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Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Investments in Company-Sponsored Funds

The following table provides information about the Company's investments in Company-sponsored funds as of March 31, 2025:

(Expressed in thousands)
			Fair Value						Unfunded Commitments						Redemption Frequency						Redemption Notice Period
Hedge funds (1)			$	278					$	—					Quarterly - Annually						30 - 120 Days
Private equity funds (2)			5,141						856						N/A						N/A
			$	5,419					$	856

(1) Hedge funds represent investments in credit driven strategies.

(2) Private equity funds includes portfolios focused on technology, infrastructure, real estate, natural resources and specific co-investment opportunities.

The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2024:

(Expressed in thousands)
			Fair Value						Unfunded Commitments						Redemption Frequency						Redemption Notice Period
Hedge funds (1)			$	283					$	—					Quarterly - Annually						30 - 120 Days
Private equity funds (2)			5,090						1,314						N/A						N/A
			$	5,373					$	1,314

(1) Hedge funds represent investments in credit driven strategies.

(2) Private equity funds includes portfolios focused on technology, infrastructure, real estate, natural resources and specific co-investment opportunities.

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis and Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company's assets and liabilities, recorded at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, have been categorized based upon the above fair value hierarchy as follows:

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2025:

(Expressed in thousands)
			Fair Value Measurements as of March 31, 2025
			Level 1						Level 2						Level 3						Total
Assets
Deposits with clearing organizations			$	31,340					$	—					$	—					$	31,340
Securities owned:
U.S. Treasury securities			1,080,309						—						—						1,080,309
U.S. Agency securities			—						3,861						—						3,861
Sovereign obligations			—						4,289						—						4,289
Corporate debt and other obligations			—						31,923						—						31,923
Mortgage and other asset-backed securities			—						8,723						—						8,723
Municipal obligations			—						32,568						—						32,568
Convertible bonds			—						16,929						—						16,929
Corporate equities			32,357						—						—						32,357
Money markets			6,525						76						—						6,601
Auction rate securities			—						—						128						128
Securities owned, at fair value			1,119,191						98,369						128						1,217,688
Investments (1)			565						17,284						—						17,849
Trade claims(1)			—						—						3,218						3,218
Loans(1)			—						797						—						797
Total			$	1,151,096					$	116,450					$	3,346					$	1,270,892
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities			$	227,505					$	—					$	—					$	227,505
U.S. Agency securities			—						2						—						2
Corporate debt and other obligations			—						33,014						—						33,014
Convertible bonds			—						5,774						—						5,774
Corporate equities			11,593						—						—						11,593
Securities sold but not yet purchased, at fair value			239,098						38,790						—						277,888
Derivative contracts:
Futures (2)			726						—						—						726
Derivative contracts, total			726						—						—						726
Total			$	239,824					$	38,790					$	—					$	278,614

(1) Included in other assets on the consolidated balance sheet.

(2) Included in receivable/payable from/to brokers, dealers and clearing organizations the consolidated balance sheet.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024:

(Expressed in thousands)
			Fair Value Measurements as of December 31, 2024
			Level 1						Level 2						Level 3						Total
Assets
Deposits with clearing organizations			28,071						$	—					$	—					$	28,071
Securities owned:
U.S. Treasury securities			995,420						—						—						995,420
U.S. Agency securities			—						3,691						—						3,691
Corporate debt and other obligations			—						9,423						—						9,423
Mortgage and other asset-backed securities			—						8,954						—						8,954
Municipal obligations			—						34,704						—						34,704
Convertible bonds			—						21,938						—						21,938
Corporate equities			23,873						—						—						23,873
Money markets			7,551						—						—						7,551
Auction rate securities			—						—						2,652						2,652
Securities owned, at fair value			1,026,844						78,710						2,652						1,108,206
Investments (1)			978						17,005						—						17,983
Trade claims (1)			—						—						2,684						2,684
Loans (1)			—						432						—						432
Total			$	1,055,893					$	96,147					$	5,336					$	1,157,376
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities			$	82,767					$	—					$	—					$	82,767
U.S. Agency securities			—						4						—						4
Corporate debt and other obligations			—						11						—						11
Convertible bonds			—						4,998						—						4,998
Corporate equities			11,112						—						—						11,112
Securities sold but not yet purchased, at fair value			93,879						5,013						—						98,892
Derivative contracts:
Futures (2)			1,071						—						—						1,071
Derivative contracts, total			1,071						—						—						1,071
Total			$	94,950					$	5,013					$	—					$	99,963

(1) Included in other assets on the consolidated balance sheet.

(2) Included in receivable/payable to brokers, dealers and clearing organizations.    

The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2025 and 2024:

(Expressed in thousands)
						Level 3 Assets and Liabilities
						For the Three Months Ended March 31, 2025
												Total Realized
						Beginning						and Unrealized						Purchases						Sales and						Transfers						Ending
						Balance						Gain (2)						and Issuances						Settlements						In (Out)						Balance
Assets
Trade claims						$	2,684					$	—					$	534					$	—					$	—					$	3,218
Auction rate securities (1)						$	2,652					$	206					$	—					$	(2,730)					$	—					$	128

(1) Represents auction rate securities that failed in the auction rate market.

(2) Included in principal transactions in the consolidated income statement.

(Expressed in thousands)
						Level 3 Assets and Liabilities
						For the Three Months Ended March 31, 2024
												Total Realized
						Beginning						and Unrealized						Purchases						Sales and						Transfers						Ending
						Balance						Gain (2)						and Issuances						Settlements						In (Out)						Balance
Assets
Auction rate securities (1)						$	2,713					$	—					$	—					$	—					$	—					$	2,713

(1) Represents auction rate securities that failed in the auction rate market.

