Refer to Note 11 of JPMorganChase’s 2024 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities financing agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.

The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of June 30, 2025 and December 31, 2024. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with

the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets.


	June 30, 2025
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	716,424	$	(245,842)	$	470,582	$	(461,190)		$	9,392
Securities borrowed	283,157		(59,181)		223,976		(183,302)			40,674
Liabilities
Securities sold under repurchase agreements	$	833,415	$	(245,842)	$	587,573	$	(558,634)		$	28,939
Securities loaned and other(a)	75,377		(59,181)		16,196		(16,014)			182


	December 31, 2024
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	607,154	$	(312,183)	$	294,971	$	(282,220)		$	12,751
Securities borrowed	267,917		(48,371)		219,546		(170,702)			48,844
Liabilities
Securities sold under repurchase agreements	$	603,683	$	(312,183)	$	291,500	$	(249,763)		$	41,737
Securities loaned and other(a)	58,989		(48,371)		10,618		(10,557)			61

(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At June 30, 2025 and December 31, 2024, included $7.8 billion and $8.7 billion, respectively, of securities purchased under resale agreements; $36.4 billion and $42.9 billion, respectively, of securities borrowed; $28.2 billion and $40.9 billion, respectively, of securities sold under repurchase agreements; and securities loaned and other which were not material.


	Gross liability balance
	June 30, 2025				December 31, 2024
(in millions)	Securities sold under repurchase agreements		Securities loaned and other		Securities sold under repurchase agreements		Securities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies	$	124,237	$	—	$	82,645	$	—
Residential - nonagency	2,120		—		2,610		—
Commercial - nonagency	2,190		—		2,344		—
U.S. Treasury, GSEs and government agencies	406,093		512		300,022		759
Obligations of U.S. states and municipalities	2,029		—		1,872		—
Non-U.S. government debt	196,113		3,209		117,614		1,852
Corporate debt securities	54,350		3,813		44,495		4,033
Asset-backed securities	6,126		—		4,619		—
Equity securities	40,157		67,843		47,462		52,345
Total	$	833,415	$	75,377	$	603,683	$	58,989

At June 30, 2025 and December 31, 2024, the Firm held $936 million and $805 million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded primarily in short-term borrowings and long-term debt on the Consolidated balance sheets.