v3.26.1
Fair Value Measurement
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair value measurement
Refer to Note 2 of JPMorganChase’s 2025 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, 2026 and December 31, 2025, 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(f)
June 30, 2026
(in millions)		Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $432,939 $— $— $432,939 
Securities borrowed— 118,384 — — 118,384 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 156,294 238 — 156,532 
Residential – nonagency— 4,066 5 — 4,071 
Commercial – nonagency— 1,539 — — 1,539 
Total mortgage-backed securities— 161,899 243 — 162,142 
U.S. Treasury, GSEs and government agencies(a)
242,954 19,101 — — 262,055 
Obligations of U.S. states and municipalities— 7,158 5 — 7,163 
Certificates of deposit, bankers’ acceptances and commercial paper
— 3,959 9 — 3,968 
Non-U.S. government debt securities
117,101 74,285 797 — 192,183 
Corporate debt securities— 54,928 508 — 55,436 
Loans— 13,062 1,175 — 14,237 
Asset-backed securities— 2,556 71 — 2,627 
Total debt instruments360,055 336,948 2,808 — 699,811 
Equity securities264,123 2,769 175 — 267,067 
Physical commodities(b)
13,738 1,493 24 — 15,255 
Other— 11,563 609 — 12,172 
Total debt and equity instruments(c)
637,916 352,773 3,616 — 994,305 
Derivative receivables:
Interest rate2,080 276,133 6,425 (259,686)24,952 
Credit— 12,584 461 (12,791)254 
Foreign exchange203 219,334 1,859 (196,929)24,467 
Equity
2,539 138,604 3,680 (134,116)10,707 
Commodity— 26,075 623 (19,311)7,387 
Total derivative receivables4,822 672,730 13,048 (622,833)67,767 
Total trading assets(d)
642,738 1,025,503 16,664 (622,833)1,062,072 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
2 88,764 — — 88,766 
Residential – nonagency— 5,480 — — 5,480 
Commercial – nonagency— 4,800 — — 4,800 
Total mortgage-backed securities2 99,044 — — 99,046 
U.S. Treasury and government agencies340,273 942 — — 341,215 
Obligations of U.S. states and municipalities— 18,716 — — 18,716 
Non-U.S. government debt securities
39,678 10,829 — — 50,507 
Corporate debt securities— 17 109 — 126 
Asset-backed securities:
Collateralized loan obligations— 24,534 — — 24,534 
Other(a)
— 1,904 — — 1,904 
Total available-for-sale securities379,953 155,986 109 — 536,048 
Loans— 59,981 2,908 — 62,889 
Mortgage servicing rights— — 9,156 — 9,156 
Other assets(d)
14,764 
(e)
15,066 1,128 — 30,958 
Total assets measured at fair value on a recurring basis$1,037,455 $1,807,859 $29,965 $(622,833)$2,252,446 
Deposits$— $24,862 $1,367 $— $26,229 
Federal funds purchased and securities loaned or sold under repurchase agreements
— 568,730 — — 568,730 
Short-term borrowings— 24,440 5,527 — 29,967 
Trading liabilities:
Debt and equity instruments(c)
167,920 40,379 349 — 208,648 
Derivative payables:
Interest rate2,415 257,483 2,929 (253,917)8,910 
Credit— 16,551 2,631 (16,864)2,318 
Foreign exchange189 213,747 1,468 (199,384)16,020 
Equity
3,475 176,783 6,542 (154,177)32,623 
Commodity— 23,799 626 (17,808)6,617 
Total derivative payables6,079 688,363 14,196 (642,150)66,488 
Total trading liabilities173,999 728,742 14,545 (642,150)275,136 
Accounts payable and other liabilities7,316 11,021 46 — 18,383 
Beneficial interests issued by consolidated VIEs— 5 — — 5 
Long-term debt— 101,402 54,654 — 156,056 
Total liabilities measured at fair value on a recurring basis$181,315 $1,459,202 $76,139 $(642,150)$1,074,506 
Fair value hierarchy
Derivative
netting
adjustments(f)
December 31, 2025
(in millions)		Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $327,018 $— $— $327,018 
Securities borrowed— 98,111 — — 98,111 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 157,834 307 — 158,141 
Residential – nonagency— 2,002 5 — 2,007 
Commercial – nonagency— 1,937 — — 1,937 
Total mortgage-backed securities— 161,773 312 — 162,085 
U.S. Treasury, GSEs and government agencies(a)
225,255 18,629 — — 243,884 
Obligations of U.S. states and municipalities— 6,129 1 — 6,130 
Certificates of deposit, bankers’ acceptances and commercial paper— 1,345 — — 1,345 
Non-U.S. government debt securities
77,385 47,054 245 — 124,684 
Corporate debt securities— 45,053 454 — 45,507 
Loans— 11,782 1,143 — 12,925 
Asset-backed securities— 3,986 27 — 4,013 
Total debt instruments302,640 295,751 2,182 — 600,573 
Equity securities107,585 2,153 138 — 109,876 
Physical commodities(b)
20,880 947 30 — 21,857 
Other— 12,346 444 — 12,790 
Total debt and equity instruments(c)
431,105 311,197 2,794 — 745,096 
Derivative receivables:
Interest rate1,579 276,565 

