Receivables from/Payables to Broker-Dealers and Clearing Organizations (Tables)

6 Months Ended

Jun. 30, 2025

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Schedule of Receivables From and Payables to Brokers-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, 2025		December 31, 2024
Assets
Due from prime brokers	$	421,302	$	344,662
Deposits with clearing organizations	236,384		223,582
Net equity with futures commission merchants	229,875		199,771
Unsettled trades with clearing organizations	121,281		17,239
Securities failed to deliver	282,703		274,072
Commissions and fees	44,423		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 organizations	512		251,036
Securities failed to receive	276,766		94,941
Commissions and fees	4,609		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.