
Year Ended December 31,	2025		2024		2023
Net interest revenue
Cash and cash equivalents	$	1,189	$	1,539	$	1,894
Cash and investments segregated	1,862		1,443		1,355
Receivables from brokerage clients (1)	5,700		5,420		4,793
Available for sale securities	1,538		2,166		2,987
Held to maturity securities	2,386		2,636		2,872
Bank loans	2,168		1,867		1,664
Securities lending revenue	437		330		419
Other interest revenue (1)	224		136		127
Interest revenue	15,504		15,537		16,111
Bank deposits	(1,185)		(3,152)		(3,363)
Payables to brokers, dealers, and clearing organizations	(701)		(372)		(147)
Payables to brokerage clients (1)	(244)		(272)		(271)
Other short-term borrowings	(324)		(504)		(375)
Federal Home Loan Bank borrowings	(356)		(1,245)		(1,810)
Long-term debt	(836)		(846)		(715)

Other interest expense (1)	(108)		(2)		(3)
Interest expense	(3,754)		(6,393)		(6,684)
Net interest revenue	11,750		9,144		9,427
Asset management and administration fees
Mutual funds, ETFs, and CTFs	3,665		3,221		2,563
Managed investing solutions	2,440		2,129		1,868
Other	401		366		325
Asset management and administration fees	6,506		5,716		4,756
Trading revenue
Commissions	1,797		1,591		1,601
Order flow revenue	1,930		1,477		1,404
Principal transactions	194		196		225
Trading revenue	3,921		3,264		3,230
Bank deposit account fees	977		729		705
Other	767		753		719

Total net revenues	$	23,921	$	19,606	$	18,837

(1) Beginning in the fourth quarter of 2025, interest revenue and interest expense from client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are presented in other interest revenue and other interest expense. Interest revenue and interest expense amounts related to these client strategies were previously presented in receivables from brokerage clients and payables to brokerage clients, respectively, and full-year 2025 amounts have been reclassified to conform to the new presentation. Prior-year amounts were not impacted by this change.