v3.25.2
Fair Value Measurement
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair value measurement
Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.
The following table presents the assets and liabilities reported at fair value as of June 30, 2025 and December 31, 2024, by major product category and fair value hierarchy.
Assets and liabilities measured at fair value on a recurring basis
Fair value hierarchy
Derivative
netting
adjustments(e)
June 30, 2025
(in millions)		Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $447,781 $— $— $447,781 
Securities borrowed— 96,645 — — 96,645 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 158,847 365 — 159,212 
Residential – nonagency— 2,691 5 — 2,696 
Commercial – nonagency— 1,476 7 — 1,483 
Total mortgage-backed securities— 163,014 377 — 163,391 
U.S. Treasury, GSEs and government agencies(a)
195,415 14,558 — — 209,973 
Obligations of U.S. states and municipalities— 6,499 1 — 6,500 
Certificates of deposit, bankers’ acceptances and commercial paper
— 4,963 — — 4,963 
Non-U.S. government debt securities63,424 72,207 205 — 135,836 
Corporate debt securities— 45,252 385 — 45,637 
Loans— 11,919 868 — 12,787 
Asset-backed securities— 4,839 12 — 4,851 
Total debt instruments258,839 323,251 1,848 — 583,938 
Equity securities222,091 1,213 196 — 223,500 
Physical commodities(b)
6,465 1,213 24 — 7,702 
Other— 14,153 217 — 14,370 
Total debt and equity instruments(c)
487,395 339,830 2,285 — 829,510 
Derivative receivables:
Interest rate3,844 302,121 4,341 (284,836)25,470 
Credit— 10,774 894 (11,180)488 
Foreign exchange172 211,373 1,690 (189,527)23,708 
Equity— 99,199 3,029 (96,969)5,259 
Commodity— 18,893 505 (13,977)5,421 
Total derivative receivables4,016 642,360 10,459 (596,489)60,346 
Total trading assets(d)
491,411 982,190 12,744 (596,489)889,856 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 94,035 — — 94,035 
Residential – nonagency— 5,955 — — 5,955 
Commercial – nonagency— 4,861 7 — 4,868 
Total mortgage-backed securities— 104,851 7 — 104,858 
U.S. Treasury and government agencies302,794 287 — — 303,081 
Obligations of U.S. states and municipalities— 17,647 — — 17,647 
Non-U.S. government debt securities32,875 8,255 — — 41,130 
Corporate debt securities— 31 92 — 123 
Asset-backed securities:
Collateralized loan obligations— 16,460 — — 16,460 
Other(a)
— 2,081 — — 2,081 
Total available-for-sale securities335,669 149,612 99 — 485,380 
Loans— 51,048 2,252 — 53,300 
Mortgage servicing rights— — 8,996 — 8,996 
Other assets(d)
7,915 7,552 1,403 — 16,870 
Total assets measured at fair value on a recurring basis$834,995 $1,734,828 $25,494 $(596,489)$1,998,828 
Deposits$— $39,536 $2,099 $— $41,635 
Federal funds purchased and securities loaned or sold under repurchase agreements
— 525,477 — — 525,477 
Short-term borrowings— 32,263 4,136 — 36,399 
Trading liabilities:
Debt and equity instruments(c)
136,079 37,141 72 — 173,292 
Derivative payables:
Interest rate5,552 282,157 2,910 (281,263)9,356 
Credit— 15,445 1,702 (14,321)2,826 
Foreign exchange183 204,312 1,350 (189,448)16,397 
Equity— 116,044 6,233 (107,348)14,929 
Commodity— 16,124 336 (11,858)4,602 
Total derivative payables5,735 634,082 12,531 (604,238)48,110 
Total trading liabilities141,814 671,223 12,603 (604,238)221,402 
Accounts payable and other liabilities5,289 3,606 40 — 8,935 
Beneficial interests issued by consolidated VIEs— 7 — — 7 
Long-term debt— 76,693 41,664 — 118,357 
Total liabilities measured at fair value on a recurring basis$147,103 $1,348,805 $60,542 $(604,238)$952,212 
Fair value hierarchy
Derivative
netting
adjustments(e)
December 31, 2024
(in millions)		Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $286,771 $— $— $286,771 
Securities borrowed— 83,962 — — 83,962 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 104,312 488 — 104,800 
Residential – nonagency— 2,282 5 — 2,287 
Commercial – nonagency— 1,283 10 — 1,293 
Total mortgage-backed securities— 107,877 503 — 108,380 
U.S. Treasury, GSEs and government agencies(a)
150,580 11,702 — — 162,282 
Obligations of U.S. states and municipalities— 6,100 1 — 6,101 
Certificates of deposit, bankers’ acceptances and commercial paper— 3,950 — — 3,950 
Non-U.S. government debt securities34,108 54,335 152 — 88,595 
Corporate debt securities— 33,591 390 — 33,981 
Loans— 10,228 1,088 — 11,316 
Asset-backed securities— 2,813 10 — 2,823 
Total debt instruments184,688 230,596 2,144 — 417,428 
Equity securities130,307 1,359 62 — 131,728 
Physical commodities(b)
5,957 1,533 26 — 7,516 
Other— 19,935 210 — 20,145 
Total debt and equity instruments(c)
320,952 253,423 2,442 — 576,817 
Derivative receivables:
Interest rate4,934 282,019 

