Loans

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Loans

Loans

Loan accounting framework

The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories:

•Originated or purchased loans held-for-investment (i.e., “retained”)

•Loans held-for-sale

•Loans at fair value

Refer to Note 12 of JPMorgan Chase's 2023 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.

Loan portfolio

The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.

Consumer, excluding credit card	Credit card	Wholesale(c)(d)
• Residential real estate(a) • Auto and other(b)	• Credit card loans	• Secured by real estate • Commercial and industrial • Other(e)

(a)Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB.

(b)Includes scored auto, business banking and consumer unsecured loans as well as overdrafts, primarily in CCB.

(c)Includes loans held in CIB, CB, AWM, Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses.

(d)The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower.

(e)Includes loans to SPEs, financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. Refer to Note 14 of JPMorgan Chase’s 2023 Form 10-K for more information on SPEs.

The following tables summarize the Firm’s loan balances by portfolio segment.

March 31, 2024	Consumer, excluding credit card		Credit card		Wholesale		Total(a)(b)
(in millions)
Retained	$	389,592	$	206,740	$	667,761	$	1,264,093
Held-for-sale	1,331		—		5,146		6,477
At fair value	12,481		—		26,565		39,046
Total	$	403,404	$	206,740	$	699,472	$	1,309,616
December 31, 2023	Consumer, excluding credit card		Credit card		Wholesale		Total(a)(b)
(in millions)
Retained	$	397,275	$	211,123	$	672,472	$	1,280,870
Held-for-sale	487		—		3,498		3,985
At fair value	12,331		—		26,520		38,851
Total	$	410,093	$	211,123	$	702,490	$	1,323,706

(a)Excludes $6.8 billion of accrued interest receivables at both March 31, 2024 and December 31, 2023. The Firm wrote off accrued interest receivables of $31 million and $11 million for the three months ended March 31, 2024 and 2023, respectively.

(b)Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of March 31, 2024 and December 31, 2023. For the discount associated with First Republic loans see Note 26 on pages 171-173.

The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.

	2024									2023
Three months ended March 31, (in millions)	Consumer, excluding credit card			Credit card		Wholesale		Total		Consumer, excluding credit card			Credit card		Wholesale		Total
Purchases	$	124	(b)(c)	$	—	$	161	$	285	$	79	(b)(c)	$	—	$	163	$	242
Sales	3,364			—		9,582		12,946		—			—		9,171		9,171
Retained loans reclassified to held-for-sale(a)	987			—		185		1,172		43			—		314		357

(a)Reclassifications of loans to held-for-sale are non-cash transactions.

(b)Includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the three months ended March 31, 2024 and 2023. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.

(c)Excludes purchases of retained loans of $204 million and $663 million for the three months ended March 31, 2024 and 2023, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards.

Gains and losses on sales of loans

Net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value) recognized in noninterest revenue for the three months ended March 31, 2024 was $96 million of which $66 million was related to loans. Net gains/(losses) on sales of loans and lending-related commitments for the three months ended March 31, 2023 was $23 million of which $27 million was related to loans. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.

Consumer, excluding credit card loan portfolio

Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. These loans include home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period, and certain payment-option loans that may result in negative amortization.

The following table provides information about retained consumer loans, excluding credit card, by class.

(in millions)	March 31, 2024		December 31, 2023
Residential real estate	$	319,984	$	326,409
Auto and other	69,608		70,866
Total retained loans	$	389,592	$	397,275

Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorgan Chase's 2023 Form 10-K for further information on consumer credit quality indicators.

Residential real estate

Delinquency is the primary credit quality indicator for retained residential real estate loans. The following tables provide information on delinquency and gross charge-offs.

(in millions, except ratios)	March 31, 2024
	Term loans by origination year(c)																		Revolving loans						Total
	2024			2023			2022			2021			2020			Prior to 2020			Within the revolving period			Converted to term loans
Loan delinquency(a)
Current	$	2,148		$	20,058		$	63,668		$	83,481		$	54,894		$	78,706		$	7,053		$	7,845		$	317,853
30–149 days past due	—			19			114			95			49			762			42			230			1,311
150 or more days past due	—			2			42			30			34			540			8			164			820
Total retained loans	$	2,148		$	20,079		$	63,824		$	83,606		$	54,977		$	80,008		$	7,103		$	8,239		$	319,984
% of 30+ days past due to total retained loans(b)	—		%	0.10		%	0.24		%	0.15		%	0.15		%	1.61		%	0.70		%	4.78		%	0.66		%
Gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	55		$	5		$	3		$	63

