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 September 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).

During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes. AOCI included pretax unrealized gains of $575 million on the securities at the date of transfer.

Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income on a level-yield basis over the remaining life of the securities. This amortization will offset the effect on interest income of the amortization of the premium or discount resulting from the transfer recorded at fair value.

Transfers of securities between AFS and HTM are non-cash transactions.

Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for additional information regarding the investment securities portfolio.


	September 30, 2026								December 31, 2025
(in millions)	Amortized cost(c)(d)		Gross unrealized gains		Gross unrealized losses		Fair value		Amortized cost(c)(d)		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies	$	97,749	$	95	$	5,326	$	92,518	$	92,112	$	1,075	$	2,215	$	90,972
Residential:
U.S.	5,768		1		105		5,664		5,564		38		17		5,585
Non-U.S.	184		1		—		185		405		1		—		406
Commercial	5,343		6		74		5,275		4,466		48		30		4,484
Total mortgage-backed securities	109,044		103		5,505		103,642		102,547		1,162		2,262		101,447
U.S. Treasury and government agencies	355,248		458		7,981		347,725		313,470		2,384		32		315,822
Obligations of U.S. states and municipalities	18,336		18		2,301		16,053		20,915		118		793		20,240
Non-U.S. government debt securities	50,839		35		1,028		49,846		45,676		215		236		45,655
Corporate debt securities	215		—		7		208		139		—		11		128
Asset-backed securities:
Collateralized loan obligations	27,898		30		—		27,928		21,897		51		1		21,947
Other	1,803		10		24		1,789		1,941		25		7		1,959
Unallocated portfolio layer fair value basis adjustments(a)	(3,176)		—		(3,176)		NA		641		(641)		—		NA
Total available-for-sale securities	560,207		654		13,670		547,191		507,226		3,314		3,342		507,198
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies	82,191		—		13,545		68,646		89,073		57		9,200		79,930
U.S. Residential	6,734		—		860		5,874		7,542		6		570		6,978
Commercial	5,386		—		375		5,011		6,493		19		234		6,278
Total mortgage-backed securities	94,311		—		14,780		79,531		103,108		82		10,004		93,186
U.S. Treasury and government agencies	154,825		—		9,912		144,913		132,727		134		6,414		126,447
Obligations of U.S. states and municipalities	7,939		—		1,125		6,814		8,600		17		609		8,008
Asset-backed securities:
Collateralized loan obligations	16,736		10		2		16,744		24,695		29		6		24,718
Other	753		—		22		731		1,004		1		20		985
Total held-to-maturity securities	274,564		10		25,841		248,733		270,134		263		17,053		253,344
Total investment securities, net of allowance for credit losses	$	834,771	$	664	$	39,511	$	795,924	$	777,360	$	3,577	$	20,395	$	760,542

The following tables present the fair value and gross unrealized losses by aging category for AFS securities at September 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 $13.3 billion and $2.2 billion, at September 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 months				12 months or more
September 30, 2026 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.	$	4,879	$	78	$	507	$	27	$	5,386	$	105
Non-U.S.	—		—		17		—		17		—
Commercial	3,049		51		387		23		3,436		74
Total mortgage-backed securities	7,928		129		911		50		8,839		179
Obligations of U.S. states and municipalities	8,264		759		7,406		1,542		15,670		2,301
Non-U.S. government debt securities	36,094		795		4,139		233		40,233		1,028
Corporate debt securities	206		7		—		—		206		7
Asset-backed securities:
Collateralized loan obligations	1,410		—		—		—		1,410		—
Other	744		17		113		7		857		24
Total available-for-sale securities with gross unrealized losses	$	54,646	$	1,707	$	12,569	$	1,832	$	67,215	$	3,539


	Available-for-sale securities with gross unrealized losses
	Less than 12 months				12 months or more
December 31, 2025 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross 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		—
Commercial	142		1		576		29		718		30
Total mortgage-backed securities	181		1		1,205		46		1,386		47
Obligations of U.S. states and municipalities	5,519		131		9,597		662		15,116		793
Non-U.S. government debt securities	9,324		76		4,954		160		14,278		236
Corporate debt securities	114		11		—		—		114		11
Asset-backed securities:
Collateralized loan obligations	814		—		143		1		957		1
Other	63		—		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 September 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 $47 million as of September 30, 2026, which included the reduction in allowance of $48 million related to a sale of a corporate debt security and a payoff of a commercial mortgage-backed security during the nine months ended September 30, 2026. The allowance for credit losses on investment securities was $105 million as of September 30, 2025, which included the reduction in allowance of $17 million related to a sale of a corporate debt security during the nine months ended September 30, 2025.

