JPM · 10-Q · 2026Q2 · Full report
Fair Value and Level 3 Assets
JPMORGAN CHASE & CO · 2026-08-06 · Importance 33 · Surprise 6 · No source text
Assets measured at fair value totaled $2.257 trillion at June 30, 2026, including $2.252 trillion measured on a recurring basis and $33.732 billion classified as level 3. Trading assets totaled $1.062 trillion, including $16.664 billion of level 3 assets, while derivative receivables totaled $67.767 billion after netting adjustments and included $13.048 billion classified as level 3. Recurring fair-value liabilities totaled $1.075 trillion, including $76.139 billion of level 3 liabilities, and long-term debt carried at fair value totaled $156.056 billion. Total level 3 assets represented approximately 0.7% of total Firm assets of $5.015 trillion, indicating that most fair-value exposure was based on observable level 1 or level 2 inputs.
Key facts
- Total assets measured at fair value were $2,257,081 million at June 30, 2026. source
- Total trading assets were $1,062,072 million at June 30, 2026, of which $16,664 million were level 3. source
- Other assets were $231,780 million at June 30, 2026 and $198,775 million at December 31, 2025 (included $32,431 and $15,849 at fair value and assets pledged of $16,137 and $11,984, respectively). source
- Trading liabilities were $275,136 million at June 30, 2026 and $216,019 million at December 31, 2025. source
- Level 3 assets were $30.0 billion at June 30, 2026, reflecting an increase of $1.9 billion from March 31, 2026 and an increase of $4.9 billion from December 31, 2025. source
- For the six months ended June 30, 2026, the Firm had $5.7 billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements. source
- Level 3 assets at fair value as presented were $33,732 million at June 30, 2026 and $25,107 million at December 31, 2025 (implied by tables showing totals). source
- For the three months ended June 30, 2026, the Firm had $2.8 billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +9.9% | For the six months ended June 30, 2026, the Firm had $5.7 billion of net gains on assets, predominantly driven by gains in net derivative… |
| net_income | negative | realized | -7.0% | For the three months ended June 30, 2026, the Firm had $4.0 billion of net losses on liabilities, predominantly driven by losses in… |
| net_income | positive | realized | +4.9% | For the three months ended June 30, 2026, the Firm had $2.8 billion of net gains on assets, predominantly driven by gains in net… |
| net_income | negative | realized | -4.7% | For the six months ended June 30, 2026, the Firm had $2.7 billion of net losses on liabilities, predominantly driven by losses in… |
| liability | negative | realized | -1.2% | Trading liabilities were $275,136 million at June 30, 2026 and $216,019 million at December 31, 2025. |
| assets | positive | realized | +0.7% | Other assets were $231,780 million at June 30, 2026 and $198,775 million at December 31, 2025 (included $32,431 and $15,849 at fair value… |
| assets | positive | realized | +0.2% | Level 3 assets at fair value as presented were $33,732 million at June 30, 2026 and $25,107 million at December 31, 2025 (implied by… |
| assets | positive | realized | +0.1% | Level 3 assets were $30.0 billion at June 30, 2026, reflecting an increase of $1.9 billion from March 31, 2026 and an increase of $4.9… |