(in millions, except ratios)	December 31, 2023
	Term loans by origination year(c)																		Revolving loans						Total
	2023			2022			2021			2020			2019			Prior to 2019			Within the revolving period			Converted to term loans
Loan delinquency(a)
Current	$	23,216		$	64,366		$	84,496		$	55,546		$	21,530		$	59,563		$	7,479		$	8,151		$	324,347
30–149 days past due	33			74			89			70			41			801			49			223			1,380
150 or more days past due	1			10			17			8			21			456			5			164			682
Total retained loans	$	23,250		$	64,450		$	84,602		$	55,624		$	21,592		$	60,820		$	7,533		$	8,538		$	326,409
% of 30+ days past due to total retained loans(b)	0.15		%	0.13		%	0.13		%	0.14		%	0.29		%	2.04		%	0.72		%	4.53		%	0.63		%
Gross charge-offs	$	—		$	—		$	—		$	—		$	4		$	167		$	26		$	7		$	204

(a)Individual delinquency classifications include mortgage loans insured by U.S. government agencies which were not material at March 31, 2024 and December 31, 2023.

(b)Excludes mortgage loans that are 30 or more days past due insured by U.S. government agencies which were not material at March 31, 2024 and December 31, 2023. These amounts have been excluded based upon the government guarantee.

(c)Purchased loans are included in the year in which they were originated.

Approximately 37% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period.

Nonaccrual loans and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.

(in millions, except weighted-average data)	March 31, 2024			December 31, 2023
Nonaccrual loans(a)(b)(c)(d)	$	3,449		$	3,466
Current estimated LTV ratios(e)(f)(g)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660	$	70		$	72
Less than 660	—			—
101% to 125% and refreshed FICO scores:
Equal to or greater than 660	228			223
Less than 660	5			4
80% to 100% and refreshed FICO scores:
Equal to or greater than 660	6,533			6,491
Less than 660	102			102
Less than 80% and refreshed FICO scores:
Equal to or greater than 660	302,573			309,251
Less than 660	9,436			9,277
No FICO/LTV available(h)	1,037			989
Total retained loans	$	319,984		$	326,409
Weighted-average LTV ratio(e)(i)	48		%	49		%
Weighted-average FICO(f)(i)	776			770
Geographic region(h)(j)
California	$	125,046		$	127,072
New York	48,175			48,815
Florida	22,371			22,778
Texas	15,106			15,506
Massachusetts	14,014			14,213
Colorado	10,590			10,800
Illinois	10,540			10,856
Washington	9,573			9,923
New Jersey	7,863			8,050
Connecticut	7,020			7,163
All other	49,686			51,233
Total retained loans	$	319,984		$	326,409

(a)Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual loans, regardless of their delinquency status. At March 31, 2024, approximately 9% of Chapter 7 residential real estate loans were 30 days or more past due.

(b)Mortgage loans insured by U.S. government agencies excluded from nonaccrual loans were not material at March 31, 2024 and December 31, 2023.

(c)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.

(d)Interest income on nonaccrual loans recognized on a cash basis was $43 million and $45 million for the three months ended March 31, 2024 and 2023, respectively.

(e)Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.

(f)Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.

(g)Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality.

(h)Included U.S. government-guaranteed loans as of March 31, 2024 and December 31, 2023.

(i)Excludes loans with no FICO and/or LTV data available.

(j)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2024.

Loan modifications

The Firm grants certain modifications of residential real estate loans to borrowers experiencing financial difficulty. The Firm's proprietary modification programs as well as government programs, including U.S. GSE programs, that generally provide various modifications to borrowers experiencing financial difficulty including, but not limited to, interest rate reductions, term extensions, other-than-insignificant payment deferral and principal forgiveness that would otherwise have been required under the terms of the original agreement, are considered FDMs. Refer to Note 12 of JPMorgan Chase's 2023 Form 10-K for further information.

Financial effects of FDMs

For the three months ended March 31, 2024, residential real estate FDMs were $39 million. The financial effects of the FDMs, which were predominantly in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by 16 years and reducing the weighted-average contractual interest rate from 7.39% to 4.28%.

