v3.25.2
Financial Assets and Liabilities (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements Measured on a Recurring Basis
Fair value measurements for those items measured on a recurring basis are summarized below as of June 30, 2025:
 June 30, 2025
(in thousands)Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting Total Fair Value 
Assets     
Financial instruments owned, at fair value:     
Equity securities$1,144,221 $3,259,440 $— $— $4,403,661 
U.S. and Non-U.S. government obligations951,679 1,439,728 — — 2,391,407 
Corporate Bonds— 1,453,902 — — 1,453,902 
Exchange traded notes1,085 26,683 — — 27,768 
Currency forwards— 473,991 — (454,090)19,901 
Options6,779 — — — 6,779 
 $2,103,764 $6,653,744 $— $(454,090)$8,303,418 
Financial instruments owned, pledged as collateral:
Equity securities$1,422,576 $1,197,491 $— $— $2,620,067 
Exchange traded notes— 5,288 — — 5,288 
 $1,422,576 $1,202,779 $— $— $2,625,355 
Other Assets
Equity investment$— $— $85,990 $— $85,990 
Digital assets101,471 — — — 101,471 
Exchange stock939 — — — 939 
 $102,410 $— $85,990 $— $188,400 
Receivables from broker dealers and clearing organizations:
Receivables linked to digital assets$— $35,248 $— $— $35,248 
$— $35,248 $— $— $35,248 
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities$2,406,833 $2,536,275 $— $— $4,943,108 
U.S. and Non-U.S. government obligations209,704 1,541,072 — — 1,750,776 
Corporate Bonds— 1,643,448 — — 1,643,448 
Exchange traded notes— 71,532 — — 71,532 
Currency forwards— 456,325 — (456,308)17 
Options14,747 — — — 14,747 
 $2,631,284 $6,248,652 $— $(456,308)$8,423,628 
Payables to broker dealers and clearing organizations:
Interest rate swap$— $859 $— $— $859 
Payables linked to digital assets— 187,461 — — 187,461 
$— $188,320 $— $— $188,320 
    

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2024:
 December 31, 2024
(in thousands)Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting Total Fair Value 
Assets     
Financial instruments owned, at fair value:     
Equity securities$686,827 $2,471,450 $— $— $3,158,277 
U.S. and Non-U.S. government obligations348,761 908,625 — — 1,257,386 
Corporate Bonds— 967,377 — — 967,377 
Exchange traded notes885 40,602 — — 41,487 
Currency forwards— 716,970 — (676,905)40,065 
Options55,423 — — — 55,423 
$1,091,896 $5,105,024 $— $(676,905)$5,520,015 
Financial instruments owned, pledged as collateral:
Equity securities$1,639,404 $629,895 $— $— $2,269,299 
Exchange traded notes— 13,338 — — 13,338 
$1,639,404 $643,233 $— $— $2,282,637 
Other Assets
Equity investment$— $— $75,843 $— $75,843 
Digital assets81,671 — — — 81,671 
Exchange stock812 — — — 812 
$82,483 $— $75,843 $— $158,326 
Receivables from broker dealers and clearing organizations:
Receivables linked to digital Assets$— $51,595 $— $— $51,595 
$— $51,595 $— $— $51,595 
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities$1,837,195 $1,854,883 $— $— $3,692,078 
U.S. and Non-U.S. government obligations107,045 1,313,955 — — 1,421,000 
Corporate Bonds— 1,249,413 — — 1,249,413 
Exchange traded notes15 73,225 — — 73,240 
Currency forwards— 681,878 — (681,878)— 
Options5,240 — — — 5,240 
 $1,949,495 $5,173,354 $— $(681,878)$6,440,971 
Payables to broker dealers and clearing organizations:
Interest rate swap$— $2,572 $— $— $2,572 
Payables linked to digital assets— 134,164 — — 134,164 
$— $136,736 $— $— $136,736 
The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of June 30, 2025:
 June 30, 2025
 Carrying Value Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
 (in thousands)
Fair Value(Level 1) (Level 2) (Level 3) 
Assets     
Cash and cash equivalents$752,101 $752,101 $752,101 $— $— 
Cash restricted or segregated under regulations and other37,706 37,706 37,706 — — 
Securities borrowed2,654,360 2,654,360 — 2,654,360 — 
Securities purchased under agreements to resell1,084,322 1,084,322 — 1,084,322 — 
Receivables from broker-dealers and clearing organizations1,300,720 1,300,720 — 1,300,720 — 
Receivables from customers360,373 360,373 — 360,373 — 
Other assets (1)31,332 31,332 9,232 22,100 — 
Total Assets$6,220,914 $6,220,914 $799,039 $5,421,875 $— 
Liabilities
Short-term borrowings$251,754 $255,300 $— $255,300 $— 
Long-term borrowings1,743,171 1,805,359 — 1,805,359 — 
Securities loaned3,118,350 3,118,350 — 3,118,350 — 
Securities sold under agreements to repurchase1,907,126 1,907,126 — 1,907,126 — 
Payables to broker-dealers and clearing organizations1,045,668 1,045,668 — 1,045,668 — 
Payables to customers50,470 50,470 — 50,470 — 
Other liabilities (2)30,627 30,627 — 30,627 — 
Total Liabilities$8,147,166 $8,212,900 $— $8,212,900 $— 
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Includes deposits, interest and dividends payable.
The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2024:
 December 31, 2024
 Carrying Value Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
 (in thousands)
Fair Value(Level 1) (Level 2) (Level 3) 
Assets     
Cash and cash equivalents$872,513 $872,513 $872,513 $— $— 
Cash restricted or segregated under regulations and other41,478 41,478 41,478 — — 
Securities borrowed2,294,529 2,294,529 — 2,294,529 — 
Securities purchased under agreements to resell983,941 983,941 — 983,941 — 
Receivables from broker-dealers and clearing organizations1,049,255 1,049,255 — 1,049,255 — 
Receivables from customers149,804 149,804 — 149,804 — 
Other assets (1)31,726 31,726 11,121 20,605 — 
Total Assets$5,423,246 $5,423,246 $925,112 $4,498,134 $— 
Liabilities
Short-term borrowings$38,541 $38,541 $— $38,541 $— 
Long-term borrowings1,740,467 1,788,719 — 1,788,719 — 
Securities loaned2,431,878 2,431,878 — 2,431,878 — 
Securities sold under agreements to repurchase1,271,788 1,271,788 — 1,271,788 — 
Payables to broker-dealers and clearing organizations781,830 781,830 — 781,830 — 
Payables to customers46,112 46,112 — 46,112 — 
Other liabilities (2)26,114 26,114 — 26,114 — 
Total Liabilities$6,336,730 $6,384,982 $— $6,384,982 $— 
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Includes deposits, interest and dividends payable.
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment:

