Investment Securities

3 Months Ended

Mar. 31, 2026

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. At March 31, 2026, 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).

Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for additional information regarding the investment securities portfolio.

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

	March 31, 2026								December 31, 2025
(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	$	88,354	$	654	$	2,109	$	86,899	$	92,112	$	1,075	$	2,215	$	90,972
Residential:
U.S.	5,171		17		22		5,166		5,564		38		17		5,585
Non-U.S.	300		1		—		301		405		1		—		406
Commercial	4,315		27		25		4,317		4,466		48		30		4,484
Total mortgage-backed securities	98,140		699		2,156		96,683		102,547		1,162		2,262		101,447
U.S. Treasury and government agencies	356,193		843		778		356,258		313,470		2,384		32		315,822
Obligations of U.S. states and municipalities	19,964		72		1,056		18,980		20,915		118		793		20,240
Non-U.S. government debt securities	53,787		51		627		53,211		45,676		215		236		45,655
Corporate debt securities	132		—		8		124		139		—		11		128
Asset-backed securities:
Collateralized loan obligations	21,989		15		9		21,995		21,897		51		1		21,947
Other	1,776		17		7		1,786		1,941		25		7		1,959
Unallocated portfolio layer fair value basis adjustments(a)	179		(179)		—		NA		641		(641)		—		NA
Total available-for-sale securities	552,160		1,518		4,641		549,037		507,226		3,314		3,342		507,198
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies	86,990		37		9,387		77,640		89,073		57		9,200		79,930
U.S. Residential	7,271		4		597		6,678		7,542		6		570		6,978
Commercial	6,234		12		258		5,988		6,493		19		234		6,278
Total mortgage-backed securities	100,495		53		10,242		90,306		103,108		82		10,004		93,186
U.S. Treasury and government agencies	141,204		6		6,799		134,411		132,727		134		6,414		126,447
Obligations of U.S. states and municipalities	8,245		7		625		7,627		8,600		17		609		8,008
Asset-backed securities:
Collateralized loan obligations	21,277		9		18		21,268		24,695		29		6		24,718
Other	921		1		21		901		1,004		1		20		985
Total held-to-maturity securities	272,142		76		17,705		254,513		270,134		263		17,053		253,344
Total investment securities, net of allowance for credit losses	$	824,302	$	1,594	$	22,346	$	803,550	$	777,360	$	3,577	$	20,395	$	760,542

(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 $19.6 billion and $1.6 billion of HTM securities for the three months ended March 31, 2026 and 2025 respectively.

(c)The amortized cost of investment securities is reported net of allowance for credit losses of $78 million and $106 million at March 31, 2026 and December 31, 2025, respectively.

(d)Excludes $5.2 billion and $4.6 billion of accrued interest receivable at March 31, 2026 and December 31, 2025, respectively. The Firm did not reverse through interest income any accrued interest receivable for the three months ended March 31, 2026 and 2025. Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for further discussion of accounting policies for accrued interest receivable on investment securities.

AFS securities impairment

The following tables present the fair value and gross unrealized losses by aging category for AFS securities at March 31, 2026 and December 31, 2025. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $2.9 billion and $2.2 billion, at March 31, 2026 and December 31, 2025, 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
March 31, 2026 (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.	$	904	$	4	$	576	$	18	$	1,480	$	22
Non-U.S.	—		—		19		—		19		—
Commercial	1,114		3		474		22		1,588		25
Total mortgage-backed securities	2,018		7		1,069		40		3,087		47
Obligations of U.S. states and municipalities	4,404		120		10,131		936		14,535		1,056
Non-U.S. government debt securities	33,805		428		4,694		199		38,499		627
Corporate debt securities	117		8		—		—		117		8
Asset-backed securities:
Collateralized loan obligations	6,182		8		139		1		6,321		9
Other	80		1		121		6		201		7
Total available-for-sale securities with gross unrealized losses	$	46,606	$	572	$	16,154	$	1,182	$	62,760	$	1,754

	Available-for-sale securities with gross unrealized losses
	Less than 12 months				12 months or more
December 31, 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.	$	36	$	—	$	609	$	17	$	645	$	17
Non-U.S.	3		—		20		—		23		—
Commercial	142		1		576		29		718		30
Total mortgage-backed securities	181		1		1,205		46		1,386		47
Obligations of U.S. states and municipalities	5,519		131		9,597		662		15,116		793
Non-U.S. government debt securities	9,324		76		4,954		160		14,278		236
Corporate debt securities	114		11		—		—		114		11
Asset-backed securities:
Collateralized loan obligations	814		—		143		1		957		1
Other	63		—		131		7		194		7
Total available-for-sale securities with gross unrealized losses	$	16,015	$	219	$	16,030	$	876	$	32,045	$	1,095

HTM securities – credit risk

Credit quality indicator

The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At both March 31, 2026 and December 31, 2025, 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 was $78 million and $118 million as of March 31, 2026 and 2025, respectively, which included the impact of $31 million and $17 million, respectively, of reduction in the allowance related to sales of a corporate debt security.

Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for further discussion of accounting policies for AFS and HTM securities.

Selected impacts of investment securities on the Consolidated statements of income

	Three months ended March 31,
(in millions)	2026		2025
Realized gains	$	393	$	145
Realized losses	(329)		(182)
Investment securities gains/(losses)	$	64	$	(37)
Provision for credit losses	$	3	$	(17)

Contractual maturities and yields

The following table presents the amortized cost and estimated fair value at March 31, 2026, of JPMorganChase’s investment securities portfolio by contractual maturity.

By remaining maturity March 31, 2026 (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	$	949		$	11,722		$	4,770		$	80,716		$	98,157
Fair value	943			11,823			4,808			79,109			96,683
Average yield(a)	2.84		%	4.55		%	4.52		%	4.65		%	4.61		%
U.S. Treasury and government agencies
Amortized cost	$	44,792		$	231,914		$	73,132		$	6,355		$	356,193
Fair value	44,909			231,938			73,020			6,391			356,258
Average yield(a)	4.14		%	3.96		%	4.10		%	4.49		%	4.02		%
Obligations of U.S. states and municipalities
Amortized cost	$	—		$	20		$	138		$	19,806		$	19,964
Fair value	—			20			132			18,828			18,980
Average yield(a)	—		%	4.03		%	3.94		%	5.13		%	5.13		%
Non-U.S. government debt securities
Amortized cost	$	15,489		$	26,118		$	10,948		$	1,232		$	53,787
Fair value	15,485			25,823			10,723			1,180			53,211
Average yield(a)	3.65		%	4.01		%	3.55		%	2.68		%	3.78		%
Corporate debt securities
Amortized cost	$	7		$	130		$	—		$	—		$	137
Fair value	2			122			—			—			124
Average yield(a)	17.50		%	15.73		%	—		%	—		%	15.82		%
Asset-backed securities
Amortized cost	$	2		$	283		$	1,261		$	22,219		$	23,765
Fair value	2			284			1,265			22,230			23,781
Average yield(a)	4.98		%	5.36		%	5.74		%	4.85		%	4.90		%
Total available-for-sale securities
Amortized cost(b)	$	61,239		$	270,187		$	90,249		$	130,328		$	552,003
Fair value	61,341			270,010			89,948			127,738			549,037
Average yield(a)	4.00		%	4.00		%	4.08		%	4.73		%	4.18		%
Held-to-maturity securities
Mortgage-backed securities
Amortized cost	$	946		$	8,930		$	5,004		$	85,645		$	100,525
Fair value	937			8,429			4,596			76,344			90,306
Average yield(a)	2.17		%	2.46		%	3.24		%	2.89		%	2.86		%
U.S. Treasury and government agencies
Amortized cost	$	10,173		$	118,798		$	12,233		$	—		$	141,204
Fair value	10,084			113,129			11,198			—			134,411
Average yield(a)	2.71		%	2.62		%	2.10		%	—		%	2.58		%
Obligations of U.S. states and municipalities
Amortized cost	$	—		$	53		$	296		$	7,922		$	8,271
Fair value	—			49			275			7,303			7,627
Average yield(a)	—		%	4.84		%	3.24		%	4.05		%	4.02		%
Asset-backed securities
Amortized cost	$	—		$	357		$	10,140		$	11,701		$	22,198
Fair value	—			355			10,135			11,679			22,169
Average yield(a)	—		%	2.78		%	4.40		%	4.50		%	4.43		%
Total held-to-maturity securities
Amortized cost(b)	$	11,119		$	128,138		$	27,673		$	105,268		$	272,198
Fair value	11,021			121,962			26,204			95,326			254,513
Average yield(a)	2.66		%	2.61		%	3.16		%	3.15		%	2.88		%

(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 $22 million and the portfolio layer fair value hedge basis adjustments of $179 million at March 31, 2026. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $56 million at March 31, 2026.

(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.