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Investment Securities
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment securities
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.
AFS securities are carried at fair value on the Consolidated balance sheets. Unrealized gains and losses, after any applicable hedge accounting adjustments or allowance for credit losses, are reported in AOCI. The specific identification method is used to determine realized gains and losses on AFS securities, which are included in investment securities gains/(losses) on the Consolidated statements of income. HTM securities, which the Firm has the intent and ability to hold until maturity, are carried at amortized cost, net of allowance for credit losses, on the Consolidated balance sheets.
For both AFS and HTM securities, purchase discounts or premiums are generally amortized into interest income on a level-yield basis over the contractual life of the security. However, premiums on certain callable debt securities are amortized to the earliest call date.
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.
Effective January 1, 2023, the Firm adopted the portfolio layer method hedge accounting guidance which permitted a transfer of HTM securities to AFS upon adoption. The Firm transferred obligations of U.S. states and municipalities with a carrying value of $7.1 billion resulting in the recognition of $38 million net pre-tax unrealized losses in AOCI. Refer to Note 24 for additional information.
Transfers of securities between AFS and HTM are non-cash transactions.

The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.
20252024
December 31, (in millions)
Amortized cost(c)(d)
Gross unrealized gainsGross unrealized lossesFair
value
Amortized cost(c)(d)
Gross unrealized gainsGross unrealized lossesFair
value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies$92,112 $1,075 $2,215 $90,972 $95,671 $251 $4,029 $91,893 
Residential:
U.S.5,564 38 17 5,585 4,242 16 50 4,208 
Non-U.S.405 1 — 406 600 3 — 603 
Commercial4,466 48 30 4,484 4,115 20 70 4,065 
Total mortgage-backed securities102,547 1,162 2,262 101,447 104,628 290 4,149 100,769 
U.S. Treasury and government agencies313,470 2,384 32 315,822 235,495 545 1,261 234,779 
Obligations of U.S. states and municipalities20,915 118 793 20,240 18,337 110 534 17,913 
Non-U.S. government debt securities45,676 215 236 45,655 36,655 94 504 36,245 
Corporate debt securities139 — 11 128 71 — 1 70 
Asset-backed securities:
Collateralized loan obligations21,897 51 1 21,947 14,887 59 3 14,943 
Other1,941 25 7 1,959 2,125 17 9 2,133 
Unallocated portfolio layer fair value basis adjustments(a)
641 (641)— NA(1,153)— (1,153)NA
Total available-for-sale securities507,226 3,314 3,342 507,198 411,045 1,115 5,308 406,852 
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies89,073 57 9,200 79,930 97,177 6 13,531 83,652 
U.S. Residential7,542 6 570 6,978 8,605 4 904 7,705 
Commercial6,493 19 234 6,278 8,817 24 389 8,452 
Total mortgage-backed securities103,108 82 10,004 93,186 114,599 34 14,824 99,809 
U.S. Treasury and government agencies132,727 134 6,414 126,447 108,632 — 11,212 97,420 
Obligations of U.S. states and municipalities8,600 17 609 8,008 9,310 32 631 8,711 
Asset-backed securities:
Collateralized loan obligations24,695 29 6 24,718 40,573 84 14 40,643 
Other1,004 1 20 985 1,354 2 39 1,317 
Total held-to-maturity securities
270,134 263 17,053 253,344 274,468 152 26,720 247,900 
Total investment securities, net of allowance for credit losses$777,360 $3,577 $20,395 $760,542 $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 1 and Note 5 for additional information.
(b)The Firm purchased $5.4 billion, $4.7 billion and $4.1 billion of HTM securities for the years ended December 31, 2025, 2024 and 2023, respectively.
(c)The amortized cost of investment securities is reported net of allowance for credit losses of $106 million, $152 million and $128 million at December 31, 2025, 2024 and 2023, respectively.
(d)Excludes $4.6 billion and $3.7 billion of accrued interest receivable at December 31, 2025 and 2024, respectively, included in accrued interest and accounts receivable on the Consolidated balance sheets. The Firm generally does not recognize an allowance for credit losses on accrued interest receivable, consistent with its policy to write them off no later than 90 days past due by reversing interest income. The Firm did not reverse through interest income any accrued interest receivable for the years ended December 31, 2025 and 2024.
