities are not subject to equity method accounting because the Company does not have significant influence over the investee. The Company’s investments in third-party venture capital funds represent limited partnership interests and are accounted for under the equity method. The common or preferred equity securities that the Company holds typically do not have readily determinable fair values. As a result, these investments are carried at cost minus impairment, if any. As of December 31, 2023 and 2022, the carrying value of these investments, which are recorded within other assets on the Company’s consolidated statements of financial condition, was $35 million and $39 million, respectively.

The Company also holds non-controlling equity positions in payment service entities that have actively traded stock and therefore have readily determinable fair values. As a result, these investments are carried at fair value based on the quoted share prices. As of December 31, 2023, the carrying values of these investments, which are recorded within other assets on the Company's consolidated statements of financial condition, were immaterial. As of December 31, 2022, the carrying values of these investments were $41 million. During the year ended December 31, 2023, the Company recognized an immaterial net loss on the consolidated statements of income related to these investments. The Company recognized a net loss of $214 million during the year ended December 31, 2022. The Company recognized a net gain of approximately $423 million during the year ended December 31, 2021.