JPM · 10-Q · 2026Q1 · Full report

Short- and Long-Term Funding Mix

JPMORGAN CHASE & CO · 2026-05-01 · Importance 96 · Surprise 100 · From source text

The Firm’s short-term secured funding is primarily securities sold under agreements to repurchase (which increased to $701,740 million at March 31, 2026 from $433,161 million at December 31, 2025) and other secured borrowings; total short-term secured funding was $774,850 million at March 31, 2026. Short-term unsecured funding (commercial paper and other borrowed funds) was managed downward as part of strategic short-term liquidity management, while structured-note issuance in Markets increased due to client demand, affecting unsecured other borrowed funds and long-term unsecured funding composition. Total long-term unsecured funding was $375,159 million as of March 31, 2026, and long-term secured funding (including credit card securitization and FHLB advances) was $79,460 million. Management highlighted that balances in repo, securities loaned, and other financing instruments fluctuate with client activity and Market financing needs, making funding mix dynamic.

Key facts

• Federal funds sold and securities purchased under resale agreements at March 31, 2026: $482,704 million (up from $336,426 at December 31, 2025) source
• Commercial paper outstanding at March 31, 2026: $10,012 million; at December 31, 2025: $12,111 million; average for three months ended March 31, 2026: $10,255 million; for three months ended March 31, 2025: $13,181 million source
• Total short-term unsecured funding at March 31, 2026: $26,761 million; at December 31, 2025: $27,341 million; average three months ended March 31, 2026: $29,715 million; prior year average: $29,267 million source
• Short-term borrowings measured at fair value (Level 2 and Level 3 components) at March 31, 2026: $28,937 million. source

Impact estimates