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 September 30,				Nine months ended September 30,
(in millions)	2026		2025		2026		2025
Realized gains	$	31	$	248	$	648	$	487
Realized losses	(689)		(143)		(1,637)		(473)
Investment securities gains/(losses)	$	(658)	$	105	$	(989)	$	14
Provision for credit losses	$	—	$	(3)	$	(11)	$	(30)


By remaining maturity September 30, 2026 (in millions)	Due in one year or less			Due after one year through five years			Due after five years through 10 years			Due after 10 years(c)			Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost	$	543		$	12,044		$	4,415		$	92,042		$	109,044
Fair value	541			11,827			4,298			86,976			103,642
Average yield(a)	3.38		%	4.64		%	4.61		%	4.97		%	4.91		%
U.S. Treasury and government agencies
Amortized cost	$	12,802		$	277,017		$	59,030		$	6,399		$	355,248
Fair value	12,786			271,702			57,382			5,855			347,725
Average yield(a)	4.10		%	4.17		%	4.39		%	4.88		%	4.22		%
Obligations of U.S. states and municipalities
Amortized cost	$	1		$	18		$	132		$	18,185		$	18,336
Fair value	1			17			119			15,916			16,053
Average yield(a)	3.23		%	4.07		%	3.92		%	5.05		%	5.04		%
Non-U.S. government debt securities
Amortized cost	$	11,754		$	27,348		$	11,737		$	—		$	50,839
Fair value	11,756			26,833			11,257			—			49,846
Average yield(a)	4.11		%	4.44		%	3.70		%	—		%	4.19		%
Corporate debt securities
Amortized cost	$	7		$	213		$	—		$	—		$	220
Fair value	2			206			—			—			208
Average yield(a)	17.50		%	14.31		%	—		%	—		%	14.41		%
Asset-backed securities
Amortized cost	$	52		$	247		$	1,470		$	27,934		$	29,703
Fair value	51			243			1,472			27,951			29,717
Average yield(a)	4.84		%	5.36		%	5.65		%	4.84		%	4.88		%

Total available-for-sale securities
Amortized cost(b)	$	25,159		$	316,887		$	76,784		$	144,560		$	563,390
Fair value	25,137			310,828			74,528			136,698			547,191
Average yield(a)	4.10		%	4.22		%	4.32		%	4.95		%	4.42		%
Held-to-maturity securities
Mortgage-backed securities
Amortized cost	$	260		$	9,143		$	4,669		$	80,253		$	94,325
Fair value	259			8,417			4,139			66,716			79,531
Average yield(a)	2.38		%	2.45		%	3.39		%	2.87		%	2.86		%
U.S. Treasury and government agencies
Amortized cost	$	30,030		$	124,078		$	717		$	—		$	154,825
Fair value	29,843			114,410			660			—			144,913
Average yield(a)	3.83		%	2.53		%	2.78		%	—		%	2.78		%
Obligations of U.S. states and municipalities
Amortized cost	$	—		$	147		$	176		$	7,642		$	7,965
Fair value	—			127			163			6,524			6,814
Average yield(a)	—		%	2.48		%	4.19		%	4.06		%	4.04		%
Asset-backed securities
Amortized cost	$	—		$	494		$	6,424		$	10,571		$	17,489
Fair value	—			492			6,427			10,556			17,475
Average yield(a)	—		%	3.17		%	4.58		%	4.65		%	4.58		%
Total held-to-maturity securities
Amortized cost(b)	$	30,290		$	133,862		$	11,986		$	98,466		$	274,604
Fair value	30,102			123,446			11,389			83,796			248,733
Average yield(a)	3.82		%	2.52		%	4.00		%	3.15		%	2.96		%

(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.