Goldman Sachs (NYSE:GS) has 6.9 percent, or $72 billion of its $1.05 trillion in assets in hard-to-value Level 3 assets, according to securities filings.

The valuations for such assets are not market-based but priced according to internal company models. Such assets have been cause for concern at other major banks, which have recently issued heavy write-downs for hard-to-price assets in the subprime mortgage market.

Citigroup's (NYSE:C) Level 3 assets were 5.7 percent of its total in the latest quarter as of September 30, while Merrill Lynch's (NYSE:MER) were 2.5 percent. The amount of Goldman's Level 3 assets rose 33 percent in its third fiscal quarter.

Level 1 assets are those for which prices are easily available. Level 2 assets are based on observable inputs, such as prices in a private transaction, used when there are no price quotes available.

Investment Goldman sachs