Financial Assets And Financial Liabilities

3 Months Ended

Mar. 31, 2026

Financial Assets And Financial Liabilities [Abstract]

Financial Assets And Financial Liabilities

6. Financial Assets and Financial Liabilities

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present, by level within the fair value hierarchy (see Note 2), financial assets and liabilities, measured at fair value on a recurring basis for the periods indicated. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement.


	Financial Assets at Fair Value as of March 31, 2026

	Level 1		Level 2		Level 3		Total

	(in millions)

Securities segregated for regulatory purposes
U.S. and foreign government securities	$	7,438	$	—	$	—	$	7,438
Municipal securities		—		65		—		65
Total securities segregated for regulatory purposes		7,438		65		—		7,503

Financial instruments owned, at fair value
Stocks		3,167		—		—		3,167
Options		77		52		—		129
U.S. and foreign government securities		71		—		—		71
Municipal securities		—		14		—		14
Precious metals		—		56		—		56
Currency forward contracts		—		15		—		15
Total financial instruments owned, at fair value		3,315		137		—		3,452

Other assets
Customer-held fractional shares		450		—		—		450
Other investments in equity securities		49		—		—		49
Total other assets		499		—		—		499
Total financial assets at fair value	$	11,252	$	202	$	—	$	11,454


	Financial Liabilities at Fair Value as of March 31, 2026
	Level 1		Level 2		Level 3		Total

	(in millions)

Financial instruments sold, but not yet purchased, at fair value
Stocks	$	280	$	—	$	—	$	280
Options		42		129		—		171
Precious metals		—		51		—		51
Currency forward contracts		—		12		—		12
Total financial instruments sold, but not yet purchased, at fair value		322		192		—		514

Accounts payable, accrued expenses and other liabilities
Fractional shares repurchase obligation		450		—		—		450
Total accounts payable, accrued expenses and other liabilities		450		—		—		450
Total financial liabilities at fair value	$	772	$	192	$	—	$	964


	Financial Assets at Fair Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total

	(in millions)

Securities segregated for regulatory purposes
U.S. and foreign government securities	$	6,031	$	—	$	—	$	6,031
Municipal securities		—		66		—		66
Total securities segregated for regulatory purposes		6,031		66		—		6,097

Financial instruments owned, at fair value
Stocks		4,780		—		—		4,780
Options		23		49		—		72
U.S. and foreign government securities		63		—		—		63
Precious metals		—		50		—		50
Currency forward contracts		—		17		—		17
Total financial instruments owned, at fair value		4,866		116		—		4,982

Other assets
Customer-held fractional shares		428		—		—		428
Other investments in equity securities		88		—		—		88
Total other assets		516		—		—		516
Total financial assets at fair value	$	11,413	$	182	$	—	$	11,595


	Financial Liabilities at Fair Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total

	(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks	$	199	$	—	$	—	$	199
Options		15		483		—		498
Precious metals		—		42		—		42
Currency forward contracts		—		1		—		1
Total financial instruments sold, but not yet purchased, at fair value		214		526		—		740

Accounts payable, accrued expenses and other liabilities
Fractional shares repurchase obligation		428		—		—		428
Total accounts payable, accrued expenses and other liabilities		428		—		—		428
Total financial liabilities at fair value	$	642	$	526	$	—	$	1,168

Level 3 Financial Assets and Financial Liabilities

There were no transfers in or out of level 3 for the three months ended March 31, 2026.

Financial Assets and Liabilities Not Measured at Fair Value

Financial assets and liabilities not measured at fair value are recorded at carrying value, which approximates fair value due to their short-term nature. The tables below represent the carrying value, fair value and fair value hierarchy category of certain financial assets and liabilities that are not recorded at fair value in the condensed consolidated statements of financial condition for the periods indicated. The tables below exclude certain financial instruments such as equity method investments and all non-financial assets and liabilities.


	March 31, 2026
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents	$	5,085	$	5,085	$	5,085	$	—	$	—
Cash - segregated for regulatory purposes		53,414		53,414		53,414		—		—
Securities - segregated for regulatory purposes		34,386		34,386		—		34,386		—
Securities borrowed		10,798		10,798		—		10,798		—
Securities purchased under agreements to resell		9,948		9,948		—		9,948		—
Receivables from customers		86,544		86,544		—		86,544		—
Receivables from brokers, dealers and clearing organizations		5,405		5,405		—		5,405		—
Interest receivable		537		537		—		537		—
Other assets		80		82		—		42		40
Total financial assets, not measured at fair value	$	206,197	$	206,199	$	58,499	$	147,660	$	40



Financial liabilities, not measured at fair value
Short-term borrowings	$	12	$	12	$	—	$	12	$	—
Securities loaned		32,016		32,016		—		32,016		—
Payables to customers		162,959		162,959		—		162,959		—
Payables to brokers, dealers and clearing organizations		664		664		—		664		—
Interest payable		315		315		—		315		—
Total financial liabilities, not measured at fair value	$	195,966	$	195,966	$	—	$	195,966	$	—


	December 31, 2025
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(in millions)

Financial assets, not measured at fair value
Cash and cash equivalents	$	4,963	$	4,963	$	4,963	$	—	$	—
Cash - segregated for regulatory purposes		50,332		50,332		50,332		—		—
Securities - segregated for regulatory purposes		20,424		20,424		—		20,424		—
Securities borrowed		11,589		11,589		—		11,589		—
Securities purchased under agreements to resell		7,117		7,117		—		7,117		—
Receivables from customers		90,475		90,475		—		90,475		—
Receivables from brokers, dealers and clearing organizations		5,161		5,161		—		5,161		—
Interest receivable		530		530		—		530		—
Other assets		70		71		—		32		39
Total financial assets, not measured at fair value	$	190,661	$	190,662	$	55,295	$	135,328	$	39



Financial liabilities, not measured at fair value
Short-term borrowings	$	19	$	19	$	—	$	19	$	—
Securities loaned		24,751		24,751		—		24,751		—
Payables to customers		154,336		154,336		—		154,336		—
Payables to brokers, dealers and clearing organizations		1,566		1,566		—		1,566		—
Interest payable		321		321		—		321		—
Total financial liabilities, not measured at fair value	$	180,993	$	180,993	$	—	$	180,993	$	—

Netting of Financial Assets and Financial Liabilities

The Company’s policy is to net securities borrowed and securities loaned, and securities purchased under agreements to resell and securities sold under agreements to repurchase that meet the offsetting requirements prescribed in ASC Topic 210-20. In the tables below, the amounts of financial instruments that are not offset in the condensed consolidated statements of financial condition, but could be netted against cash or financial instruments with specific counterparties under master netting agreements, according to the terms of the agreements, including clearing houses (exchange-traded options, warrants and discount certificates) or over the counter currency forward contract counterparties, are presented to provide financial statement readers with the Company’s net payable or receivable with counterparties for these financial instruments.

The tables below present the netting of financial assets and financial liabilities for the periods indicated.


	March 31, 2026
				Amounts		Net Amounts		Amounts Not Offset
	Gross			Offset in the		Presented in		in the Condensed
	Amounts			Condensed		the Condensed		Consolidated
	of Financial			Consolidated		Consolidated		Statements of
	Assets and			Statements of		Statements of		Financial Condition
	Liabilities			Financial		Financial		Cash or Financial			Net
	Recognized			Condition2		Condition		Instruments			Amount

	(in millions)
Offsetting of financial assets
Securities segregated for regulatory purposes:
Segregated securities purchased under agreements to resell	$	32,117	1	$	—	$	32,117	$	(32,117	)	$	—
Segregated securities borrowed		2,269	1		—		2,269		(2,207	)		62

Securities borrowed		10,798			—		10,798		(10,627	)		171
Securities purchased under agreements to resell		9,948			—		9,948		(9,948	)		—
Financial instruments owned, at fair value
Options		129			—		129		(95	)		34
Currency forward contracts		15			—		15		—			15
Total	$	55,276		$	—	$	55,276	$	(54,994	)	$	282


Offsetting of financial liabilities
Securities loaned	$	32,016	$	—	$	32,016	$	(31,426	)	$	590
Financial instruments sold, but not yet purchased, at fair value
Options		171		—		171		(95	)		76
Currency forward contracts		12		—		12		—			12
Total	$	32,199	$	—	$	32,199	$	(31,521	)	$	678


	December 31, 2025
					Amounts		Net Amounts		Amounts Not Offset
		Gross			Offset in the		Presented in		in the Condensed
		Amounts			Condensed		the Condensed		Consolidated
		of Financial			Consolidated		Consolidated		Statements of
		Assets and			Statements of		Statements of		Financial Condition
		Liabilities			Financial		Financial		Cash or Financial			Net
		Recognized			Condition2		Condition		Instruments			Amount

	(in millions)
Offsetting of financial assets
Securities segregated for regulatory purposes:
Segregated securities purchased under agreements to resell	$		17,981	1	$	—	$	17,981	$	(17,981	)	$	—
Segregated securities borrowed			2,443	1		—		2,443		(2,367	)		76

Securities borrowed			11,589			—		11,589		(11,241	)		348
Securities purchased under agreements to resell			7,117			—		7,117		(7,117	)		—
Financial instruments owned, at fair value
Options			72			—		72		(64	)		8
Currency forward contracts			17			—		17		—			17
Total	$		39,219		$	—	$	39,219	$	(38,770	)	$	449


Offsetting of financial liabilities
Securities loaned	$	24,751	$	—	$	24,751	$	(23,261	)	$	1,490
Financial instruments sold, but not yet purchased, at fair value
Options		498		—		498		(64	)		434
Currency forward contracts		1		—		1		—			1
Total	$	25,250	$	—	$	25,250	$	(23,325	)	$	1,925

As of March 31, 2026 and December 31, 2025, the Company had $32.1 billion and $18.0 billion, respectively, of securities purchased under agreements to resell, and $2.3 billion and $2.4 billion, respectively, of securities borrowed that were segregated to satisfy regulatory requirements. These securities are reported in “Securities - segregated for regulatory purposes” in the condensed consolidated statements of financial condition.

The Company did not have any balances eligible for netting in accordance with ASC Topic 210-20 as of March 31, 2026 and December 31, 2025.

Secured Financing Transactions – Maturities and Collateral Pledged

The tables below present gross obligations for securities loaned transactions by remaining contractual maturity and class of collateral pledged for the periods indicated.


	March 31, 2026
	Remaining Contractual Maturity
	Overnight		Less than		30 – 90		Over 90
	and Open		30 days		days		days		Total

	(in millions)

Securities loaned
Stocks	$	31,849	$	—	$	—	$	—	$	31,849
Corporate bonds		147		—		—		—		147
Foreign government securities		20		—		—		—		20
Total securities loaned	$	32,016	$	—	$	—	$	—	$	32,016


	December 31, 2025
	Remaining Contractual Maturity
	Overnight		Less than		30 – 90		Over 90
	and Open		30 days		days		days		Total

	(in millions)

Securities loaned
Stocks	$	24,596	$	—	$	—	$	—	$	24,596
Corporate bonds		145		—		—		—		145
Foreign government securities		10		—		—		—		10
Total securities loaned	$	24,751	$	—	$	—	$	—	$	24,751

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details