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Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2025
Variable Interest Entities [Abstract]  
Schedule of 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 TypeActivity
2025 Form 10-K
page references
CCBCredit card securitization trustsSecuritization of originated credit card receivablespages 263–264
Mortgage securitization trustsServicing and securitization of both originated and purchased residential mortgagespages 264–266
CIBMortgage and other securitization trustsSecuritization of both originated and purchased residential and commercial mortgages, and other consumer loanspages 264–266
Multi-seller conduitsAssisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needspage 266
Municipal bond vehiclesFinancing of municipal bond investmentspages 266–267
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 271 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)
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 JPMorganChase
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 
Principal amount outstanding
JPMorganChase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
December 31, 2024
(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 JPMorganChase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs$71,085 $615 $50,846 $613 $1,850 $614 $3,077 
Subprime8,824 — 1,847 44 19 — 63 
Commercial and other(b)
186,293 243 125,510 530 5,768 1,074 7,372 
Total$266,202 $858 $178,203 $1,187 $7,637 $1,688 $10,512 
(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 $188 million and $256 million at December 31, 2025 and 2024, respectively, and subordinated securities of $56 million and $49 million at December 31, 2025 and 2024, respectively, which the Firm purchased in connection with CIB’s secondary market-making activities.
(d)Includes interests held in re-securitization transactions.
(e)At December 31, 2025 and 2024, 74% and 77%, 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 $3.5 billion and $2.9 billion of investment-grade retained interests at December 31, 2025 and 2024, respectively, and $525 million and $216 million of noninvestment-grade retained interests at December 31, 2025 and 2024, respectively. The retained interests in commercial and other securitization trusts consisted of $6.2 billion and $6.0 billion of investment-grade retained interests, and $1.1 billion and $1.4 billion of noninvestment-grade retained interests at December 31, 2025 and 2024, respectively.
Schedule of re-securitizations
The following table presents the principal amount of securities transferred to re-securitization VIEs.
Year ended December 31,
(in millions)		202520242023
Transfers of securities to VIEs
U.S. GSEs and government agencies$24,350 $44,456 $18,864 
The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.
December 31,
(in millions)		Nonconsolidated
re-securitization VIEs
20252024
U.S. GSEs and government agencies
Interest in VIEs
$2,558 $3,219 
Information on assets and liabilities related to VIEs that are consolidated by the Firm
The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of December 31, 2025 and 2024.
AssetsLiabilities
December 31, 2025
(in millions)		Trading assetsLoans
Other(c)
 Total
assets(d)
Beneficial interests in
VIE assets(e)
Other(f)
Total
liabilities
VIE program type
Firm-sponsored credit card trusts$— $12,872 $170 $13,042 $5,884 $11 $5,895 
Firm-administered multi-seller conduits— 20,140 115 20,255 18,174 24 18,198 
Municipal bond vehicles3,367 — 29 3,396 3,760 17 3,777 
Mortgage securitization entities(a)
2 566 9 577 105 40 145 
Other1,466 4,199 
(b)
360 6,025 28 599 627 
Total$4,835 $37,777 $683 $43,295 $27,951 $691 $28,642 
AssetsLiabilities
December 31, 2024
(in millions)		Trading assetsLoans
Other(c)
 Total
assets(d)
Beneficial interests in
VIE assets(e)
Other(f)
Total
liabilities
VIE program type
Firm-sponsored credit card trusts$— $13,531 $168 $13,699 $5,312 $10 $5,322 
Firm-administered multi-seller conduits1 20,383 133 20,517 18,228 26 18,254 
Municipal bond vehicles 3,388 — 22 3,410 3,617 15 3,632 
Mortgage securitization entities(a)
— 630 8 638 115 48 163 
Other496 1,966 350 2,812 51 355 406 
Total$3,885 $36,510 $681 $41,076 $27,323 $454 $27,777 
(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 and $5.5 billion at December 31, 2025 and 2024, respectively.
(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.
Year ended December 31,
(in millions)
Alternative energy and affordable housing programs(d)
202520242023
Programs for which the Firm elected proportional amortization:
Carrying value(a)
$33,858 $31,978 $14,644 
Tax credits and other tax benefits(b)
6,097 6,379 2,044 
Investments that qualify to be accounted for using proportional amortization:
Amortization losses recognized as a component of income tax expense
(4,553)(5,018)(1,561)
Non-income-tax-related gains/(losses) and other returns received that are recognized outside of income tax expense(c)
169 142 (1)
(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 $1.1 billion, $1.0 billion and zero of income tax credits along with $(1.4) billion, $(1.2) billion and zero of amortization losses from investments in programs for which the Firm elected proportional amortization but the investments did not meet certain eligibility criteria for the years ended December 31, 2025, 2024 and 2023, respectively. 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 6 for further information.
(d)As of December 31, 2023 represents eligible affordable housing investments.
Securitization activities
The following table provides information related to the Firm’s securitization activities for the years ended December 31, 2025, 2024 and 2023, 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.
202520242023
Year ended December 31,
(in millions)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Principal securitized$26,361 $16,059 $19,988 $17,683 $7,678 $3,901 
All cash flows during the period:(a)
Proceeds received from loan sales as financial instruments(b)(c)
$27,136 $15,780 $19,870 $17,346 $7,251 $3,896 
Servicing fees collected34 41 35 35 24 5 
Cash flows received on interests
834 1,376 405 1,303 325 425 
(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.
Key assumptions used to value retained interests originated during the year are shown in the table below.
Year ended December 31,202520242023
Residential mortgage retained interest:
Weighted-average life (in years)3.14.39.6
Weighted-average discount rate5.4 %7.1 %4.8 %
Commercial and other retained interest:
Weighted-average life (in years)5.34.53.0
Weighted-average discount rate4.9 %6.2 %4.6 %
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.
Year ended December 31,
(in millions)		202520242023
Carrying value of loans sold$30,496 $25,765 $19,906 
Proceeds received from loan sales as cash
$1,905 $2,380 $300 
Proceeds from loan sales as securities(a)(b)
28,449 23,178 19,389 
Total proceeds received from loan sales(c)
$30,354 $25,558 $19,689 
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.
Schedule of loans repurchased and 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 December 31, 2025 and 2024. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.
December 31,
(in millions)		20252024
Loans repurchased or option to repurchase(a)
$856 $577 
Real estate owned
2 6 
Foreclosed government-guaranteed residential mortgage loans(b)
9 10 
(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 delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets
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 December 31, 2025 and 2024. 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.
As of or for the year ended December 31,
(in millions)		Securitized assets90 days past dueNet liquidation losses / (recoveries)
202520242025202420252024
Securitized loans
Residential mortgage:
Prime/ Alt-A & option ARMs$58,525 $50,846 $654 $501 $9 $10 
Subprime2,766 1,847 92 113 — 2 
Commercial and other138,986 125,510 4,487 1,715 292 77 
Total loans securitized$200,277 $178,203 $5,233 $2,329 $301 $89