v3.26.3
Fair Value Measurement
 9 Months Ended
Sep. 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 September 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(e)
September 30, 2026
(in millions)		Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $448,482 $— $— $448,482 
Securities borrowed— 125,502 — — 125,502 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 149,966 225 — 150,191 
Residential – nonagency— 3,045 5 — 3,050 
Commercial – nonagency— 1,469 — — 1,469 
Total mortgage-backed securities— 154,480 230 — 154,710 
U.S. Treasury, GSEs and government agencies(a)
263,489 21,997 — — 285,486 
Obligations of U.S. states and municipalities— 8,355 5 — 8,360 
Certificates of deposit, bankers’ acceptances and commercial paper
— 4,869 — — 4,869 
Non-U.S. government debt securities
122,780 76,456 161 — 199,397 
Corporate debt securities— 53,706 525 — 54,231 
Loans— 11,976 1,025 — 13,001 
Asset-backed securities— 3,055 66 — 3,121 
Total debt instruments386,269 334,894 2,012 — 723,175 
Equity securities262,645 1,752 202 — 264,599 
Physical commodities(b)
7,099 1,490 16 — 8,605 
Other— 17,671 491 — 18,162 
Total debt and equity instruments(c)
656,013 355,807 2,721 — 1,014,541 
Derivative receivables:
Interest rate14,581 319,375 7,180 (302,844)38,292 
Credit— 16,793 794 (17,002)585 
Foreign exchange194 193,439 2,026 (173,250)22,409 
Equity
7,760 118,222 2,875 (122,383)6,474 
Commodity— 29,267 579 (18,795)11,051 
Total derivative receivables22,535 677,096 13,454 (634,274)78,811 
Total trading assets(d)
678,548 1,032,903 16,175 (634,274)1,093,352 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 92,518 — — 92,518 
Residential – nonagency— 5,849 — — 5,849 
Commercial – nonagency— 5,275 — — 5,275 
Total mortgage-backed securities— 103,642 — — 103,642 
U.S. Treasury and government agencies346,827 898 — — 347,725 
Obligations of U.S. states and municipalities— 16,053 — — 16,053 
Non-U.S. government debt securities
43,300 6,546 — — 49,846 
Corporate debt securities— 98 110 — 208 
Asset-backed securities:
Collateralized loan obligations— 27,928 — — 27,928 
Other(a)
— 1,789 — — 1,789 
Total available-for-sale securities390,127 156,954 110 — 547,191 
Loans— 69,250 2,408 — 71,658 
Mortgage servicing rights— — 9,775 — 9,775 
Other assets(d)
10,928 16,980 1,177 — 29,085 
Total assets measured at fair value on a recurring basis$1,079,603 $1,850,071 $29,645 $(634,274)$2,325,045 
Deposits$— $32,631 $1,425 $— $34,056 
Federal funds purchased and securities loaned or sold under repurchase agreements
— 593,664 — — 593,664 
Short-term borrowings— 24,030 5,221 — 29,251 
Trading liabilities:
Debt and equity instruments(c)
192,799 41,893 83 — 234,775 
Derivative payables:
Interest rate8,957 303,052 3,965 (300,143)15,831 
Credit— 17,822 2,912 (18,662)2,072 
Foreign exchange197 184,442 1,298 (171,579)14,358 
Equity
5,463 148,335 5,959 (136,906)22,851 
Commodity— 26,438 609 (19,023)8,024 
Total derivative payables14,617 680,089 14,743 (646,313)63,136 
Total trading liabilities207,416 721,982 14,826 (646,313)297,911 
Accounts payable and other liabilities6,793 12,532 89 — 19,414 
Beneficial interests issued by consolidated VIEs— 5 — — 5 
Long-term debt— 102,828 56,568 — 159,396 
Total liabilities measured at fair value on a recurring basis$214,209 $1,487,672 $78,129 $(646,313)$1,133,697 
Fair value hierarchy
Derivative
netting
adjustments(e)
December 31, 2025
(in millions)		Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $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 September 30, 2026 and December 31, 2025, included total U.S. GSE obligations of $151.9 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 September 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 $1.1 billion and $1.0 billion, respectively, primarily reported in other assets.
(e)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)
September 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)
$929 Discounted cash flowsYield0%22%8%
Prepayment speed7%13%10%
Conditional default rate0%3%0%
Loss severity0%99%5%
Commercial mortgage-backed securities and loans(c)
968 Market comparablesPrice$0$100$84
Corporate debt securities635 Market comparablesPrice$0$126$106
Loans(d)
1,766 Market comparablesPrice$0$101$76
Non-U.S. government debt securities161 Market comparablesPrice$2$108$98
Net interest rate derivatives3,217 Option pricingInterest rate volatility23bps516bps98bps
Interest rate spread volatility44bps59bps49bps
Bermudan switch value0%45%15%
Interest rate correlation(64)%97%57%
IR-FX correlation(45)%60%5%
Inflation volatility12bps174bps69bps
(2)Discounted cash flowsPrepayment speed0%21%7%
Interest rate curve3%14%5%
Net credit derivatives(2,157)Discounted cash flowsCredit correlation26%99%56%
Credit spread0bps15,545bps486bps
Recovery rate10%90%55%
39 Market comparablesPrice$0$115$76
Net foreign exchange derivatives772 Option pricingIR-FX correlation(40)%60%14%
(44)Discounted cash flowsPrepayment speed11%11%
Interest rate curve2%16%8%
Net equity derivatives (3,084)Option pricing
Forward equity price(h)
82%149%101%
Equity volatility2%178%34%
Equity correlation0%100%48%
Equity-FX correlation(100)%71%(33)%
Equity-IR correlation(15)%10%3%
