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Financial Instruments with Off-Balance Sheet Risk | 3 Months Ended
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Mar. 31, 2025
Financial Instruments with Off-Balance Sheet Risk [Abstract] |
Financial Instruments with Off-Balance Sheet Risk | 14. Financial Instruments with Off-Balance Sheet Risk The Company enters into various transactions to meet the needs of customers, conduct trading activities, and manage market risks and is, therefore, subject to varying degrees of market and credit risk. Refer to the below as well as Note 19 – Financial Instruments with Off-Balance Sheet Risk in the Company’s 2024 Form 10-K for further information. As of March 31, 2025, the Company had margin loans extended to its customers of approximately $390.1 million, of which $79.6 million is within the line item “Receivables from customers” on the statements of financial condition. As of December 31, 2024, the Company had margin loans extended to its customers of approximately $403.8 million, of which $84.4 million is in the line item “Receivables from customers” on the statements of financial condition. There were no material losses for unsettled customer transactions for the three months ended March 31, 2025 and 2024. The following table presents information about the Company’s securities borrowing and lending activity depicting the potential effect of rights of setoff between these recognized assets and liabilities.
|  | As of March 31, 2025 |
|  | Gross Amounts of Recognized Assets and Liabilities |  |  | Gross Amounts Offset in the Consolidated Statements of Financial Condition1 |  |  | Net Amounts Presented in the Consolidated Statements of Financial Condition |  |  | FMV - Collateral Received or Pledged2 |  |  | Net Amount3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 207,591,000 |  |  | $ | — |  |  | $ | 207,591,000 |  |  | $ | 197,710,000 |  |  | $ | 9,881,000 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 210,688,000 |  |  | $ | — |  |  | $ | 210,688,000 |  |  | $ | 200,536,000 |  |  | $ | 10,152,000 |
|  | As of December 31, 2024 |
|  | Gross Amounts of Recognized Assets and Liabilities |  |  | Gross Amounts Offset in the Consolidated Statements of Financial Condition1 |  |  | Net Amounts Presented in the Consolidated Statements of Financial Condition |  |  | FMV - Collateral Received or Pledged2 |  |  | Net Amount3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 139,040,000 |  |  | $ | — |  |  | $ | 139,040,000 |  |  | $ | 126,484,000 |  |  | $ | 12,556,000 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 184,962,000 |  |  | $ | — |  |  | $ | 184,962,000 |  |  | $ | 170,780,000 |  |  | $ | 14,182,000 |
| (1) | Amounts represent recognized assets and liabilities that are subject to enforceable master agreements with rights of setoff. The Company did not net any securities borrowed or securities loaned as of March 31, 2025 or December 31, 2024.
| (2) | Represents the fair value of collateral the Company had received or pledged under enforceable master agreements.
| (3) | Represents the total contract value as presented in the financial statements less the fair market value of the collateral received or pledged.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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- References No definition available. + Details
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