3,740 (256,483)25,401 
Credit— 12,018 1,006 (12,545)479 
Foreign exchange111 181,318 

1,807 (163,881)19,355 
Equity
806 95,098 1,819 (91,856)5,867 
Commodity— 29,961 554 (23,840)6,675 
Total derivative receivables2,496 594,960 

8,926 (548,605)57,777 
Total trading assets(d)
433,601 906,157 

11,720 (548,605)802,873 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
1 90,971 — — 90,972 
Residential – nonagency— 5,991 — — 5,991 
Commercial – nonagency— 4,481 3 — 4,484 
Total mortgage-backed securities1 101,443 3 — 101,447 
U.S. Treasury and government agencies315,361 461 — — 315,822 
Obligations of U.S. states and municipalities— 20,240 — — 20,240 
Non-U.S. government debt securities
34,308 11,347 — — 45,655 
Corporate debt securities— 20 108 — 128 
Asset-backed securities:
Collateralized loan obligations— 21,947 — — 21,947 
Other(a)
— 1,959 — — 1,959 
Total available-for-sale securities349,670 157,417 111 — 507,198 
Loans— 67,622 3,062 — 70,684 
Mortgage servicing rights— — 9,167 — 9,167 
Other assets(d)
6,864 6,890 1,047 — 14,801 
Total assets measured at fair value on a recurring basis$790,135 $1,563,215 

$25,107 

$(548,605)$1,829,852 
Deposits$— $18,574 $2,356 $— $20,930 
Federal funds purchased and securities loaned or sold under repurchase agreements— 360,194 — — 360,194 
Short-term borrowings— 26,902 5,558 — 32,460 
Trading liabilities:
Debt and equity instruments(c)
135,366 33,998 326 — 169,690 
Derivative payables:
Interest rate2,071 253,078 

2,434 (250,122)7,461 
Credit— 15,487 

2,141 (15,612)2,016 
Foreign exchange118 176,521 

1,502 (163,308)14,833 
Equity
1,210 110,451 

5,356 (102,211)14,806 
Commodity— 25,799 

570 (19,156)7,213 
Total derivative payables3,399 581,336 

12,003 (550,409)46,329 
Total trading liabilities138,765 615,334 

12,329 (550,409)216,019 
Accounts payable and other liabilities3,967 2,655 

38 — 6,660 
Beneficial interests issued by consolidated VIEs— 5 

— — 5 
Long-term debt— 87,886 

46,673 — 134,559 
Total liabilities measured at fair value on a recurring basis$142,732 $1,111,550 

