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Derivatives
 12 Months Ended
Dec. 31, 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 16) on the accompanying consolidated statements of financial condition as of December 31, 2024 and 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 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 consolidated statements of financial condition.
December 31, 2024
Derivative AssetsDerivative Liabilities
Fair Value NotionalFair Value Notional
Forward foreign currency exchange rate contracts$4,248 $359,717 $1,068 $167,115 
Total return swaps and other125 1,031 17,527 116,239 
LFI and other similar deferred compensation arrangements
– – 270,847 247,848 
Total gross derivatives4,373 $360,748 289,442 $531,202 
Counterparty and cash collateral netting:    
Forward foreign currency exchange rate contracts(461)(460) 
Total return swaps and other(125)(14,702) 
Net derivatives in "other assets" and "other liabilities"3,787  274,280  
Amounts not netted on the statement of financial
   condition (a):		    
Cash collateral–  (1,132) 
Securities collateral–  –  
$3,787  $273,148  
December 31, 2023
Derivative AssetsDerivative Liabilities
Fair Value NotionalFair Value Notional
Forward foreign currency exchange rate contracts$3,400 $283,635 $1,847 $170,704 
Total return swaps and other133 4,478 12,290 117,139 
LFI and other similar deferred compensation arrangements
– – 365,420 352,891 
Total gross derivatives3,533 $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 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 consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022, were as follows:
Year Ended December 31,
202420232022
Forward foreign currency exchange rate contracts$10,264 $(2,701)$4,721 
LFI and other similar deferred compensation arrangements(16,176)(41,463)44,261 
LGAC Warrants– 115 9,890 
Total return swaps and other(11,498)(16,957)23,212 
Total$(17,410)$(61,006)$82,084