At December 31, 2025, 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). Risk ratings are used to identify the credit quality of securities and differentiate risk within the portfolio. The Firm’s internal risk ratings generally align with the qualitative characteristics (e.g., borrower capacity to meet financial commitments and vulnerability to changes in the economic environment) defined by S&P and
Moody’s, however, the quantitative characteristics (e.g., probability of default (“PD”) and loss given default (“LGD”)) may differ as they reflect internal historical experiences and assumptions. Risk ratings are assigned at acquisition, reviewed on a regular and ongoing basis by Credit Risk Management and adjusted as necessary over the life of the investment for updated information affecting the issuer’s ability to fulfill its obligations.
AFS securities impairment
The following tables present the fair value and gross unrealized losses by aging category for AFS securities at December 31, 2025 and 2024. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $2.2 billion and $5.3 billion, at December 31, 2025 and 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 months12 months or more
Year ended December 31, 2025
(in millions)		Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair valueTotal gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.$36 $— $609 $17 $645 $17 
Non-U.S.3 — 20 — 23 — 
Commercial142 1 576 29 718 30 
Total mortgage-backed securities181 1 1,205 46 1,386 47 
Obligations of U.S. states and municipalities5,519 131 9,597 662 15,116 793 
Non-U.S. government debt securities9,324 76 4,954 160 14,278 236 
Corporate debt securities114 11 — — 114 11 
Asset-backed securities:
Collateralized loan obligations814 — 143 1 957 1 
Other63 — 131 7 194 7 
Total available-for-sale securities with gross unrealized losses$16,015 $219 $16,030 $876 $32,045 $1,095 
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
Year ended December 31, 2024
(in millions)		Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair valueTotal 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 — 
Commercial763 8 1,184 62 1,947 70 
Total mortgage-backed securities2,268 14 2,139 106 4,407 120 
Obligations of U.S. states and municipalities10,037 233 2,412 301 12,449 534 
Non-U.S. government debt securities14,234 234 4,184 270 18,418 504 
Corporate debt securities9 — 30 1 39 1 
Asset-backed securities:
Collateralized loan obligations2 — 375 3 377 3 
Other214 1 200 8 414 9 
Total available-for-sale securities with gross unrealized losses$26,764 $482 $9,340 $689 $36,104 $1,171 
AFS securities are considered impaired if the fair value is less than the amortized cost.
The Firm recognizes impairment losses in earnings if the Firm has the intent to sell the debt security, or if it is more likely than not that the Firm will be required to sell the debt security before recovery of its amortized cost. In these circumstances the impairment loss is recognized in investment securities gains/(losses) in the Consolidated Statements of Income and is equal to the full difference between the amortized cost (net of allowance if applicable) and the fair value of the security.
For impaired debt securities that the Firm has the intent and ability to hold, the securities are evaluated to determine if a credit loss exists. If it is determined that a credit loss exists, that loss is recognized as an allowance for credit losses through the provision for credit losses in the Consolidated Statements of Income, limited by the amount of impairment. Any impairment on debt securities that the Firm has the intent and ability to hold not due to credit losses is recorded in OCI.
Factors considered in evaluating credit losses include adverse conditions specifically related to the industry, geographic area or financial condition of the issuer or underlying collateral of a security; and payment structure of the security.
When assessing securities issued in a securitization for credit losses, the Firm estimates cash flows considering relevant market and economic data, underlying loan-level data, and structural features of the securitization, such as subordination, excess spread, overcollateralization or other forms of credit enhancement, and compares the losses projected for the underlying collateral (“pool losses”) against the level of credit enhancement in the securitization structure to determine whether these features are sufficient to absorb the pool losses, or whether a credit loss exists.
For beneficial interests in securitizations that are rated below “AA” at their acquisition, or that can be contractually prepaid or otherwise settled in such a way that the Firm would not recover substantially all of its recorded investment, the Firm evaluates impairment for credit losses when there is an adverse change in expected cash flows.
HTM securities – credit risk
Allowance for credit losses
The allowance for credit losses on HTM securities represents expected credit losses over the remaining expected life of the securities.
The allowance for credit losses on HTM obligations of U.S. states and municipalities and commercial mortgage-backed securities is calculated by applying statistical credit loss factors (estimated PD and LGD)
to the amortized cost. The credit loss factors are derived using a weighted average of five internally developed eight-quarter macroeconomic scenarios, followed by a single year straight-line interpolation to revert to long run historical information for periods beyond the forecast period. Refer to Note 13 for further information on the eight-quarter macroeconomic forecast.
The allowance for credit losses on HTM collateralized loan obligations and U.S. residential mortgage-backed securities is calculated as the difference between the amortized cost and the present value of the cash flows expected to be collected, discounted at the security’s effective interest rate. These cash flow estimates are developed based on expectations of underlying collateral performance derived using the eight-quarter macroeconomic forecast and the single year straight-line interpolation, as well as considering the structural features of the security.
