JPM · 10-Q · 2026Q2 · Full report

Geopolitical Market Volatility Outlook

JPMORGAN CHASE & CO · 2026-08-06 · Importance 48 · Surprise 40

JPMorgan reported $5.7 billion of net gains on Level 3 assets and $2.7 billion of net losses on Level 3 liabilities for the six months ended June 30, 2026, predominantly reflecting market movements in derivative receivables and long-term debt. Level 3 assets increased to $30.0 billion at June 30, 2026, up $4.9 billion from December 31, 2025, while gross derivative receivables increased by $4.1 billion over the same period. The results indicate that market movements and reduced observability of valuation inputs materially affected the Firm’s fair-value positions during the first half of 2026.