3,781 (265,789)24,945 
Credit— 10,379 708 (10,273)814 
Foreign exchange196 261,520 

1,204 (237,608)25,312 
Equity— 82,855 2,365 (79,935)5,285 
Commodity— 15,232 394 (11,015)4,611 
Total derivative receivables5,130 652,005 

8,452 (604,620)60,967 
Total trading assets(d)
326,082 905,428 

10,894 (604,620)637,784 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 91,893 — — 91,893 
Residential – nonagency— 4,811 — — 4,811 
Commercial – nonagency— 4,057 8 — 4,065 
Total mortgage-backed securities— 100,761 8 — 100,769 
U.S. Treasury and government agencies234,491 288 — — 234,779 
Obligations of U.S. states and municipalities— 17,913 — — 17,913 
Non-U.S. government debt securities23,973 12,272 — — 36,245 
Corporate debt securities— 70 — — 70 
Asset-backed securities:
Collateralized loan obligations— 14,943 — — 14,943 
Other(a)
— 2,133 — — 2,133 
Total available-for-sale securities258,464 148,380 8 — 406,852 
Loans— 38,934 2,416 — 41,350 
Mortgage servicing rights— — 9,121 — 9,121 
Other assets(d)
5,732 6,997 1,344 — 14,073 
Total assets measured at fair value on a recurring basis$590,278 $1,470,472 

$23,783 

$(604,620)$1,479,913 
Deposits$— $31,583 $2,185 $— $33,768 
Federal funds purchased and securities loaned or sold under repurchase agreements— 226,329 — — 226,329 
Short-term borrowings— 23,045 3,476 — 26,521 
Trading liabilities:
Debt and equity instruments(c)
120,719 32,457 46 — 153,222 
Derivative payables:
Interest rate3,981 266,767 

3,480 (264,989)9,239 
Credit— 12,725 

1,071 (11,898)1,898 
Foreign exchange187 253,196 

1,184 (238,970)15,597 
Equity— 90,908 

5,231 (87,491)8,648 
Commodity— 14,021 

467 (10,209)4,279 
Total derivative payables4,168 637,617 

11,433 (613,557)39,661 
Total trading liabilities124,887 670,074 

11,479 (613,557)192,883 
Accounts payable and other liabilities3,100 2,717 

76 — 5,893 
Beneficial interests issued by consolidated VIEs— 1 

— — 1 
Long-term debt— 66,216 

34,564 — 100,780 
Total liabilities measured at fair value on a recurring basis$127,987 $1,019,965 

$51,780 $(613,557)$586,175 
(a)At June 30, 2025 and December 31, 2024, included total U.S. GSE obligations of $160.3 billion and $120.1 billion, respectively, which were mortgage-related.
(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in
fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.
(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).
(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At June 30, 2025 and December 31, 2024, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $1.1 billion and $1.0 billion, respectively, primarily reported in other assets.
(e)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
Level 3 valuations
Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.
The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.
The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.
In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of
the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.
















