Receivables from/Payables to Broker-Dealers and Clearing Organizations (Tables)

3 Months Ended

Mar. 31, 2024

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Summary of receivables from and payables to brokers-dealers and clearing organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at March 31, 2024 and December 31, 2023:



(in thousands)	March 31, 2024		December 31, 2023
Assets
Due from prime brokers	$	410,153	$	208,639
Deposits with clearing organizations	214,545		182,008
Net equity with futures commission merchants	174,447		166,808
Unsettled trades with clearing organizations	238,272		1,096
Securities failed to deliver	203,287		148,822
Commissions and fees	29,700		30,351
Total receivables from broker-dealers and clearing organizations	$	1,270,404	$	737,724

Liabilities
Due to prime brokers	$	405,151	$	780,310
Net equity with futures commission merchants (1)	(35,420)		(36,059)
Unsettled trades with clearing organizations	554		313,875
Securities failed to receive	97,328		104,702
Commissions and fees	5,282		4,884
Total payables to broker-dealers and clearing organizations	$	472,895	$	1,167,712

(1) The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met.