JPM · 10-Q · 2026Q2 · Full report

Level 3 Fair Value Assets

JPMORGAN CHASE & CO · 2026-08-06 · Importance 30 · Surprise 40

Level 3 assets reached $30.0 billion at June 30, 2026, increasing $1.9 billion from March 31, 2026 and $4.9 billion from December 31, 2025. The increase was predominantly driven by higher non-U.S. government debt securities from purchases and higher gross derivative receivables from gains, purchases and net transfers, partly offset by settlements. Transfers into Level 3 reflected decreased observability and greater reliance on unobservable inputs for equity derivatives and certain non-trading loans. Conversely, $1.4 billion of long-term debt moved from Level 3 into Level 2 as structured-note valuation inputs became more observable.