Level 3 inputs(a)
June 30, 2025
Product/Instrument
Fair value
(in millions)
Principal valuation technique
Unobservable inputs(g)
Range of input values
Average(i)
Residential mortgage-backed securities and loans(b)
$843 Discounted cash flowsYield0%93%7%
Prepayment speed2%13%9%
Conditional default rate0%7%0%
Loss severity0%110%5%
Commercial mortgage-backed securities and loans(c)
1,299 Market comparablesPrice$0$84$81
Corporate debt securities477 Market comparablesPrice$0$197$100
Loans(d)
1,362 Market comparablesPrice$0$101$82
Non-U.S. government debt securities205 Market comparablesPrice$2$121$99
Net interest rate derivatives1,422 Option pricingInterest rate volatility25 bps695 bps109 bps
Interest rate spread volatility37 bps77 bps64 bps
Bermudan switch value0%45%16%
Interest rate correlation(64)%97%63%
IR-FX correlation(35)%60%8%
9 Discounted cash flowsPrepayment speed0%20%5%
Net credit derivatives(837)Discounted cash flowsCredit correlation27%79%47%
Credit spread0 bps11,330 bps547 bps
Recovery rate10%90%56%
29 Market comparablesPrice$0$115$75
Net foreign exchange derivatives390 Option pricingIR-FX correlation(40)%60%21%
(50)Discounted cash flowsPrepayment speed11%11%
Interest rate curve2%28%12%
Net equity derivatives(3,204)Option pricing
Forward equity price(h)
82%144%101%
Equity volatility4%198%33%
Equity correlation5%100%55%
Equity-FX correlation(80)%65%(32)%
Equity-IR correlation5%25%12%
Net commodity derivatives169 Option pricingOil commodity forward$37 / BBL$287 / BBL$153 / BBL
Natural gas commodity forward$2 / MMBTU$7 / MMBTU$4 / MMBTU
Commodity volatility2%47%6%
Commodity correlation(15)%98%10%
MSRs8,996 Discounted cash flows
Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)
46,889 Option pricingInterest rate volatility25 bps695 bps109 bps
Bermudan switch value0%45%16%
Interest rate correlation(64)%97%63%
IR-FX correlation(35)%60%8%
Equity volatility2%111%27%
Equity correlation5%100%55%
Equity-FX correlation(80)%65%(32)%
Equity-IR correlation5%25%12%
1,010 Discounted cash flowsCredit correlation26%73%47%
Credit spread
1 bps273 bps77 bps
Recovery rate
20%40%37%
Yield5%20%11%
Loss severity
0%100%50%
Other level 3 assets and liabilities, net(f)
1,741 
(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.
(b)Comprises U.S. GSE and government agency securities of $365 million, nonagency securities of $5 million and non-trading loans of $473 million.
(c)Comprises nonagency securities of $14 million, trading loans of $65 million and non-trading loans of $1.2 billion.
(d)Comprises trading loans of $803 million and non-trading loans of $559 million.
(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.
(f)Includes equity securities of $803 million including $606 million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.
(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.
(h)Forward equity price is expressed as a percentage of the current equity price.
(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.
Changes in and ranges of unobservable inputs
Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.

