JPM · 10-Q · 2026Q2 · Full report

Fair Value Option Losses

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

Fair-value-option long-term debt generated a $6.0 billion loss in principal transactions revenue during the three months ended June 30, 2026, compared with a $3.2 billion loss in the prior-year quarter. For the six months ended June 30, 2026, long-term debt fair-value changes produced a $4.3 billion loss, compared with a $3.4 billion loss in the first six months of 2025. Long-term debt measured under the fair value option predominantly represents structured notes, and the reported losses exclude the income-statement effects of related risk-management instruments.