Receivables from/Payables to Broker-Dealers and Clearing Organizations

9 Months Ended

Sep. 30, 2025

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

Receivables from/Payables to Broker-Dealers and Clearing Organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at September 30, 2025 and December 31, 2024:



(in thousands)	September 30, 2025		December 31, 2024
Assets
Due from prime brokers	$	350,883	$	344,662
Deposits with clearing organizations	409,342		223,582
Net equity with futures commission merchants	328,061		199,771
Unsettled trades with clearing organizations	963,488		17,239
Securities failed to deliver	541,647		274,072
Commissions and fees	39,908		41,524
Total receivables from broker-dealers and clearing organizations	$	2,633,329	$	1,100,850

Liabilities
Due to prime brokers	$	1,484,447	$	583,914
Net equity with futures commission merchants (1)	(17,065)		(16,651)
Unsettled trades with clearing organizations	3,074		251,036
Securities failed to receive	202,537		94,941
Commissions and fees	4,023		5,326
Total payables to broker-dealers and clearing organizations	$	1,677,016	$	918,566

(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.

Included as a deduction from “Due from prime brokers” and “Net equity with futures commission merchants” is the outstanding principal balance on all of the Company’s prime brokerage credit facilities (described in Note 9 “Borrowings”) of approximately $123.2 million and $123.0 million as of September 30, 2025 and December 31, 2024, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company’s ordinary course futures and other trading positions, which are held in the Company’s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company’s trading accounts and deposit accounts with these financial institutions. “Securities failed to deliver” and “Securities failed to receive” include amounts with a clearing organization and other broker-dealers.