JPM · 10-Q · 2026Q2 · Full report

Principal Investments Portfolio

JPMORGAN CHASE & CO · 2026-08-06 · Importance 50 · Surprise 58 · In source text

Aggregate principal investment carrying value increased 15.1% to $54.1 billion at June 30, 2026 from $47.0 billion at December 31, 2025. Private equity, debt, equity instruments and real assets increased 67.3% to $18.9 billion from $11.3 billion. The increase primarily reflected equity investments by the Strategic Investment Group within the Security and Resiliency Initiative and Visa C shares held at fair value. Tax-oriented investments, primarily in alternative energy and affordable housing, declined to $35.2 billion from $35.7 billion.

Key facts

• The increase in principal investments from December 31, 2025 was primarily due to equity investments made by the Strategic Investment Group within the Firm’s Security and Resiliency Initiative and the Visa C shares held at fair value. source
• Aggregate carrying value of principal investment portfolios at June 30, 2026: Tax-oriented investments $35.2 billion; Private equity and related $18.9 billion; Total carrying value $54.1 billion. source
• Included in other assets is the Firm’s interest in approximately 9.3 million Visa Class B-3 common shares and 18.6 million Visa Class B-2 common shares reflected in the Firm's principal investment portfolio as of June 30, 2026 and June 30, 2025, respectively. source

Impact estimates