The fair value of equities, options, on-the-run U.S. government obligations, exchange traded notes and digital assets is estimated using recently executed transactions and market price quotations in active markets and are categorized as Level 1 with the exception of inactively traded equities and certain other financial instruments, which are categorized as Level 2. The Company’s corporate bonds, derivative contracts, other U.S. and non-U.S. government obligations and receivables and payables linked to digital assets have been categorized as Level 2. Fair value of the Company’s derivative contracts is based on the indicative prices obtained from a number of banks and broker-dealers, as well as management’s own analyses. The indicative prices have been independently validated through the Company’s risk management systems, which are designed to check prices with information independently obtained from exchanges and venues where such financial instruments are listed or to compare prices of similar instruments with similar maturities for listed financial futures in foreign exchange.

The Company prices certain financial instruments held for trading at fair value based on theoretical prices, which can differ from quoted market prices. The theoretical prices reflect price adjustments primarily caused by the fact that the Company continuously prices its financial instruments based on all available information. This information includes prices for identical and near-identical positions, as well as the prices for securities underlying the Company’s positions, on other exchanges that are open after the exchange on which the financial instruments is traded closes. The Company validates that all price adjustments can be substantiated with market inputs and checks the theoretical prices independently. Consequently, such financial instruments are classified as Level 2.


	March 31, 2024
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	886,249	$	2,080,349	$	—	$	—	$	2,966,598
U.S. and Non-U.S. government obligations	343,333		454,903		—		—		798,236
Corporate Bonds	—		1,187,960		—		—		1,187,960
Exchange traded notes	11		20,309		—		—		20,320
Currency forwards	—		290,659		—		(268,583)		22,076
Options	2,888		—		—		—		2,888
	$	1,232,481	$	4,034,180	$	—	$	(268,583)	$	4,998,078

Financial instruments owned, pledged as collateral:
Equity securities	$	886,435	$	555,416	$	—	$	—	$	1,441,851

Exchange traded notes	3		7,200		—		—		7,203
	$	886,438	$	562,616	$	—	$	—	$	1,449,054

Other Assets
Equity investment	$	—	$	—	$	84,587	$	—	$	84,587
Digital assets	79,982				—		—		79,982
Exchange stock	2,815		—		—		—		2,815
	$	82,797	$	—	$	84,587	$	—	$	167,384

Receivables from broker dealers and clearing organizations:
Interest rate swap	$	—	$	5,753	$	—	$	—	$	5,753
Receivables linked to digital assets			17,048						17,048
	$	—	$	22,801	$	—	$	—	$	22,801

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,888,070	$	1,430,974	$	—	$	—	$	3,319,044
U.S. and Non-U.S. government obligations	209,193		965,945		—		—		1,175,138
Corporate Bonds	—		1,166,408		—		—		1,166,408
Exchange traded notes	—		31,280		—		—		31,280
Currency forwards	—		253,151		—		(253,146)		5
Options	3,122		—		—		—		3,122
	$	2,100,385	$	3,847,758	$	—	$	(253,146)	$	5,694,997

Payables to broker dealers and clearing organizations:

Payables linked to digital assets	$	—	$	90,271	$	—	$	—	$	90,271
	$	—	$	90,271	$	—	$	—	$	90,271


	December 31, 2023
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	710,699	$	1,844,106	$	—	$	—	$	2,554,805
U.S. and Non-U.S. government obligations	521,542		1,775,177		—		—		2,296,719
Corporate Bonds	—		1,232,097		—		—		1,232,097
Exchange traded notes	10		18,055		—		—		18,065
Currency forwards	—		377,279		—		(354,698)		22,581
Options	3,485		—		—		—		3,485
	$	1,235,736	$	5,246,714	$	—	$	(354,698)	$	6,127,752
Financial instruments owned, pledged as collateral:
Equity securities	$	871,237	$	351,322	$	—	$	—	$	1,222,559

Exchange traded notes	3		8,297		—		—		8,300
	$	871,240	$	359,619	$	—	$	—	$	1,230,859
Other Assets
Equity investment	$	—	$	—	$	81,805	$	—	$	81,805

Exchange stock	2,716		—		—		—		2,716
	$	2,716	$	—	$	81,805	$	—	$	84,521






Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,447,726	$	1,165,091	$	—	$	—	$	2,612,817
U.S. and Non-U.S. government obligations	181,393		1,891,556		—		—		2,072,949
Corporate Bonds	—		1,358,522		—		—		1,358,522
Exchange traded notes	—		21,104		—		—		21,104
Currency forwards	—		339,085				(336,311)		2,774
Options	3,186		—						3,186
	$	1,632,305	$	4,775,358	$	—	$	(336,311)	$	6,071,352

