SCHWAB CHARLES CORP

13. Borrowings

CSC Senior Notes

CSC’s Senior Notes are unsecured obligations. CSC may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes and quarterly for the floating-rate Senior Notes. Interest for the fixed-to-floating rate Senior Notes is payable semi-annually during the fixed-rate period of the notes and quarterly during the floating-rate period of the notes.

Ameritrade Holding Senior Notes

Ameritrade Holding’s Senior Notes are unsecured obligations. Ameritrade Holding may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes.

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The following table lists long-term debt by instrument outstanding as of December 31, 2024 and 2023:

(1)The May 2029 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.643%, payable semi-annually, until the interest reset date on May 19, 2028. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.210%, payable quarterly.

(2)The November 2029 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 6.196%, payable semi-annually, until the interest reset date on November 17, 2028. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 1.878%, payable quarterly.

(3)The May 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.853%, payable semi-annually, until the interest reset date on May 19, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.500%, payable quarterly.

(4)The August 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 6.136%, payable semi-annually, until the interest reset date on August 24, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.010%, payable quarterly.

(5)This represents the amount of fair value hedge basis adjustments related to Senior Notes hedged. See Notes 2 and 17 for more information on hedging of Senior Notes.

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Annual maturities on all long-term debt outstanding at December 31, 2024, are as follows:

(1)This represents the amount of fair value hedge basis adjustments related to long-term debt hedged. See Notes 2 and 17 for more information on hedging of long-term debt.

FHLB borrowings: Our banking subsidiaries maintain secured credit facilities with the FHLB. Amounts available under these facilities are dependent on the amount of bank loans and the value of certain investment securities that are pledged as collateral. There was $16.7 billion and $26.4 billion outstanding under these facilities as of December 31, 2024 and 2023, respectively, and these borrowings had a weighted-average interest rate of 5.11% and 5.34%, respectively. As of December 31, 2024 and 2023, the collateral pledged provided additional borrowing capacity of $59.8 billion and $63.1 billion, respectively.

Other short-term borrowings: Total other short-term borrowings outstanding at December 31, 2024 and 2023 were $6.0 billion and $6.6 billion, respectively, and had a weighted-average interest rate of 5.21% and 5.57%, respectively. Additional information regarding our other short-term borrowings facilities is described below.

The Company may engage with external financial institutions in repurchase agreements collateralized by investment securities as another source of short-term liquidity. The Company had $5.5 billion and $4.9 billion outstanding pursuant to such repurchase agreements at December 31, 2024 and 2023, respectively. Repurchase agreements outstanding at December 31, 2024 mature between January 2025 and May 2025.

Our banking subsidiaries have access to funding through the Federal Reserve discount window. Amounts available are dependent upon the value of certain investment securities that are pledged as collateral. As of December 31, 2024 and 2023, our collateral pledged provided total borrowing capacity of $30.5 billion and $6.2 billion, respectively, of whichno amounts were outstanding at the end of either year. During the first quarter of 2024 and the year ended December 31, 2023, our banking subsidiaries had access to funding through the Federal Reserve Bank Term Funding Program (BTFP). This program offered loans through March 11, 2024 of up to one year in length, and amounts available were dependent upon the par value of certain investment securities pledged as collateral. This facility was not used in 2024 or 2023, and as of December 31, 2024, there wasno collateral pledged under the BTFP. As of December 31, 2023, our collateral pledged provided total borrowing capacity of $39.2 billion.

CSC has the ability to issue up to $5.0 billion of commercial paper notes with maturities of up to 270 days. There wereno amounts outstanding at December 31, 2024 or 2023. Beginning in 2024, CSC had access to an unsecured committed revolving line of credit with various external banks with a total borrowing capacity of $2.1 billion. This line expired in January 2025 and was not renewed, and there wereno amounts outstanding as of December 31, 2024. CSC and CS&Co also have access to unsecured uncommitted lines of credit with external banks with total borrowing capacity of $1.7 billion; no amounts were outstanding at December 31, 2024 or 2023.

CS&Co maintains secured uncommitted lines of credit, under which CS&Co may borrow on a short-term basis and pledge either client margin securities or firm securities as collateral, based on the terms of the agreements, under which there was $500 million outstanding at December 31, 2024 and $950 million outstanding at December 31, 2023. TDAC also previously maintained secured uncommitted lines of credit. Prior to the final client account conversions to CS&Co from the Ameritrade broker-dealers, TDAC could borrow on either a demand or short-term basis and pledged client margin securities as collateral. The TDAC lines of credit were terminated during 2024. There was $700 million outstanding under the TDAC lines of credit at December 31, 2023.

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Annual maturities on FHLB borrowings and other short-term borrowings outstanding at December 31, 2024 are as follows: