JPM · CIK 19617
What JPMorgan Chase & Co. told the SEC could break it.
JPMorgan's disclosures here highlight geographic concentration in its consumer-loan books and litigation exposure. About 70% of its retained residential real estate loans — $213.1 billion — sit in just five states (California, New York, Florida, Texas, and Massachusetts), and 47% of its credit card loans ($116.3 billion) cluster in a similar handful, concentrating regional housing-market and disaster risk. Separately, it estimates reasonably possible losses beyond established reserves of up to roughly $1.2 billion across legal proceedings spanning all its lines of business, including antitrust, securities, and consumer-protection claims.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- residential real estate loans 70% in CA, NY, FL, TX, MA ($213.1B)medium
70% of JPMorgan's retained residential real estate loan portfolio ($213.1B) is concentrated in five states — California, New York, Florida, Texas and Massachusetts — concentrating regional housing-market and disaster risk.
“At December 31, 2025, $213.1 billion, or 70%, of the total retained residential real estate loan portfolio, was concentrated in California, New York, Florida, Texas and Massachusetts, compared to $217.7 billion, or 70%, at December 31, 2024.”
SEC filing →As of 2026 - credit card loans 47% in CA, TX, NY, FL, IL ($116.3B)low
47% of JPMorgan's retained credit card loan portfolio ($116.3B) is concentrated in California, Texas, New York, Florida and Illinois.
“At December 31, 2025, $116.3 billion, or 47% of the total retained credit card loan portfolio, was concentrated in California, Texas, New York, Florida and Illinois, compared to $109.0 billion, or 47%, at December 31, 2024.”
SEC filing →As of 2026
Litigation
- legal proceedings — reasonably possible losses up to ~$1.2B above reservesmedium
JPMorgan estimates reasonably possible losses beyond established reserves of $0 to ~$1.2 billion across legal proceedings spanning all lines of business, including antitrust, securities and consumer-protection claims.
“The Firm estimates the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $ 0 to approximately $ 1.2 billion at December 31, 2025.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“We depend on banks, including JPMorgan Chase, to process ACH transactions and checks for our customers.”
Cited →
Its suppliers
United Airlines Holdings, Inc.
“Other operating revenue increased $362 million, or 10.4%, in 2025 as compared to 2024, primarily due to an increase in mileage revenue from non-airline partners, including credit card spending with our co-branded credit card partner, JPMorgan Chase Bank, N.A., as well as increases in the purchases of United Club memberships.”
Cited →Resolute Holdings (CompoSecure business)
“The two largest customers of the CompoSecure business are JPMorgan Chase and American Express. Together, these customers represented approximately 55% and 62% of the net sales of the CompoSecure business for the years ended December 31, 2025 and 2024, respectively.”
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