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Cash, Cash Equivalents and Restricted Cash
9 Months Ended
Sep. 30, 2025
Cash, Cash Equivalents and Restricted Cash [Abstract]  
Cash, Cash Equivalents and Restricted Cash

3. Cash, Cash Equivalents and Restricted Cash

Of the total cash, cash equivalents and restricted cash of $555,851 and $181,191 at September 30, 2025 and December 31, 2024, respectively, $540,874 and $155,871 were held at three financial institutions. At September 30, 2025 and December 31, 2024, cash equivalents were approximately $199,576 and $48,336, respectively.

Certain of the Company’s subsidiaries are required to maintain a minimum level of regulatory capital, generally satisfied by cash on hand, which was $35,881 and $39,423 at September 30, 2025 and December 31, 2024, respectively. Of these amounts, $11,689 and $13,403 at September 30, 2025 and December 31, 2024, respectively, was restricted cash, which is required to be maintained in a separate account with withdrawal and usage restrictions in compliance with regulatory obligations.