Resale agreements: CS&Co enters into collateralized resale agreements principally with other broker-dealers to meet obligations related to customer protection under SEC Rule 15c3-3. These collateralized resale agreements could result in losses in the event the counterparty fails to purchase the securities held as collateral for the cash advanced and the fair value of the securities declines. To mitigate this risk, CS&Co requires that the counterparty deliver securities to a custodian, to be held as collateral, with a fair value at or in excess of the resale price. CS&Co also sets standards for the credit quality of the

counterparty, monitors the fair value of the underlying securities as compared to the related receivable, including accrued interest, and requires additional collateral where deemed appropriate. The collateral provided under these resale agreements is utilized to meet obligations under broker-dealer client protection rules, which place limitations on our ability to access such segregated securities. For CS&Co to repledge or sell this collateral, we would be required to deposit cash and/or securities of an equal amount into our segregated reserve bank accounts in order to meet our segregated cash and investments requirement. CS&Co’s resale agreements as of March 31, 2026 and December 31, 2025 were not subject to master netting arrangements. Amounts related to these resale agreements are included in cash and investments segregated and on deposit for regulatory purposes in the condensed consolidated balance sheets.

Schwab’s banking subsidiaries also enter into collateralized resale agreements with the FICC in which they buy securities and agree to resell these securities at a future date at an agreed upon price. Schwab receives collateral with a fair value equal to or in excess of the carrying value of the related receivables, including accrued interest, and requires additional collateral where deemed appropriate. Schwab is permitted by contract to repledge or sell collateral received under these resale agreements. In order to repledge or sell this collateral, the banking subsidiaries would be required to deposit additional securities of an equal amount with the custodian to replace the collateral received and maintain the net position. The ability to repledge or sell collateral maintained by the custodian in conjunction with collateralized resale agreements is subject to operational limitations, which may restrict Schwab’s use of the securities. There were no securities repledged or sold under these arrangements as of March 31, 2026 and December 31, 2025. These collateralized resale agreements with each counterparty are considered to be enforceable master netting arrangements. However, we do not net these arrangements. As such, amounts recognized pursuant to these arrangements are presented gross in the condensed consolidated balance sheet and are included in cash and cash equivalents or other assets in the condensed consolidated balance sheets based upon the maturity date of the transaction.

Securities lending: Schwab loans brokerage client securities temporarily to other broker-dealers and clearing houses in connection with its securities lending activities and receives cash as collateral for the securities loaned. Increases in security prices may cause the fair value of the securities loaned to exceed the amount of cash received as collateral. In the event a counterparty to these transactions does not return the loaned securities or provide additional cash collateral, we may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy our client obligations. Schwab mitigates this risk by requiring credit approvals for counterparties, monitoring the fair value of securities loaned, and requiring additional cash as collateral when necessary. In addition, most of our securities lending transactions are through a program with a clearing organization, which guarantees the return of collateral to us. We also borrow securities from other broker-dealers to fulfill short sales by brokerage clients and deliver cash to the lender in exchange for the securities. The fair value of these borrowed securities was $8.6 billion and $4.6 billion at March 31, 2026 and December 31, 2025, respectively. Our securities lending transactions are subject to enforceable master netting arrangements with other broker-dealers; however, we do not net securities lending transactions. Therefore, amounts related to securities borrowed and securities loaned are presented gross in the condensed consolidated balance sheets and are included in receivables from brokers, dealers, and clearing organizations and payables to brokers, dealers, and clearing organizations, respectively, in the condensed consolidated balance sheets.

