JPMorganChase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorganChase’s 2024 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.

To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.

The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at June 30, 2025 and December 31, 2024. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these commitments will be utilized at the same time. The Firm can reduce or cancel these commitments, in accordance with the contract, or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of underlying property.


Off–balance sheet lending-related financial instruments, guarantees and other commitments
	Contractual amount												Carrying value(h)(i)
	June 30, 2025										Dec 31, 2024			Jun 30, 2025		Dec 31, 2024
By remaining maturity (in millions)	Expires in 1 year or less		Expires after 1 year through 3 years		Expires after 3 years through 5 years		Expires after 5 years		Total		Total
Lending-related
Consumer, excluding credit card:
Residential Real Estate(a)	$	14,512	$	6,597	$	4,058	$	6,769	$	31,936	$	30,349		$	408	$	534
Auto and other	11,346		1		4		3,777		15,128		14,495			11		37
Total consumer, excluding credit card	25,858		6,598		4,062		10,546		47,064		44,844			419		571
Credit card(b)	1,050,275		—		—		—		1,050,275		1,001,311			—		—
Total consumer(c)	1,076,133		6,598		4,062		10,546		1,097,339		1,046,155			419		571
Wholesale:
Other unfunded commitments to extend credit(d)	112,561		187,746		201,445		24,933		526,685		498,437			3,230		2,608
Standby letters of credit and other financial guarantees(d)	15,793		8,108		4,202		534		28,637		28,676			674		473
Other letters of credit(d)	3,786		295		11		240		4,332		4,354			16		37
Total wholesale(c)	132,140		196,149		205,658		25,707		559,654		531,467			3,920		3,118
Total lending-related	$	1,208,273	$	202,747	$	209,720	$	36,253	$	1,656,993	$	1,577,622		$	4,339	$	3,689
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)	$	366,566	$	—	$	—	$	—	$	366,566	$	310,046		$	—	$	—
Derivatives qualifying as guarantees	1,550		86		9,699		37,085		48,420		49,628			9		113
Unsettled resale and securities borrowed agreements	154,920		1,207		1,250		—		157,377		115,939			1		2
Unsettled repurchase and securities loaned agreements	99,797		587		—		—		100,384		66,986			—		(2)
Loan sale and securitization-related indemnifications:
Mortgage repurchase liability	NA		NA		NA		NA		NA		NA			46		45
Loans sold with recourse	NA		NA		NA		NA		1,697		1,189			19		23
Exchange & clearing house guarantees and commitments(f)	243,239		NA		NA		NA		243,239		401,486			—		—
Other guarantees and commitments(g)	10,770		1,002		458		774		13,004		12,396			27		28

(d)As of June 30, 2025 and December 31, 2024, reflected the contractual amount net of risk participations totaling $155 million and $85 million, respectively, for other unfunded commitments to extend credit; $9.5 billion at both periods for standby letters of credit and other financial guarantees; $699 million and $556 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.

(i)For lending-related commitments, the carrying value also includes fees and any purchase discounts or premiums that are deferred and recognized in accounts payable and other liabilities on the Consolidated balance sheets. Deferred amounts for revolving commitments and commitments not expected to fund, are amortized to lending- and deposit-related fees on a straight line basis over the commitment period. For all other commitments the deferred amounts remain deferred until the commitment funds or is sold.

Other unfunded commitments to extend credit

Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.

Standby letters of credit and other financial guarantees

Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.


	June 30, 2025					December 31, 2024
(in millions)	Standby letters of credit and other financial guarantees			Other letters of credit		Standby letters of credit and other financial guarantees			Other letters of credit
Investment-grade(a)		$	19,946	$	2,875		$	20,443	$	3,380
Noninvestment-grade(a)		8,691		1,457			8,233		974
Total contractual amount		$	28,637	$	4,332		$	28,676	$	4,354

Allowance for lending-related commitments		$	236	$	16		$	94	$	37
Guarantee liability		438		—			379		—
Total carrying value		$	674	$	16		$	473	$	37
Commitments with collateral		$	16,629	$	303		$	16,805	$	357

Derivatives qualifying as guarantees

The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorganChase’s 2024 Form 10-K for further information on these derivatives.

The following table summarizes the derivatives qualifying as guarantees as of June 30, 2025 and December 31, 2024.


(in millions)	June 30, 2025		December 31, 2024
Notional amounts
Derivative guarantees	$	48,420	$	49,628
Stable value contracts with contractually limited exposure	34,903		32,939
Maximum exposure of stable value contracts with contractually limited exposure	1,305		1,740
Fair value
Derivative payables	9		113

In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.

Loan sales- and securitization-related indemnifications

In connection with the Firm’s mortgage loan sale and securitization activities with U.S. GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm.

The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorganChase’s 2024 Form 10-K for additional information regarding litigation.

Under the rules of payment networks, in its role as a merchant acquirer, the Firm's Merchant Services business in CIB Payments, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, the Firm will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If the Firm is unable to collect the amount from the merchant, the Firm will bear the loss for the amount credited or refunded to the cardholder. The Firm mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, the Firm recognizes a valuation allowance that covers the payment or performance risk related to charge-backs.

The Firm acts as a sponsoring member to clear eligible overnight and term resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house; therefore, the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 180. Refer to Note 11 of JPMorganChase’s 2024 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements.

The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank pari passu with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 180 of this Note. Refer to Note 20 of JPMorganChase’s 2024 Form 10-K for additional information.