XML 141 R15.htm IDEA: XBRL DOCUMENT
v3.25.4

Receivables from/Payables to Broker-Dealers and Clearing Organizations | 12 Months Ended
--- | ---
Dec. 31, 2025
Due to and from Broker-Dealers and Clearing Organizations [Abstract] |
Receivables from/Payables to Broker-Dealers and Clearing Organizations | 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 December 31, 2025 and December 31, 2024:
(in thousands) |  | December 31, 2025 |  | December 31, 2024
Assets |  |  |  |
Due from prime brokers |  | $ | 902,859 |  |  | $ | 344,662 |
Deposits with clearing organizations |  | 253,010 |  |  | 223,582 |
Net equity with futures commission merchants |  | 455,105 |  |  | 199,771 |
Unsettled trades with clearing organizations |  | 28,354 |  |  | 17,239 |
Securities failed to deliver |  | 220,326 |  |  | 274,072 |
Commissions and fees |  | 36,751 |  |  | 41,524 |
Total receivables from broker-dealers and clearing organizations |  | $ | 1,896,405 |  |  | $ | 1,100,850 |
Liabilities |  |  |  |
Due to prime brokers |  | $ | 612,679 |  |  | $ | 583,914 |
Net equity with futures commission merchants (1) |  | (4,278) |  |  | (16,651) |
Unsettled trades with clearing organizations |  | 238,872 |  |  | 251,036 |
Securities failed to receive |  | 145,548 |  |  | 94,941 |
Commissions and fees |  | 5,455 |  |  | 5,326 |
Total payables to broker-dealers and clearing organizations |  | $ | 998,276 |  |  | $ | 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 $203.8 million and $123.0 million as of December 31, 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.

X
- References No definition available. + Details
Name: | us-gaap_DueToAndFromBrokerDealersAndClearingOrganizationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for Due to and from Broker-Dealers and Clearing Organizations, including data and tables. This may include amounts receivable from and payable to broker-dealers and clearing organizations, including securities failed to receive, deposits received for securities loaned, amounts payable to clearing organizations related to open transactions, floor brokerage payables and payables for commodities futures accounts liquidating to an equity balance on a broker-dealer's records. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481804/940-20-50-1 + Details
Name: | us-gaap_DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration