All of the Company’s leases are classified as operating leases and primarily consist of real estate leases for corporate offices, data centers and other facilities. As of March 31, 2025, the weighted-average remaining lease term on these leases is approximately 5.5 years and the weighted-average discount rate used to measure the lease liabilities is approximately 3.98%. For the three months ended March 31, 2025, right-of-use assets obtained under new operating leases were $10 million. The Company’s lease agreements do not contain any residual value guarantees, restrictions, or covenants.

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,
	2025		2024

	(in millions)

Right-of-use assets ¹	$	107	$	102
Lease liabilities ¹	$	124	$	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.

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,
	2025		2024

	(in millions)

Operating lease cost	$	9	$	9
Variable lease cost		1		2
Total lease cost	$	10	$	11

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, 2025
	(in millions)
2025 (remaining)	$	24
2026		30
2027		23
2028		18
2029		18
2030		12
Thereafter		12
Total undiscounted operating lease payments		137
Less: imputed interest		(13)
Present value of operating lease liabilities	$	124