v3.25.2
Leases (Tables)
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Supplemental Balance Sheet Information Related To Operating Leases

June 30,

December 31,

2025

2024

(in millions)

Right-of-use assets 1

$

107

$

102

Lease liabilities 1

$

123

$

121

__________________________

1.Right-of-use assets are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in the Company’s condensed consolidated statements of financial condition.

Lease Cost

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

(in millions)

Operating lease cost

$

9

$

8

$

18

$

17

Variable lease cost

3

1

4

3

Total lease cost

$

12

$

9

$

22

$

20

Undiscounted Cash Flows of Operating Lease

June 30, 2025

(in millions)

2025 (remaining)

$

17

2026

32

2027

24

2028

19

2029

18

2030

13

Thereafter

12

Total undiscounted operating lease payments

135

Less: imputed interest

(12)

Present value of operating lease liabilities

$

123