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Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of fair value measurements measured on a recurring basis

Fair value measurements for those items measured on a recurring basis are summarized below as of March 31, 2024:

						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

    

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2023:

						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 table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of March 31, 2024:

						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.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2023:

						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.

Fair value measurement inputs and valuation techniques

The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment:

March 31, 2024

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

$

84,587

Discounted cash flow

Estimated revenue growth

5.0% - 10.2%

6.6

%

Discount rate

16.0% - 16.0%

16.0

%

Market

Future enterprise value/ EBIDTA ratio

9.5x - 17.7x

14.4x

December 31, 2023

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

$

81,805

Discounted cash flow

Estimated revenue growth

5.0% - 6.8%

5.8

%

Discount rate

15.6% - 15.6%

15.6

%

Market

Future enterprise value/ EBIDTA ratio

8.7x - 17.8x

12.9x

Summary of changes in Level 3 financial instruments measured at fair value on a recurring basis

The following presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis:

						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.

Summary of netting of certain financial assets

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of March 31, 2024 and December 31, 2023:

						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

Summary of netting of certain financial liabilities

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of March 31, 2024 and December 31, 2023:

						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

Summary of gross obligations for repurchase agreement and securities borrowed transactions by remaining contractual maturity and class of collateral pledged

The following table presents gross obligations for securities sold under agreements to repurchase and for securities lending transactions by remaining contractual maturity and the class of collateral pledged as of March 31, 2024 and December 31, 2023:

						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

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

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Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

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- References

No definition available.

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- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
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- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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- Definition

Tabular disclosure of information by remaining contractual maturity and class of collateral pledges.

+ References

No definition available.

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