JPM · 10-Q · 2026Q3 · Full report

Funding Mix and Issuance

JPMORGAN CHASE & CO · 2026-11-03 · Importance 68 · Surprise 64 · From source text

Short-term secured funding increased to $763.6 billion at September 30, 2026 from $498.0 billion at December 31, 2025, driven mainly by higher client-driven Markets activity and secured financing of trading assets through repurchase agreements. Long-term unsecured funding rose to $389.8 billion from $361.3 billion, including structured notes of $156.3 billion versus $130.6 billion, primarily reflecting Markets net issuance and higher fair value from client demand. During the first nine months of 2026, the Parent Company issued $26.3 billion of senior notes and $6.0 billion of subordinated debt; subsidiaries issued $77.1 billion of structured notes. The Firm issued $1.15 billion of credit card securitizations and $2.45 billion of FHLB advances in the nine months ended September 30, 2026.

Key facts

• At September 30, 2026, securities sold under agreements to repurchase were $687,888 million, compared with $433,161 million at December 31, 2025. source
• Total short-term secured funding was $763,586 million at September 30, 2026, compared with $498,005 million at December 31, 2025. source
• Total long-term unsecured funding was $389,792 million at September 30, 2026, compared with $361,293 million at December 31, 2025. source
• The Firm issued $26,331 million of senior notes in the nine months ended September 30, 2026, compared with $16,084 million in the same 2025 period. source
• The Firm issued $6,000 million of subordinated debt in the nine months ended September 30, 2026, compared with $4,000 million in the same 2025 period. source
• Long-term debt increased due to net issuances of structured notes in Markets in response to client demand and net issuances of long-term debt, predominantly offset by higher-rate fair value hedge accounting adjustments in Treasury and CIO. source

Impact estimates