Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments

3 Months Ended

Mar. 31, 2026

Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract]

Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments

Off–balance sheet lending-related

financial instruments, guarantees, and other

commitments

Generally, JPMorganChase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being fully drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorganChase’s 2025 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.

To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.

The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2026 and December 31, 2025. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these commitments will be utilized at the same time. The Firm can generally reduce or cancel these commitments, in accordance with the contract, or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of underlying property.


Off–balance sheet lending-related financial instruments, guarantees and other commitments
	Contractual amount													Carrying value(i)(j)
	March 31, 2026											Dec 31, 2025			Mar 31, 2026			Dec 31, 2025
By remaining maturity (in millions)	Expires in 1 year or less		Expires after 1 year through 3 years			Expires after 3 years through 5 years		Expires after 5 years		Total		Total
Lending-related
Consumer, excluding credit card:
Residential Real Estate(a)	$	16,624	$	5,285		$	3,378	$	6,200	$	31,487	$	28,998		$	336		$	327
Auto and other	10,872		5			4		3,868		14,749		14,589			10			10
Total consumer, excluding credit card	27,496		5,290			3,382		10,068		46,236		43,587			346			337
Credit card(b)	1,099,787		104,229		(h)	—		—		1,204,016		1,177,766		(h)	2,200		(k)	2,200		(k)
Total consumer(c)	1,127,283		109,519			3,382		10,068		1,250,252		1,221,353			2,546			2,537
Wholesale:
Other unfunded commitments to extend credit(d)	140,025		179,650			220,847		27,555		568,077		561,506			3,030			3,112
Standby letters of credit and other financial guarantees(d)	16,677		9,505			4,753		387		31,322		29,919			661			616
Other letters of credit(d)	5,024		219			77		203		5,523		4,529			12			13
Total wholesale(c)	161,726		189,374			225,677		28,145		604,922		595,954			3,703			3,741
Total lending-related	$	1,289,009	$	298,893		$	229,059	$	38,213	$	1,855,174	$	1,817,307		$	6,249		$	6,278
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)	$	449,554	$	—		$	—	$	—	$	449,554	$	405,910		$	—		$	—
Derivatives qualifying as guarantees	1,812		166			9,285		37,717		48,980		49,031			76			(12)
Unsettled resale and securities borrowed agreements	155,650		221			—		—		155,871		137,072			(8)			—
Unsettled repurchase and securities loaned agreements	141,586		576			—		—		142,162		52,895			—			—
Loan sale and securitization-related indemnifications:
Mortgage repurchase liability	NA		NA			NA		NA		NA		NA			37			37
Loans sold with recourse	NA		NA			NA		NA		2,048		2,015			19			19
Exchange & clearing house guarantees and commitments(f)	237,734		NA			NA		NA		237,734		433,537			—			—
Other guarantees and commitments(g)	15,448		5,877			245		1,505		23,075		13,238			14			15

(a)Includes certain commitments to purchase loans from correspondents.

(b)Also includes commercial card lending-related commitments primarily in CIB.

(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.

(d)As of March 31, 2026 and December 31, 2025, reflected the contractual amount net of risk participations totaling $118 million and $181 million, respectively, for other unfunded commitments to extend credit; $11.6 billion and $9.2 billion, respectively, for standby letters of credit and other financial guarantees; $773 million and $514 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.

(e)As of March 31, 2026 and December 31, 2025, collateral held by the Firm in support of securities lending indemnification agreements was $474.8 billion and $431.9 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.

(f)As of March 31, 2026 and December 31, 2025, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.

(g)As of March 31, 2026 and December 31, 2025, primarily includes equity investment commitments, unfunded commitments to purchase secondary market loans, and unfunded commitments related to certain tax-oriented equity investments.

(h)Included approximately $104 billion related to the Apple Card transaction. Refer to Note 28 of the Firm's 2025 Form 10-K for additional information.

(i)For lending-related products, the carrying value includes the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.

(j)For lending-related commitments, the carrying value also includes fees and any purchase discounts or premiums that are deferred and recognized in accounts payable and other liabilities on the Consolidated balance sheets. Deferred amounts for revolving commitments and commitments not expected to fund, are amortized to lending- and deposit-related fees on a straight line basis over the commitment period. For all other commitments the deferred amounts remain deferred until the commitment funds or is sold.

(k)Represents the allowance for lending-related commitments related to the Apple Card transaction. Refer to Note 13 of the Firm's 2025 Form 10-K for additional information.

Other unfunded commitments to extend credit

Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.

Standby letters of credit and other financial guarantees

Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.

The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of March 31, 2026 and December 31, 2025.

Standby letters of credit, other financial guarantees and other letters of credit


	March 31, 2026					December 31, 2025
(in millions)	Standby letters of credit and other financial guarantees			Other letters of credit		Standby letters of credit and other financial guarantees			Other letters of credit
Investment-grade(a)		$	21,579	$	3,906		$	20,535	$	3,187
Noninvestment-grade(a)		9,743		1,617			9,384		1,342
Total contractual amount		$	31,322	$	5,523		$	29,919	$	4,529

Allowance for lending-related commitments		$	207	$	12		$	175	$	13
Guarantee liability		454		—			441		—
Total carrying value		$	661	$	12		$	616	$	13
Commitments with collateral		$	18,003	$	561		$	16,969	$	540

(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.

Derivatives qualifying as guarantees

The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorganChase’s 2025 Form 10-K for further information on these derivatives.

The following table summarizes the derivatives qualifying as guarantees as of March 31, 2026 and December 31, 2025.


(in millions)	March 31, 2026		December 31, 2025
Notional amounts
Derivative guarantees	$	48,980	$	49,031
Stable value contracts with contractually limited exposure	35,517		35,462
Maximum exposure of stable value contracts with contractually limited exposure	1,313		1,312
Fair value
Derivative guarantees	76		(12)

In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.

Loan sales- and securitization-related indemnifications

In connection with the Firm’s mortgage loan sale and securitization activities with U.S. GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm.

The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorganChase’s 2025 Form 10-K for additional information regarding litigation.

Merchant charge-backs

Under the rules of payment networks, in its role as a merchant acquirer, the Firm's Merchant Services business in CIB Payments, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, the Firm will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If the Firm is unable to collect the amount from the merchant, the Firm will bear the loss for the amount credited or refunded to the cardholder. The Firm mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, the Firm recognizes a valuation allowance that covers the payment or performance risk related to charge-backs.