$66,954 $(550,409)$770,827 
(a)At June 30, 2026 and December 31, 2025, included total U.S. GSE obligations of $168.3 billion and $158.4 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, 2026 and December 31, 2025, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $1.5 billion and $1.0 billion, respectively, primarily reported in other assets.
(e)At June 30, 2026, includes the Firm’s Visa C shares that are held at fair value. Refer to page 112 for additional information.
(f)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 2025 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, 2026
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)
$823 Discounted cash flowsYield0%40%7%
Prepayment speed7%14%10%
Conditional default rate0%3%0%
Loss severity0%100%5%
Commercial mortgage-backed securities and loans(c)
1,130 Market comparablesPrice$0$93$80
Corporate debt securities617 Market comparablesPrice$0$177$107
Loans(d)
2,373 Market comparablesPrice$0$112$81
Non-U.S. government debt securities797 Market comparablesPrice$2$107$97
Net interest rate derivatives3,540 Option pricingInterest rate volatility22bps520bps96bps
Interest rate spread volatility44bps59bps49bps
Bermudan switch value0%43%17%
Interest rate correlation(64)%97%57%
IR-FX correlation(45)%60%6%
Inflation volatility11bps174bps68bps
(44)Discounted cash flowsPrepayment speed0%21%8%
Interest rate curve2%15%5%
Net credit derivatives(2,189)Discounted cash flowsCredit correlation27%79%55%
Credit spread0bps6,942bps390bps
Recovery rate10%90%58%
19 Market comparablesPrice$0$115$76
Net foreign exchange derivatives437 Option pricingIR-FX correlation(40)%60%15%
(46)Discounted cash flowsPrepayment speed11%11%
Interest rate curve3%15%8%
Net equity derivatives
(2,862)Option pricing
Forward equity price(h)
83%134%101%
Equity volatility2%182%37%
Equity correlation0%100%49%
Equity-FX correlation(82)%71%(32)%
Equity-IR correlation(15)%10%4%
Net commodity derivatives(3)Option pricingOil commodity forward$44/BBL$305/BBL$148/BBL
Natural gas commodity forward$1/MMBTU$6/MMBTU$3/MMBTU
Commodity volatility2%39%9%
Commodity correlation(30)%98%8%
MSRs9,156 Discounted cash flows
Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)
59,714 Option pricingInterest rate volatility22bps520bps96bps
Bermudan switch value0%43%17%
Interest rate correlation(64)%97%57%
IR-FX correlation(45)%60%6%
Equity volatility
2%182%35%
Equity correlation
15%100%57%
Equity-FX correlation
(84)%65%(33)%
Equity-IR correlation
5%20%13%
1,834 Discounted cash flowsCredit correlation29%78%54%
Credit spread
1bps168bps70bps
Recovery rate
20%60%43%
Yield5%20%10%
Loss severity
0%100%50%
Other level 3 assets and liabilities, net(f)
1,626 
(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 $238 million, nonagency securities of $5 million and non-trading loans of $580 million.
(c)Comprises trading loans of $93 million and non-trading loans of $1.0 billion.
(d)Comprises trading loans of $1.1 billion and non-trading loans of $1.3 billion.
(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 $996 million, including $821 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 2025 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, 2026 and 2025. 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, 2026
(in millions)		Fair value at
 Apr. 1,
2026		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value
at
Jun. 30, 2026		Change in unrealized gains/(losses) related
to financial instruments held at Jun. 30, 2026
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$268 $1 $— $(21)$(11)$1 $— $238 $(1)
Residential – nonagency5 — — — — — — 5 — 
Commercial – nonagency
— — — — — — — — — 
Total mortgage-backed securities
273 1 — (21)(11)1 — 243 (1)
Obligations of U.S. states and municipalities
30 — — — — 5 (30)5 — 
Certificates of deposit, bankers' acceptances and commercial paper— 9 — — — — — 9 9 
Non-U.S. government debt securities
207 97 594 (104)— 25 (22)797 97 
Corporate debt securities482 (1)58 (38)(1)8 — 508 (6)
Loans1,051 (24)270 (93)(9)39 (59)1,175 (24)
Asset-backed securities26 — 45 — — — — 71 — 
Total debt instruments2,069 82 967 (256)(21)78 (111)2,808 75 
 Equity securities
172 (189)28 (19)— 206 (23)175 (187)
 Physical commodities
11 3 11 (1)— — — 24 3 
 Other
454 144 57 — (27)7 (26)609 161 
Total trading assets – debt and equity instruments2,706 40 
(c)
1,063 (276)(48)291 (160)3,616 52 
(c)
Net derivative receivables:(b)
Interest rate1,729 98 27 (108)1,706 (12)56 3,496 88 
Credit60 (498)51 (3)(1,713)(57)(10)(2,170)(402)
Foreign exchange572 (3)43 (78)(78)33 (98)391 (38)
Equity(3,139)3,082 466 (1,104)(1,884)(364)81 (2,862)2,651 
Commodity145 (128)11 (60)30 29 (30)(3)(162)
Total net derivative receivables
(633)2,551 
(c)
598 (1,353)(1,939)(371)(1)(1,148)2,137 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency— — — — — — — — — 
Corporate debt securities108 1 — — — — — 109 1 
Total available-for-sale securities
108 1 
(d)
— — — — — 109 1 
(d)
Loans3,184 52 
(c)
463 (431)(605)493 (248)2,908 36 
(c)
Mortgage servicing rights9,093 106 
(e)
219 2 (264)— — 9,156 106 
(e)
Other assets1,071 18 
(c)
58 (3)(16)— — 1,128 18 
(c)
Fair value measurements using significant unobservable inputs
Three months ended June 30, 2026
(in millions)		Fair value at
 Apr. 1,
2026		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value
at
Jun. 30, 2026		Change in unrealized (gains)/losses related
to financial instruments held at Jun. 30, 2026
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$1,304 $12 
(c)(f)
$— $— $167 $(44)$79 $(151)$1,367 $11 
(c)(f)
Short-term borrowings5,867 344 
(c)(f)
— — 3,102 (3,797)17 (6)5,527 170 
(c)(f)
Trading liabilities – debt and equity instruments
335 15 
(c)
(2)7 — (3)8 (11)349 15 
(c)
Accounts payable and other liabilities
47 2 
(c)
(3)— — — — — 46 2 
(c)
Long-term debt49,172 3,656 
(c)(f)
— — 10,110 (7,646)157 (795)54,654 3,317 
(c)(f)
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 3Fair value at
Jun. 30, 2025		Change in unrealized gains/(losses) related
to financial instruments held at Jun. 30, 2025
Purchases(g)
Sales
Settlements(h)
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 – nonagency7 — — — — — — 7 — 
Total mortgage-backed securities
402 16 28 (55)(14)— — 377 4 
Obligations of U.S. states and municipalities
1 — — — — — — 1 — 
Certificates of deposit, bankers' acceptances and commercial paper— — — — — — — — — 
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)
(d)
92 — — — — 99 — 
Loans2,398 145 
(c)
76 (56)(315)152 (148)2,252 33 
(c)
Mortgage servicing rights9,127 53 
(e)
85 3 (272)— — 8,996 53 
(e)
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 3Fair value at
Jun. 30, 2025		Change in unrealized (gains)/losses related
to financial instruments held at Jun. 30, 2025
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$1,949 $110 
(c)(f)
$— $— $261 $(211)$— $(10)$2,099 $108 
(c)(f)
Short-term borrowings4,045 155 
(c)(f)
— — 1,659 (1,722)9 (10)4,136 131 
(c)(f)
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)(f)
— — 7,087 (3,846)27 (529)41,664 

