v3.26.3
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2026
Variable Interest Entities [Abstract]  
Significant types of variable interest entities by business segment
The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-sponsored” VIE to include any entity where: (1) JPMorganChase is the primary beneficiary of the structure; (2) the VIE is used by JPMorganChase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorganChase name; or (4) the entity is a JPMorganChase–administered asset-backed commercial paper conduit.
Line of BusinessTransaction TypeActivityForm 10-Q page references
CCBCredit card securitization trustsSecuritization of originated credit card receivables162
Mortgage securitization trustsServicing and securitization of both originated and purchased residential mortgages162-164
CIBMortgage and other securitization trustsSecuritization of both originated and purchased residential and commercial mortgages, and other consumer loans162-164
Multi-seller conduitsAssisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs164
Municipal bond vehiclesFinancing of municipal bond investments164
Firm-sponsored mortgage and other consumer securitization trusts
The following tables present the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules),
recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to page 168 of this Note for information on the securitization-related loan delinquencies and liquidation losses.
Principal amount outstanding
JPMorganChase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
September 30, 2026
(in millions)		Total assets held by securitization VIEsAssets
held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvementTrading assets Investment securitiesOther financial assetsTotal interests held by JPMorgan
Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs$91,603 $504 $65,006 $729 $1,963 $1,498 $4,190 
Subprime16,403 — 9,284 452 8 — 460 
Commercial and other(b)
225,265 110 144,231 811 4,834 1,868 7,513 
Total$333,271 $614 $218,521 $1,992 $6,805 $3,366 $12,163 
Principal amount outstanding
JPMorganChase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
December 31, 2025
(in millions)		Total assets held by securitization VIEsAssets
held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvementTrading assets Investment securitiesOther financial assetsTotal interests held by
JPMorgan
Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs$83,442 $548 $58,525 $707 $1,799 $1,526 $4,032 
Subprime10,690 — 2,766 100 12 — 112 
Commercial and other(b)
212,555 170 138,986 1,222 5,285 823 7,330 
Total$306,687 $718 $200,277 $2,029 $7,096 $2,349 $11,474 
(a)Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored.
(b)Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables.
(c)Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior securities of $306 million and $188 million at September 30, 2026 and December 31, 2025, respectively, and subordinated securities of $56 million at both September 30, 2026 and December 31, 2025, which the Firm purchased in connection with CIB’s secondary market-making activities.
(d)Includes interests held in re-securitization transactions.
(e)At September 30, 2026 and December 31, 2025, 67% and 74%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $3.4 billion and $3.5 billion of investment grade retained interests at September 30, 2026 and December 31, 2025, respectively, and $816 million and $525 million of non-investment grade retained interests at September 30, 2026 and December 31, 2025, respectively. The retained interests in commercial and other securitization trusts consisted of $6.2 billion of investment grade retained interests at both September 30, 2026 and December 31, 2025, and $1.3 billion and $1.1 billion of non-investment grade retained interests at September 30, 2026 and December 31, 2025, respectively.
Re-securitizations
The following table presents the principal amount of securities transferred to re-securitization VIEs.
Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Transfers of securities to VIEs
U.S. GSEs and government agencies$4,099 $9,625 $11,344 $19,823 
The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.
Nonconsolidated
re-securitization VIEs
(in millions)September 30, 2026December 31, 2025
U.S. GSEs and government agencies
Interest in VIEs
$6,242 $2,558 
Information on assets and liabilities related to VIEs that are consolidated by the Firm
The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of September 30, 2026 and December 31, 2025.
AssetsLiabilities
September 30, 2026
(in millions)		Trading assetsLoans
Other(c)
 Total
assets(d)
Beneficial interests in VIE assets(e)
Other(f)
Total
liabilities
VIE program type
Firm-sponsored credit card trusts$—$11,830$168$11,998$5,856$11$5,867
Firm-administered multi-seller conduits319,40312219,52817,2312517,256
Municipal bond vehicles3,834—693,9035,029335,062
Mortgage securitization entities(a)
251965279538133
Other2,7872,039
(b)
3935,21917692709
Total$6,626$33,791$758$41,175$28,228$799$29,027
AssetsLiabilities
December 31, 2025
(in millions)		Trading assetsLoans
Other(c)
 Total
assets(d)
Beneficial interests in VIE assets(e)
Other(f)
Total
liabilities
VIE program type
Firm-sponsored credit card trusts$—$12,872$170$13,042$5,884$11$5,895
Firm-administered multi-seller conduits—20,14011520,25518,1742418,198
Municipal bond vehicles3,367—293,3963,760173,777
Mortgage securitization entities(a)
2566957710540145
Other1,4664,199
(b)
3606,02528599627
Total$4,835$37,777$683$43,295$27,951$691$28,642
(a)Includes residential mortgage securitizations.
(b)Primarily includes consumer loans in CIB.
