The preparation of the Parent Company Condensed Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures in the condensed financial statements.

Parent Company Only – Condensed Statements of Financial Condition


	December 31,
(in millions, except share amounts)	2025			2024
Assets
Cash and cash equivalents	$	1		$	1
Investments in subsidiaries, equity basis		5,366			4,270
Other assets		255			233
Total assets	$	5,622		$	4,504
Liabilities and Equity
Liabilities:
Payable to affiliates	$	217		$	195
Accrued expenses and other liabilities		42			29
		259			224
Stockholders' equity:
Common stock, $0.01 par value per share:
Class A – Authorized - 4,000,000,000, Issued - 446,130,605 and 436,244,236 shares, Outstanding – 445,413,716 and 435,618,452 shares as of December 31, 2025 and 2024		1			1
Class B – Authorized - 1,000 shares, Issued and Outstanding - 400 as of December 31, 2025 and 2024		—			—
Additional paid-in capital		1,957			1,816
Retained earnings		3,365			2,515
Accumulated other comprehensive income, net of income taxes of $0 and $0 as of December 31, 2025 and 2024		56			(45	)
Treasury stock, at cost, 716,889 and 625,784 shares as of December 31, 2025 and 2024		(16	)		(7	)
Total equity		5,363			4,280
Total liabilities and equity	$	5,622		$	4,504

(1)

As of December 31, 2025 and 2024, receivables from affiliates were immaterial.

(2)

As of December 31, 2025 and 2024, respectively, payable to affiliates of $217 million and $195 million consisted primarily of amounts payable to Holdings under the Tax Receivable Agreement.

Parent Company Only – Condensed Statements of Comprehensive Income


	Year-Ended December 31,
(in millions)	2025		2024		2023
Income (loss) before income from subsidiaries	$	(4)	$	(12)	$	5
Undistributed gains of subsidiaries, net		1,189		913		737
Income tax expense		201		146		142
Net income	$	984	$	755	$	600

Net income available for common stockholders	$	984	$	755	$	600
Cumulative translation adjustment, net of tax		101		(53)		30
Comprehensive income available for common stockholders	$	1,085	$	702	$	630

Parent Company Only – Condensed Statements of Cash Flows


	Year-Ended December 31,
(in millions)	2025		2024		2023
Cash flows from operating activities
Net income	$	984	$	755	$	600
Adjustments to reconcile net income to net cash used in operating activities
Undistributed gains of subsidiaries, net		(1,189)		(913)		(737)
Deferred income taxes		35		2		34
(Gain) loss on remeasurement of Tax Receivable Agreement liability		3		10		(7)
Changes in operating assets and liabilities		(83)		64		(33)
Net cash used in operating activities		(250)		(82)		(143)
Cash flows provided by investing activities		294		246		185
Cash flows used in financing activities		(145)		(116)		(67)
Effect of exchange rate changes on cash and cash equivalents		101		(53)		30
Net increase in cash and cash equivalents		—		(5)		5
Cash and cash equivalents at beginning of period		1		6		1
Cash and cash equivalents at end of period	$	1	$	1	$	6
Supplemental disclosures of cash flow information
Cash paid for interest	$	1	$	3	$	2
Cash paid for taxes, net	$	145	$	117	$	111

Non-cash investing activities:
Non-cash distributions from subsidiaries	$	25	$	—	$	—

(1)

Dividends received from IBG LLC for the three years ended December 31, 2025, 2024, and 2023, were $319 million, $246 million and $185 million, respectively.