v3.26.1
Investment Securities
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment securities
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, 2026, 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 2025 Form 10-K for additional information regarding the investment securities portfolio.
The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.
June 30, 2026December 31, 2025
(in millions)
Amortized cost(c)(d)
Gross unrealized gainsGross unrealized lossesFair value
Amortized cost(c)(d)
Gross unrealized gainsGross unrealized lossesFair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies$90,011 $550 $1,795 $88,766 $92,112 $1,075 $2,215 $90,972 
Residential:
U.S.5,245 7 31 5,221 5,564 38 17 5,585 
Non-U.S.258 1 — 259 405 1 — 406 
Commercial4,804 21 25 4,800 4,466 48 30 4,484 
Total mortgage-backed securities100,318 579 1,851 99,046 102,547 1,162 2,262 101,447 
U.S. Treasury and government agencies342,551 524 1,860 341,215 313,470 2,384 32 315,822 
Obligations of U.S. states and municipalities19,059 178 521 18,716 20,915 118 793 20,240 
Non-U.S. government debt securities50,724 99 316 50,507 45,676 215 236 45,655 
Corporate debt securities133 — 7 126 139 — 11 128 
Asset-backed securities:
Collateralized loan obligations24,498 37 1 24,534 21,897 51 1 21,947 
Other1,898 14 8 1,904 1,941 25 7 1,959 
Unallocated portfolio layer fair value basis adjustments(a)
(492)— (492)NA641 (641)— NA
Total available-for-sale securities538,689 1,431 4,072 536,048 

507,226 3,314 3,342 507,198 
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies84,920 28 9,574 75,374 89,073 57 9,200 79,930 
U.S. Residential7,007 3 621 6,389 7,542 6 570 6,978 
Commercial5,716 7 276 5,447 6,493 19 234 6,278 
Total mortgage-backed securities97,643 38 10,471 87,210 103,108 82 10,004 93,186 
U.S. Treasury and government agencies142,379 — 7,310 135,069 132,727 134 6,414 126,447 
Obligations of U.S. states and municipalities8,124 22 436 7,710 8,600 17 609 8,008 
Asset-backed securities:
Collateralized loan obligations19,493 16 3 19,506 24,695 29 6 24,718 
Other835 — 20 815 1,004 1 20 985 
Total held-to-maturity securities268,474 76 18,240 250,310 270,134 263 17,053 253,344 
Total investment securities, net of allowance for credit losses$807,163 $1,507 $22,312 $786,358 $777,360 $3,577 $20,395 $760,542 
(a)Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 4 for additional information.
(b)The Firm purchased $3.5 billion and $23.1 billion of HTM securities for the three and six months ended June 30, 2026, respectively, and $1.6 billion and $3.2 billion for the three and six months ended June 30, 2025, respectively.
(c)The amortized cost of investment securities is reported net of allowance for credit losses of $63 million and $106 million at June 30, 2026 and December 31, 2025, respectively.
(d)Excludes $5.3 billion and $4.6 billion of accrued interest receivable at June 30, 2026 and December 31, 2025, respectively. The Firm did not reverse through interest income any accrued interest receivable for the three and six months ended June 30, 2026 and 2025. Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for further discussion of accounting policies for accrued interest receivable on investment securities.
AFS securities impairment
The following tables present the fair value and gross unrealized losses by aging category for AFS securities at June 30, 2026 and December 31, 2025. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $3.7 billion and $2.2 billion, at June 30, 2026 and December 31, 2025, 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 months12 months or more
June 30, 2026
(in millions)		Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair value
Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.
$2,599 $11 $539 $20 $3,138 $31 
Non-U.S.27 — 18 — 45 — 
Commercial630 2 420 23 1,050 25 
Total mortgage-backed securities3,256 13 977 43 4,233 56 
Obligations of U.S. states and municipalities1,797 33 8,719 488 10,516 521 
Non-U.S. government debt securities25,424 177 4,525 139 29,949 316 
Corporate debt securities123 7 — — 123 7 
Asset-backed securities:
Collateralized loan obligations1,223 1 46 — 1,269 1 
Other186 2 113 6 299 8 
Total available-for-sale securities with gross unrealized losses
$32,009 

