Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At June 30, 2025, the investment securities portfolio consisted of debt securities with an average credit

rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).

Refer to Note 10 of JPMorganChase’s 2024 Form 10-K for additional information regarding the investment securities portfolio.


	June 30, 2025								December 31, 2024
(in millions)	Amortized cost(c)(d)		Gross unrealized gains		Gross unrealized losses		Fair value		Amortized cost(c)(d)		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies	$	96,286	$	735	$	2,986	$	94,035	$	95,671	$	251	$	4,029	$	91,893
Residential:
U.S.	5,496		22		29		5,489		4,242		16		50		4,208
Non-U.S.	465		1		—		466		600		3		—		603
Commercial	4,866		45		43		4,868		4,115		20		70		4,065
Total mortgage-backed securities	107,113		803		3,058		104,858		104,628		290		4,149		100,769
U.S. Treasury and government agencies	301,363		1,905		187		303,081		235,495		545		1,261		234,779
Obligations of U.S. states and municipalities	19,233		32		1,618		17,647		18,337		110		534		17,913
Non-U.S. government debt securities	41,183		241		294		41,130		36,655		94		504		36,245
Corporate debt securities	122		1		—		123		71		—		1		70
Asset-backed securities:
Collateralized loan obligations	16,420		45		5		16,460		14,887		59		3		14,943
Other	2,067		21		7		2,081		2,125		17		9		2,133
Unallocated portfolio layer fair value basis adjustments(a)	1,092		(1,092)		—		NA		(1,153)		—		(1,153)		NA
Total available-for-sale securities	488,593		1,956		5,169		485,380		411,045		1,115		5,308		406,852
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies	93,232		33		11,272		81,993		97,177		6		13,531		83,652
U.S. Residential	8,058		4		733		7,329		8,605		4		904		7,705
Commercial	7,840		16		287		7,569		8,817		24		389		8,452
Total mortgage-backed securities	109,130		53		12,292		96,891		114,599		34		14,824		99,809
U.S. Treasury and government agencies	108,236		—		8,076		100,160		108,632		—		11,212		97,420
Obligations of U.S. states and municipalities	9,022		2		971		8,053		9,310		32		631		8,711
Asset-backed securities:
Collateralized loan obligations	33,000		41		26		33,015		40,573		84		14		40,643
Other	1,171		1		27		1,145		1,354		2		39		1,317
Total held-to-maturity securities	260,559		97		21,392		239,264		274,468		152		26,720		247,900
Total investment securities, net of allowance for credit losses	$	749,152	$	2,053	$	26,561	$	724,644	$	685,513	$	1,267	$	32,028	$	654,752

The following tables present the fair value and gross unrealized losses by aging category for AFS securities at June 30, 2025 and December 31, 2024. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $3.2 billion and $5.3 billion, at June 30, 2025 and December 31, 2024, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government.


	Available-for-sale securities with gross unrealized losses
	Less than 12 months				12 months or more
June 30, 2025 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.	$	696	$	2	$	851	$	27	$	1,547	$	29
Non-U.S.	—		—		27		—		27		—
Commercial	650		2		909		41		1,559		43
Total mortgage-backed securities	1,346		4		1,787		68		3,133		72
Obligations of U.S. states and municipalities	14,060		1,160		2,492		458		16,552		1,618
Non-U.S. government debt securities	6,965		105		4,498		189		11,463		294
Corporate debt securities	92		—		5		—		97		—
Asset-backed securities:
Collateralized loan obligations	1,612		3		190		2		1,802		5
Other	206		1		155		6		361		7
Total available-for-sale securities with gross unrealized losses	$	24,281	$	1,273	$	9,127	$	723	$	33,408	$	1,996


	Available-for-sale securities with gross unrealized losses
	Less than 12 months				12 months or more
December 31, 2024 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.	$	1,505	$	6	$	925	$	44	$	2,430	$	50
Non-U.S.	—		—		30		—		30		—
Commercial	763		8		1,184		62		1,947		70
Total mortgage-backed securities	2,268		14		2,139		106		4,407		120
Obligations of U.S. states and municipalities	10,037		233		2,412		301		12,449		534
Non-U.S. government debt securities	14,234		234		4,184		270		18,418		504
Corporate debt securities	9		—		30		1		39		1
Asset-backed securities:
Collateralized loan obligations	2		—		375		3		377		3
Other	214		1		200		8		414		9
Total available-for-sale securities with gross unrealized losses	$	26,764	$	482	$	9,340	$	689	$	36,104	$	1,171

HTM securities – credit risk

Credit quality indicator

The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At both June 30, 2025 and December 31, 2024, all HTM securities were rated investment grade and were current and accruing, with approximately 99% rated at least AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).

