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DERIVATIVES | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVES | DERIVATIVES The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of September 30, 2024 and December 31, 2023. Notional amounts provide an indication of the volume of the Company's derivative activity. Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has a right to set off under an enforceable master netting agreement. In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.
| September 30, 2024
| Derivative Assets |  | Derivative Liabilities
| Fair Value |  | Notional |  | Fair Value |  | Notional
Forward foreign currency exchange rate contracts | $ | 2,526 |  |  | $ | 185,354 |  |  | $ | 4,499 |  |  | $ | 360,223 |
Total return swaps and other | 103 |  |  | 1,042 |  |  | 20,920 |  |  | 130,344 |
LFI and other similar deferred compensation arrangements | – |  |  | – |  |  | 284,968 |  |  | 254,637 |
Total gross derivatives | 2,629 |  |  | $ | 186,396 |  |  | 310,387 |  |  | $ | 745,204 |
Counterparty and cash collateral netting: |  |  |  |  |  |  |
Forward foreign currency exchange rate contracts | (173) |  |  |  |  | (172) |  |  |
Total return swaps and other | (97) |  |  |  |  | (17,192) |  |  |
Net derivatives in "other assets" and "other liabilities" | 2,359 |  |  |  |  | 293,023 |  |  |
Amounts not netted on the statement of financial condition (a): |  |  |  |  |  |  |
Cash collateral | (649) |  |  |  |  | (2,126) |  |  |
Securities collateral | – |  |  |  |  | – |  |  |
| $ | 1,710 |  |  |  |  | $ | 290,897 |  |  |
| December 31, 2023
| Derivative Assets |  | Derivative Liabilities
| Fair Value |  | Notional |  | Fair Value |  | Notional
Forward foreign currency exchange rate contracts | $ | 3,400 |  |  | $ | 283,635 |  |  | $ | 1,847 |  |  | $ | 170,704 |
Total return swaps and other | 133 |  |  | 4,478 |  |  | 12,290 |  |  | 117,139 |
LFI and other similar deferred compensation arrangements | – |  |  | – |  |  | 365,420 |  |  | 352,891 |
Total gross derivatives | 3,533 |  |  | $ | 288,113 |  |  | 379,557 |  |  | $ | 640,734 |
Counterparty and cash collateral netting: |  |  |  |  |  |  |
Forward foreign currency exchange rate contracts | (604) |  |  |  |  | (603) |  |  |
Total return swaps and other | (140) |  |  |  |  | (10,281) |  |  |
Net derivatives in "other assets" and "other liabilities" | 2,789 |  |  |  |  | 368,673 |  |  |
Amounts not netted on the statement of financial condition (a): |  |  |  |  |  |  |
Cash collateral | – |  |  |  |  | (243) |  |  |
Securities collateral | – |  |  |  |  | – |  |  |
| $ | 2,789 |  |  |  |  | $ | 368,430 |  |  |
___________________________________ (a)Amounts are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S. GAAP. For some counterparties, the amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the amount of collateral offset within net derivatives is limited to the net derivative assets and net derivative liabilities balances with that counterparty. Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2024 and 2023 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Forward foreign currency exchange rate contracts | $ | (5,860) |  |  | $ | (984) |  |  | $ | (2,635) |  |  | $ | (1,684) |
LFI and other similar deferred compensation arrangements | (16,732) |  |  | 10,598 |  |  | (24,904) |  |  | (15,530) |
LGAC Warrants | – |  |  | – |  |  | – |  |  | 115 |
Total return swaps and other | (8,143) |  |  | 6,523 |  |  | (14,086) |  |  | (4,907) |
Total | $ | (30,735) |  |  | $ | 16,137 |  |  | $ | (41,625) |  |  | $ | (22,006) |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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