Property, equipment and intangible assets, which are reported in “Other assets” in the consolidated statements of financial condition, consist of leasehold improvements, computer equipment, software developed for the Company’s internal use, office furniture and equipment. The table below presents balances related to property, equipment and intangible assets for the periods indicated.


	December 31,
	2025			2024

	(in millions)

Leasehold improvements	$	23		$	28
Computer equipment		84			67
Office furniture and equipment		16			15
		123			110
Less - accumulated depreciation and amortization		(63	)		(51	)
Property and equipment, net		60			59

Internally developed software		94			88
Other intangible assets		4			4
Less - accumulated amortization		(46	)		(44	)
Intangible assets, net		52			48
Total property, equipment, and intangible assets, net	$	112		$	107

Depreciation and amortization of $61 million, $67 million and $65 million, for the three years ended December 31, 2025, 2024, and 2023, respectively, is reported in “Occupancy, depreciation and amortization” in the consolidated statements of comprehensive income. Amortization expense related to the Company’s intangible assets as of December 31, 2025 is expected to be approximately $28 million, $18 million and $6 million, for years ended December 31, 2026, 2027, and 2028, respectively.