All of the Company’s leases are classified as operating leases and primarily consist of real estate leases for corporate offices, data centers and other facilities. As of December 31, 2025, the weighted-average remaining lease term on these leases is approximately 7.0 years and the weighted-average discount rate used to measure the lease liabilities is approximately 4.91%. For the year ended December 31, 2025, right-of-use assets obtained under new operating leases were $63 million. The Company’s lease agreements do not contain any residual value guarantees, restrictions, or covenants.

The table below presents balances reported in the consolidated statements of financial condition related to the Company’s leases for the periods indicated.


	December 31,		December 31,
	2025		2024

	(in millions)

Right-of-use assets 1	$	137	$	102
Lease liabilities 1	$	152	$	121

(1)

Right-of-use assets are reported in “Other assets” and lease liabilities are reported in “Accounts payable, accrued expenses and other liabilities” in the consolidated statements of financial condition.

The table below presents balances reported in the consolidated statements of comprehensive income related to the Company’s leases for the periods indicated.


	Year-Ended December 31,
	2025		2024		2023

	(in millions)

Operating lease cost	$	37	$	34	$	35
Variable lease cost		7		6		6
Total lease cost	$	44	$	40	$	41

The table below reconciles the undiscounted cash flows of the Company’s leases to the present value of its operating lease payments for the period indicated.


	December 31, 2025

	(in millions)

2026	$	32
2027		30
2028		25
2029		24
2030		18
Thereafter		55
Total undiscounted operating lease payments		184
Less: imputed interest		(32	)
Present value of operating lease liabilities	$	152