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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 4. Fair Value Measurements The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2:
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
| (In thousands) |
As of September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 27,464 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,464 |
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | — |  |  |  | 56,748 |  |  |  | — |  |  |  | 56,748 |
Trading securities |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | — |  |  |  | 100,503 |  |  |  | — |  |  |  | 100,503 |
Mutual funds held in rabbi trust |  | — |  |  |  | 11,221 |  |  |  | — |  |  |  | 11,221 |
Total assets | $ | 27,464 |  |  | $ | 168,472 |  |  | $ | — |  |  | $ | 195,936 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward position |  | — |  |  |  | 499 |  |  |  | — |  |  |  | 499 |
Total liabilities | $ | — |  |  | $ | 499 |  |  | $ | — |  |  | $ | 499 |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 55,473 |  |  | $ | — |  |  | $ | — |  |  | $ | 55,473 |
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | — |  |  |  | 55,108 |  |  |  | — |  |  |  | 55,108 |
Trading securities |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | — |  |  |  | 99,045 |  |  |  | — |  |  |  | 99,045 |
Mutual funds held in rabbi trust |  | — |  |  |  | 11,107 |  |  |  | — |  |  |  | 11,107 |
Total assets | $ | 55,473 |  |  | $ | 165,260 |  |  | $ | — |  |  | $ | 220,733 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward position |  | — |  |  |  | 936 |  |  |  | — |  |  |  | 936 |
Total liabilities | $ | — |  |  | $ | 936 |  |  | $ | — |  |  | $ | 936 |
Money market funds are included in cash and cash equivalents on the Consolidated Statements of Financial Condition. Securities available-for-sale and trading securities are included in investments, at fair value on the Consolidated Statements of Financial Condition. Securities classified within Level 2 were valued using a market approach utilizing prices and other relevant information generated by market transactions involving comparable assets. The foreign currency forward contracts are included in either other assets or accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition, and are classified within Level 2 as the valuation inputs are based on quoted market prices. The mutual funds held in a rabbi trust represent investments associated with the Company’s deferred cash incentive plan. During each of the nine months ended September 30, 2025 and 2024, there were no transfers of securities between Level 1, Level 2 and Level 3. The table below presents the carrying value, fair value and fair value hierarchy category of the Company’s financial assets and liabilities that are not measured at fair value on the Consolidated Statements of Financial Condition. The carrying values of the Company’s financial assets and liabilities not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximate fair value due to the short-term nature of the underlying assets and liabilities.
| Carrying Value |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
| (In thousands) |
As of September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets not measured at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 445,835 |  |  | $ | 445,835 |  |  | $ | 445,835 |  |  | $ | — |  |  | $ | — |  |  | $ | 445,835 |
Cash segregated under federal regulations |  | 48,351 |  |  |  | 48,351 |  |  |  | 48,351 |  |  |  | — |  |  |  | — |  |  |  | 48,351 |
Accounts receivable, net of allowance |  | 110,519 |  |  |  | 110,519 |  |  |  | — |  |  |  | 110,519 |  |  |  | — |  |  |  | 110,519 |
Receivables from broker-dealers, clearing organizations and customers |  | 606,667 |  |  |  | 606,667 |  |  |  | 119,942 |  |  |  | 486,725 |  |  |  | — |  |  |  | 606,667 |
Total | $ | 1,211,372 |  |  | $ | 1,211,372 |  |  | $ | 614,128 |  |  | $ | 597,244 |  |  | $ | — |  |  | $ | 1,211,372 |
Financial liabilities not measured at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables to broker-dealers, clearing organizations and customers | $ | 365,828 |  |  | $ | 365,828 |  |  | $ | — |  |  | $ | 365,828 |  |  | $ | — |  |  | $ | 365,828 |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets not measured at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 489,005 |  |  | $ | 489,005 |  |  | $ | 489,005 |  |  | $ | — |  |  | $ | — |  |  | $ | 489,005 |
Cash segregated under federal regulations |  | 47,107 |  |  |  | 47,107 |  |  |  | 47,107 |  |  |  | — |  |  |  | — |  |  |  | 47,107 |
Accounts receivable, net of allowance |  | 91,845 |  |  |  | 91,845 |  |  |  | — |  |  |  | 91,845 |  |  |  | — |  |  |  | 91,845 |
Receivables from broker-dealers, clearing organizations and customers |  | 357,728 |  |  |  | 357,728 |  |  |  | 107,652 |  |  |  | 250,076 |  |  |  | — |  |  |  | 357,728 |
Total | $ | 985,685 |  |  | $ | 985,685 |  |  | $ | 643,764 |  |  | $ | 341,921 |  |  | $ | — |  |  | $ | 985,685 |
Financial liabilities not measured at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables to broker-dealers, clearing organizations and customers | $ | 218,845 |  |  | $ | 218,845 |  |  | $ | — |  |  | $ | 218,845 |  |  | $ | — |  |  | $ | 218,845 |
The Company enters into foreign currency forward contracts as an economic hedge against certain foreign currency transaction gains and losses in the Consolidated Statements of Operations. These forward contracts are for three-month periods and are used to limit exposure to foreign currency exchange rate fluctuations. The Company records the fair value of the asset in prepaid expenses and other assets or the fair value of the liability in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. The following table summarizes the Company’s foreign currency forward position:
| As of |
| September 30, 2025 |  |  | December 31, 2024 |
| (In thousands) |
Notional value | $ | 67,723 |  |  | $ | 64,454 |
Fair value of notional |  | 67,224 |  |  |  | 63,518 |
Fair value of the (liability) | $ | (499 | ) |  | $ | (936 | )
Realized and unrealized gains and losses on foreign currency forward contracts are included in other, net in the Consolidated Statements of Operations. The following table summarizes the realized and unrealized gains and losses on foreign currency forward contracts:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
| (In thousands) |
Unrealized gain/(loss) | $ | (2,202 | ) |  | $ | 2,270 |  |  | $ | 438 |  |  | $ | 868 |
Realized gain/(loss) |  | 600 |  |  |  | 1,195 |  |  |  | 3,690 |  |  |  | 1,808 |
Total gain/(loss) | $ | (1,602 | ) |  | $ | 3,465 |  |  | $ | 4,128 |  |  | $ | 2,676 |
The Company records restricted cash collateral deposits with its counterparty bank in prepaid expenses and other assets on the Consolidated Statements of Financial Condition. As of September 30, 2025, the Company maintained a restricted cash collateral deposit of $1.0 million with its counterparty bank. The Company also enters into interest rate swap agreements to manage its exposure to the effect of interest rate changes on its unrealized gains and losses on U.S. Treasury investments. As of September 30, 2025, the notional value of the Company’s interest rate swap outstanding was $25.0 million and the fair value of the liability was immaterial. The following table summarizes the Company’s investments:
| Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | (In thousands) |
As of September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt | $ |  | 56,460 |  |  | $ |  | 300 |  |  | $ |  | (12 | ) |  | $ |  | 56,748 |
Trading securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  |  | 100,270 |  |  |  |  | 254 |  |  |  |  | (21 | ) |  |  |  | 100,503 |
Mutual funds held in rabbi trust |  |  | 10,237 |  |  |  |  | 984 |  |  |  |  | — |  |  |  |  | 11,221 |
Total investments | $ |  | 166,967 |  |  | $ |  | 1,538 |  |  | $ |  | (33 | ) |  | $ |  | 168,472 |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt | $ |  | 55,447 |  |  | $ |  | 88 |  |  | $ |  | (427 | ) |  | $ |  | 55,108 |
Trading securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  |  | 100,484 |  |  |  |  | 86 |  |  |  |  | (1,525 | ) |  |  |  | 99,045 |
