JPM · 10-Q · 2026Q1 · Full report

Outstanding Indebtedness

JPMORGAN CHASE & CO · 2026-05-01 · Importance 65 · Surprise 48 · From source text

Long-term debt outstanding was $448.8 billion at March 31, 2026, up from $435.2 billion at December 31, 2025. The increase was driven by net issuances of structured notes in Markets due to client demand and net issuances of long-term debt in Treasury and CIO. The Firm continues to access long-term funding markets to support client activity and balance sheet requirements. See Liquidity Risk Management for further detail on funding sources and maturities.

Key facts

• Long-term debt at period-end March 31, 2026: $448,764 million source
• The issuance of $3.0 billion of subordinated notes due 2037 was included in changes in long-term debt qualifying as Tier 2 source
• Change in long-term debt and other instruments qualifying as Tier 2 (c): $2,932 million source
• Long-term debt at March 31, 2026: $448,764 million (included $144,704 million at fair value) and at December 31, 2025: $435,206 million (included $134,559 million at fair value) source
• Total liabilities measured at fair value on a recurring basis at March 31, 2026: $1,072,159 million. source
• Preferred stock at March 31, 2026: $20,045 million; at December 31, 2025: $20,045 million; average three months ended March 31, 2026: $20,045 million; prior year average: $20,013 million source
• Purchase Money Note balance at March 31, 2026: $49,492 million; at December 31, 2025: $49,435 million; average three months ended March 31, 2026: $49,455 million; prior year average: $49,227 million source
• Long-term debt measured at fair value on a recurring basis at March 31, 2026: $144,704 million. source

Impact estimates