v3.25.4
Leases (Tables)
12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Supplemental Balance Sheet Information Related To Operating Leases

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.
Lease Cost

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

 

Undiscounted Cash Flows of Operating Lease

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