Allowance for credit losses on investment securities

The allowance for credit losses on investment securities as of June 30, 2025 was $108 million, which included the impact of a $17 million reduction in allowance related to a sale of a corporate debt security in the first quarter of 2025. As of June 30, 2024, the allowance for credit losses in investment securities was $177 million.

Refer to Note 10 of JPMorganChase’s 2024 Form 10-K for further discussion of accounting policies for AFS and HTM securities.

Selected impacts of investment securities on the Consolidated statements of income


	Three months ended June 30,				Six months ended June 30,
(in millions)	2025		2024		2025		2024
Realized gains	$	94	$	64	$	239	$	237
Realized losses	(148)		(611)		(330)		(1,150)
Investment securities losses	$	(54)	$	(547)	$	(91)	$	(913)
Provision for credit losses	$	(10)	$	23	$	(27)	$	49


By remaining maturity June 30, 2025 (in millions)	Due in one year or less			Due after one year through five years			Due after five years through 10 years			Due after 10 years(c)			Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost	$	1,237		$	9,871		$	5,075		$	90,932		$	107,115
Fair value	1,227			9,969			5,126			88,536			104,858
Average yield(a)	3.46		%	4.68		%	5.20		%	4.68		%	4.69		%
U.S. Treasury and government agencies
Amortized cost	$	25,637		$	216,412		$	53,105		$	6,209		$	301,363
Fair value	25,649			217,910			53,225			6,297			303,081
Average yield(a)	4.64		%	4.46		%	4.80		%	5.29		%	4.55		%
Obligations of U.S. states and municipalities
Amortized cost	$	1		$	14		$	93		$	19,125		$	19,233
Fair value	1			14			92			17,540			17,647
Average yield(a)	3.47		%	3.85		%	4.35		%	5.27		%	5.26		%
Non-U.S. government debt securities
Amortized cost	$	10,038		$	16,441		$	8,918		$	5,786		$	41,183
Fair value	10,051			16,526			8,846			5,707			41,130
Average yield(a)	3.74		%	4.19		%	3.16		%	3.92		%	3.82		%
Corporate debt securities
Amortized cost	$	49		$	106		$	—		$	—		$	155
Fair value	17			106			—			—			123
Average yield(a)	17.50		%	14.52		%	—		%	—		%	15.46		%
Asset-backed securities
Amortized cost	$	5		$	376		$	1,152		$	16,954		$	18,487
Fair value	5			378			1,159			16,999			18,541
Average yield(a)	5.34		%	5.76		%	5.66		%	5.47		%	5.49		%

Total available-for-sale securities
Amortized cost(b)	$	36,967		$	243,220		$	68,343		$	139,006		$	487,536
Fair value	36,950			244,903			68,448			135,079			485,380
Average yield(a)	4.38		%	4.46		%	4.63		%	4.85		%	4.59		%
Held-to-maturity securities
Mortgage-backed securities
Amortized cost	$	356		$	8,129		$	6,967		$	93,722		$	109,174
Fair value	347			7,727			6,287			82,530			96,891
Average yield(a)	0.92		%	2.60		%	2.82		%	2.94		%	2.90		%
U.S. Treasury and government agencies
Amortized cost	$	32,483		$	29,681		$	46,072		$	—		$	108,236
Fair value	31,931			27,900			40,329			—			100,160
Average yield(a)	0.65		%	1.27		%	1.27		%	—		%	1.08		%
Obligations of U.S. states and municipalities
Amortized cost	$	—		$	44		$	278		$	8,729		$	9,051
Fair value	—			40			256			7,757			8,053
Average yield(a)	—		%	4.55		%	3.09		%	3.91		%	3.88		%
Asset-backed securities
Amortized cost	$	—		$	155		$	21,237		$	12,779		$	34,171
Fair value	—			155			21,243			12,762			34,160
Average yield(a)	—		%	3.58		%	4.94		%	5.03		%	4.97		%
Total held-to-maturity securities
Amortized cost(b)	$	32,839		$	38,009		$	74,554		$	115,230		$	260,632
Fair value	32,278			35,822			68,115			103,049			239,264
Average yield(a)	0.65		%	1.57		%	2.47		%	3.24		%	2.45		%

(a)Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives, including closed portfolio hedges. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date.