Repurchase agreements: Schwab’s banking subsidiaries enter into collateralized repurchase agreements with external financial institutions and the FICC in which they sell securities and agree to repurchase these securities on a specified future date at a stated repurchase price. These repurchase agreements are collateralized by investment securities with a fair value equal to or in excess of the secured borrowing liability. CS&Co also enters into collateralized repurchase agreements with external financial institutions in which CS&Co utilizes qualifying securities in client margin accounts as collateral. These repurchase agreements are collateralized by client margin securities with a fair value equal to or in excess of the secured borrowing liability. Client margin securities are transferred to an independent agent on behalf of CS&Co and the counterparty, who assumes the responsibility of receiving eligible securities and assigning these securities to the counterparty. Decreases in security prices posted as collateral for repurchase agreements may require Schwab to transfer cash and/or additional securities deemed acceptable by the counterparty. To mitigate this risk, Schwab monitors the fair value of underlying securities pledged as collateral compared to the related liability. Our collateralized repurchase agreements with each external financial institution are considered to be enforceable master netting arrangements. However, we do not net these arrangements. As such, the secured borrowings associated with these collateralized repurchase agreements are presented gross in the condensed consolidated balance sheets. Repurchase agreements at Schwab’s banking subsidiaries are included in other short-term borrowings in the consolidated balance sheets and repurchase agreements at CS&Co are included in payables to brokers, dealers, and clearing organizations in the condensed consolidated balance sheets.

through FCMs which serve as the intermediary between CCPs and Schwab. Our interest rate swaps are subject to enforceable master netting arrangements allowing a right of setoff within each FCM-CCP relationship; however, we do not net these positions. Therefore, interest rate swaps are presented gross in the condensed consolidated balance sheets. Derivative assets are included in other assets and derivative liabilities are included in accrued expenses and other liabilities in the condensed consolidated balance sheets. See Note 12 for additional information on the Company’s interest rate swaps.

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. Collateral disclosed in the table below is limited to the amount of the related recognized asset or liability for each counterparty, even when the collateral value exceeds the gross asset or liability value:


	Gross Assets/ Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amounts Presented in the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets					Net Amount
							Counterparty Offsetting		Collateral
March 31, 2026
Assets
Resale agreements	$	24,410	$	—	$	24,410	$	—	$	(24,410)	(1)	$	—
Securities borrowed	8,593		—		8,593		(5,713)		(2,876)			4
Interest rate swaps	1		—		1		(1)		—		(2)	—
Total	$	33,004	$	—	$	33,004	$	(5,714)	$	(27,286)		$	4
Liabilities

Repurchase agreements (3)	$	3,499	$	—	$	3,499	$	—	$	(3,499)	(4)	$	—
Securities loaned (5)	26,484		—		26,484		(5,713)		(20,625)			146
Secured short-term borrowings (6)	4,800		—		4,800		—		(4,800)			—
Interest rate swaps	2		—		2		(1)		(1)		(2)	—
Total	$	34,785	$	—	$	34,785	$	(5,714)	$	(28,925)		$	146

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	1		—		1		—		—		(2)	1
Total	$	21,699	$	—	$	21,699	$	(3,069)	$	(18,578)		$	52
Liabilities
Repurchase agreements (3)	$	1,301	$	—	$	1,301	$	—	$	(1,301)	(4)	$	—
Securities loaned (5)	25,131		—		25,131		(3,069)		(21,137)			925
Secured short-term borrowings (6)	3,800		—		3,800		—		(3,800)			—
Interest rate swaps	1		—		1		—		—		(2)	1
Total	$	30,233	$	—	$	30,233	$	(3,069)	$	(26,238)		$	926

(4) At March 31, 2026 and December 31, 2025, the fair value of collateral pledged in connection with repurchase agreements at the Company’s banking subsidiaries was $3.1 billion and $1.3 billion, respectively. See Note 10 for additional information. At March 31, 2026 and 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.

(5) Securities loaned are predominantly comprised of equity securities held in client brokerage accounts. At March 31, 2026, $13.4 billion of securities loaned had overnight and continuous remaining contractual maturities and $13.1 billion of securities loaned had contractual maturities of 35-95 days. 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.

Margin lending: Clients with margin loans have agreed to allow Schwab to pledge collateralized securities in their brokerage accounts in accordance with federal regulations. 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:


	March 31, 2026		December 31, 2025
Fair value of client securities available to be pledged	$	174,936	$	155,525
Fair value of securities pledged for:
Fulfillment of requirements with the Options Clearing Corporation (1)	$	38,963	$	34,791
Fulfillment of client short sales	20,258		16,196
Securities lending to other broker-dealers	26,440		23,867
Collateral for secured short-term borrowings	5,475		4,376
Collateral for repurchase agreements	516		56
Total collateral pledged to third parties	$	91,652	$	79,286