JPM · 10-Q · 2026Q2 · Full report

Strategic Financing Initiative

JPMORGAN CHASE & CO · 2026-08-06 · Importance 69 · Surprise 64

Securities sold under agreements to repurchase increased to $692.1 billion at June 30, 2026 from $433.2 billion at December 31, 2025, driven by Markets’ higher client-driven market-making activity and secured financing of trading assets. Average short-term secured funding increased to $749.6 billion for the six months ended June 30, 2026 from $564.4 billion in the prior-year period, primarily because of higher Markets financing requirements. The Firm issued $25.3 billion of long-term unsecured funding during the first six months of 2026, including $22.6 billion of structured notes, while structured notes outstanding increased to $152.5 billion from $130.6 billion at year-end 2025 because of client demand and higher fair values.