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Allowance for Doubtful Accounts | 9 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The allowance for doubtful accounts related to deposits with and receivables from broker-dealers, clearing organizations, and counterparties was $0.1 million as of June 30, 2025 and $0.0 million as of September 30, 2024. The allowance for doubtful accounts related to receivables from clients was $54.0 million and $51.9 million as of June 30, 2025 and September 30, 2024, respectively. Activity in the allowance for doubtful accounts for the nine months ended June 30, 2025 was as follows:
(in millions) |
Balance as of September 30, 2024 | $ | 51.9 |
Provision for bad debts(1) | 2.0 |
Other | 0.2 |
Balance as of June 30, 2025 | $ | 54.1 |
(1) An additional $0.3 million is included in bad debt expense for the nine months ended June 30, 2025 on the Condensed Consolidated Income Statements, which is not included in the allowance. |

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- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -Publisher FASB -URI https://asc.fasb.org/310/tableOfContent + Details
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