The application of different inputs and assumptions into the calculation of the allowance for credit losses is subject to significant management judgment, and emphasizing one input or assumption over another, or considering other inputs or assumptions, could affect the estimate of the allowance for credit losses on HTM securities.
Credit quality indicator
The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At both December 31, 2025 and 2024, 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 as of December 31, 2025 was $106 million, which included the impact of a $17 million reduction in allowance related to a sale of a corporate debt security. As of December 31, 2024 and 2023, the allowance for credit losses in investment securities was $152 million and $128 million, respectively, which included a cumulative-effect adjustment to retained earnings related to the transfer of HTM securities to AFS for the year ended December 31, 2023.
Selected impacts of investment securities on the Consolidated statements of income
Year ended December 31, (in millions)
202520242023
Realized gains$674 $593 $622 
Realized losses(731)(1,614)(3,802)
Investment securities losses$(57)$(1,021)$(3,180)
Provision for credit losses$(28)$24 $38 
Contractual maturities and yields
The following table presents the amortized cost and estimated fair value at December 31, 2025, of JPMorganChase’s investment securities portfolio by contractual maturity.
By remaining maturity
December 31, 2025 (in millions)		Due in one
year or less		Due after one year through five yearsDue after five years through 10 years
Due after
10 years(c)
Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost$986 $12,032 $5,186 $84,351 $102,555 
Fair value978 12,215 5,258 82,996 101,447 
Average yield(a)
2.79 %4.58 %4.62 %4.56 %4.55 %
U.S. Treasury and government agencies
Amortized cost$37,727 $224,284 $45,128 $6,331 $313,470 
Fair value37,869 225,962 45,529 6,462 315,822 
Average yield(a)
4.17 %4.04 %4.20 %4.58 %4.09 %
Obligations of U.S. states and municipalities
Amortized cost$— $21 $138 $20,756 $20,915 
Fair value— 21 133 20,086 20,240 
Average yield(a)
— %3.95 %3.89 %5.11 %5.10 %
Non-U.S. government debt securities
Amortized cost$10,838 $21,233 $11,769 $1,836 $45,676 
Fair value10,848 21,305 11,719 1,783 45,655 
Average yield(a)
3.51 %4.03 %3.53 %3.21 %3.75 %
Corporate debt securities
Amortized cost$49 $123 $— $— $172 
Fair value13 115 — — 128 
Average yield(a)
17.50 %15.66 %— %— %16.18 %
Asset-backed securities
Amortized cost$3 $327 $1,291 $22,217 $23,838 
Fair value3 329 1,296 22,278 23,906 
Average yield(a)
5.30 %5.62 %5.71 %5.04 %5.08 %
Total available-for-sale securities
Amortized cost(b)
$49,603 $258,020 $63,512 $135,491 $506,626 
Fair value49,711 259,947 63,935 133,605 507,198 
Average yield(a)
4.01 %4.07 %4.14 %4.71 %4.24 %
Held-to-maturity securities
Mortgage-backed securities
Amortized cost$1,161 $8,780 $5,314 $87,891 $103,146 
Fair value1,147 8,319 4,908 78,812 93,186 
Average yield(a)
1.90 %2.47 %3.21 %2.90 %2.87 %
U.S. Treasury and government agencies
Amortized cost$17,328 $91,142 $24,257 $— $132,727 
Fair value17,155 87,552 21,740 — 126,447 
Average yield(a)
1.23 %2.69 %1.48 %— %2.28 %
Obligations of U.S. states and municipalities
Amortized cost$— $53 $286 $8,288 $8,627 
Fair value— 50 265 7,693 8,008 
Average yield(a)
— %4.72 %3.14 %3.91 %3.89 %
Asset-backed securities
Amortized cost$— $399 $12,811 $12,489 $25,699 
Fair value— 398 12,815 12,490 25,703 
Average yield(a)
— %2.94 %4.47 %4.62 %4.52 %
Total held-to-maturity securities
Amortized cost(b)
$18,489 $100,374 $42,668 $108,668 $270,199 
Fair value18,302 96,319 39,728 98,995 253,344 
Average yield(a)
1.27 %2.67 %2.60 %3.17 %2.77 %
(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 $41 million and the portfolio layer fair value hedge basis adjustments of $641 million at December 31, 2025. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $65 million at December 31, 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 four years for nonagency residential collateralized mortgage obligations.