Investment Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Available-for-sale amortized costs and estimated fair values

The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.

	September 30, 2025								December 31, 2024
(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	$	93,325	$	1,048	$	2,520	$	91,853	$	95,671	$	251	$	4,029	$	91,893
Residential:
U.S.	5,573		39		24		5,588		4,242		16		50		4,208
Non-U.S.	429		2		—		431		600		3		—		603
Commercial	4,512		49		40		4,521		4,115		20		70		4,065
Total mortgage-backed securities	103,839		1,138		2,584		102,393		104,628		290		4,149		100,769
U.S. Treasury and government agencies	300,064		1,922		100		301,886		235,495		545		1,261		234,779
Obligations of U.S. states and municipalities	20,817		111		960		19,968		18,337		110		534		17,913
Non-U.S. government debt securities	44,516		148		385		44,279		36,655		94		504		36,245
Corporate debt securities	124		1		—		125		71		—		1		70
Asset-backed securities:
Collateralized loan obligations	19,692		63		1		19,754		14,887		59		3		14,943
Other	2,076		25		7		2,094		2,125		17		9		2,133
Unallocated portfolio layer fair value basis adjustments(a)	1,172		(1,172)		—		NA		(1,153)		—		(1,153)		NA
Total available-for-sale securities	492,300		2,236		4,037		490,499		411,045		1,115		5,308		406,852
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies	91,146		47		9,939		81,254		97,177		6		13,531		83,652
U.S. Residential	7,792		5		642		7,155		8,605		4		904		7,705
Commercial	7,222		18		248		6,992		8,817		24		389		8,452
Total mortgage-backed securities	106,160		70		10,829		95,401		114,599		34		14,824		99,809
U.S. Treasury and government agencies	148,837		37		7,144		141,730		108,632		—		11,212		97,420
Obligations of U.S. states and municipalities	8,881		12		696		8,197		9,310		32		631		8,711
Asset-backed securities:
Collateralized loan obligations	28,483		41		11		28,513		40,573		84		14		40,643
Other	1,085		2		23		1,064		1,354		2		39		1,317
Total held-to-maturity securities	293,446		162		18,703		274,905		274,468		152		26,720		247,900
Total investment securities, net of allowance for credit losses	$	785,746	$	2,398	$	22,740	$	765,404	$	685,513	$	1,267	$	32,028	$	654,752

(a)Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 4 for additional information.

(b)The Firm purchased $1.6 billion and $4.8 billion of HTM securities for the three and nine months ended September 30, 2025, respectively, and $1.4 billion and $2.4 billion for the three and nine months ended September 30, 2024, respectively.

(c)The amortized cost of investment securities is reported net of allowance for credit losses of $105 million and $152 million at September 30, 2025 and December 31, 2024, respectively.

(d)Excludes $4.8 billion and $3.7 billion of accrued interest receivable at September 30, 2025 and December 31, 2024, respectively. The Firm did not reverse through interest income any accrued interest receivable for the three and nine months ended September 30, 2025 and 2024. Refer to Note 10 of JPMorganChase’s 2024 Form 10-K for further discussion of accounting policies for accrued interest receivable on investment securities.

Held-to-maturity securities amortized costs and estimated fair values

The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.