For the three months ended March 31, 2023, residential real estate FDMs were $38 million. The financial effects of the FDMs, which were largely in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans up to 24 years, and reducing the weighted-average contractual interest rate from 5.84% to 3.57%.

As of March 31, 2024 and December 31, 2023, there were no additional commitments to lend to borrowers experiencing financial difficulty whose loans have been modified as FDMs.

For the three months ended March 31, 2024 and 2023, loans subject to a trial modification and Chapter 7 loans were not material.

Payment status of FDMs and defaults

The following table provides information on the payment status of FDMs during the twelve months ended March 31, 2024 and the three months ended March 31, 2023.

(in millions)	Amortized cost basis
	Twelve months ended March 31,		Three months ended March 31,
	2024		2023
Current	$	97	$	37
30-149 days past due	17		1
150 or more days past due	11		—
Total	$	125	$	38

FDMs that defaulted in the three months ended March 31, 2024 and were reported as FDMs in the twelve months prior to the default were not material. There were no FDMs that defaulted during the three months ended March 31, 2023 and were reported as FDMs on or after January 1, 2023, the date that the Firm adopted the changes to the TDR accounting guidance. Refer to Note 1 of JPMorgan Chase's 2023 Form 10-K for further information.

Active and suspended foreclosure

At March 31, 2024 and December 31, 2023, the Firm had residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $608 million and $566 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

Auto and other

Delinquency is the primary credit quality indicator for retained auto and other loans. The following tables provide information on delinquency and gross charge-offs.

	March 31, 2024
(in millions, except ratios)	Term loans by origination year																		Revolving loans
	2024			2023			2022			2021			2020			Prior to 2020			Within the revolving period			Converted to term loans			Total
Loan delinquency
Current	$	7,175		$	26,329		$	13,361		$	11,306		$	5,538		$	1,724		$	3,190		$	103		$	68,726
30–119 days past due	55			232			228			180			62			39			23			28			847
120 or more days past due	—			1			1			5			8			—			1			19			35
Total retained loans	$	7,230		$	26,562		$	13,590		$	11,491		$	5,608		$	1,763		$	3,214		$	150		$	69,608
% of 30+ days past due to total retained loans	0.76		%	0.88		%	1.69		%	1.56		%	1.07		%	2.21		%	0.75		%	31.33		%	1.24		%
Gross charge-offs	$	22		$	111		$	63		$	36		$	11		$	24		$	—		$	1		$	268

	December 31, 2023
(in millions, except ratios)	Term loans by origination year																		Revolving loans
	2023			2022			2021			2020			2019			Prior to 2019			Within the revolving period			Converted to term loans			Total
Loan delinquency
Current	$	30,328		$	14,797		$	12,825		$	6,538		$	1,777		$	511		$	2,984		$	102		$	69,862
30–119 days past due	276			279			231			78			43			17			19			24			967
120 or more days past due	1			1			7			8			—			—			3			17			37
Total retained loans	$	30,605		$	15,077		$	13,063		$	6,624		$	1,820		$	528		$	3,006		$	143		$	70,866
% of 30+ days past due to total retained loans	0.91		%	1.86		%	1.75		%	1.15		%	2.36		%	3.22		%	0.73		%	28.67		%	1.39		%
Gross charge-offs	$	333		$	297		$	161		$	53		$	35		$	64		$	—		$	4		$	947

Nonaccrual and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans.

(in millions)	Total Auto and other
	March 31, 2024		December 31, 2023
Nonaccrual loans(a)(b)	$	181	$	177
Geographic region(c)
California	$	10,794	$	10,959
Texas	8,318		8,502
Florida	5,632		5,684
New York	4,911		4,938
Illinois	3,059		3,147
New Jersey	2,565		2,609
Pennsylvania	1,907		1,900
Georgia	1,858		1,912
Arizona	1,736		1,779
North Carolina	1,679		1,714
All other	27,149		27,722
Total retained loans	$	69,608	$	70,866

(a)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.

(b)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2024 and 2023.

(c)The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at March 31, 2024.

Loan modifications

The Firm grants certain modifications of auto and other loans to borrowers experiencing financial difficulty.

For the three months ended March 31, 2024 and 2023, auto and other FDMs were not material.

As of March 31, 2024 and December 31, 2023, there were no additional commitments to lend to borrowers modified as FDMs.

Credit card loan portfolio

The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.

Refer to Note 12 of JPMorgan Chase's 2023 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.

The following tables provide information on delinquency and gross charge-offs.

(in millions, except ratios)	March 31, 2024
	Within the revolving period			Converted to term loans			Total
Loan delinquency
Current and less than 30 days past due and still accruing	$	201,163		$	974		$	202,137
30–89 days past due and still accruing	2,106			93			2,199
90 or more days past due and still accruing	2,351			53			2,404
Total retained loans	$	205,620		$	1,120		$	206,740
Loan delinquency ratios
% of 30+ days past due to total retained loans	2.17		%	13.04		%	2.23		%
% of 90+ days past due to total retained loans	1.14			4.73			1.16
Gross charge-offs	$	1,860		$	54		$	1,914

(in millions, except ratios)	December 31, 2023
	Within the revolving period			Converted to term loans			Total
Loan delinquency
Current and less than 30 days past due and still accruing	$	205,731		$	882		$	206,613
30–89 days past due and still accruing	2,217			84			2,301
90 or more days past due and still accruing	2,169			40			2,209
Total retained loans	$	210,117		$	1,006		$	211,123
Loan delinquency ratios
% of 30+ days past due to total retained loans	2.09		%	12.33		%	2.14		%
% of 90+ days past due to total retained loans	1.03			3.98			1.05
Gross charge-offs	$	5,325		$	166		$	5,491

Other credit quality indicators

The following table provides information on other credit quality indicators for retained credit card loans.

(in millions, except ratios)	March 31, 2024			December 31, 2023
Geographic region(a)
California	$	32,053		$	32,652
Texas	21,833			22,086
New York	16,561			16,915
Florida	15,043			15,103
Illinois	11,137			11,364
New Jersey	8,495			8,688
Ohio	6,211			6,424
Colorado	6,210			6,307
Pennsylvania	5,885			6,088
Arizona	5,179			5,209
All other	78,133			80,287
Total retained loans	$	206,740		$	211,123
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 660	85.2		%	85.8		%
Less than 660	14.7			14.0
No FICO available	0.1			0.2

(a)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2024.

Loan modifications

The Firm grants certain modifications of credit card loans to borrowers experiencing financial difficulty. These modifications may involve placing the customer’s credit card account on a fixed payment plan, generally for 60 months, which typically includes reducing the interest rate on the credit card account. If the borrower does not make the contractual payments when due under the modified payment terms, the credit card loan continues to age and will be charged-off in accordance with the Firm's standard charge-off policy. In most cases, the Firm does not reinstate the borrower's line of credit.

Financial effects of FDMs

The following tables provide information on credit card loan modifications considered FDMs.

Three months ended March 31, 2024 (in millions)	Amortized cost basis		% of loan modifications to total retained credit card loans		Financial effect of loan modifications
Loan modifications
Term extension and interest rate reduction(a)(b)	$	259	0.13	%	Term extension with a reduction in the weighted average contractual interest rate from 23.88% to 3.30%
Total	$	259

Three months ended March 31, 2023 (in millions)	Amortized cost basis		% of loan modifications to total retained credit card loans		Financial effect of loan modifications
Loan modifications
Term extension and interest rate reduction(a)(b)	$	163	0.09	%	Term extension with a reduction in the weighted average contractual interest rate from 22.62% to 3.50%
Total	$	163

(a)Term extension includes credit card loans whose terms have been modified under long-term programs by placing the customer's credit card account on a fixed payment plan.

(b)Interest rates represent the weighted average at the time of modification.

For the three months ended March 31, 2024 and 2023, credit card loans subject to trial modifications were not material.

Payment status of FDMs and defaults

The following table provides information on the payment status of FDMs during the twelve months ended March 31, 2024 and the three months ended March 31, 2023.

(in millions)	Amortized cost basis
	Twelve months ended March 31,		Three months ended March 31,
	2024		2023
Current and less than 30 days past due and still accruing	$	626	$	113
30-89 days past due and still accruing	65		30
90 or more days past due and still accruing	43		20
Total	$	734	$	163

FDMs that defaulted in the three months ended March 31, 2024 and were reported as FDMs in the twelve months prior to the default were not material. There were no FDMs that defaulted during the three months ended March 31, 2023 and were reported as FDMs on or after January 1, 2023, the date that the Firm adopted the changes to the TDR accounting guidance. Refer to Note 1 of JPMorgan Chase's 2023 Form 10-K for further information.

