v3.25.2
Receivables from/Payables to Broker-Dealers and Clearing Organizations
6 Months Ended
Jun. 30, 2025
Due to and from Broker-Dealers and Clearing Organizations [Abstract]  
Receivables from/Payables to Broker-Dealers and Clearing Organizations Receivables from/Payables to Broker-Dealers and Clearing Organizations
The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at June 30, 2025 and December 31, 2024:
(in thousands)June 30, 2025December 31, 2024
Assets
Due from prime brokers$421,302 $344,662 
Deposits with clearing organizations236,384 223,582 
Net equity with futures commission merchants229,875 199,771 
Unsettled trades with clearing organizations121,281 17,239 
Securities failed to deliver282,703 274,072 
Commissions and fees44,423 41,524 
Total receivables from broker-dealers and clearing organizations$1,335,968 $1,100,850 
Liabilities
Due to prime brokers$970,546 $583,914 
Net equity with futures commission merchants (1)(18,445)(16,651)
Unsettled trades with clearing organizations512 251,036 
Securities failed to receive276,766 94,941 
Commissions and fees4,609 5,326 
Total payables to broker-dealers and clearing organizations$1,233,988 $918,566 
(1)   The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met.

Included as a deduction from “Due from prime brokers” and “Net equity with futures commission merchants” is the outstanding principal balance on all of the Company’s prime brokerage credit facilities (described in Note 9 “Borrowings”) of approximately $174.4 million and $123.0 million as of June 30, 2025 and December 31, 2024, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company’s ordinary course futures and other trading positions, which are held in the Company’s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company’s trading accounts and deposit accounts with these financial institutions. “Securities failed to deliver” and “Securities failed to receive” include amounts with a clearing organization and other broker-dealers.