	September 30, 2025								December 31, 2024
(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	$	93,325	$	1,048	$	2,520	$	91,853	$	95,671	$	251	$	4,029	$	91,893
Residential:
U.S.	5,573		39		24		5,588		4,242		16		50		4,208
Non-U.S.	429		2		—		431		600		3		—		603
Commercial	4,512		49		40		4,521		4,115		20		70		4,065
Total mortgage-backed securities	103,839		1,138		2,584		102,393		104,628		290		4,149		100,769
U.S. Treasury and government agencies	300,064		1,922		100		301,886		235,495		545		1,261		234,779
Obligations of U.S. states and municipalities	20,817		111		960		19,968		18,337		110		534		17,913
Non-U.S. government debt securities	44,516		148		385		44,279		36,655		94		504		36,245
Corporate debt securities	124		1		—		125		71		—		1		70
Asset-backed securities:
Collateralized loan obligations	19,692		63		1		19,754		14,887		59		3		14,943
Other	2,076		25		7		2,094		2,125		17		9		2,133
Unallocated portfolio layer fair value basis adjustments(a)	1,172		(1,172)		—		NA		(1,153)		—		(1,153)		NA
Total available-for-sale securities	492,300		2,236		4,037		490,499		411,045		1,115		5,308		406,852
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies	91,146		47		9,939		81,254		97,177		6		13,531		83,652
U.S. Residential	7,792		5		642		7,155		8,605		4		904		7,705
Commercial	7,222		18		248		6,992		8,817		24		389		8,452
Total mortgage-backed securities	106,160		70		10,829		95,401		114,599		34		14,824		99,809
U.S. Treasury and government agencies	148,837		37		7,144		141,730		108,632		—		11,212		97,420
Obligations of U.S. states and municipalities	8,881		12		696		8,197		9,310		32		631		8,711
Asset-backed securities:
Collateralized loan obligations	28,483		41		11		28,513		40,573		84		14		40,643
Other	1,085		2		23		1,064		1,354		2		39		1,317
Total held-to-maturity securities	293,446		162		18,703		274,905		274,468		152		26,720		247,900
Total investment securities, net of allowance for credit losses	$	785,746	$	2,398	$	22,740	$	765,404	$	685,513	$	1,267	$	32,028	$	654,752

(a)Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 4 for additional information.

(b)The Firm purchased $1.6 billion and $4.8 billion of HTM securities for the three and nine months ended September 30, 2025, respectively, and $1.4 billion and $2.4 billion for the three and nine months ended September 30, 2024, respectively.

(c)The amortized cost of investment securities is reported net of allowance for credit losses of $105 million and $152 million at September 30, 2025 and December 31, 2024, respectively.

(d)Excludes $4.8 billion and $3.7 billion of accrued interest receivable at September 30, 2025 and December 31, 2024, respectively. The Firm did not reverse through interest income any accrued interest receivable for the three and nine months ended September 30, 2025 and 2024. Refer to Note 10 of JPMorganChase’s 2024 Form 10-K for further discussion of accounting policies for accrued interest receivable on investment securities.

Securities impairment

The following tables present the fair value and gross unrealized losses by aging category for AFS securities at September 30, 2025 and December 31, 2024. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $2.6 billion and $5.3 billion, at September 30, 2025 and December 31, 2024, 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, 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.	$	2	$	—	$	924	$	24	$	926	$	24
Non-U.S.	—		—		21		—		21		—
Commercial	421		—		768		40		1,189		40
Total mortgage-backed securities	423		—		1,713		64		2,136		64
Obligations of U.S. states and municipalities	11,905		558		3,583		402		15,488		960
Non-U.S. government debt securities	12,559		87		7,001		298		19,560		385
Corporate debt securities	—		—		—		—		—		—
Asset-backed securities:
Collateralized loan obligations	584		—		163		1		747		1
Other	161		—		132		7		293		7
Total available-for-sale securities with gross unrealized losses	$	25,632	$	645	$	12,592	$	772	$	38,224	$	1,417

	Available-for-sale securities with gross unrealized losses
	Less than 12 months				12 months or more
December 31, 2024 (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.	$	1,505	$	6	$	925	$	44	$	2,430	$	50
Non-U.S.	—		—		30		—		30		—
Commercial	763		8		1,184		62		1,947		70
Total mortgage-backed securities	2,268		14		2,139		106		4,407		120
Obligations of U.S. states and municipalities	10,037		233		2,412		301		12,449		534
Non-U.S. government debt securities	14,234		234		4,184		270		18,418		504
Corporate debt securities	9		—		30		1		39		1
Asset-backed securities:
Collateralized loan obligations	2		—		375		3		377		3
Other	214		1		200		8		414		9
Total available-for-sale securities with gross unrealized losses	$	26,764	$	482	$	9,340	$	689	$	36,104	$	1,171

Securities gains and losses and provision for credit loss

	Three months ended September 30,				Nine months ended September 30,
(in millions)	2025		2024		2025		2024
Realized gains	$	248	$	298	$	487	$	535
Realized losses	(143)		(314)		(473)		(1,464)
Investment securities gains/(losses)	$	105	$	(16)	$	14	$	(929)
Provision for credit losses	$	(3)	$	(2)	$	(30)	$	47

Amortized cost and estimated fair value by contractual maturity

The following table presents the amortized cost and estimated fair value at September 30, 2025, of JPMorganChase’s investment securities portfolio by contractual maturity.