For credit card loans modified as FDMs, payment default is deemed to have occurred when the borrower misses two consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm's standard charge-off policy.

Wholesale loan portfolio

Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients, to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the internal risk rating assigned to each loan. Refer to Note 12 of JPMorgan Chase’s 2023 Form 10-K for further information on these risk ratings.

Internal risk rating is the primary credit quality indicator for retained wholesale loans. The following tables provide information on internal risk rating and gross charge-offs.

	Secured by real estate						Commercial and industrial						Other(a)						Total retained loans
(in millions, except ratios)	Mar 31, 2024			Dec 31, 2023			Mar 31, 2024			Dec 31, 2023			Mar 31, 2024			Dec 31, 2023			Mar 31, 2024			Dec 31, 2023
Loans by risk ratings
Investment-grade	$	118,829		$	120,405		$	71,308		$	72,624		$	263,455		$	265,809		$	453,592		$	458,838
Noninvestment-grade:
Noncriticized	35,333			34,241			82,426			80,637			71,091			75,178			188,850			190,056
Criticized performing	8,431			7,291			12,349			12,684			1,612			1,257			22,392			21,232
Criticized nonaccrual	591			401			1,435			1,221			901			724			2,927			2,346
Total noninvestment-grade	44,355			41,933			96,210			94,542			73,604			77,159			214,169			213,634
Total retained loans	$	163,184		$	162,338		$	167,518		$	167,166		$	337,059		$	342,968		$	667,761		$	672,472
% of investment-grade to total retained loans	72.82		%	74.17		%	42.57		%	43.44		%	78.16		%	77.50		%	67.93		%	68.23		%
% of total criticized to total retained loans	5.53			4.74			8.23			8.32			0.75			0.58			3.79			3.51
% of criticized nonaccrual to total retained loans	0.36			0.25			0.86			0.73			0.27			0.21			0.44			0.35

(a)Includes loans to SPEs, financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. As of March 31, 2024 and December 31, 2023, predominantly consisted of $105.2 billion and $106.9 billion, respectively, to individuals and individual entities; $87.3 billion and $91.2 billion, respectively, to SPEs; and $85.1 billion and $87.5 billion, respectively, to financial institutions. Refer to Note 14 of JPMorgan Chase’s 2023 Form 10-K for more information on SPEs.

	Secured by real estate
(in millions)	March 31, 2024
	Term loans by origination year												Revolving loans
	2024		2023		2022		2021		2020		Prior to 2020		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	1,847	$	10,697	$	28,184	$	24,877	$	16,470	$	35,371	$	1,383	$	—	$	118,829
Noninvestment-grade	1,042		4,818		12,979		8,575		3,743		11,795		1,402		1		44,355
Total retained loans	$	2,889	$	15,515	$	41,163	$	33,452	$	20,213	$	47,166	$	2,785	$	1	$	163,184
Gross charge-offs	$	—	$	5	$	20	$	—	$	—	$	3	$	—	$	—	$	28

    

	Secured by real estate
(in millions)	December 31, 2023
	Term loans by origination year												Revolving loans
	2023		2022		2021		2020		2019		Prior to 2019		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	10,687	$	28,874	$	25,784	$	16,820	$	15,677	$	21,108	$	1,455	$	—	$	120,405
Noninvestment-grade	4,477		12,579		7,839		3,840		3,987		7,918		1,291		2		41,933
Total retained loans	$	15,164	$	41,453	$	33,623	$	20,660	$	19,664	$	29,026	$	2,746	$	2	$	162,338
Gross charge-offs	$	20	$	48	$	22	$	—	$	23	$	78	$	—	$	1	$	192

	Commercial and industrial
(in millions)	March 31, 2024
	Term loans by origination year												Revolving loans
	2024		2023		2022		2021		2020		Prior to 2020		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	5,552	$	9,804	$	9,117	$	4,040	$	1,705	$	1,818	$	39,229	$	43	$	71,308
Noninvestment-grade	4,860		15,466		15,898		8,476		1,707		1,795		47,935		73		96,210
Total retained loans	$	10,412	$	25,270	$	25,015	$	12,516	$	3,412	$	3,613	$	87,164	$	116	$	167,518
Gross charge-offs	$	3	$	3	$	19	$	3	$	1	$	3	$	43	$	—	$	75

