Refer to Note 11 of JPMorgan Chase’s 2021 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.

The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of June 30, 2022 and December 31, 2021. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but

such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets.


	June 30, 2022
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	615,597	$	(293,460)	$	322,137	$	(313,022)		$	9,115
Securities borrowed	243,655		(41,262)		202,393		(146,087)			56,306
Liabilities
Securities sold under repurchase agreements	$	511,697	$	(293,460)	$	218,237	$	(184,439)		$	33,798
Securities loaned and other(a)	54,094		(41,262)		12,832		(12,777)			55


	December 31, 2021
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	604,724	$	(343,093)	$	261,631	$	(245,588)		$	16,043
Securities borrowed	250,333		(44,262)		206,071		(154,599)			51,472
Liabilities
Securities sold under repurchase agreements	$	532,899	$	(343,093)	$	189,806	$	(166,456)		$	23,350
Securities loaned and other(a)	52,610		(44,262)		8,348		(8,133)			215

(a)Includes securities-for-securities lending agreements of $9.7 billion and $5.6 billion at June 30, 2022 and December 31, 2021, respectively, accounted for at fair value, where the Firm is acting as lender.

(b)In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.

(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At June 30, 2022 and December 31, 2021, included $5.5 billion and $13.9 billion, respectively, of securities purchased under resale agreements; $50.4 billion and $46.4 billion, respectively, of securities borrowed; $32.7 billion and $21.6 billion, respectively, of securities sold under repurchase agreements; and $41 million and $198 million, respectively, of securities loaned and other.

The tables below present as of June 30, 2022, and December 31, 2021 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.


	Gross liability balance
	June 30, 2022				December 31, 2021
(in millions)	Securities sold under repurchase agreements		Securities loaned and other		Securities sold under repurchase agreements		Securities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies	$	33,382	$	—	$	37,046	$	—
Residential - nonagency	1,448		—		1,508		—
Commercial - nonagency	2,015		—		1,463		—
U.S. Treasury, GSEs and government agencies	234,147		1,783		241,578		358
Obligations of U.S. states and municipalities	2,103		4		1,916		7
Non-U.S. government debt	162,391		1,382		174,971		1,572
Corporate debt securities	38,157		2,283		38,180		1,619
Asset-backed securities	1,343		—		1,211		—
Equity securities	36,711		48,642		35,026		49,054
Total	$	511,697	$	54,094	$	532,899	$	52,610


	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
June 30, 2022 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	202,779	$	183,881	$	40,649	$	84,388	$	511,697
Total securities loaned and other	52,865		127		—		1,102		54,094


	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
December 31, 2021 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	195,035	$	231,171	$	47,201	$	59,492	$	532,899
Total securities loaned and other	50,034		1,701		—		875		52,610

Transfers not qualifying for sale accounting

At June 30, 2022, and December 31, 2021, the Firm held $342 million and $440 million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded predominantly in short-term borrowings on the Consolidated balance sheets.