JPM · 10-Q · 2026Q2 · Full report

Securities Financing and Repo Exposure

JPMORGAN CHASE & CO · 2026-08-06 · Importance 64 · Surprise 56 · No source text

JPMorgan’s gross securities financing activity expanded substantially by June 30, 2026, with securities purchased under resale agreements of $764.0 billion and securities sold under repurchase agreements of $1.01 trillion, compared with $618.5 billion and $715.3 billion, respectively, at December 31, 2025. Securities borrowed increased to $457.0 billion from $357.4 billion, while securities loaned and other rose to $125.4 billion from $86.8 billion. The majority of repo balances mature overnight or continuously: $580.1 billion of repo liabilities and $111.7 billion of securities-loan liabilities were in that category at June 30, 2026. The activity is collateralized primarily by U.S. Treasuries, government securities, mortgage-backed securities, non-U.S. government debt, corporate debt, and equities, making market liquidity and collateral values important to funding capacity.

Key facts

• Federal funds purchased and securities loaned or sold under repurchase agreements as of June 30, 2026: $704,918 million, up from $442,396 million at December 31, 2025 source
• At June 30, 2026, securities-for-securities lending agreements accounted for at fair value where the Firm is acting as lender: $18.3 billion (and $6.6 billion at December 31, 2025). source
• Remaining contractual maturity of securities sold under repurchase agreements — June 30, 2026: Overnight and continuous $580,119 million; Up to 30 days $264,590 million; 30–90 days $32,866 million; Greater than 90 days $132,404 million; Total $1,009,979 million. source
• Securities purchased under resale agreements — June 30, 2026 gross $763,996 million, amounts netted on balance sheets $(317,862) million, amounts presented $446,134 million, amounts not nettable $(439,635) million, net amounts $6,499 million. source
• Securities sold under repurchase agreements — June 30, 2026 gross $1,009,979 million, amounts netted $(317,862) million, amounts presented $692,117 million, amounts not nettable $(653,736) million, net amounts $38,381 million. source
• Securities sold under repurchase agreements by collateral type — June 30, 2026: U.S. Treasury, GSEs and government agencies $485,384 million; Mortgage-backed securities U.S. GSEs and government agencies $142,735 million; Equity securities $89,552 million; Corporate debt securities $75,670 million; Total securities sold under repurchase agreements $1,009,979 million. source
• At June 30, 2026 included in securities financing agreements where legal opinion not obtained: $5.3 billion of securities purchased under resale agreements; $53.5 billion of securities borrowed; $37.8 billion of securities sold under repurchase agreements. source
• Securities borrowed as of June 30, 2026: $362,487 million, up from $286,191 million at December 31, 2025 source

Impact estimates