v3.25.2
DERIVATIVES
 6 Months Ended
Jun. 30, 2025
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 13) on the accompanying condensed consolidated statements of financial condition as of June 30, 2025 and December 31, 2024. 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 condensed 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 condensed consolidated statements of financial condition.
June 30, 2025
Derivative AssetsDerivative Liabilities
Fair ValueNotionalFair ValueNotional
Forward foreign currency exchange rate contracts$469 $93,295 $7,132 $259,612 
Total return swaps and other137 59,776 25,319 146,456 
LFI and other similar deferred compensation arrangements– – 182,622 163,233 
Total gross derivatives606 $153,071 215,073 $569,301 
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts(381)(381)
Total return swaps and other(137)(136)
Net derivatives in "other assets" and "other liabilities"88 214,556 
Amounts not netted on the condensed consolidated
   statement of financial condition (a):
Cash collateral– (119)
Securities collateral– (25,183)
$88 $189,254 
December 31, 2024
Derivative AssetsDerivative Liabilities
Fair ValueNotionalFair ValueNotional
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 condensed consolidated
   statement of financial condition (a):
Cash collateral– (1,132)
Securities collateral– – 
$3,787 $273,148 
___________________________________
(a)Amounts are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S. GAAP. For some counterparties, the amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the amount of collateral offset within net derivatives is limited to the net derivative assets and net derivative liabilities balances with that counterparty.
Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements
(included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2025 and 2024 were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Forward foreign currency exchange rate contracts$(9,610)$1,894 $(15,009)$3,225 
LFI and other similar deferred compensation arrangements(10,509)1,201 (15,752)(8,172)
Total return swaps and other(34,641)421 (30,987)(5,943)
Total$(54,760)$3,516 $(61,748)$(10,890)