v3.25.4
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Tables)
 12 Months Ended
Dec. 31, 2025
Offsetting [Abstract]  
Offsetting Assets and Liabilities
The following table presents information about our interest rate swaps, resale agreements, securities lending, repurchase agreements, and other activity depicting the potential effect of rights of setoff between these recognized assets and liabilities:
Gross
Assets/
Liabilities		Gross Amounts Offset in the Consolidated
Balance Sheets		Net Amounts Presented in the Consolidated
Balance Sheets		Gross Amounts Not Offset in the
Consolidated Balance Sheets		Net
Amount
Counterparty
Offsetting		Collateral
December 31, 2025      
Assets      
Resale agreements
$16,901 $— $16,901 $— $(16,901)
(1)
$— 
Securities borrowed
4,797 — 4,797 (3,069)(1,677)51 
Interest rate swaps (2)
1 — 1 — — 
(3)
1 
Total$21,699 $— $21,699 $(3,069)$(18,578)$52 
Liabilities      
Repurchase agreements (4)
$1,301 $— $1,301 $— $(1,301)
(5)
$— 
Securities loaned (6)
25,131 — 25,131 (3,069)(21,137)925 
   Secured short-term borrowings (7)
3,800 — 3,800 — (3,800)— 
Interest rate swaps (2)
1 — 1 — — 
(3)
1 
Total$30,233 $— $30,233 $(3,069)$(26,238)$926 
      
December 31, 2024      
Assets      
Resale agreements
$10,075 $— $10,075 $— $(10,075)
(1)
$— 
Securities borrowed
695 — 695 (617)(77)1 
Interest rate swaps (2)
— — — — — 
(3)
— 
Total$10,770 $— $10,770 $(617)$(10,152)$1 
Liabilities      
Repurchase agreements (4)
$5,499 $— $5,499 $— $(5,499)
(5)
$— 
   Securities loaned (6)
13,068 — 13,068 (617)(11,795)656 
Secured short-term borrowings (7)
500 — 500 — (500)— 
Interest rate swaps (2)
— — — — — 
(3)
— 
Total$19,067 $— $19,067 $(617)$(17,794)$656 
(1) Actual collateral was greater than or equal to the value of the related assets. At December 31, 2025 and 2024, the fair value of collateral received in connection with resale agreements that was available to be repledged or sold was $17.2 billion and $10.3 billion, respectively.
(2) Amounts were less than $500 thousand as of December 31, 2024.
(3) At December 31, 2025 and 2024, the fair value of initial margin pledged as collateral related to interest rate swaps was $281 million and $378 million, respectively. See Notes 6 and 16 for additional information.
(4) At December 31, 2025, repurchase agreements outstanding at CS&Co have continuous contractual maturities of 35 days.
(5) Actual collateral value was greater than or equal to the value of the related liabilities. At December 31, 2025 and 2024, the fair value of collateral pledged in connection with repurchase agreements at the Company’s banking subsidiaries was $1.3 billion and $5.9 billion, respectively. See Note 13 for additional information. At December 31, 2025, collateral pledged for repurchase agreements outstanding at CS&Co was comprised of equity securities held in client brokerage accounts. See table below for fair value of client margin securities held in client brokerage accounts pledged as collateral.
(6) Securities loaned are predominantly comprised of equity securities held in client brokerage accounts. At December 31, 2025, $15.0 billion of securities loaned had overnight and continuous remaining contractual maturities and $10.1 billion of securities loaned had contractual maturities of 35 - 95 days. At December 31, 2024, $8.8 billion of securities loaned had overnight and continuous remaining contractual maturities and $4.3 billion of securities loaned had contractual maturities of 35 - 95 days. The cash collateral received from counterparties under securities lending transactions was equal to or greater than the market value of the securities loaned at December 31, 2025 and 2024.
(7) Included in other short-term borrowings in the consolidated balance sheets. At December 31, 2025 and 2024, collateral pledged for secured short-term borrowings was comprised of equity securities held in client brokerage accounts. See below for amount of collateral pledged and Note 13 for additional information.
Summary of the Fair Value of Client Securities Available to Utilize as Collateral and Amounts Pledged The following table summarizes the fair value of client securities that were available, under such regulations, that could have been used as collateral, as well as the fair value of securities that we had pledged to third parties under such regulations and from securities borrowed transactions:
December 31,20252024
Fair value of client securities available to be pledged$155,525 $116,258 
Fair value of securities pledged for:  
Fulfillment of requirements with the Options Clearing Corporation (1)
$34,791 $24,011 
Fulfillment of client short sales16,196 5,179 
Securities lending to other broker-dealers23,867 12,282 
Collateral for secured short-term borrowings4,376 618 
Collateral for repurchase agreements
56 — 
Total collateral pledged to third parties$79,286 $42,090 
Note: Excludes amounts available and pledged for securities lending from fully-paid client securities. The fair value of fully-paid client securities available and pledged was $217 million and $105 million as of December 31, 2025 and 2024, respectively.
(1)     Securities pledged to fulfill client margin requirements for open option contracts established with the Options Clearing Corporation.