$233 $14,380 $676 $46,389 $909 
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
December 31, 2025
(in millions)		Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair value
Total gross unrealized
losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.$36 $— $609 $17 $645 $17 
Non-U.S.3 — 20 — 23 — 
Commercial142 1 576 29 718 30 
Total mortgage-backed securities181 1 1,205 46 1,386 47 
Obligations of U.S. states and municipalities5,519 131 9,597 662 15,116 793 
Non-U.S. government debt securities9,324 76 4,954 160 14,278 236 
Corporate debt securities114 11 — — 114 11 
Asset-backed securities:
Collateralized loan obligations814 — 143 1 957 1 
Other63 — 131 7 194 7 
Total available-for-sale securities with gross unrealized losses$16,015 

$219 $16,030 $876 $32,045 $1,095 
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, 2026 and December 31, 2025, 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 was $63 million and $108 million as of June 30, 2026 and 2025, respectively, which included the impact of $31 million and $17 million, respectively, of reduction in the allowance related to sales of a corporate debt security.
Refer to Note 10 of JPMorganChase’s 2025 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)2026202520262025
Realized gains$224 $94 $617 $239 
Realized losses(619)(148)(948)(330)
Investment securities losses
$(395)$(54)$(331)$(91)
Provision for credit losses$(14)$(10)$(11)$(27)
Contractual maturities and yields
The following table presents the amortized cost and estimated fair value at June 30, 2026, of JPMorganChase’s investment securities portfolio by contractual maturity.
By remaining maturity
June 30, 2026 (in millions)		Due in one
year or less		Due after one year through five yearsDue after five years through 10 years
Due after
10 years(c)
Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost$833 $12,046 $4,635 $82,821 $100,335 
Fair value830 12,083 4,653 81,480 99,046 

Average yield(a)
2.88 %4.55 %4.48 %4.82 %4.76 %
U.S. Treasury and government agencies
Amortized cost$15,961 $241,273 $78,943 $6,374 $342,551 
Fair value15,965 240,207 78,646 6,397 341,215 
Average yield(a)
4.01 %3.98 %4.16 %4.49 %4.03 %
Obligations of U.S. states and municipalities
Amortized cost$— $19 $138 $18,902 $19,059 
Fair value— 19 133 18,564 18,716 

Average yield(a)
— %4.03 %3.95 %5.09 %5.08 %
Non-U.S. government debt securities
Amortized cost$12,307 $26,519 $11,555 $343 $50,724 
Fair value12,314 26,384 11,465 344 50,507 
Average yield(a)
3.68 %4.48 %3.48 %2.56 %4.05 %
Corporate debt securities
Amortized cost$7 $130 $— $— $137 
Fair value3 123 — — 126 
Average yield(a)
17.50 %15.06 %— %— %15.18 %
Asset-backed securities
Amortized cost$1 $297 $1,249 $24,849 $26,396 
Fair value1 297 1,251 24,889 26,438 

Average yield(a)
4.77 %5.33 %5.68 %4.82 %4.87 %
Total available-for-sale securities
Amortized cost(b)
$29,109 $280,284 $96,520 $133,289 $539,202 
Fair value29,113 279,113 96,148 131,674 536,048 

Average yield(a)
3.84 %4.06 %4.11 %4.84 %4.25 %
Held-to-maturity securities
Mortgage-backed securities
Amortized cost$970 $8,991 $4,746 $82,953 $97,660 
Fair value965 8,447 4,356 73,442 87,210 
Average yield(a)
2.19 %2.47 %3.27 %2.88 %2.85 %
U.S. Treasury and government agencies
Amortized cost$24,926 $116,188 $1,265 $— $142,379 
Fair value24,803 109,040 1,226 — 135,069 
Average yield(a)
4.05 %2.31 %3.20 %— %2.62 %
Obligations of U.S. states and municipalities
Amortized cost$— $53 $322 $7,774 $8,149 
Fair value— 50 301 7,359 7,710 
Average yield(a)
— %4.74 %3.38 %4.05 %4.02 %
Asset-backed securities
Amortized cost$— $513 $8,442 $11,373 $20,328 
Fair value— 512 8,446 11,363 20,321 
Average yield(a)
— %2.97 %4.40 %4.52 %4.43 %
Total held-to-maturity securities
Amortized cost(b)
$25,896 $125,745 $14,775 $102,100 $268,516 
Fair value25,768 118,049 14,329 92,164 250,310 
Average yield(a)
3.98 %2.32 %3.91 %3.15 %2.89 %
(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.
(b)For purposes of this table, the amortized cost of available-for-sale securities excludes the allowance for credit losses of $21 million and the portfolio layer fair value hedge basis adjustments of $(492) million at June 30, 2026. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $42 million at June 30, 2026.
(c)Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately seven years for agency residential MBS, six years for agency residential collateralized mortgage obligations, and five years for nonagency residential collateralized mortgage obligations.