Changes in level 3 recurring fair value measurements
The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and six months ended June 30, 2025 and 2024. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. The Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.
Fair value measurements using significant unobservable inputs
Three months ended
June 30, 2025
(in millions)
Fair value at
  Apr. 1,
2025
Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3
Fair value at
Jun. 30, 2025
Change in unrealized gains/(losses) related
to financial instruments held at Jun. 30, 2025
Purchases(f)
Sales
Settlements(g)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$390 $10 $28 $(49)$(14)$— $— $365 $4 
Residential – nonagency5 6 — (6)— — — 5 — 
Commercial – nonagency
7 — — — — — — 7 — 
Total mortgage-backed securities
402 16 28 (55)(14)— — 377 4 
Obligations of U.S. states and municipalities
1 — — — — — — 1 — 
Non-U.S. government debt securities
161 24 95 (105)— 54 (24)205 30 
Corporate debt securities442 2 29 (86)(5)3 — 385 (1)
Loans803 17 377 (241)(6)157 (239)868 17 
Asset-backed securities10 — 2 — — — — 12 — 
Total debt instruments1,819 59 531 (487)(25)214 (263)1,848 50 
 Equity securities
133 (27)151 (102)— 63 (22)196 (20)
 Physical commodities
14 10 — — — — — 24 10 
 Other
239 30 15 — (52)2 (17)217 14 
Total trading assets – debt and equity instruments2,205 72 
(c)
697 (589)(77)279 (302)2,285 54 
(c)
Net derivative receivables:(b)
Interest rate994 393 34 (84)65 5 24 1,431 496 
Credit(703)(141)(2)(7)10 8 27 (808)(142)
Foreign exchange298 333 28 (87)(31)21 (222)340 358 
Equity(2,961)579 351 (757)(711)378 (83)(3,204)215 
Commodity40 157 17 (74)30 (1)— 169 160 
Total net derivative receivables
(2,332)1,321 
(c)
428 (1,009)(637)411 (254)(2,072)1,087 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency8 (1)— — — — — 7 — 
Corporate debt securities— — 92 — — — — 92 — 
Total available-for-sale securities
8 (1)92 — — — — 99 — 
Loans2,398 145 
(c)
76 (56)(315)152 (148)2,252 33 
(c)
Mortgage servicing rights9,127 53 
(d)
85 3 (272)— — 8,996 53 
(d)
Other assets1,370 (21)
(c)
57 (21)(14)35 (3)1,403 (21)
(c)
Fair value measurements using significant unobservable inputs
Three months ended
June 30, 2025
(in millions)
Fair value at
  Apr. 1,
2025
Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3
Fair value at
Jun. 30, 2025
Change in unrealized (gains)/losses related
to financial instruments held at Jun. 30, 2025
PurchasesSalesIssuances
Settlements(g)
Liabilities:(a)
Deposits$1,949 $110 
(c)(e)
$— $— $261 $(211)$— $(10)$2,099 $108 
(c)(e)
Short-term borrowings4,045 155 
(c)(e)
— — 1,659 (1,722)9 (10)4,136 131 
(c)(e)
Trading liabilities – debt and equity instruments
44 (4)
(c)
(7)35 — (1)10 (5)72 — 
Accounts payable and other liabilities
36 5 
(c)
— — — — — (1)40 5 
(c)
Long-term debt36,482 2,443 
(c)(e)
— — 7,087 (3,846)27 (529)41,664 2,178 
(c)(e)
Fair value measurements using significant unobservable inputs
Three months ended
June 30, 2024
(in millions)
Fair value at
  Apr. 1,
2024
Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3
Fair value at
Jun. 30, 2024
Change in unrealized gains/(losses) related
to financial instruments held at Jun. 30, 2024
Purchases(f)
Sales
Settlements(g)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$729 $(1)$44 $(44)$(20)$— $— $708 $(1)
Residential – nonagency8 1 — — — — (4)5 1 
Commercial – nonagency12 (1)— — — — — 11 (1)
Total mortgage-backed securities
749 (1)44 (44)(20)— (4)724 (1)
Obligations of U.S. states and municipalities
7 — — — — — — 7 — 
Non-U.S. government debt securities
173 (3)41 (5)— — (13)193 (4)
Corporate debt securities570 (4)86 (72)(151)4 (25)408 (5)
Loans531 3 178 (131)(14)262 (138)691 2 
Asset-backed securities14 — — (5)(7)— — 2 — 
Total debt instruments2,044 (5)349 (257)(192)266 (180)2,025 (8)
 Equity securities
203 (25)33 (51)— 19 (57)122 3 
 Physical commodities
2 4 4 — — — — 10 4 
 Other
107 33 15 — (11)1 (1)144 34 
Total trading assets – debt and equity instruments2,356 7 
(c)
401 (308)(203)286 (238)2,301 33 
(c)
Net derivative receivables:(b)
Interest rate800 46 139 (41)399 

58 (100)1,301 24 
Credit260 91 — (1)(153)(32)15 180 89 
Foreign exchange24 128 43 (87)35 24 1 168 140 
Equity(2,781)128 

247 (591)

(109)

38 77 

(2,991)216 
Commodity(503)54 8 (52)20 (3)4 (472)60 
Total net derivative receivables
(2,200)447 
(c)
437 (772)

192 

85 (3)

(1,814)529 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency— — — — — — — — — 
Corporate debt securities— — — — — — — — — 
Total available-for-sale securities
— — — — — — — — — 
Loans2,901 72 
(c)
149 (183)(253)366 (59)2,993 58 
(c)
Mortgage servicing rights8,605 119 
(d)
418 (32)(263)— — 8,847 119 
(d)
Other assets811 37 
(c)
373 (13)(11)5 — 1,202 37 
(c)
Fair value measurements using significant unobservable inputs
Three months ended
June 30, 2024
(in millions)
Fair value at
  Apr. 1,
2024
Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3
Fair value at
Jun. 30, 2024
Change in unrealized (gains)/losses related
to financial instruments held at Jun. 30, 2024
PurchasesSalesIssuances
Settlements(g)
Liabilities:(a)
Deposits$2,055 $14 
(c)(e)
$— $— $265 $(407)$34 $(38)$1,923 $12 
(c)(e)
Short-term borrowings2,206 68 
(c)(e)
— — 1,814 (1,360)1 (3)2,726 45 
(c)(e)
Trading liabilities – debt and equity instruments
37 (37)
(c)
(5)55 — — 18 — 68 (37)
(c)
Accounts payable and other liabilities
48 (8)
(c)
(3)28 — — 5 — 70 (8)
(c)
Long-term debt28,678 (36)
(c)(e)
— — 6,473 (4,121)