Net commodity derivatives(30)Option pricingOil commodity forward$47/BBL$265/BBL$145/BBL
Natural gas commodity forward$1/MMBTU$6/MMBTU$3/MMBTU
Commodity volatility3%53%9%
Commodity correlation(30)%98%3%
MSRs9,775 Discounted cash flows
Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)
61,437 Option pricingInterest rate volatility23bps516bps98bps
Bermudan switch value0%45%15%
Interest rate correlation(64)%97%57%
IR-FX correlation(45)%60%5%
Equity volatility4%140%31%
Equity correlation5%100%56%
Equity-FX correlation(84)%100%(34)%
Equity-IR correlation5%20%13%
1,777 Discounted cash flowsCredit correlation29%99%57%
Credit spread
1bps345bps36bps
Recovery rate
20%65%41%
Other level 3 assets and liabilities, net(f)
1,785 
(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 $225 million, nonagency securities of $5 million and non-trading loans of $699 million.
(c)Comprises trading loans of $65 million and non-trading loans of $903 million.
(d)Comprises trading loans of $960 million and non-trading loans of $806 million.
(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 $1.0 billion, including $816 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 nine months ended September 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 September 30, 2026
(in millions)		Fair value at
Jul. 1,
2026		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value
at
Sep. 30, 2026		Change in unrealized gains/(losses) related
to financial instruments held at Sep. 30, 2026
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$238 $(2)$— $— $(11)$— $— $225 $(2)
Residential – nonagency5 5 — (5)— — — 5 — 
Commercial – nonagency
— — — — — — — — — 
Total mortgage-backed securities
243 3 — (5)(11)— — 230 (2)
Obligations of U.S. states and municipalities
5 — — — — — — 5 — 
Certificates of deposit, bankers' acceptances and commercial paper9 — — — (9)— — — — 
Non-U.S. government debt securities
797 (34)33 (28)(588)3 (22)161 (33)
Corporate debt securities508 5 51 (20)(1)1 (19)525 5 
Loans1,175 26 266 (336)(60)223 (269)1,025 22 
Asset-backed securities71 (23)— — — 18 — 66 (23)
Total debt instruments2,808 (23)350 (389)(669)245 (310)2,012 (31)
 Equity securities
175 11 24 (44)— 70 (34)202 24 
 Physical commodities
24 (5)2 — (5)— — 16 (4)
 Other
609 (49)80 — (90)2 (61)491 (6)
Total trading assets – debt and equity instruments3,616 (66)
(c)
456 (433)(764)317 (405)2,721 (17)
(c)
Net derivative receivables:(b)
Interest rate3,496 (5)110 (99)(180)(42)(65)3,215 82 
Credit(2,170)444 52 (18)(394)(37)5 (2,118)389 
Foreign exchange391 341 33 (50)58 (52)7 728 272 
Equity(2,862)(228)412 (727)386 32 (97)(3,084)686 
Commodity(3)(21)6 (52)142 (46)(56)(30)22 
Total net derivative receivables
(1,148)531 
(c)
613 (946)12 (145)(206)(1,289)1,451 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency— — — — — — — — — 
Corporate debt securities109 1 — — — — — 110 1 
Total available-for-sale securities
109 1 
(d)
— — — — — 110 1 
(d)
Loans2,908 (1)
(c)
343 (191)(843)403 (211)2,408 (10)
(c)
Mortgage servicing rights9,156 654 
(e)
222 3 (260)— — 9,775 654 
(e)
Other assets1,128 25 
(c)
44 — (20)— — 1,177 25 
(c)
Fair value measurements using significant unobservable inputs
Three months ended September 30, 2026
(in millions)		Fair value at
Jul. 1,
2026		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value
at
Sep. 30, 2026		Change in unrealized (gains)/losses related
to financial instruments held at Sep. 30, 2026
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$1,367 $(15)
(c)(f)
$— $— $166 $(69)$— $(24)$1,425 $(19)
(c)(f)
Short-term borrowings5,527 288 
(c)(f)
— — 3,140 (3,701)21 (54)5,221 209 
(c)(f)
Trading liabilities – debt and equity instruments
349 (24)
(c)
(288)12 — — 34 — 83 2 
(c)
Accounts payable and other liabilities
46 3 
(c)
— 40 — — — — 89 3 
(c)
Long-term debt54,654 (597)
(c)(f)
— — 11,347 (8,022)86 (900)56,568 (766)
(c)(f)
Fair value measurements using significant unobservable inputs
Three months ended September 30, 2025
(in millions)		Fair value at
  Jul. 1,
2025		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
Sep. 30, 2025		Change in unrealized gains/(losses) related
to financial instruments held at Sep. 30, 2025
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$365 $1 $— $(29)$(13)$— $— $324 $2 
Residential – nonagency5 — — — — — — 5 — 
Commercial – nonagency7 (1)— — — — — 6 (1)
Total mortgage-backed securities
377 — — (29)(13)— — 335 1 
Obligations of U.S. states and municipalities
1 — — — — — — 1 — 
Certificates of deposit, bankers' acceptances and commercial paper— — — — — — — — — 
Non-U.S. government debt securities
205 (6)124 (102)— — (2)219 (5)
Corporate debt securities385 11 68 (19)— 9 — 454 11 
Loans868 (26)346 (275)(24)258 (96)1,051 (27)
Asset-backed securities12 — — (10)— — — 2 — 
Total debt instruments1,848 (21)538 (435)(37)267 (98)2,062 (20)
 Equity securities
196 (8)19 (81)— 23 (50)99 11 
 Physical commodities
24 (3)— — (4)— — 17 (3)
 Other
217 28 281 — (10)2 (7)511 124 
Total trading assets – debt and equity instruments2,285 (4)
(c)
838 (516)(51)292 (155)2,689 112 
(c)
Net derivative receivables:(b)
Interest rate1,431 210 47 (52)(52)(33)(46)1,505 259 
Credit(808)(402)10 (3)2 (22)(9)(1,232)(485)
Foreign exchange340 120 67 (126)(98)93 (66)330 87 
Equity(3,204)315 