(c)Includes assets classified as cash and other asset line items on the Consolidated balance sheets.
(d)The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.
(e)The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified on the Consolidated balance sheets as “Beneficial interests issued by consolidated VIEs”. The holders of these beneficial interests generally do not have recourse to the general credit of JPMorganChase. Included in beneficial interests in VIE assets are long-term beneficial interests of $6.0 billion at both September 30, 2026 and December 31, 2025.
(f)Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.
Programs under proportional amortization method
The following table provides information on tax-oriented investments for which the Firm elected to apply the proportional amortization method.
(in millions)Alternative energy and affordable housing programs
As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
2026202520262025
Programs for which the Firm elected proportional amortization:
Carrying value(a)
$34,094 $32,335 $34,094 $32,335 
Tax credits and other tax benefits(b)
1,538 1,431 4,770 4,230 
Investments that qualify to be accounted for using proportional amortization:
Amortization losses recognized as a component of income tax expense
(1,033)(1,075)(3,655)(3,105)
Non-income-tax-related gains/(losses) and other returns received that are recognized outside of income tax expense(c)
56 29 141 108 
(a)Recorded in Other assets on the Consolidated balance sheets. Excludes programs to which the Firm does not apply the
proportional amortization method, such as historic tax credit and new market tax credit programs.
(b)Reflected in Income tax expense on the Consolidated statements of income and Operating activities on the Consolidated statements of cash flows. Additionally, the Firm recognized $275 million and $277 million for the three months ended September 30, 2026 and 2025, respectively, and $819 million and $837 million for the nine months ended September 30, 2026 and 2025, respectively, of income tax credits along with $(315) million and $(331) million for the three months ended September 30, 2026 and 2025, respectively, and $(918) million and $(1.0) billion for the nine months ended September 30, 2026 and 2025, respectively, of amortization losses from investments in programs for which the Firm elected proportional amortization but the investments did not meet certain eligibility criteria. Those amounts were recorded on a net basis in Other income on the Consolidated statements of income and in Operating activities on the Consolidated statements of cash flows.
(c)Recorded in Other income on the Consolidated statements of income and Operating activities on the Consolidated statements of cash flows. Refer to Note 5 for further information.
Securitization activities
The following table provides information related to the Firm’s securitization activities for the three and nine months ended September 30, 2026 and 2025, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization.
Three months ended September 30,Nine months ended September 30,
2026202520262025
(in millions)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Principal securitized$8,189 $3,585 $7,782 $3,777 $27,295 $14,077 $18,736 $8,617 
All cash flows during the period:(a)
Proceeds received from loan sales as financial instruments(b)(c)
$8,284 $3,548 $8,004 $3,752 $28,441 $13,766 $19,208 $8,615 
Servicing fees collected9 8 8 10 28 26 25 31 
Cash flows received on interests245 230 160 245 925 578 464 671 
(a)Excludes re-securitization transactions.
(b)Primarily includes Level 2 assets.
(c)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
(d)Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies.
(e)Includes commercial mortgages and auto loans.
Summary of loan sale activities
The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines.
Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Carrying value of loans sold
$10,149 $7,502 $30,046 $22,016 
Proceeds received from loan sales as cash
413 387 1,709 1,165 
Proceeds from loan sales as securities(a)(b)
9,566 7,033 27,860 20,619 
Total proceeds received from loan sales(c)
$9,979 $7,420 $29,569 $21,784 
Gains/(losses) on loan sales(d)(e)
$— $— $— $— 
(a)Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio.
(b)Included in level 2 assets.
(c)Excludes the value of MSRs retained upon the sale of loans.
(d)Gains/(losses) on loan sales include the value of MSRs.
(e)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
Options to repurchase delinquent loans
The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of September 30, 2026 and December 31, 2025. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.
(in millions)September 30, 2026December 31, 2025
Loans repurchased or option to repurchase(a)
$488 $856 
Real estate owned
1 2 
Foreclosed government-guaranteed residential mortgage loans(b)
8 9 
(a)Primarily all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.
(b)Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.
Information about loan delinquencies and liquidation losses
The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of September 30, 2026 and December 31, 2025. For loans sold or securitized where servicing is the Firm’s only form of continuing involvement, the Firm generally experiences a loss only if the Firm was required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with its loan sale or servicing contracts.
Net liquidation losses/(recoveries)
Securitized assets90 days past dueThree months ended September 30,Nine months ended September 30,
(in millions)September 30, 2026December 31, 2025September 30, 2026December 31, 20252026202520262025
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs$65,006 $58,525 $638 $654 $5 $2 $14 $7 
Subprime9,284 2,766 153 92 (1)— — — 
Commercial and other144,231 138,986 4,715 4,487 131 134 212 255 
Total loans securitized$218,521 $200,277 $5,506 $5,233 $135 $136 $226 $262