(2) Included in principal transactions in the consolidated income statement.

Schedule of Assets and Liabilities Not Measured at Fair Value

Assets and liabilities not measured at fair value as of March 31, 2025:

(Expressed in thousands)									Fair Value Measurement: Assets
			Carrying Value						Level 1						Level 2						Level 3						Total
Cash and cash equivalents			$	36,696					$	36,696					$	—					$	—					$	36,696
Deposits with clearing organizations			64,482						64,482						—						—						64,482
Receivable from brokers, dealers and clearing organizations:
Securities borrowed			109,303						—						109,303						—						109,303
Receivables from brokers			59,537						—						59,537						—						59,537
Securities failed to deliver			43,625						—						43,625						—						43,625
Clearing organizations and other			37,843						—						37,843						—						37,843
			250,308						—						250,308						—						250,308
Receivable from customers			1,349,938						—						1,349,938						—						1,349,938
Notes receivable, net			67,731						—						67,731						—						67,731
Corporate-owned life insurance			96,987						—						96,987						—						96,987
Investments(1)			2,197						—						2,197						—						2,197

(1) Included within other assets on the consolidated balance sheet.

(Expressed in thousands)									Fair Value Measurement: Liabilities
			Carrying Value						Level 1						Level 2						Level 3						Total
Drafts payable			$	15,331					$	15,331					$	—					$	—					$	15,331
Bank call loans			359,500						—						359,500						—						359,500
Payables to brokers, dealers and clearing organizations:
Securities loaned			360,889						—						360,889						—						360,889
Payable to brokers			328						—						328						—						328
Securities failed to receive			20,252						—						20,252						—						20,252
Clearing organization and other			2,276						—						2,276						—						2,276
			383,745						—						383,745						—						383,745
Payables to customers			328,298						—						328,298						—						328,298
Securities sold under agreements to repurchase			866,413						—						866,413						—						866,413

Assets and liabilities not measured at fair value as of December 31, 2024:

(Expressed in thousands)									Fair Value Measurement: Assets
			Carrying Value						Level 1						Level 2						Level 3						Total
Cash and cash equivalents			$	33,150					$	33,150					$	—					$	—					$	33,150
Deposits with clearing organization			70,838						70,838						—						—						70,838
Receivable from brokers, dealers and clearing organizations:
Securities borrowed			137,177						—						137,177						—						137,177
Receivables from brokers			59,487						—						59,487						—						59,487
Securities failed to deliver			8,459						—						8,459						—						8,459
Clearing organizations and other			36,355						—						36,355						—						36,355
			241,478						—						241,478						—						241,478
Receivable from customers			1,268,866						—						1,268,866						—						1,268,866
Notes receivable, net			67,931						—						67,931						—						67,931
Corporate-owned life insurance			98,828						—						98,828						—						98,828
Investments (1)			1,634						—						1,634						—						1,634

(1) Included within other assets on the consolidated balance sheet.

(Expressed in thousands)									Fair Value Measurement: Liabilities
			Carrying Value						Level 1						Level 2						Level 3						Total
Drafts payable			$	21,661					$	21,661					$	—					$	—					$	21,661
Bank call loans			$	252,100					$	—					$	252,100					$	—					$	252,100
Payables to brokers, dealers and clearing organizations:
Securities loaned			235,498						—						235,498						—						235,498
Payable to brokers			607						—						607						—						607
Securities failed to receive			14,757						—						14,757						—						14,757
Clearing organizations and other			1,883						—						1,883						—						1,883
			252,745						—						252,745						—						252,745
Payables to customers			357,835						—						357,835						—						357,835
Securities sold under agreements to repurchase			931,754						—						931,754						—						931,754

Schedule of Notional Amounts and Fair Values of Derivatives by Product

The notional amounts and fair values of the Company's derivatives as of March 31, 2025 and December 31, 2024 by product were as follows:

(Expressed in thousands)
			Fair Value of Derivative Instruments as of March 31, 2025
			Description						Notional						Fair Value
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts			Futures						$	13,035,000					$	726
Other contracts			Forward repurchase agreements						257,188						—
									$	13,292,188					$	726

(1)See "Derivative Instruments and Hedging Activities" above for a description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset.

(Expressed in thousands)
			Fair Value of Derivative Instruments as of December 31, 2024
			Description						Notional						Fair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contracts			TBAs						$	360					$	—
									$	360					$	—
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts			Futures						$	11,475,000					$	1,071
Other contracts			TBAs						360						—
									$	11,475,360					$	1,071

(1)See "Derivative Instruments and Hedging Activities" above for a description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset.

Schedule of Fair Value Amounts of Derivative Instruments and their Effect on Consolidated Income Statements

The following table presents the location and fair value amounts of the Company's derivative instruments and their effect in the consolidated income statements for the three months ended March 31, 2025 and 2024:

(Expressed in thousands)

The Effect of Derivative Instruments in the Income Statement

For the Three Months Ended March 31, 2025

Recognized in Income on Derivatives (pre-tax)

Types

Description

Location

Net (Loss)

Commodity contracts

Futures

Principal transactions revenue, net

$

(1,138)

$

(1,138)

(Expressed in thousands)

The Effect of Derivative Instruments in the Income Statement

For the Three Months Ended March 31, 2024

Recognized in Income on Derivatives (pre-tax)

Types

Description

Location

Net Gain

Commodity contracts

Futures

Principal transactions revenue, net

$

3,252

Other contracts

TBAs

Principal transactions revenue, net

1

$

3,253

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Schedule of sponsored fund investments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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