215 (551)

(495)115 291 (3,314)167 
Commodity169 (52)9 (42)26 7 3 120 (29)
Total net derivative receivables
(2,072)191 
(c)
348 (774)

(617)160 173 (2,591)(1)
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency7 — — — — — — 7 — 
Corporate debt securities92 2 — — — — — 94 2 
Total available-for-sale securities
99 2 
(d)
— — — — — 101 2 
(d)
Loans2,252 24 
(c)
201 (5)(140)303 (141)2,494 7 
(c)
Mortgage servicing rights8,996 31 
(e)
348 1 (266)— — 9,110 31 
(e)
Other assets1,403 8 
(c)
280 (14)(46)4 (255)1,380 45 
(c)
Fair value measurements using significant unobservable inputs
Three months ended September 30, 2025
(in millions)		Fair value at
  Jul. 1,
2025		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
Sep. 30, 2025		Change in unrealized (gains)/losses related
to financial instruments held at Sep. 30, 2025
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,099 $10 
(c)(f)
$— $— $734 $(263)$— $(52)$2,528 $10 
(c)(f)
Short-term borrowings4,136 164 
(c)(f)
— — 2,655 (2,364)16 (53)4,554 120 
(c)(f)
Trading liabilities – debt and equity instruments
72 (2)
(c)
(15)60 — — 12 (29)98 1 
(c)
Accounts payable and other liabilities
40 (7)
(c)
— — — — — — 33 (7)
(c)
Long-term debt41,664 1,918 
(c)(f)
— — 7,566 (7,327)198 (265)43,754 