Mutual funds held in rabbi trust |  |  | 10,212 |  |  |  |  | 900 |  |  |  |  | (5 | ) |  |  |  | 11,107 |
Total investments | $ |  | 166,143 |  |  | $ |  | 1,074 |  |  | $ |  | (1,957 | ) |  | $ |  | 165,260 |
Purchases of investments during the nine months ended September 30, 2025 and 2024 were $59.0 million and $89.4 million, respectively. Proceeds from the sales and maturities of investments during the nine months ended September 30, 2025 and 2024 were $58.4 million and $58.9 million, respectively. The following table summarizes the Company’s unrealized and realized gains and losses on investments:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
| (In thousands) |  |  |  |  |
Unrealized gains/(losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt | $ |  | 124 |  |  | $ |  | 324 |  |  | $ |  | 626 |  |  | $ |  | 233 |
Trading securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  |  | (166 | ) |  |  |  | 845 |  |  |  |  | 1,113 |  |  |  |  | 852 |
Mutual funds held in rabbi trust |  |  | (487 | ) |  |  |  | 505 |  |  |  |  | 90 |  |  |  |  | 1,850 |
Total investments | $ |  | (529 | ) |  | $ |  | 1,674 |  |  | $ |  | 1,829 |  |  | $ |  | 2,935 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased | $ |  | — |  |  | $ |  | (44 | ) |  | $ |  | — |  |  | $ |  | — |
Realized gains/(losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt | $ |  | — |  |  | $ |  | 2 |  |  | $ |  | — |  |  | $ |  | 4 |
Trading securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds held in rabbi trust |  |  | 1,161 |  |  |  |  | 30 |  |  |  |  | 1,255 |  |  |  |  | (347 | )
Total investments | $ |  | 1,161 |  |  | $ |  | 32 |  |  | $ |  | 1,255 |  |  | $ |  | (343 | )
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased | $ |  | — |  |  | $ |  | 174 |  |  | $ |  | — |  |  | $ |  | 174 |
Unrealized gains and losses on securities available-for-sale are included in accumulated other comprehensive loss on the Consolidated Statements of Financial Condition. Realized gains and losses on securities available-for-sale and realized and unrealized gains and losses on trading securities are included in other, net on the Consolidated Statements of Operations. The following table summarizes the fair value of the Company’s corporate debt and U.S. Treasury investments based upon the contractual maturities:
| Less than one year |  |  | Due in 1 - 5 years |  |  | Total |
| (In thousands) |
As of September 30, 2025 |  |  |  |  |  |  |  |
Securities available-for-sale |  |  |  |  |  |  |  |
Corporate debt | $ | 9,484 |  |  | $ | 47,264 |  |  | $ | 56,748 |
Trading securities |  |  |  |  |  |  |  |
U.S. Treasuries |  | 24,920 |  |  |  | 75,583 |  |  |  | 100,503 |
Total | $ | 34,404 |  |  | $ | 122,847 |  |  | $ | 157,251 |
As of December 31, 2024 |  |  |  |  |  |  |  |
Securities available-for-sale |  |  |  |  |  |  |  |
Corporate debt | $ | 9,346 |  |  | $ | 45,762 |  |  | $ | 55,108 |
Trading securities |  |  |  |  |  |  |  |
U.S. Treasuries |  | 49,978 |  |  |  | 49,067 |  |  |  | 99,045 |
Total | $ | 59,324 |  |  | $ | 94,829 |  |  | $ | 154,153 |
The following table provides fair values and unrealized losses on the Company’s available-for-sale investments and the aging of securities’ continuous unrealized loss positions:
| Less than Twelve Months |  |  | Twelve Months or More |  |  | Total |
| Fair value |  |  | Gross unrealized losses |  |  | Fair value |  |  | Gross unrealized losses |  |  | Fair value |  |  | Gross unrealized losses |
| (In thousands) |
As of September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt | $ | 11,467 |  |  | $ | (11 | ) |  | $ | 753 |  |  | $ | (1 | ) |  | $ | 12,220 |  |  | $ | (12 | )
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt | $ | 38,041 |  |  | $ | (426 | ) |  | $ | 1,226 |  |  | $ | (1 | ) |  | $ | 39,267 |  |  | $ | (427 | )
During each of the three and nine months ended September 30, 2025 and 2024, the Company did no t recognize any credit losses on its available-for-sale securities. The unrealized losses on securities are due to changes in interest rates and market liquidity.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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