JPM · 10-Q · 2026Q3 · Full report

Level 3 Fair Value Gains and Losses

JPMORGAN CHASE & CO · 2026-11-03 · Importance 69 · Surprise 64 · Matches filing data

For the nine months ended September 30, 2026, recurring Level 3 assets generated $6.8 billion of net gains, predominantly from net derivative receivables and market movements. Level 3 liabilities recorded $2.3 billion of net losses, predominantly from long-term debt. The comparable 2025 periods showed $4.3 billion of asset gains and $4.7 billion of liability losses.

Key facts

• JPMorgan Chase & Co. recorded $6.8 billion of net gains on Level 3 assets in the nine months ended September 30, 2026, predominantly from gains in net derivative receivables due to market movements. source
• JPMorgan Chase & Co. recorded $1.1 billion of net gains on Level 3 assets in the three months ended September 30, 2026, driven by net derivative receivable gains from market movements and MSR gains reflecting lower prepayment speeds on higher rates. source
• JPMorgan Chase & Co. recorded $4.3 billion of net gains on Level 3 assets in the nine months ended September 30, 2025, predominantly from net derivative receivable gains due to market movements. source
• JPMorgan Chase & Co. recorded $4.7 billion of net losses on Level 3 liabilities in the nine months ended September 30, 2025, predominantly from long-term debt losses due to market movements. source
• JPMorgan Chase & Co. recorded $2.3 billion of net losses on Level 3 liabilities in the nine months ended September 30, 2026, predominantly from long-term debt losses due to market movements. source

Impact estimates