v3.25.2
Preferred Stock
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Preferred Stock Preferred stock
Refer to Note 21 of JPMorganChase’s 2024 Form 10-K for a further discussion on preferred stock.
The following is a summary of JPMorganChase’s non-cumulative preferred stock outstanding as of June 30, 2025 and December 31, 2024, and the quarterly dividend declarations for the three and six months ended June 30, 2025 and 2024.
Shares(a)
Carrying value
 (in millions)
Contractual rate in effect at June 30, 2025
Earliest redemption date(b)
Floating annualized rate(c)
Dividend declared
per share
June 30, 2025December 31, 2024June 30, 2025December 31, 2024Issue dateThree months ended June 30,Six months ended June 30,
2025202420252024
Fixed-rate:
Series DD169,625 169,625 $1,696 $1,696 9/21/20185.750 %12/1/2023NA$143.75 $143.75 $287.50$287.50
Series EE185,000 185,000 1,850 1,850 1/24/20196.000 3/1/2024NA150.00 150.00 300.00300.00
Series GG90,000 90,000 900 900 11/7/20194.750 12/1/2024NA118.75 118.75 237.50237.50
Series JJ150,000 150,000 1,500 1,500 3/17/20214.550 6/1/2026NA113.75 113.75 227.50227.50
Series LL185,000 185,000 1,850 1,850 5/20/20214.625 6/1/2026NA115.63 115.63 231.26231.26
Series MM200,000 200,000 2,000 2,000 7/29/20214.200 9/1/2026NA105.00 105.00 210.00210.00
Fixed-to-floating rate:
Series Q— — — — 4/23/2013— 5/1/2023
SOFR + 3.25
— — —220.45
Series R— — — — 7/29/2013— 8/1/2023
SOFR + 3.30
— — —221.70
Series S— — — — 1/22/2014— 2/1/2024
SOFR + 3.78
— — —233.70
(f)
Series U— — — — 3/10/2014— 4/30/2024
SOFR + 3.33
— — —153.13

Series X— — — — 9/23/2014— 10/1/2024
SOFR + 3.33
— 152.50 —305.00
Series CC125,750 125,750 1,258 1,258 10/20/2017
SOFR + 2.58
11/1/2022
SOFR + 2.58
181.89 208.75 354.25412.45
Series FF— — — — 7/31/2019— 8/1/2024
SOFR + 3.38
— 125.00 —250.00
Series HH— 300,000 — 3,000 1/23/2020— 2/1/2025
SOFR + 3.125
— 115.00 —230.00
Series II150,000 150,000 1,500 1,500 2/24/2020
SOFR + 2.745
4/1/2025
SOFR + 2.745
178.02 
(d)
100.00 278.02
(d)
200.00
Series KK200,000 200,000 2,000 2,000 5/12/20213.650 6/1/2026
CMT + 2.85
91.25 91.25 182.50182.50
Series NN250,000 250,000 2,496 2,496 3/12/20246.875 6/1/2029
CMT + 2.737
171.88 150.87 
(e)
343.76150.87 
(e)
Series OO300,000 NA2,995 NA2/4/20256.500 4/1/2030
CMT + 2.152
162.50 NA265.42
(e)
NA
Total preferred stock2,005,375 2,005,375 $20,045 $20,050 
(a)Represented by depositary shares.
(b)Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date.
(c)References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus, in the case of the Series CC preferred stock, a spread adjustment of 0.26% per annum) plus the spreads noted. References to “CMT” mean a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spreads noted.
(d)The dividend rate for Series II preferred stock became floating and payable quarterly starting on April 1, 2025; prior to which the dividend rate was fixed at 4.00% or $200.00 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on April 1, 2025 was three-month term SOFR plus the spread of 2.745%.
(e)The initial dividend declared is prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate.
(f)The dividend rate for Series S preferred stock became floating and payable quarterly starting on February 1, 2024; prior to which the dividend rate was fixed at 6.75% or $337.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on February 1, 2024 was three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.78%.
Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $20.2 billion at June 30, 2025.
Issuances
On February 4, 2025, the Firm issued $3.0 billion of fixed-rate reset non-cumulative preferred stock, Series OO.
On March 12, 2024, the Firm issued $2.5 billion of fixed-rate reset non-cumulative preferred stock, Series NN.
Redemptions
On February 1, 2025, the Firm redeemed all $3.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series HH.
On October 1, 2024, the Firm redeemed all $1.6 billion of its fixed-to-floating rate non-cumulative preferred stock, Series X.
On August 1, 2024, the Firm redeemed all $2.3 billion of its fixed-to-floating rate non-cumulative preferred stock, Series FF.
On May 1, 2024, the Firm redeemed all $5.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Q, Series R and Series S.
On April 30, 2024, the Firm redeemed all $1.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series U.