1,797 
(c)(f)
Fair value measurements using significant unobservable inputs
Nine months ended September 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
Sep. 30, 2026		Change in unrealized gains/(losses) related
to financial instruments held at Sep. 30, 2026
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$307 $— $1 $(49)$(35)$1 $— $225 $(3)
Residential – nonagency5 7 4 (11)— — — 5 — 
Commercial – nonagency— — — — — — — — — 
Total mortgage-backed securities
312 7 5 (60)(35)1 — 230 (3)
Obligations of U.S. states and municipalities
1 24 — — — 10 (30)5 — 
Certificates of deposit, bankers' acceptances and commercial paper
— 9 — — (9)— — — — 
Non-U.S. government debt securities
245 56 665 (193)(588)28 (52)161 4 
Corporate debt securities454 3 172 (88)(2)10 (24)525 4 
Loans1,143 (27)737 (523)(72)331 (564)1,025 (11)
Asset-backed securities27 (23)45 — (1)18 — 66 (23)
Total debt instruments2,182 49 1,624 (864)(707)398 (670)2,012 (29)
 Equity securities138 (171)98 (171)(4)372 (60)202 129 
 Physical commodities30 30 13 (1)(56)— — 16 30 
 Other444 48 186 — (132)63 (118)491 (28)
Total trading assets – debt and equity instruments2,794 (44)
(c)
1,921 (1,036)(899)833 (848)2,721 102 
(c)
Net derivative receivables:(b)
Interest rate1,306 411 169 (312)1,575 56 10 3,215 1,001 
Credit(1,135)1,442 104 (63)(2,431)(102)67 (2,118)(59)
Foreign exchange305 406 165 (242)68 60 (34)728 (318)
Equity(3,537)3,544 

1,234 (2,631)

(1,409)(225)(60)(3,084)1,250 
Commodity(16)61 21 (242)252 (42)(64)(30)32 
Total net derivative receivables
(3,077)5,864 
(c)
1,693 (3,490)

(1,945)(253)(81)(1,289)1,906 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency3 (3)— — — — — — — 
Corporate debt securities108 8 — — — — (6)110 9 
Total available-for-sale securities
111 5 
(d)
— — — — (6)110 9 
(d)
Loans3,062 144 
(c)
954 (729)(1,624)1,236 (635)2,408 108 
(c)
Mortgage servicing rights9,167 798 
(e)
597 7 (794)— — 9,775 798 
(e)
Other assets1,047 52 
(c)
123 (5)(40)1 (1)1,177 48 
(c)
Fair value measurements using significant unobservable inputs
Nine months ended September 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
Sep. 30, 2026		Change in unrealized (gains)/losses related
to financial instruments held at Sep. 30, 2026
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,356 $(91)
(c)(f)
$— $— $637 $(1,202)$79 $(354)$1,425 $(98)
(c)(f)
Short-term borrowings5,558 558 
(c)(f)
— — 10,165 (11,042)45 (63)5,221 — 
(c)(f)
Trading liabilities – debt and equity instruments
326 (5)
(c)
(295)29 — (3)42 (11)83 88 
(c)
Accounts payable and other liabilities
38 12 
(c)
(5)43 — — 1 — 89 13 
(c)
Long-term debt46,673 1,869 
(c)(f)
— — 32,070 (22,096)346 (2,294)56,568 

525 
(c)(f)
Fair value measurements using significant unobservable inputs
Nine months ended September 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
Sep. 30, 2025		Change in unrealized gains/(losses) related
to financial instruments held at Sep. 30, 2025
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$488 $14 $31 $(166)$(43)$— $— $324 $3 
Residential – nonagency5 6 — (6)— — — 5 — 
Commercial – nonagency10 (4)— — — — — 6 (3)
Total mortgage-backed securities
503 16 31 (172)(43)— — 335 — 
Obligations of U.S. states and municipalities
1 — — — — — — 1 — 
Certificates of deposit, bankers' acceptances and commercial paper— — — — — — — — — 
Non-U.S. government debt securities
152 30 295 (285)(1)54 (26)219 26 
Corporate debt securities390 20 196 (156)(10)22 (8)454 20 
Loans1,088 (15)1,074 (730)(140)556 (782)1,051 (45)
Asset-backed securities10 — 2 (10)— — — 2 — 
Total debt instruments2,144 51 1,598 (1,353)(194)632 (816)2,062 1 
 Equity securities62 (39)231 (223)— 147 (79)99 8 
 Physical commodities26 (3)— — (6)— — 17 3 
 Other210 16 305 — (76)80 (24)511 262 
Total trading assets – debt and equity instruments2,442 25 
(c)
2,134 (1,576)(276)859 (919)2,689 274 
(c)
Net derivative receivables:(b)
Interest rate301 1,200 170 (253)152 (88)23 1,505 1,120 
Credit(363)(660)87 (10)(126)(160)— (1,232)(684)
Foreign exchange20 685 158 (366)(60)187 (294)330 329 
Equity(2,866)2,641 