426 (134)31,286 

(31)
(c)(e)
Fair value measurements using significant unobservable inputs
Six months ended
June 30, 2025
(in millions)		Fair value at
Jan. 1,
2025		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3
Fair value at
Jun. 30, 2025
Change in unrealized gains/(losses) related
to financial instruments held at Jun. 30, 2025
Purchases(f)
Sales
Settlements(g)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$488 $13 $31 $(137)$(30)$— $— $365 $2 
Residential – nonagency5 6 — (6)— — — 5 — 
Commercial – nonagency10 (3)— — — — — 7 (3)
Total mortgage-backed securities
503 16 31 (143)(30)— — 377 (1)
Obligations of U.S. states and municipalities
1 — — — — — — 1 — 
Non-U.S. government debt securities
152 36 171 (183)(1)54 (24)205 51 
Corporate debt securities390 9 128 (137)(10)13 (8)385 2 
Loans1,088 11 728 (455)(116)298 (686)868 (5)
Asset-backed securities10 — 2 — — — — 12 — 
Total debt instruments2,144 72 1,060 (918)(157)365 (718)1,848 47 
 Equity securities
62 (31)212 (142)— 124 (29)196 3 
 Physical commodities
26 — — — (2)— — 24 6 
 Other
210 (12)24 — (66)78 (17)217 (53)
Total trading assets – debt and equity instruments2,442 29 
(c)
1,296 (1,060)(225)567 (764)2,285 3 
(c)
Net derivative receivables:(b)
Interest rate301 990 123 (201)204 

(55)69 1,431 1,190 
Credit(363)(258)77 (7)(128)(138)9 (808)(216)
Foreign exchange20 565 91 (240)38 94 (228)340 391 
Equity(2,866)2,326 

623 (1,534)

(1,665)

(199)111 

(3,204)1,573 
Commodity(73)260 43 (136)92 — (17)169 309 
Total net derivative receivables
(2,981)3,883 
(c)
957 (2,118)

(1,459)

(298)(56)

(2,072)3,247 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency8 (1)— — — — — 7 (1)
Corporate debt securities— — 92 — — — — 92 — 
Total available-for-sale securities
8 (1)92 — — — — 99 (1)
Loans2,416 174 
(c)
130 (128)(615)605 (330)2,252 102 
(c)
Mortgage servicing rights9,121 (74)
(d)
475 7 (533)— — 8,996 (74)
(d)
Other assets1,344 11 
(c)
69 (52)(24)91 (36)1,403 12 
(c)
Fair value measurements using significant unobservable inputs
Six months ended
June 30, 2025
(in millions)		Fair value at
Jan. 1,
2025		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
Jun. 30, 2025
Change in unrealized (gains)/losses related
to financial instruments held at Jun. 30, 2025
PurchasesSalesIssuances
Settlements(g)
Liabilities:(a)
Deposits$2,185 $162 
(c)(e)
$— $— $623 $(836)$— $(35)$2,099 $157 
(c)(e)
Short-term borrowings3,476 204 
(c)(e)
— — 4,019 (3,534)19 (48)4,136 127 
(c)(e)
Trading liabilities – debt and equity instruments
46 (14)
(c)
(7)46 — (1)26 (24)72 (14)
(c)
Accounts payable and other liabilities
76 (3)
(c)
— 1 — — — (34)40 (3)
(c)
Long-term debt34,564 2,233 
(c)(e)
— — 14,741 (8,937)