Payables to broker dealers and clearing organizations:
Interest rate swap	$	—	$	7,661	$	—	$	—	$	7,661

	$	—	$	7,661	$	—	$	—	$	7,661

The Company has a minority investment (the “JNX Investment”) in Japannext Co., Ltd. (“JNX”), formerly known as SBI Japannext Co., Ltd., a proprietary trading system based in Tokyo. In connection with the JNX Investment, the Company issued the SBI Bonds (as described in Note 8 “Borrowings”) and used the proceeds to partially finance the transaction. The JNX Investment is included within Level 3 of the fair value hierarchy. As of March 31, 2024 and December 31, 2023, the fair value of the JNX Investment was determined using a weighted average of valuations using 1) the discounted cash flow method, an income approach; 2) a market approach based on average enterprise value/EBITDA ratios of comparable companies; and to a lesser extent 3) a transaction approach based on transaction values of comparable companies. The fair value measurement is highly sensitive to significant changes in the unobservable inputs, and significant increases (decreases) in discount rate or decreases (increases) in enterprise value/EBITDA multiples would result in a significantly lower (higher) fair value measurement.


	Three Months Ended March 31, 2024
(in thousands)	Balance at December 31, 2023		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at March 31, 2024		Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2024
Assets
Other assets:
Equity investment	$	81,805	$	—	$	2,782	$	—	$	—	$	84,587	$	2,782

Total	$	81,805	$	—	$	2,782	$	—	$	—	$	84,587	$	2,782
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Three Months Ended March 31, 2023
(in thousands)	Balance at December 31, 2022		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at March 31, 2023		Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2023
Assets
Other assets:
Equity investment	$	76,613	$	—	$	3,113	$	—	$	—	$	79,726	$	3,113

Total	$	76,613	$	—	$	3,113	$	—	$	—	$	79,726	$	3,113
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.

The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments that are not measured at fair value on the Condensed Consolidated Statements of Financial Condition. The table below excludes non-financial assets and liabilities. The carrying value of financial instruments not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximates fair value due to the relatively short-term nature of the underlying assets. The fair value of the Company’s long-term borrowings is based on quoted prices from the market for similar instruments, and is categorized as Level 2 in the fair value hierarchy.


	March 31, 2024
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	399,585	$	399,585	$	399,585	$	—	$	—
Cash restricted or segregated under regulations and other	29,821		29,821		29,821		—		—
Securities borrowed	1,782,982		1,782,982		—		1,782,982		—
Securities purchased under agreements to resell	502,470		502,470		—		502,470		—
Receivables from broker-dealers and clearing organizations	1,247,603		1,247,603		—		1,247,603		—
Receivables from customers	118,680		118,680		—		118,680		—
Other assets (1)	29,430		29,430		9,604		19,826		—
Total Assets	$	4,110,571	$	4,110,571	$	439,010	$	3,671,561	$	—

Liabilities
Short-term borrowings	$	138,202	$	140,000	$	—	$	140,000	$	—
Long-term borrowings	1,726,657		1,749,054		—		1,749,054		—
Securities loaned	1,640,521		1,640,521		—		1,640,521		—
Securities sold under agreements to repurchase	836,433		836,433		—		836,433		—
Payables to broker-dealers and clearing organizations	382,624		382,624		—		382,624		—
Payables to customers	33,485		33,485		—		33,485		—
Other liabilities (2)	29,229		29,229		—		29,229		—
Total Liabilities	$	4,787,151	$	4,811,346	$	—	$	4,811,346	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.

(2) Includes deposits, interest and dividends payable.


	December 31, 2023
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	820,436	$	820,436	$	820,436	$	—	$	—
Cash restricted or segregated under regulations and other	35,024		35,024		35,024		—		—
Securities borrowed	1,722,440		1,722,440		—		1,722,440		—
Securities purchased under agreements to resell	1,512,114		1,512,114		—		1,512,114		—
Receivables from broker-dealers and clearing organizations	737,724		737,724		—		737,724		—
Receivables from customers	106,245		106,245		—		106,245		—
Other assets (1)	31,022		31,022		10,444		20,578		—
Total Assets	$	4,965,005	$	4,965,005	$	865,904	$	4,099,101	$	—

Liabilities
Short-term borrowings	$	—	$	—	$	—	$	—	$	—
Long-term borrowings	1,727,205		1,758,292		—		1,758,292		—
Securities loaned	1,329,446		1,329,446		—		1,329,446		—
Securities sold under agreements to repurchase	1,795,994		1,795,994		—		1,795,994		—
Payables to broker-dealers and clearing organizations	1,160,051		1,160,051		—		1,160,051		—
Payables to customers	23,229		23,229		—		23,229		—
Other liabilities (2)	19,300		19,300		—		19,300		—
Total Liabilities	$	6,055,225	$	6,086,312	$	—	$	6,086,312	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Includes deposits, interest and dividends payable.

