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Revenue from Contracts with Clients (Tables) | 12 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table represents a disaggregation of the Company’s total revenues separated between revenues from contracts with clients and other sources of revenue for the periods indicated (in millions):
| Fiscal Year Ended September 30,
| 2025 |  | 2024 |  | 2023
Revenues from contracts with clients: |  |  |  |  |
Commission and clearing fees: |  |  |  |  |
Sales-based: |  |  |  |  |
Exchange-traded futures and options | $ | 341.0 |  |  | $ | 226.1 |  |  | $ | 214.1 |
OTC derivative brokerage | 11.0 |  |  | 11.3 |  |  | 14.5 |
Equities and fixed income | 109.1 |  |  | 65.9 |  |  | 57.8 |
Mutual funds | 3.3 |  |  | 3.1 |  |  | 3.0 |
Insurance and annuity products | 12.2 |  |  | 11.0 |  |  | 9.2 |
Other | 1.5 |  |  | — |  |  | 3.4 |
Total sales-based commission | 478.1 |  |  | 317.4 |  |  | 302.0 |
Trailing: |  |  |  |  |
Mutual funds | 13.6 |  |  | 12.7 |  |  | 12.4 |
Insurance and annuity products | 15.9 |  |  | 15.2 |  |  | 14.2 |
Total trailing commission | 29.5 |  |  | 27.9 |  |  | 26.6 |
Clearing fees | 207.0 |  |  | 180.2 |  |  | 153.3 |
Trade conversion fees | 10.5 |  |  | 13.1 |  |  | 8.5 |
Other | 3.1 |  |  | 9.4 |  |  | 8.0 |
Total commission and clearing fees | 728.2 |  |  | 548.0 |  |  | 498.4 |
Consulting, management, and account fees: |  |  |  |  |
Underwriting fees | 8.6 |  |  | 0.4 |  |  | 0.7 |
Asset management fees | 62.7 |  |  | 50.9 |  |  | 45.1 |
Advisory and consulting fees | 34.3 |  |  | 38.2 |  |  | 35.0 |
Sweep program fees | 44.8 |  |  | 44.4 |  |  | 48.6 |
Client account fees | 36.9 |  |  | 19.8 |  |  | 15.9 |
Other | 18.6 |  |  | 13.5 |  |  | 13.7 |
Total consulting, management, and account fees | 205.9 |  |  | 167.2 |  |  | 159.0 |
Sales of physical commodities: |  |  |  |  |
Precious metals sales under ASC Topic 606 | 2,133.5 |  |  | 1,500.7 |  |  | 2,836.0 |
Total revenues from contracts with clients | $ | 3,067.6 |  |  | $ | 2,215.9 |  |  | $ | 3,493.4 |
Method of revenue recognition: |  |  |  |  |
Point-in-time | $ | 2,896.3 |  |  | $ | 2,054.5 |  |  | $ | 3,338.1 |
Time elapsed | 171.3 |  |  | 161.4 |  |  | 155.3 |
Total revenues from contracts with clients | 3,067.6 |  |  | 2,215.9 |  |  | 3,493.4 |
Other sources of revenues |  |  |  |  |
Physical precious metals under ASC Topic 815 | 121,824.0 |  |  | 91,241.1 |  |  | 50,979.5 |
Physical agricultural and energy products | 4,505.1 |  |  | 3,844.4 |  |  | 4,315.7 |
Principal gains, net | 1,247.2 |  |  | 1,189.6 |  |  | 1,079.9 |
Interest income | 1,734.3 |  |  | 1,396.8 |  |  | 987.6 |
Total revenues | $ | 132,378.2 |  |  | $ | 99,887.8 |  |  | $ | 60,856.1 |
Schedule of Income and Expense | The following table indicates the relevant income and expense:
| Year Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2023
Dividend income on long equity positions | $ | 142.3 |  |  | $ | 192.3 |  |  | $ | 32.0 |
Dividend expense on short equity positions | 142.4 |  |  | 191.2 |  |  | 33.3 |
Dividend (loss)/income net of dividend expense reported within Principal Gains, net | $ | (0.1) |  |  | $ | 1.1 |  |  | $ | (1.3) |

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