	Commercial and industrial
(in millions)	December 31, 2023
	Term loans by origination year												Revolving loans
	2023		2022		2021		2020		2019		Prior to 2019		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	14,875	$	10,642	$	4,276	$	2,291	$	1,030	$	1,115	$	38,394	$	1	$	72,624
Noninvestment-grade	18,890		16,444		9,299		1,989		1,144		1,006		45,696		74		94,542
Total retained loans	$	33,765	$	27,086	$	13,575	$	4,280	$	2,174	$	2,121	$	84,090	$	75	$	167,166
Gross charge-offs	$	25	$	8	$	110	$	55	$	2	$	12	$	259	$	8	$	479

	Other(a)
(in millions)	March 31, 2024
	Term loans by origination year												Revolving loans
	2024		2023		2022		2021		2020		Prior to 2020		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	10,191	$	32,625	$	17,015	$	9,037	$	9,635	$	9,691	$	173,115	$	2,146	$	263,455
Noninvestment-grade	3,696		10,946		7,375		5,779		1,998		2,532		41,223		55		73,604
Total retained loans	$	13,887	$	43,571	$	24,390	$	14,816	$	11,633	$	12,223	$	214,338	$	2,201	$	337,059
Gross charge-offs	$	—	$	7	$	—	$	18	$	7	$	1	$	—	$	—	$	33

	Other(a)
(in millions)	December 31, 2023
	Term loans by origination year												Revolving loans
	2023		2022		2021		2020		2019		Prior to 2019		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	38,338	$	18,034	$	10,033	$	10,099	$	3,721	$	6,662	$	176,728	$	2,194	$	265,809
Noninvestment-grade	14,054		8,092		6,169		2,172		811		2,001		43,801		59		77,159
Total retained loans	$	52,392	$	26,126	$	16,202	$	12,271	$	4,532	$	8,663	$	220,529	$	2,253	$	342,968
Gross charge-offs	$	5	$	298	$	8	$	8	$	—	$	8	$	13	$	—	$	340

(a)Includes loans to SPEs, financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. Refer to Note 14 of JPMorgan Chase’s 2023 Form 10-K for more information on SPEs.

The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.

(in millions, except ratios)	Multifamily						Other commercial						Total retained loans secured by real estate
	Mar 31, 2024			Dec 31, 2023			Mar 31, 2024			Dec 31, 2023			Mar 31, 2024			Dec 31, 2023
Retained loans secured by real estate	$	101,514		$	100,725		$	61,670		$	61,613		$	163,184		$	162,338
Criticized	3,654			3,596			5,368			4,096			9,022			7,692
% of criticized to total retained loans secured by real estate	3.60		%	3.57		%	8.70		%	6.65		%	5.53		%	4.74		%
Criticized nonaccrual	$	89		$	76		$	502		$	325		$	591		$	401
% of criticized nonaccrual loans to total retained loans secured by real estate	0.09		%	0.08		%	0.81		%	0.53		%	0.36		%	0.25		%

Geographic distribution and delinquency

The following table provides information on the geographic distribution and delinquency for retained wholesale loans.

	Secured by real estate				Commercial  and industrial				Other				Total  retained loans
(in millions)	Mar 31, 2024		Dec 31, 2023		Mar 31, 2024		Dec 31, 2023		Mar 31, 2024		Dec 31, 2023		Mar 31, 2024		Dec 31, 2023
Loans by geographic distribution(a)
Total U.S.	$	159,958	$	159,499	$	128,254	$	127,638	$	258,961	$	262,499	$	547,173	$	549,636
Total non-U.S.	3,226		2,839		39,264		39,528		78,098		80,469		120,588		122,836
Total retained loans	$	163,184	$	162,338	$	167,518	$	167,166	$	337,059	$	342,968	$	667,761	$	672,472
Loan delinquency
Current and less than 30 days past due and still accruing	$	162,174	$	161,314	$	165,088	$	164,899	$	334,642	$	341,128	$	661,904	$	667,341
30–89 days past due and still accruing	407		473		779		884		1,492		1,090		2,678		2,447
90 or more days past due and still accruing(b)	12		150		216		162		24		26		252		338
Criticized nonaccrual	591		401		1,435		1,221		901		724		2,927		2,346
Total retained loans	$	163,184	$	162,338	$	167,518	$	167,166	$	337,059	$	342,968	$	667,761	$	672,472

(a)The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.

(b)Represents loans that are considered well-collateralized and therefore still accruing interest.

Nonaccrual loans

The following table provides information on retained wholesale nonaccrual loans.

(in millions)	Secured by real estate				Commercial and industrial				Other				Total retained loans
	Mar 31, 2024		Dec 31, 2023		Mar 31, 2024		Dec 31, 2023		Mar 31, 2024		Dec 31, 2023		Mar 31, 2024		Dec 31, 2023
Nonaccrual loans
With an allowance	$	128	$	129	$	970	$	776	$	664	$	492	$	1,762	$	1,397
Without an allowance(a)	463		272		465		445		237		232		1,165		949
Total nonaccrual loans(b)	$	591	$	401	$	1,435	$	1,221	$	901	$	724	$	2,927	$	2,346

(a)When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.

(b)Interest income on nonaccrual loans recognized on a cash basis were not material for the three months ended March 31, 2024 and 2023.

Loan modifications

The Firm grants certain modifications of wholesale loans to borrowers experiencing financial difficulty.

Financial effects of FDMs

For the three months ended March 31, 2024, Secured by real estate FDMs were $25 million. The FDMs were primarily in the form of other-than-insignificant payment deferrals and interest rate reductions, which included reducing the weighted-average contractual interest by 100 bps and providing payment deferrals with delayed amounts primarily recaptured at maturity. For the three months ended March 31, 2023, Secured by real estate FDMs were not material.

The following tables provide information about Commercial and industrial loan modifications considered FDMs during the three months ended March 31, 2024 and 2023.

	Commercial and industrial
Three months ended March 31, 2024 (in millions)	Amortized cost basis		% of loan modifications to total retained Commercial and industrial loans		Financial effect of loan modifications
Single modifications
Term extension	$	382	0.23	%	Extended loans by a weighted average of 11 months
Other-than-insignificant payment deferral	84		0.05		Provided payment deferrals with delayed amounts largely recaptured at the end of the deferral period
Multiple modifications
Other-than-insignificant payment deferral and term extension	94		0.06		Provided payment deferrals with delayed amounts primarily recaptured at maturity and extended loans by a weighted average of 20 months
Other(a)	4		—		NM
Total	$	564

Three months ended March 31, 2023 (in millions)	Commercial and industrial
	Amortized cost basis		% of loan modifications to total retained Commercial and industrial loans		Financial effect of loan modifications
Single modifications
Term extension	$	280	0.17	%	Extended loans by a weighted average of 8 months
Other-than-insignificant payment deferral	49		0.03		Provided payment deferrals with delayed amounts recaptured primarily at maturity
Multiple modifications
Term extension and principal forgiveness	44		0.03		Extended loans by a weighted average of 64 months and reduced amortized cost basis of the loans by $23 million
Total	$	373

(a)Includes a loan with multiple modifications.

For the three months ended March 31, 2024 and 2023, Other loan class FDMs were $20 million and $63 million, respectively and were primarily in the form of term extensions, which included extending the weighted-average life of the loans by 11 months and 4 months, respectively.

Payment status of FDMs and defaults

The following table provides information by loan class about the payment status of FDMs during the twelve months ended March 31, 2024 and the three months ended March 31, 2023.

	Amortized cost basis
	Twelve months ended March 31, 2024						Three months ended March 31, 2023(a)
(in millions)	Secured by real estate		Commercial and industrial		Other		Commercial and industrial		Other
Current and less than 30 days past due and still accruing	$	110	$	1,033	$	383	$	212	$	—
30-89 days past due and still accruing	7		29		12		4		—
Criticized nonaccrual	46		366		204		157		63
Total	$	163	$	1,428	$	599	$	373	$	63

(a)Secured by real estate FDMs were not material for the three months ended March 31, 2023.

There were $77 million FDMs that defaulted in the three months ended March 31, 2024 and were reported as FDMs in the twelve months prior to default, primarily in the form of term extensions in Commercial and industrial.

Total FDMs that defaulted during the three months ended March 31, 2023 and were reported as FDMs on or after January 1, 2023, the date that the Firm adopted the changes to the TDR accounting guidance were not material.

As of March 31, 2024 and December 31, 2023, additional unfunded commitments on modified loans to borrowers experiencing financial difficulty were $577 million and $1.8 billion, respectively, in Commercial and industrial and $29 million and $4 million, respectively, in Other loan class. There were no additional commitments to borrowers experiencing financial difficulty whose loans have been modified as FDMs in Secured by real estate.