The Company does not net securities borrowed and securities loaned, or securities purchased under agreements to resell and securities sold under agreements to repurchase. These financial instruments are presented on a gross basis in the Condensed Consolidated Statements of Financial Condition. In the tables below, the amounts of financial instruments owned that are not offset in the Condensed Consolidated Statements of Financial Condition, but could be netted against financial liabilities with specific counterparties under legally enforceable master netting agreements in the event of default, are presented to provide financial statement readers with the Company’s estimate of its net exposure to counterparties for these financial instruments.


	March 31, 2024
	Gross Amounts of Recognized Assets		Amounts Offset in the Condensed Consolidated Statement of Financial Condition		Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,782,982	$	—	$	1,782,982	$	(1,739,045)	$	(22,685)	$	21,252
Securities purchased under agreements to resell	502,470		—		502,470		(502,470)				—
Receivables from broker-dealers and clearing organizations:
Interest rate swaps	5,753		—		5,753		—		—		5,753
Trading assets, at fair value:
Currency forwards	290,659		(268,583)		22,076		—		—		22,076
Options	2,888		—		2,888		—		(2,104)		784
Total	$	2,584,752	$	(268,583)	$	2,316,169	$	(2,241,515)	$	(24,789)	$	49,865


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Condensed Consolidated Statement of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,640,521	$	—	$	1,640,521	$	(1,609,815)	$	(27,275)	$	3,431
Securities sold under agreements to repurchase	836,433		—		836,433		(836,429)				4


Trading liabilities, at fair value:
Currency forwards	253,151		(253,146)		5		—		—		5
Options	3,122		—		3,122		—		(3,122)		—
Total	$	2,733,227	$	(253,146)	$	2,480,081	$	(2,446,244)	$	(30,397)	$	3,440


	December 31, 2023
	Gross Amounts of Recognized Assets		Amounts Offset in the Condensed Consolidated Statement of Financial Condition		Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	1,722,440	$	—	$	1,722,440	$	(1,665,860)	$	(27,538)	$	29,042
Securities purchased under agreements to resell	1,512,114		—		1,512,114		(1,512,114)				—


Trading assets, at fair value:
Currency forwards	377,279		(354,698)		22,581		—		—		22,581
Options	3,485		—		3,485		—		(2,914)		571
Total	$	3,615,318	$	(354,698)	$	3,260,620	$	(3,177,974)	$	(30,452)	$	52,194


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Condensed Consolidated Statement of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	1,329,446	$	—	$	1,329,446	$	(1,291,376)	$	(31,509)	$	6,561
Securities sold under agreements to repurchase	1,795,994		—		1,795,994		(1,795,994)				—
Interest rate swaps	7,661		—		7,661		—		—		7,661
Trading liabilities, at fair value:
Currency forwards	339,085		(336,311)		2,774		—		—		2,774
Options	3,186		—		3,186		—		(2,914)		272
Total	$	3,475,372	$	(336,311)	$	3,139,061	$	(3,087,370)	$	(34,423)	$	17,268


	March 31, 2024
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	140,000	$	185,000	$	75,000	$	—	$	400,000
U.S. and Non-U.S. government obligations	436,433		—		—		—		—		436,433
Total	$	436,433	$	140,000	$	185,000	$	75,000	$	—	$	836,433

Securities loaned:
Equity securities	$	1,640,521	$	—	$	—	$	—	$	—	$	1,640,521
Total	$	1,640,521	$	—	$	—	$	—	$	—	$	1,640,521


	December 31, 2023
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	140,000	$	185,000	$	75,000	$	—	$	400,000
U.S. and Non-U.S. government obligations	1,395,994		—		—		—		—		1,395,994
Total	$	1,395,994	$	140,000	$	185,000	$	75,000	$	—	$	1,795,994

Securities loaned:
Equity securities	1,329,446		—		—		—		—		1,329,446
Total	$	1,329,446	$	—	$	—	$	—	$	—	$	1,329,446