2,178 
(c)(f)
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2026
(in millions)		Fair value at
Jan. 1,
2026		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
Jun. 30, 2026		Change in unrealized gains/(losses) related
to financial instruments held at Jun. 30, 2026
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$307 $2 $1 $(49)$(24)$1 $— $238 $(2)
Residential – nonagency5 2 4 (6)— — — 5 — 
Commercial – nonagency— — — — — — — — — 
Total mortgage-backed securities
312 4 5 (55)(24)1 — 243 (2)
Obligations of U.S. states and municipalities
1 24 — — — 10 (30)5 — 
Certificates of deposit, bankers' acceptances and commercial paper
— 9 — — — — — 9 9 
Non-U.S. government debt securities
245 90 632 (165)— 25 (30)797 105 
Corporate debt securities454 (2)121 (68)(1)9 (5)508 34 
Loans1,143 (53)471 (187)(12)108 (295)1,175 (53)
Asset-backed securities27 — 45 — (1)— — 71 — 
Total debt instruments2,182 72 1,274 (475)(38)153 (360)2,808 93 
 Equity securities138 (182)74 (127)(4)302 (26)175 (114)
 Physical commodities30 35 11 (1)(51)— 24 34 
 Other444 97 106 — (42)61 (57)609 82 
Total trading assets – debt and equity instruments2,794 22 
(c)
1,465 (603)(135)516 (443)3,616 95 
(c)
Net derivative receivables:(b)
Interest rate1,306 416 59 (213)1,755 98 75 3,496 1,683 
Credit(1,135)998 52 (45)(2,037)(65)62 (2,170)(135)
Foreign exchange305 65 132 (192)10 112 (41)391 19 
Equity(3,537)3,772 