838 (2,085)

(2,160)(84)402 (3,314)1,307 
Commodity(73)208 52 (178)118 7 (14)120 237 
Total net derivative receivables
(2,981)4,074 
(c)
1,305 (2,892)

(2,076)(138)117 (2,591)2,309 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency8 (1)— — — — — 7 (1)
Corporate debt securities— 2 92 — — — — 94 2 
Total available-for-sale securities
8 1 
(d)
92 — — — — 101 1 
(d)
Loans2,416 198 
(c)
331 (133)(755)908 (471)2,494 13 
(c)
Mortgage servicing rights9,121 (43)
(e)
823 8 (799)— — 9,110 (43)
(e)
Other assets1,344 19 
(c)
349 (66)(70)95 (291)1,380 38 
(c)
Fair value measurements using significant unobservable inputs
Nine months ended September 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
Sep. 30, 2025		Change in unrealized (gains)/losses related
to financial instruments held at Sep. 30, 2025
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,185 $172 
(c)(f)
$— $— $1,357 $(1,099)$— $(87)$2,528 $160 
(c)(f)
Short-term borrowings3,476 368 
(c)(f)
— — 6,674 (5,898)35 (101)4,554 166 
(c)(f)
Trading liabilities – debt and equity instruments
46 (16)
(c)
(22)106 — (1)38 (53)98 9 
(c)
Accounts payable and other liabilities
76 (10)
(c)
— 1 — — — (34)33 (10)
(c)
Long-term debt34,564 4,151 
(c)(f)
— — 22,307 (16,264)383 (1,387)43,754 

3,452 
(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 September 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 September 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 nine months ended September 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 nine months ended September 30, 2026 and 2025. Unrealized (gains)/losses are reported in OCI, and were $(32) million and $198 million for the three months ended September 30, 2026 and 2025, respectively, and $(311) million and $189 million for the nine months ended September 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 110 for further information on changes impacting items measured at fair value on a nonrecurring basis.
Three and nine months ended September 30, 2026
Level 3 assets were $29.6 billion at September 30, 2026, reflecting a decrease of $320 million from June 30, 2026 and an increase of $4.5 billion from December 31, 2025.
The increase for the nine months ended September 30, 2026 was driven by higher:
•Gross derivative receivables of $4.5 billion due to gains and purchases partially offset by settlements and net transfers.
Refer to the sections below for additional information.
Transfers between levels for instruments carried at fair value on a recurring basis
For both the three months ended September 30, 2026 and 2025, there were no significant transfers from level 2 into level 3.
For the three months ended September 30, 2026, significant transfers from level 3 into level 2 included the following:
•$900 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 September 30, 2025, significant transfers from level 3 into level 2 included the following:
•$914 million and $1.2 billion 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.
For the nine months ended September 30, 2026, significant transfers from level 2 into level 3 included the following:
•$845 million and $789 million of gross interest rate derivative receivables and gross interest rate derivative payables, respectively, as a result of a decrease in observability and an increase in the significance of unobservable inputs.
•$1.4 billion and $1.6 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.
•$1.2 billion of non-trading loans driven by a decrease in observability.
For the nine months ended September 30, 2026, significant transfers from level 3 into level 2 included the following:
•$922 million and $932 million of gross interest rate derivative receivables and gross interest rate derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.
•$1.5 billion and $1.4 billion 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.
•$2.3 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 nine months ended September 30, 2025, significant transfers from level 2 into level 3 included the following:
•$1.1 billion and $1.2 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.
•$908 million of non-trading loans driven by a decrease in observability.
For the nine months ended September 30, 2025, significant transfers from level 3 into level 2 included the following:
•$782 million of trading loans driven by an increase in observability.
•$1.7 billion and $2.1 billion 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.
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 103-108 for further information on these instruments.
Three months ended September 30, 2026
•$1.1 billion of net gains on assets, driven by gains in net derivative receivables due to market movements and gains in MSRs reflecting lower prepayment speeds on higher rates.
•$345 million of net gains on liabilities, driven by gains in long-term debt, partially offset by losses in short-term borrowings due to market movements.
Three months ended September 30, 2025
•$252 million of net gains on assets, predominantly driven by gains in other trading assets and net derivative receivables due to market movements.
•$2.1 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.

