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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurement | The Company’s financial instruments measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2024 and December 31, 2023 have been categorized based upon the fair value hierarchy as follows:
|  | Quoted Prices in active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
|  | (dollars in thousands)
As of June 30, 2024 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Cash equivalents – Money market funds and other highly liquid investments |  | $ | 1,562,815 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,562,815 |
Receivable and due from affiliates – Foreign exchange derivative contracts |  | — |  |  | 2,626 |  |  | — |  |  | 2,626 |
Other assets – Investment in available for sale debt securities |  | — |  |  | — |  |  | 10,102 |  |  | 10,102 |
Total assets measured at fair value |  | $ | 1,562,815 |  |  | $ | 2,626 |  |  | $ | 10,102 |  |  | $ | 1,575,543 |
As of December 31, 2023 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Cash equivalents – Money market funds and other highly liquid investments |  | $ | 1,543,644 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,543,644 |
Total assets measured at fair value |  | $ | 1,543,644 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,543,644 |
Liabilities |  |  |  |  |  |  |  |
Payable and due to affiliates – Foreign exchange derivative contracts |  | $ | — |  |  | $ | 775 |  |  | $ | — |  |  | $ | 775 |
Total liabilities measured at fair value |  | $ | — |  |  | $ | 775 |  |  | $ | — |  |  | $ | 775 |
Schedule of Derivative Values | The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes:
|  | June 30, |  | December 31,
|  | 2024 |  | 2023
|  | (dollars in thousands)
Foreign currency forward contracts – Gross notional amount |  | $ | 229,131 |  |  | $ | 192,877 |
The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the condensed consolidated statements of income are as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
| (dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income |  | $ | 2,560 |  |  | $ | 2,198 |  |  | $ | 6,911 |  |  | $ | 1,038 |
Foreign currency call option contract not designated in accounting hedge relationship – Other income/(loss) (1) |  | $ | — |  |  | $ | 618 |  |  | $ | — |  |  | $ | 618 |
(1) On June 1, 2023, the Company entered into a foreign currency call option on Australian dollars, in order to partially mitigate the Company’s U.S. dollar versus Australian dollar foreign exchange exposure on the then-anticipated payment of the Australian dollar denominated purchase price for the Yieldbroker Acquisition. On August 25, 2023, the Company unwound the out-of-the-money foreign currency call option and received $1.1 million.
Schedule of Financial Instruments Not Measured at Fair Value | The Company’s financial instruments not measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2024 and December 31, 2023 have been categorized based upon the fair value hierarchy as follows:
|  | Carrying Value |  | Quoted Prices in active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
As of June 30, 2024 |  | (dollars in thousands)
Assets |  |  |  |  |  |  |  |  |  |
Cash and restricted cash |  | $ | 156,415 |  |  | $ | 156,415 |  |  | $ | — |  |  | $ | — |  |  | $ | 156,415 |
Receivable from brokers and dealers and clearing organizations |  | 432,037 |  |  | — |  |  | 432,037 |  |  | — |  |  | 432,037 |
Deposits with clearing organizations |  | 62,694 |  |  | 62,694 |  |  | — |  |  | — |  |  | 62,694 |
Accounts receivable |  | 233,084 |  |  | — |  |  | 233,084 |  |  | — |  |  | 233,084 |
Other assets – Memberships in clearing organizations |  | 2,907 |  |  | — |  |  | — |  |  | 2,907 |  |  | 2,907 |
Total |  | $ | 887,137 |  |  | $ | 219,109 |  |  | $ | 665,121 |  |  | $ | 2,907 |  |  | $ | 887,137 |
Liabilities |  |  |  |  |  |  |  |  |  |
Securities sold under agreements to repurchase |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Payable to brokers and dealers and clearing organizations |  | 424,751 |  |  | — |  |  | 424,751 |  |  | — |  |  | 424,751 |
Total |  | $ | 424,751 |  |  | $ | — |  |  | $ | 424,751 |  |  | $ | — |  |  | $ | 424,751 |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Cash and restricted cash |  | $ | 163,824 |  |  | $ | 163,824 |  |  | $ | — |  |  | $ | — |  |  | $ | 163,824 |
Receivable from brokers and dealers and clearing organizations |  | 381,178 |  |  | — |  |  | 381,178 |  |  | — |  |  | 381,178 |
Deposits with clearing organizations |  | 36,806 |  |  | 36,806 |  |  | — |  |  | — |  |  | 36,806 |
Accounts receivable |  | 168,407 |  |  | — |  |  | 168,407 |  |  | — |  |  | 168,407 |
Other assets – Memberships in clearing organizations |  | 2,426 |  |  | — |  |  | — |  |  | 2,426 |  |  | 2,426 |
Total |  | $ | 752,641 |  |  | $ | 200,630 |  |  | $ | 549,585 |  |  | $ | 2,426 |  |  | $ | 752,641 |
Liabilities |  |  |  |  |  |  |  |  |  |
Securities sold under agreements to repurchase(1) |  | $ | 21,612 |  |  | $ | — |  |  | $ | 21,612 |  |  | $ | — |  |  | $ | 21,612 |
Payable to brokers and dealers and clearing organizations |  | 351,864 |  |  | — |  |  | 351,864 |  |  | — |  |  | 351,864 |
Total |  | $ | 373,476 |  |  | $ | — |  |  | $ | 373,476 |  |  | $ | — |  |  | $ | 373,476 |
(1)As of December 31, 2023, Treasury securities with a fair value of $21.6 million collateralized the securities sold under agreements to repurchase liability. The liability amounts presented represent the gross liability and are not offset on the condensed consolidated statements of financial condition. The securities sold under agreements to repurchase liability were subsequently settled on January 2, 2024.

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