v3.26.1
Leases (Tables)
3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Related to Operating Leases

The table below presents balances reported in the condensed consolidated statements of financial condition related to the Company’s leases for the periods indicated.

 

 

 

March 31,

 

December 31,

 

 

2026

 

2025

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

 

Right-of-use assets 1

 

$

128

 

$

137

Lease liabilities 1

 

$

145

 

$

152

 

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 condensed consolidated statements of financial condition.
Schedule of Lease Cost

The table below presents balances reported in the condensed consolidated statements of comprehensive income related to the Company’s leases for the periods indicated.

 

 

 

Three Months Ended March 31,

 

 

2026

 

2025

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

 

Operating lease cost

 

$

11

 

$

9

Variable lease cost

 

 

2

 

 

1

Total lease cost

 

$

13

 

$

10

Schedule of 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.

 

 

 

March 31, 2026

 

 

(in millions)

2026 (remaining)

 

$

24

2027

 

 

30

2028

 

 

24

2029

 

 

24

2030

 

 

18

2031

 

 

11

Thereafter

 

 

43

Total undiscounted operating lease payments

 

 

174

Less: imputed interest

 

 

(29)

Present value of operating lease liabilities

 

$

145