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Current Expected Credit Losses (CECL) | 9 Months Ended
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Sep. 30, 2023
Credit Loss [Abstract] |
Current Expected Credit Losses (CECL) | Current Expected Credit Losses (CECL) The CECL reserve reflects management’s current estimate of potential credit losses related to the receivable balances included in the Company’s unaudited Condensed Consolidated Statements of Financial Condition. See Note 3—“Summary of Significant Accounting Policies” for further discussion of the CECL reserve methodology. As required, any subsequent changes to the CECL reserve are recognized in “Net income (loss) available to common stockholders” in the Company’s unaudited Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2023 and 2022, the Company recorded changes in the CECL reserve as follows (in millions):
| Accrued commissions and other receivables, net |  | Loans, forgivable loans and other receivables from employees and partners, net |  | Receivables from broker-dealers, clearing organizations, customers and related broker-dealers |  | Total
Beginning balance, July 1, 2023 | $ | 5.1 |  |  | $ | 2.4 |  |  | $ | 11.0 |  |  | $ | 18.5 |
Current-period provision for expected credit losses | (0.2) |  |  | (0.2) |  |  | 2.0 |  |  | 1.6 |
Ending balance, September 30, 2023 | $ | 4.9 |  |  | $ | 2.2 |  |  | $ | 13.0 |  |  | $ | 20.1 |
| Accrued commissions and other receivables, net |  | Loans, forgivable loans and other receivables from employees and partners, net |  | Receivables from broker-dealers, clearing organizations, customers and related broker-dealers |  | Total
Beginning balance, January 1, 2023 | $ | 5.4 |  |  | $ | 2.5 |  |  | $ | 7.0 |  |  | $ | 14.9 |
Current-period provision for expected credit losses | $ | (0.5) |  |  | $ | (0.3) |  |  | $ | 6.0 |  |  | $ | 5.2 |
Ending balance, September 30, 2023 | $ | 4.9 |  |  | $ | 2.2 |  |  | $ | 13.0 |  |  | $ | 20.1 |
| Accrued commissions and other receivables, net |  | Loans, forgivable loans and other receivables from employees and partners, net |  | Receivables from broker-dealers, clearing organizations, customers and related broker-dealers |  | Total
Beginning balance, July 1, 2022 | $ | 4.8 |  |  | $ | 3.3 |  |  | $ | 6.9 |  |  | $ | 15.0 |
Current-period provision for expected credit losses | (0.2) |  |  | (0.1) |  |  | 0.1 |  |  | (0.2) |
Ending balance, September 30, 2022 | $ | 4.6 |  |  | $ | 3.2 |  |  | $ | 7.0 |  |  | $ | 14.8 |
| Accrued commissions and other receivables, net |  | Loans, forgivable loans and other receivables from employees and partners, net |  | Receivables from broker-dealers, clearing organizations, customers and related broker-dealers |  | Total
Beginning balance, January 1, 2022 | $ | 0.7 |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | 2.4 |
Current-period provision for expected credit losses | $ | 3.9 |  |  | $ | 1.5 |  |  | $ | 7.0 |  |  | $ | 12.4 |
Ending balance, September 30, 2022 | $ | 4.6 |  |  | $ | 3.2 |  |  | $ | 7.0 |  |  | $ | 14.8 |
For the three and nine months ended September 30, 2023, respectively, there was a decrease of $0.2 million and $0.5 million in the CECL reserve against “Accrued commissions and other receivables, net” due to the updated macroeconomic assumptions resulting from an increase in the GDP growth rate, which included a $3.9 million reserve, respectively, related to Russia’s Invasion of Ukraine, bringing the CECL reserve pertaining to “Accrued commissions and other receivables, net” to $4.9 million as of September 30, 2023. For the three and nine months ended September 30, 2022, there was a decrease of $0.2 million and an increase of $3.9 million, respectively, in the CECL reserve against “Accrued commissions and other receivables, net,” which included a $3.8 million reserve related to Russia’s Invasion of Ukraine. For the three and nine months ended September 30, 2023, there was a decrease of $0.2 million and $0.3 million in the CECL reserve record pertaining to “Loans, forgivable loans and other receivables from employees and partners, net” as a result of employee collections, bringing the CECL reserve recorded pertaining to “Loans, forgivable loans and other receivables from employees and partners, net” to $2.2 million as of September 30, 2023. For the three and nine months ended September 30, 2022, there was a decrease of $0.1 million and an increase of $1.5 million, respectively, in the CECL reserve recorded pertaining to “Loans, forgivable loans and other receivables from employees and partners, net” as a result of employee loan collections and employee terminations. For the three and nine months ended September 30, 2023, there was an increase of $2.0 million and $6.0 million, respectively, in the CECL reserve against “Receivables from broker-dealers, clearing organizations, customers and related broker-dealers” which reflected the downward credit rating migration of certain unsettled trades related to Russia’s Invasion of Ukraine, bringing the CECL reserve recorded pertaining to “Receivables from broker-dealers, clearing organizations, customers and related broker-dealers” to $13.0 million as of September 30, 2023. For the three and nine months ended September 30, 2022, there was an increase of $0.1 million and $7.0 million, respectively, in the CECL reserve recorded pertaining to “Receivables from broker-dealers, clearing organizations, customers and related broker-dealers” which reflected the downward credit rating migration of certain unsettled trades related to Russia’s Invasion of Ukraine.

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