185 (1,122)41,664 

2,127 
(c)(e)
Fair value measurements using significant unobservable inputs
Six months ended
June 30, 2024
(in millions)
Fair value at
Jan. 1,
2024		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3
Fair value at
Jun. 30, 2024
Change in unrealized gains/(losses) related
to financial instruments held at Jun. 30, 2024
Purchases(f)
Sales
Settlements(g)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$758 $— $45 $(61)$(41)$7 $— $708 $— 
Residential – nonagency5 — — — — 4 (4)5 — 
Commercial – nonagency12 (2)1 — — — — 11 (1)
Total mortgage-backed securities
775 (2)46 (61)(41)11 (4)724 (1)
Obligations of U.S. states and municipalities
10 — — — (2)— (1)7 — 
Non-U.S. government debt securities
179 2 92 (72)— 7 (15)193 (6)
Corporate debt securities484 7 300 (167)(181)8 (43)408 7 
Loans684 8 321 (330)(45)324 (271)691 5 
Asset-backed securities6 — 1 (5)(7)7 — 2 — 
Total debt instruments2,138 15 760 (635)(276)357 (334)2,025 5 
 Equity securities
127 (19)114 (81)— 43 (62)122 5 
 Physical commodities
7 2 4 — (3)— — 10 2 
 Other
101 44 42 — (43)1 (1)144 42 
Total trading assets – debt and equity instruments2,373 42 
(c)
920 (716)(322)401 (397)2,301 54 
(c)
Net derivative receivables:(b)
Interest rate502 (282)192 (84)883 

187 (97)1,301 (374)
Credit265 66 — (16)(139)(38)42 180 208 
Foreign exchange62 131 77 (125)(87)(29)139 168 139 
Equity(2,402)(524)

568 (1,199)

222 

(11)355 

(2,991)(6)
Commodity(279)(122)18 (120)27 (1)5 (472)(123)
Total net derivative receivables
(1,852)(731)
(c)
855 (1,544)

906 

108 444 

(1,814)(156)
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency— — — — — — — — — 
Corporate debt securities— — — — — — — — — 
Total available-for-sale securities
— — — — — — — — — 
Loans3,079 109 
(c)
209 (205)(645)669 (223)2,993 (3)
(c)
Mortgage servicing rights8,522 397 
(d)
478 (27)(523)— — 8,847 397 
(d)
Other assets758 66 
(c)
420 (22)(25)5 — 1,202 66 
(c)
Fair value measurements using significant unobservable inputs
Six months ended
June 30, 2024
(in millions)		Fair value at
Jan. 1,
2024		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
Jun. 30, 2024
Change in unrealized (gains)/losses related
to financial instruments held at Jun. 30, 2024
PurchasesSalesIssuances
Settlements(g)
Liabilities:(a)
Deposits$1,833 $(15)
(c)(e)
$— $— $792 $(610)$34 $(111)$1,923 $(21)
(c)(e)
Short-term borrowings1,758 69 
(c)(e)
— — 3,459 (2,557)1 (4)2,726 30 
(c)(e)
Trading liabilities – debt and equity instruments
37 (40)
(c)
(6)57 — — 21 (1)68 (67)
(c)
Accounts payable and other liabilities
52 (12)
(c)
(6)31 — — 5 — 70 (12)
(c)
Long-term debt27,726 515 
(c)(e)
— — 10,976 (7,972)

443 (402)31,286 

424 
(c)(e)
(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 1% and 2% at June 30, 2025 and December 31, 2024, respectively. Level 3 liabilities at fair value as a percentage of total Firm liabilities at
fair value (including liabilities measured at fair value on a nonrecurring basis) were 6% and 9% at June 30, 2025 and December 31, 2024, respectively.
(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.
(c)Primarily reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.
(d)Changes in fair value for MSRs are reported in mortgage fees and related income.
(e)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three and six months ended June 30, 2025 and 2024. Unrealized (gains)/losses are reported in OCI, and were $63 million and $(137) million for the three months ended June 30, 2025 and 2024, respectively, and $(10) million and $(97) million for the six months ended June 30, 2025 and 2024, respectively.
(f)Loan originations are included in purchases.
(g)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.
Level 3 analysis
Consolidated balance sheets changes
The following describes significant changes to level 3 assets since December 31, 2024, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 109 for further information on changes impacting items measured at fair value on a nonrecurring basis.
Three and six months ended June 30, 2025
Level 3 assets were $25.5 billion at June 30, 2025, reflecting an increase of $1.3 billion from March 31, 2025, and an increase of $1.7 billion from December 31, 2024.
The increase for the three and six months ended June 30, 2025 was predominantly driven by higher:
•Gross derivative receivables of $1.4 billion and $2.0 billion, respectively, due to gains and purchases primarily offset by settlements.
Refer to the sections below for additional information.
Transfers between levels for instruments carried at fair value on a recurring basis
For the three months ended June 30, 2025 and 2024, there were no significant transfers from level 2 into level 3 or from level 3 into level 2.
For the six months ended June 30, 2025, significant transfers from level 2 into level 3 included the following:
•$819 million and $1.0 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of a decrease in observability and an increase in the significance of unobservable inputs.
For the six months ended June 30, 2025, significant transfers from level 3 into level 2 included the following:
•$793 million and $904 million of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.
•$1.1 billion of long-term debt driven by an increase in observability and a decrease in the significance of unobservable inputs for structured notes.
For the six months ended June 30, 2024, significant transfers from level 2 into level 3 included the following:
•$759 million and $798 million of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of a decrease in observability and an increase in the significance of unobservable inputs.
For the six months ended June 30, 2024, significant transfers from level 3 into level 2 included the following:
•$987 million of gross equity derivative payables as a result of an increase in observability and a decrease in the significance of unobservable inputs.
All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.
Gains and losses
The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 102-107 for further information on these instruments.
Three months ended June 30, 2025
•$1.6 billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements.
•$2.7 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Three months ended June 30, 2024
•$682 million of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements and gains in MSR reflecting lower prepayment speeds on higher rates.
•$1 million of net losses on liabilities, driven by losses in deposits and short-term borrowings predominantly offset by gains in trading liabilities - debt and equity instruments and long-term debt due to market movements.
Six months ended June 30, 2025
•$4.0 billion of net gains on assets, driven by gains in net derivative receivables due to market movements.
•$2.6 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Six months ended June 30, 2024
•$117 million of net losses on assets, driven by losses in net derivative receivables due to market movements largely offset by gains in loans due to market movements and gains in MSR reflecting lower prepayment speeds on higher rates.
•$517 million of net losses on liabilities, driven by losses in long-term debt due to market movements.
Refer to Note 14 for information on MSRs.
Credit and funding adjustments — derivatives
The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Credit and funding adjustments:
Derivatives CVA$(72)$(56)$(117)$20 
Derivatives FVA
(34)(20)(59)37 
Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.
Assets and liabilities measured at fair value on a nonrecurring basis
The following tables present the assets and liabilities held as of June 30, 2025 and 2024, for which nonrecurring fair value adjustments were recorded during the six months ended June 30, 2025 and 2024, by major product category and fair value hierarchy.
June 30, 2025
(in millions)		Fair value hierarchyTotal fair value
Level 1
Level 2
Level 3
Loans$— $1,048 

$637 $1,685 
Other assets(a)
— 10 398 408 
Total assets measured at fair value on a nonrecurring basis$— $1,058 $1,035 $2,093 
Accounts payable and other liabilities
— — 5 
 
5 
Total liabilities measured at fair value on a nonrecurring basis
$— $— $5 $5 
June 30, 2024
(in millions)		Fair value hierarchyTotal fair value
Level 1Level 2Level 3
Loans$— $860 

$778 $1,638 
Other assets— 6 501 

507 
Total assets measured at fair value on a nonrecurring basis$— $866 $1,279 $2,145 
Accounts payable and other liabilities
— — — 

— 
Total liabilities measured at fair value on a nonrecurring basis$— $— $— $— 
(a)Included equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $398 million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2025, $347 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.
Nonrecurring fair value changes
The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three and six months ended June 30, 2025 and 2024, related to assets and liabilities held at those dates.


Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Loans$(105)
 
$(105)

$(139)

$(149)
Other assets(a)
(14)
 
(178)

14 (215)
Accounts payable and other liabilities (4)
 
— 

(5)— 
Total nonrecurring fair value gains/(losses)
$(123)$(283)$(130)$(364)
(a)Included $(7) million and $(109) million for the three months ended June 30, 2025 and 2024, respectively, and $26 million and $(147) million for the six months ended June 30, 2025 and 2024, respectively, of net gains/(losses) as a result of the measurement alternative.