Nine months ended September 30, 2026
•$6.8 billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements.
•$2.3 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Nine months ended September 30, 2025
•$4.3 billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements.
•$4.7 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Credit and funding adjustments — derivatives
The following table provides the gains/(losses) resulting from credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.
Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Credit and funding adjustments:
Derivatives CVA$(105)$37 $(139)$(80)
Derivatives FVA
(52)18 (74)(41)
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 September 30, 2026 and 2025, for which nonrecurring fair value adjustments were recorded during the nine months ended September 30, 2026 and 2025, by major product category and fair value hierarchy.
September 30, 2026
(in millions)		Fair value hierarchyTotal fair value
Level 1
Level 2
Level 3
Loans$— $1,142 

$733 $1,875 
Other assets(a)
— 8 3,228 3,236 
Total assets measured at fair value on a nonrecurring basis$— $1,150 $3,961 $5,111 
Accounts payable and other liabilities
— — 26 
 
26 
Total liabilities measured at fair value on a nonrecurring basis
$— $— $26 $26 
September 30, 2025
(in millions)		Fair value hierarchyTotal fair value
Level 1Level 2Level 3
Loans$— $389 

$458 $847 
Other assets— 53 765 

818 
Total assets measured at fair value on a nonrecurring basis$— $442 $1,223 $1,665 
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 $3.2 billion in level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2026, $3.1 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 nine months ended September 30, 2026 and 2025, related to assets and liabilities held at those dates.


Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Loans$(76)
 
$(125)

$(215)

$(153)
Other assets(a)
174 
 
95 

852 130 
Accounts payable and other liabilities (26)
 
— 

(26)(5)
Total nonrecurring fair value gains/(losses)
$72 $(30)$611 $(28)
(a)Included $180 million and $92 million for the three months ended September 30, 2026 and 2025, respectively, and $846 million and $118 million for the nine months ended September 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 September 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 September 30,Nine months ended September 30,
As of or for the period ended, (in millions)2026202520262025
Other assets
Carrying value(a)
$9,978 $4,808 $9,978 $4,808 
Upward carrying value changes(b)
270 121 

1,068 199
Downward carrying value changes/impairment(c)
(90)(29)(222)(81)
(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 September 30, 2026 were $2.3 billion.
(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and September 30, 2026 were $(1.5) 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 September 30, 2026 and September 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”). As of September 30, 2026, the Firm had sold all of its Visa C shares.
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 1.4773 at September 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 September 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 September 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.
September 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$21.3 $21.3 $— $— $21.3 $21.7 $21.7 $— $— $21.7 
Deposits with banks305.0 305.0 — — 305.0 321.6 321.6 — — 321.6 
Accrued interest and accounts receivable164.6 — 164.4 0.2 164.6 111.1 — 111.0 0.1 111.1 
Federal funds sold and securities purchased under resale agreements
13.4 — 13.4 — 13.4 9.4 — 9.4 — 9.4 
Securities borrowed
204.4 — 204.4 — 204.4 188.1 — 188.1 — 188.1 
Investment securities, held-to-maturity
274.6 144.9 103.8 — 248.7 270.1 126.4 126.9 — 253.3 
Loans, net of allowance for loan losses(a)
1,486.7 — 390.8 1,088.9 1,479.7 1,397.0 — 314.6 1,089.2 1,403.8 
Other99.1 — 98.7 0.7 99.4 93.0 — 91.7 1.5 93.2 
Financial liabilities
Deposits $2,746.7 $— $2,747.2 $— $2,747.2 $2,538.4 $— $2,538.8 $— $2,538.8 
Federal funds purchased and securities loaned or sold under repurchase agreements
109.7 — 109.7 — 109.7 82.2 — 82.2 — 82.2 
Short-term borrowings
42.1 — 42.3 — 42.3 32.3 — 32.3 — 32.3 
Accounts payable and other liabilities(b)
307.2 — 293.9 11.9 305.8 262.6 — 248.7 13.0 261.7 
Beneficial interests issued by consolidated VIEs
28.2 — 28.3 — 28.3 27.9 — 28.0 — 28.0 
Long-term debt
300.7 — 250.3 51.5 301.8 300.6 — 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.
September 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$3.5 $— $— $4.7 $4.7 $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.