v3.26.1
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Tables)
 3 Months Ended
Mar. 31, 2026
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. 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 
(1) At March 31, 2026 and December 31, 2025, the fair value of collateral received in connection with resale agreements that was available to be repledged or sold was $24.8 billion and $17.2 billion, respectively.
(2) At March 31, 2026 and December 31, 2025, the fair value of initial margin pledged as collateral related to interest rate swaps was $648 million and $281 million, respectively. See Notes 6 and 12 for additional information.
(3) At March 31, 2026 and December 31, 2025, repurchase agreements outstanding at CS&Co had continuous contractual maturities of 35-60 days.
(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.
(6) Included in other short-term borrowings in the condensed consolidated balance sheets. At March 31, 2026 and December 31, 2025, 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 10 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:
March 31, 2026December 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 sales20,258 16,196 
Securities lending to other broker-dealers26,440 23,867 
Collateral for secured short-term borrowings5,475 4,376 
Collateral for repurchase agreements516 56 
Total collateral pledged to third parties$91,652 $79,286 
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 $301 million and $217 million at March 31, 2026 and December 31, 2025, respectively.
(1)    Securities pledged to fulfill client margin requirements for open option contracts established with the Options Clearing Corporation.