Equity securities without readily determinable fair values
The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (i.e., measurement alternative), with such changes recognized in other income.
In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.
The following table presents the carrying value of equity securities without readily determinable fair values held as of June 30, 2025 and 2024, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.
Three months ended June 30,Six months ended June 30,
As of or for the period ended, (in millions)2025202420252024
Other assets
Carrying value(a)
$4,121 $3,564 $4,121 $3,564 
Upward carrying value changes(b)
26 10 

78 30
Downward carrying value changes/impairment(c)
(33)(119)(52)(177)
(a)The carrying value as of December 31, 2024 was $3.7 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.
(b)The cumulative upward carrying value changes between January 1, 2018 and June 30, 2025 were $1.2 billion.
(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2025 were $(1.5) billion.
Included in other assets above is the Firm’s interest in approximately 18.6 million Visa Class B-2 common shares ("Visa B-2 shares") reflected in the Firm's principal investment portfolio at both June 30, 2025 and 2024.
These shares are subject to certain transfer restrictions and are convertible into Visa Class A common shares (“Visa A shares”) at a specified conversion rate upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa B-2 shares to Visa A shares was 1.5342 at June 30, 2025 and may be adjusted by Visa depending on developments related to the litigation matters. The outcome of those litigation matters, and the effect that the resolution of those matters may have on the conversion rate, is unknown. Accordingly, as of June 30, 2025, there is significant uncertainty regarding when the transfer restrictions on Visa B-2 shares may be terminated and what the final conversion rate for the Visa B-2 shares will be. As a result of these considerations, as well as differences in voting rights, Visa B-2 shares are not considered to be similar to Visa A shares, and are held at their nominal carryover basis.
Separately, in connection with sales of Visa B shares prior to 2024, the Firm has entered into derivative instruments with the purchasers of the shares under which the Firm retains the risk associated with changes in the conversion rate. As of June 30, 2025, the Firm held derivative instruments associated with 11.6 million Visa B-2 shares related to Visa B share sales prior to 2024, which are all subject to similar terms and conditions. Refer to page 200 of JPMorganChase’s 2024 Form 10-K for further information.
Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value
The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at June 30, 2025 and December 31, 2024, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.
June 30, 2025December 31, 2024
Estimated fair value hierarchyEstimated fair value hierarchy
(in billions)Carrying
value		Level 1Level 2Level 3Total estimated
fair value		Carrying
value		Level 1Level 2Level 3Total estimated
fair value
Financial assets
Cash and due from banks$23.8 $23.8 $— $— $23.8 $23.4 $23.4 $— $— $23.4 
Deposits with banks396.6 396.4 0.2 — 396.6 445.9 445.8 0.1 — 445.9 
Accrued interest and accounts receivable
124.3 — 124.2 0.1 124.3 101.1 — 101.0 0.1 101.1 
Federal funds sold and securities purchased under resale agreements
22.8 — 22.8 — 22.8 8.2 — 8.2 — 8.2 
Securities borrowed
127.3 — 127.3 — 127.3 135.6 — 135.6 — 135.6 
Investment securities, held-to-maturity
260.6 100.2 139.1 — 239.3 274.5 97.4 150.5 — 247.9 
Loans, net of allowance for loan losses(a)
1,333.7 — 263.0 1,073.1 1,336.1 1,282.3 — 268.7 1,007.8 1,276.5 
Other88.2 — 86.8 1.6 88.4 82.7 — 81.3 1.6 82.9 
Financial liabilities
Deposits$2,520.7 $— $2,521.3 $— $2,521.3 $2,372.3 $— $2,372.5 $— $2,372.5 
Federal funds purchased and securities loaned or sold under repurchase agreements
69.9 — 69.9 — 69.9 70.5 — 70.5 — 70.5 
Short-term borrowings
28.9 — 28.9 — 28.9 26.4 — 26.3 — 26.3 
Accounts payable and other liabilities(b)
256.1 — 243.2 11.9 255.1 232.8 — 219.6 12.6 232.2 
Beneficial interests issued by consolidated VIEs
27.7 — 27.7 — 27.7 27.3 — 27.4 — 27.4 
Long-term debt
301.4 — 251.7 51.8 303.5 300.6 — 251.2 50.7 301.9 
(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.
(b)Excludes lending-related commitments disclosed in the table below.
The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.
June 30, 2025December 31, 2024
Estimated fair value hierarchyEstimated fair value hierarchy
(in billions)
Carrying value(a)(b)
Level 1Level 2Level 3Total estimated fair value
Carrying value(a)(b)
Level 1Level 2Level 3Total estimated fair value
Wholesale lending-related commitments
$3.5 $— $— $4.6 $4.6 $2.7 $— $— $4.4 $4.4 
(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.
(b)Includes the wholesale allowance for lending-related commitments.
The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments with or without notice to the borrower, as permitted by law, or in accordance with the contract. Refer to page 183 of JPMorganChase’s 2024 Form 10-K for a further discussion of the valuation of lending-related commitments.