822 (1,904)

(1,795)(257)37 (2,862)2,361 
Commodity(16)82 15 (190)110 4 (8)(3)47 
Total net derivative receivables
(3,077)5,333 
(c)
1,080 (2,544)

(1,957)(108)125 (1,148)3,975 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency3 (3)— — — — — — — 
Corporate debt securities108 7 — — — — (6)109 7 
Total available-for-sale securities
111 4 
(d)
— — — — (6)109 7 
(d)
Loans3,062 145 
(c)
611 (538)(781)833 (424)2,908 93 
(c)
Mortgage servicing rights9,167 144 
(e)
375 4 (534)— — 9,156 144 
(e)
Other assets1,047 27 
(c)
79 (5)(20)1 (1)1,128 15 
(c)
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2026
(in millions)		Fair value at
Jan. 1,
2026		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
Jun. 30, 2026		Change in unrealized (gains)/losses related
to financial instruments held at Jun. 30, 2026
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,356 $(76)
(c)(f)
$— $— $471 $(1,133)$79 $(330)$1,367 $(69)
(c)(f)
Short-term borrowings5,558 270 
(c)(f)
— — 7,025 (7,341)24 (9)5,527 99 
(c)(f)
Trading liabilities – debt and equity instruments
326 19 
(c)
(7)17 — (3)8 (11)349 26 
(c)
Accounts payable and other liabilities
38 9 
(c)
(5)3 — — 1 — 46 9 
(c)
Long-term debt46,673 2,466 
(c)(f)
— — 20,723 (14,074)260 (1,394)54,654 

2,084 
(c)(f)
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 3Fair value at
Jun. 30, 2025		Change in unrealized gains/(losses) related
to financial instruments held at Jun. 30, 2025
Purchases(g)
Sales
Settlements(h)
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 — 
Certificates of deposit, bankers' acceptances and commercial paper— — — — — — — — — 
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 securities62 (31)212 (142)— 124 (29)196 3 
 Physical commodities26 — — — (2)— — 24 6 
 Other210 (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)
(d)
92 — — — — 99 (1)
(d)
Loans2,416 174 
(c)
130 (128)(615)605 (330)2,252 102 
(c)
Mortgage servicing rights9,121 (74)
(e)
475 7 (533)— — 8,996 (74)
(e)
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(h)
Liabilities:(a)
Deposits$2,185 $162 
(c)(f)
$— $— $623 $(836)$— $(35)$2,099 $157 
(c)(f)
Short-term borrowings3,476 204 
(c)(f)
— — 4,019 (3,534)19 (48)4,136 127 
(c)(f)
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)(f)
— — 14,741 (8,937)185 (1,122)41,664 

