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Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule 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 September 30, 2025:

						September 30, 2025
(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						$	1,649,333					$	3,620,582					$	—					$	—					$	5,269,915
U.S. and Non-U.S. government obligations						445,649						1,232,756						—						—						1,678,405
Corporate Bonds						—						1,438,659						—						—						1,438,659
Exchange traded notes						6						33,472						—						—						33,478
Currency forwards						—						181,185						—						(176,877)						4,308
Options						10,222						—						—						—						10,222
						$	2,105,210					$	6,506,654					$	—					$	(176,877)					$	8,434,987
Financial instruments owned, pledged as collateral:
Equity securities						$	1,514,066					$	985,951					$	—					$	—					$	2,500,017
Exchange traded notes						—						7,267						—						—						7,267
						$	1,514,066					$	993,218					$	—					$	—					$	2,507,284
Other Assets
Equity investment						$	—					$	—					$	88,252					$	—					$	88,252
Digital assets						346,740						—						—						—						346,740
Exchange stock						929						—						—						—						929
						$	347,669					$	—					$	88,252					$	—					$	435,921
Receivables from broker dealers and clearing organizations:
Receivables linked to digital assets						$	—					$	87,614					$	—					$	—					$	87,614
						$	—					$	87,614					$	—					$	—					$	87,614
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities						$	3,490,802					$	3,414,367					$	—					$	—					$	6,905,169
U.S. and Non-U.S. government obligations						438,056						1,312,324						—						—						1,750,380
Corporate Bonds						—						1,617,658						—						—						1,617,658
Exchange traded notes						2						121,651						—						—						121,653
Currency forwards						—						179,075						—						(179,073)						2
Options						11,588						—						—						—						11,588
						$	3,940,448					$	6,645,075					$	—					$	(179,073)					$	10,406,450
Payables to broker dealers and clearing organizations:
Interest rate swap						$	—					$	487					$	—					$	—					$	487
Payables linked to digital assets						—						445,684						—						—						445,684
						$	—					$	446,171					$	—					$	—					$	446,171

    

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

						December 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						$	686,827					$	2,471,450					$	—					$	—					$	3,158,277
U.S. and Non-U.S. government obligations						348,761						908,625						—						—						1,257,386
Corporate Bonds						—						967,377						—						—						967,377
Exchange traded notes						885						40,602						—						—						41,487
Currency forwards						—						716,970						—						(676,905)						40,065
Options						55,423						—						—						—						55,423
						$	1,091,896					$	5,105,024					$	—					$	(676,905)					$	5,520,015
Financial instruments owned, pledged as collateral:
Equity securities						$	1,639,404					$	629,895					$	—					$	—					$	2,269,299
Exchange traded notes						—						13,338						—						—						13,338
						$	1,639,404					$	643,233					$	—					$	—					$	2,282,637
Other Assets
Equity investment						$	—					$	—					$	75,843					$	—					$	75,843
Digital assets						81,671						—						—						—						81,671
Exchange stock						812						—						—						—						812
						$	82,483					$	—					$	75,843					$	—					$	158,326
Receivables from broker dealers and clearing organizations:
Receivables linked to digital Assets						$	—					$	51,595					$	—					$	—					$	51,595
						$	—					$	51,595					$	—					$	—					$	51,595
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities						$	1,837,195					$	1,854,883					$	—					$	—					$	3,692,078
U.S. and Non-U.S. government obligations						107,045						1,313,955						—						—						1,421,000
Corporate Bonds						—						1,249,413						—						—						1,249,413
Exchange traded notes						15						73,225						—						—						73,240
Currency forwards						—						681,878						—						(681,878)						—
Options						5,240						—						—						—						5,240
						$	1,949,495					$	5,173,354					$	—					$	(681,878)					$	6,440,971
Payables to broker dealers and clearing organizations:
Interest rate swap						$	—					$	2,572					$	—					$	—					$	2,572
Payables linked to digital assets						—						134,164						—						—						134,164
						$	—					$	136,736					$	—					$	—					$	136,736

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of September 30, 2025:

						September 30, 2025
						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						$	707,865					$	707,865					$	707,865					$	—					$	—
Cash restricted or segregated under regulations and other						47,547						47,547						47,547						—						—
Securities borrowed						3,098,666						3,098,666						—						3,098,666						—
Securities purchased under agreements to resell						1,266,106						1,266,106						—						1,266,106						—
Receivables from broker-dealers and clearing organizations						2,545,715						2,545,715						—						2,545,715						—
Receivables from customers						192,463						192,463						—						192,463						—
Other assets (1)						37,796						37,796						15,229						22,567						—
Total Assets						$	7,896,158					$	7,896,158					$	770,641					$	7,125,517					$	—
Liabilities
Short-term borrowings						$	121,991					$	125,000					$	—					$	125,000					$	—
Long-term borrowings						2,039,490						2,086,763						—						2,086,763						—
Securities loaned						2,973,523						2,973,523						—						2,973,523						—
Securities sold under agreements to repurchase						1,276,677						1,276,677						—						1,276,677						—
Payables to broker-dealers and clearing organizations						1,230,845						1,230,845						—						1,230,845						—
Payables to customers						78,944						78,944						—						78,944						—
Other liabilities (2)						37,834						37,834						—						37,834						—
Total Liabilities						$	7,759,304					$	7,809,586					$	—					$	7,809,586					$	—
(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, 2024:

						December 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						$	872,513					$	872,513					$	872,513					$	—					$	—
Cash restricted or segregated under regulations and other						41,478						41,478						41,478						—						—
Securities borrowed						2,294,529						2,294,529						—						2,294,529						—
Securities purchased under agreements to resell						983,941						983,941						—						983,941						—
Receivables from broker-dealers and clearing organizations						1,049,255						1,049,255						—						1,049,255						—
Receivables from customers						149,804						149,804						—						149,804						—
Other assets (1)						31,726						31,726						11,121						20,605						—
Total Assets						$	5,423,246					$	5,423,246					$	925,112					$	4,498,134					$	—
Liabilities
Short-term borrowings						$	38,541					$	38,541					$	—					$	38,541					$	—
Long-term borrowings						1,740,467						1,788,719						—						1,788,719						—
Securities loaned						2,431,878						2,431,878						—						2,431,878						—
Securities sold under agreements to repurchase						1,271,788						1,271,788						—						1,271,788						—
Payables to broker-dealers and clearing organizations						781,830						781,830						—						781,830						—
Payables to customers						46,112						46,112						—						46,112						—
Other liabilities (2)						26,114						26,114						—						26,114						—
Total Liabilities						$	6,336,730					$	6,384,982					$	—					$	6,384,982					$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Includes deposits, interest and dividends payable.

Schedule of 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:

September 30, 2025

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

$

88,252

Discounted cash flow

Estimated revenue growth

1.8% - 5.0%

4.2

%

Discount rate

16.1% - 16.1%

16.1

%

Market

Future enterprise value/ EBITDA ratio

9.5x - 20.1x

15.0x

December 31, 2024

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

$

75,843

Discounted cash flow

Estimated revenue growth

5.0% - 5.0%

5.0

%

Discount rate

16.4% - 16.4%

16.4

%

Market

Future enterprise value/ EBITDA ratio

7.5x - 18.0x

13.2x

Schedule 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 September 30, 2025
(in thousands)						Balance at June 30, 2025						Purchases						Total Realized and Unrealized Gains / (Losses) (1)						Net Transfers into (out of) Level 3						Settlement						Balance at September 30, 2025						Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2025
Assets
Other assets:
Equity investment						$	85,990					$	—					$	2,262					$	—					$	—					$	88,252					$	2,262
Other						—												—						—												—						—
Total						$	85,990					$	—					$	2,262					$	—					$	—					$	88,252					$	2,262
(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 September 30, 2024
(in thousands)						Balance at June 30, 2024						Purchases						Total Realized and Unrealized Gains / (Losses) (1)						Net Transfers into (out of) Level 3						Settlement						Balance at September 30, 2024						Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2024
Assets
Other assets:
Equity investment						$	79,031					$	—					$	8,567					$	—					$	—					$	87,598					$	8,567
Other						—						—						—						—						—						—						—
Total						$	79,031					$	—					$	8,567					$	—					$	—					$	87,598					$	8,567
(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.

						Nine Months Ended September 30, 2025
(in thousands)						Balance at December 31, 2024						Purchases						Total Realized and Unrealized Gains / (Losses) (1)						Net Transfers into (out of) Level 3						Settlement						Balance at September 30, 2025						Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2025
Assets
Other assets:
Equity investment						$	75,843					$	—					$	12,409					$	—					$	—					$	88,252					$	12,409
Total						$	75,843					$	—					$	12,409					$	—					$	—					$	88,252					$	12,409
(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.

						Nine Months Ended September 30, 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 September 30, 2024						Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2024
Assets
Other assets:
Equity investment						$	81,805					$	—					$	5,793					$	—					$	—					$	87,598					$	5,793
Total						$	81,805					$	—					$	5,793					$	—					$	—					$	87,598					$	5,793
(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.

Schedule 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 September 30, 2025 and December 31, 2024:

						September 30, 2025
						Gross Amounts of Recognized Assets						Amounts Offset in the Condensed Consolidated Statements 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						$	3,098,666					$	—					$	3,098,666					$	(3,005,737)					$	(40,987)					$	51,942
Securities purchased under agreements to resell						1,266,106						—						1,266,106						(1,265,955)						—						151
Trading assets, at fair value:
Currency forwards						181,185						(176,877)						4,308						—						—						4,308
Options						10,222						—						10,222						—						(9,716)						506
Total						$	4,556,179					$	(176,877)					$	4,379,302					$	(4,271,692)					$	(50,703)					$	56,907

						Gross Amounts of Recognized Liabilities						Amounts Offset in the Condensed Consolidated Statements of Financial Condition						Net Amounts of Liabilities 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 Liabilities:
Securities loaned						$	2,973,523					$	—					$	2,973,523					$	(2,920,745)					$	(45,309)					$	7,469
Securities sold under agreements to repurchase						1,276,677						—						1,276,677						(1,276,514)						—						163
Payable to broker-dealers and clearing organizations:
Interest rate swaps						487						—						487						—						—						487
Trading liabilities, at fair value:
Currency forwards						179,075						(179,073)						2						—						—						2
Options						11,588						—						11,588						—						(9,716)						1,872
Total						$	4,441,350					$	(179,073)					$	4,262,277					$	(4,197,259)					$	(55,025)					$	9,993

						December 31, 2024
						Gross Amounts of Recognized Assets						Amounts Offset in the Condensed Consolidated Statements 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						$	2,294,529					$	—					$	2,294,529					$	(2,222,054)					$	(39,309)					$	33,166
Securities purchased under agreements to resell						983,941						—						983,941						(983,753)						—						188
Trading assets, at fair value:
Currency forwards						716,970						(676,905)						40,065						—						—						40,065
Options						55,423						—						55,423						—						(55,423)						—
Total						$	4,050,863					$	(676,905)					$	3,373,958					$	(3,205,807)					$	(94,732)					$	73,419

						Gross Amounts of Recognized Liabilities						Amounts Offset in the Condensed Consolidated Statements of Financial Condition						Net Amounts of Liabilities 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 Liabilities:
Securities loaned						$	2,431,878					$	—					$	2,431,878					$	(2,375,372)					$	(48,545)					$	7,961
Securities sold under agreements to repurchase						1,271,788						—						1,271,788						(1,271,573)						—						215
Payables to broker-dealers and clearing organizations:
Interest rate swaps						2,572						—						2,572						—						—						2,572
Trading liabilities, at fair value:
Currency forwards						681,878						(681,878)						—						—						—						—
Options						5,240						—						5,240						—						(5,213)						27
Total						$	4,393,356					$	(681,878)					$	3,711,478					$	(3,646,945)					$	(53,758)					$	10,775

Schedule 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 September 30, 2025 and December 31, 2024:

						September 30, 2025
						Gross Amounts of Recognized Assets						Amounts Offset in the Condensed Consolidated Statements 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						$	3,098,666					$	—					$	3,098,666					$	(3,005,737)					$	(40,987)					$	51,942
Securities purchased under agreements to resell						1,266,106						—						1,266,106						(1,265,955)						—						151
Trading assets, at fair value:
Currency forwards						181,185						(176,877)						4,308						—						—						4,308
Options						10,222						—						10,222						—						(9,716)						506
Total						$	4,556,179					$	(176,877)					$	4,379,302					$	(4,271,692)					$	(50,703)					$	56,907

						Gross Amounts of Recognized Liabilities						Amounts Offset in the Condensed Consolidated Statements of Financial Condition						Net Amounts of Liabilities 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 Liabilities:
Securities loaned						$	2,973,523					$	—					$	2,973,523					$	(2,920,745)					$	(45,309)					$	7,469
Securities sold under agreements to repurchase						1,276,677						—						1,276,677						(1,276,514)						—						163
Payable to broker-dealers and clearing organizations:
Interest rate swaps						487						—						487						—						—						487
Trading liabilities, at fair value:
Currency forwards						179,075						(179,073)						2						—						—						2
Options						11,588						—						11,588						—						(9,716)						1,872
Total						$	4,441,350					$	(179,073)					$	4,262,277					$	(4,197,259)					$	(55,025)					$	9,993

						December 31, 2024
						Gross Amounts of Recognized Assets						Amounts Offset in the Condensed Consolidated Statements 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						$	2,294,529					$	—					$	2,294,529					$	(2,222,054)					$	(39,309)					$	33,166
Securities purchased under agreements to resell						983,941						—						983,941						(983,753)						—						188
Trading assets, at fair value:
Currency forwards						716,970						(676,905)						40,065						—						—						40,065
Options						55,423						—						55,423						—						(55,423)						—
Total						$	4,050,863					$	(676,905)					$	3,373,958					$	(3,205,807)					$	(94,732)					$	73,419

						Gross Amounts of Recognized Liabilities						Amounts Offset in the Condensed Consolidated Statements of Financial Condition						Net Amounts of Liabilities 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 Liabilities:
Securities loaned						$	2,431,878					$	—					$	2,431,878					$	(2,375,372)					$	(48,545)					$	7,961
Securities sold under agreements to repurchase						1,271,788						—						1,271,788						(1,271,573)						—						215
Payables to broker-dealers and clearing organizations:
Interest rate swaps						2,572						—						2,572						—						—						2,572
Trading liabilities, at fair value:
Currency forwards						681,878						(681,878)						—						—						—						—
Options						5,240						—						5,240						—						(5,213)						27
Total						$	4,393,356					$	(681,878)					$	3,711,478					$	(3,646,945)					$	(53,758)					$	10,775

Schedule 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 September 30, 2025 and December 31, 2024:

						September 30, 2025
						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						$	—					$	290,000					$	110,000					$	50,000					$	—					$	450,000
U.S. and Non-U.S. government obligations						826,677						—						—						—						—						826,677
Total						$	826,677					$	290,000					$	110,000					$	50,000					$	—					$	1,276,677
Securities loaned:
Equity securities						$	2,973,523					$	—					$	—					$	—					$	—					$	2,973,523
Total						$	2,973,523					$	—					$	—					$	—					$	—					$	2,973,523

						December 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						$	—					$	190,000					$	185,000					$	75,000					$	—					$	450,000
U.S. and Non-U.S. government obligations						821,788						—						—						—						—						821,788
Total						$	821,788					$	190,000					$	185,000					$	75,000					$	—					$	1,271,788
Securities loaned:
Equity securities						$	2,431,878					$	—					$	—					$	—					$	—					$	2,431,878
Total						$	2,431,878					$	—					$	—					$	—					$	—					$	2,431,878

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