By remaining maturity September 30, 2025 (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	$	1,688		$	11,105		$	4,952		$	86,096		$	103,841
Fair value	1,677			11,252			5,012			84,452			102,393
Average yield(a)	3.18		%	4.74		%	4.93		%	4.68		%	4.68		%
U.S. Treasury and government agencies
Amortized cost	$	28,716		$	209,735		$	55,304		$	6,309		$	300,064
Fair value	28,754			211,078			55,571			6,483			301,886
Average yield(a)	4.38		%	4.29		%	4.50		%	5.00		%	4.35		%
Obligations of U.S. states and municipalities
Amortized cost	$	1		$	11		$	101		$	20,704		$	20,817
Fair value	1			11			101			19,855			19,968
Average yield(a)	3.47		%	3.87		%	4.39		%	5.22		%	5.22		%
Non-U.S. government debt securities
Amortized cost	$	11,184		$	17,483		$	9,861		$	5,988		$	44,516
Fair value	11,190			17,499			9,737			5,853			44,279
Average yield(a)	3.67		%	4.10		%	3.21		%	3.86		%	3.76		%
Corporate debt securities
Amortized cost	$	49		$	108		$	—		$	—		$	157
Fair value	16			109			—			—			125
Average yield(a)	17.50		%	14.54		%	—		%	—		%	15.46		%
Asset-backed securities
Amortized cost	$	4		$	360		$	1,066		$	20,338		$	21,768
Fair value	4			362			1,071			20,411			21,848
Average yield(a)	5.30		%	5.76		%	5.82		%	5.42		%	5.45		%
Total available-for-sale securities
Amortized cost(b)	$	41,642		$	238,802		$	71,284		$	139,435		$	491,163
Fair value	41,642			240,311			71,492			137,054			490,499
Average yield(a)	4.16		%	4.30		%	4.37		%	4.85		%	4.46		%
Held-to-maturity securities
Mortgage-backed securities
Amortized cost	$	894		$	8,305		$	6,315		$	90,686		$	106,200
Fair value	879			7,878			5,767			80,877			95,401
Average yield(a)	1.54		%	2.57		%	3.00		%	2.92		%	2.89		%
U.S. Treasury and government agencies
Amortized cost	$	30,075		$	75,721		$	43,041		$	—		$	148,837
Fair value	29,789			73,840			38,101			—			141,730
Average yield(a)	0.72		%	3.05		%	1.30		%	—		%	2.07		%
Obligations of U.S. states and municipalities
Amortized cost	$	—		$	44		$	303		$	8,564		$	8,911
Fair value	—			40			284			7,873			8,197
Average yield(a)	—		%	4.64		%	3.30		%	3.92		%	3.91		%
Asset-backed securities
Amortized cost	$	—		$	186		$	16,374		$	13,008		$	29,568
Fair value	—			185			16,380			13,012			29,577
Average yield(a)	—		%	3.82		%	4.78		%	4.99		%	4.87		%
Total held-to-maturity securities
Amortized cost(b)	$	30,969		$	84,256		$	66,033		$	112,258		$	293,516
Fair value	30,668			81,943			60,532			101,762			274,905
Average yield(a)	0.75		%	3.00		%	2.33		%	3.24		%	2.70		%

(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.

(b)For purposes of this table, the amortized cost of available-for-sale securities excludes the allowance for credit losses of $35 million and the portfolio layer fair value hedge basis adjustments of $1.2 billion at September 30, 2025. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $70 million at September 30, 2025.

(c)Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately seven years for agency residential MBS, six years for agency residential collateralized mortgage obligations, and five years for nonagency residential collateralized mortgage obligations.