2,127 
(c)(f)
(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% at both June 30, 2026 and December 31, 2025. 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 7% and 9% at June 30, 2026 and December 31, 2025, 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)Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. Realized and unrealized gains/(losses) recorded on level 3 AFS securities were not material for the three and six months ended June 30, 2026 and 2025.
(e)Changes in fair value for MSRs are reported in mortgage fees and related income.
(f)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, 2026 and 2025. Unrealized (gains)/losses are reported in OCI, and were $166 million and $63 million for the three months ended June 30, 2026 and 2025, respectively, and $(279) million and $(10) million for the six months ended June 30, 2026 and 2025, respectively.
(g)Loan originations are included in purchases.
(h)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, 2025, 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 111 for further information on changes impacting items measured at fair value on a nonrecurring basis.
Three and six months ended June 30, 2026
Level 3 assets were $30.0 billion at June 30, 2026, reflecting an increase of $1.9 billion from March 31, 2026 and an increase of $4.9 billion from December 31, 2025.
The increase for the three and six months ended June 30, 2026 was predominantly driven by higher:
•Non-U.S. government debt securities of $590 million and $552 million, respectively, primarily due to purchases.
•Gross derivative receivables of $1.2 billion and $4.1 billion, respectively, due to gains, purchases and net transfers 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, 2026, significant transfers from level 2 into level 3 included the following:
•$971 million of gross equity derivative payables as a result of a decrease in observability and an increase in the significance of unobservable inputs.
For the three months ended June 30, 2026, significant transfers from level 3 into level 2 included the following:
•$795 million of long-term debt driven by an increase in observability and a decrease in the significance of unobservable inputs for structured notes.
For the three months ended June 30, 2025, 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, 2026, significant transfers from level 2 into level 3 included the following:
•$852 million and $1.1 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.
•$833 million of non-trading loans driven by a decrease in observability.
For the six months ended June 30, 2026, significant transfers from level 3 into level 2 included the following:
•$761 million and $798 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.
•$1.4 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, 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.
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 104-109 for further information on these instruments.
Three months ended June 30, 2026
•$2.8 billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements.
•$4.0 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
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.
Six months ended June 30, 2026
•$5.7 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.
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.
Credit and funding adjustments — derivatives
The following table provides the gains/(losses) resulting from 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)2026202520262025
Credit and funding adjustments:
Derivatives CVA$77 $(72)$(34)$(117)
Derivatives FVA
13 (34)(22)(59)
Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.
Assets and liabilities measured at fair value on a nonrecurring basis
The following tables present the assets and liabilities held as of June 30, 2026 and 2025, for which nonrecurring fair value adjustments were recorded during the six months ended June 30, 2026 and 2025, by major product category and fair value hierarchy.
June 30, 2026
(in millions)		Fair value hierarchyTotal fair value
Level 1
Level 2
Level 3
Loans$— $860 

$1,431 $2,291 
Other assets(a)
— 8 2,336 2,344 
Total assets measured at fair value on a nonrecurring basis$— $868 $3,767 $4,635 
Accounts payable and other liabilities
— — — 
 
— 
Total liabilities measured at fair value on a nonrecurring basis
$— $— $— $— 
June 30, 2025
(in millions)		Fair value hierarchyTotal fair value
Level 1Level 2Level 3
Loans$— $1,048 

$637 $1,685 
Other assets— 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 
(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 $2.3 billion in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2026, $2.3 billion 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, 2026 and 2025, related to assets and liabilities held at those dates.


Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Loans$(158)
 
$(105)

$(170)

$(139)
Other assets(a)
652 
 
(14)

675 14 
Accounts payable and other liabilities — 
 
(4)

— (5)
Total nonrecurring fair value gains/(losses)
$494 $(123)$505 $(130)
(a)Included $651 million and $(7) million for the three months ended June 30, 2026 and 2025, respectively, and $664 million and $26 million for the six months ended June 30, 2026 and 2025, 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, 2026 and 2025, 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)2026202520262025
Other assets
Carrying value(a)
$8,191 $4,121 $8,191 $4,121 
Upward carrying value changes(b)
763 26 

798 78
Downward carrying value changes/impairment(c)
(112)(33)(134)(52)
(a)The carrying value as of December 31, 2025 was $4.9 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, 2026 were $2.0 billion.
(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2026 were $(1.6) billion.
Included in other assets above is the Firm’s interest in approximately 9.3 million Visa Class B-3 common shares (“Visa B-3 shares”) and 18.6 million Visa Class B-2 common shares ("Visa B-2 shares") reflected in the Firm's principal investment portfolio as of June 30, 2026 and June 30, 2025, respectively.
On April 13, 2026, Visa commenced an exchange offer for any and all outstanding shares of Visa Class B-1 common stock ("Visa B-1 shares") and Visa B-2 shares. On May 11, 2026, Visa accepted the Firm’s tender of its 18.6 million Visa B-2 shares in exchange for a combination of Visa B-3 shares and Visa C common shares (“Visa C shares”). The Visa C shares are included in Assets and liabilities measured at fair value on a recurring basis on page 100. Visa’s acceptance of the Firm's tender resulted in an initial gain of $4.5 billion based on the fair value of the Visa C shares. In addition, the current quarter also reflected other Visa-related activity, including the fair value changes of the Visa C shares and derivative instruments, as well as dividends, resulting in the net $4.6 billion gain on Visa shares. As of June 30, 2026, approximately $1.6 billion of Visa C shares are subject to a lock-up restriction that expires on August 9, 2026.
The Visa B-3 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-3 shares to Visa A shares was 1.4953 at June 30, 2026 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, 2026, there is significant uncertainty regarding when the transfer restrictions on Visa B-3 shares may be terminated and what the final conversion rate for the Visa B-3 shares will be. As a result of these considerations, as well as differences in voting rights, Visa B-3 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. The notional amount of shares associated with those derivative instruments has been adjusted as a result of the Visa exchange offer. Refer to page 193 of JPMorganChase’s 2025 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, 2026 and December 31, 2025, 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, 2026December 31, 2025
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$24.7 $24.7 $— $— $24.7 $21.7 $21.7 $— $— $21.7 
Deposits with banks285.1 285.1 — — 285.1 321.6 321.6 — — 321.6 
Accrued interest and accounts receivable
179.4 — 178.9 0.5 179.4 111.1 — 111.0 0.1 111.1 
Federal funds sold and securities purchased under resale agreements
13.2 — 13.2 — 13.2 9.4 — 9.4 — 9.4 
Securities borrowed
244.1 — 244.1 — 244.1 188.1 — 188.1 — 188.1 
Investment securities, held-to-maturity
268.5 135.1 115.2 — 250.3 270.1 126.4 126.9 — 253.3 
Loans, net of allowance for loan losses(a)
1,453.4 — 336.1 1,123.9 1,460.0 1,397.0 — 314.6 1,089.2 1,403.8 
Other105.8 0.1 105.2 0.8 106.1 93.0 — 91.7 1.5 93.2 
Financial liabilities
Deposits$2,687.5 $— $2,688.0 $— $2,688.0 $2,538.4 $— $2,538.8 $— $2,538.8 
Federal funds purchased and securities loaned or sold under repurchase agreements
136.2 — 136.2 — 136.2 82.2 — 82.2 — 82.2 
Short-term borrowings
42.5 — 42.6 — 42.6 32.3 — 32.3 — 32.3 
Accounts payable and other liabilities(b)
319.5 — 307.1 11.2 318.3 262.6 — 248.7 13.0 261.7 
Beneficial interests issued by consolidated VIEs
29.5 — 29.5 — 29.5 27.9 — 28.0 — 28.0 
Long-term debt
304.4 — 255.7 51.8 307.5 300.6 — 253.0 52.1 305.1 
(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, 2026December 31, 2025
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
$3.2 $— $— $4.5 $4.5 $3.2 $— $— $4.5 $4.5 
(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 176 of JPMorganChase’s 2025 Form 10-K for a further discussion of the valuation of lending-related commitments.