June 30, 2025
(in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputRangeWeighted Average
Equity investment$85,990 Discounted cash flowEstimated revenue growth
1.4% - 5.0%
4.1 %
Discount rate
16.3% - 16.3%
16.3 %
MarketFuture enterprise value/ EBITDA ratio
7.8x - 19.2x
14.4x

December 31, 2024
(in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputRangeWeighted Average
Equity investment$75,843 Discounted cash flowEstimated revenue growth
5.0% - 5.0%
5.0 %
Discount rate
16.4% - 16.4%
16.4 %
MarketFuture enterprise value/ EBITDA ratio
7.5x - 18.0x
13.2x
Schedule of Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis
The following presents the changes in the Company’s Level 3 financial instruments measured at fair value on a recurring basis:
Three Months Ended June 30, 2025
(in thousands)Balance at March 31, 2025PurchasesTotal Realized and Unrealized Gains / (Losses) (1)Net Transfers into (out of) Level 3SettlementBalance at June 30, 2025Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2025
Assets
Other assets:
Equity investment$85,009 $— $981 $— $— $85,990 $981 
Other— — — — — 
Total$85,009 $— $981 $— $— $85,990 $981 
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
Three Months Ended June 30, 2024
(in thousands)Balance at March 31, 2024PurchasesTotal Realized and Unrealized Gains / (Losses) (1)Net Transfers into (out of) Level 3SettlementBalance at June 30, 2024Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2024
Assets
Other assets:
Equity investment$84,587 $— $(5,556)$— $— $79,031 $(5,556)
Other— — — — — — — 
Total$84,587 $— $(5,556)$— $— $79,031 $(5,556)
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
Six Months Ended June 30, 2025
(in thousands)Balance at December 31, 2024PurchasesTotal Realized and Unrealized Gains / (Losses) (1)Net Transfers into (out of) Level 3SettlementBalance at June 30, 2025Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2025
Assets
Other assets:
Equity investment$75,843 $— $10,147 $— $— $85,990 $10,147 
Total$75,843 $— $10,147 $— $— $85,990 $10,147 
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
Six Months Ended June 30, 2024
(in thousands)Balance at December 31, 2023PurchasesTotal Realized and Unrealized Gains / (Losses) (1)Net Transfers into (out of) Level 3SettlementBalance at June 30, 2024Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2024
Assets
Other assets:
Equity investment$81,805 $— $(2,774)$— $— $79,031 $(2,774)
Total$81,805 $— $(2,774)$— $— $79,031 $(2,774)
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
Schedule of Netting of Certain Financial Assets
The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of June 30, 2025 and December 31, 2024:

 June 30, 2025
 Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Assets Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition 
 
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Assets:                        
Securities borrowed$2,654,360 $— $2,654,360 $(2,584,056)$(29,219)$41,085 
Securities purchased under agreements to resell1,084,322 — 1,084,322 (1,084,322)— — 
Trading assets, at fair value:
Currency forwards473,991 (454,090)19,901 — — 19,901 
Options6,779 — 6,779 — (5,091)1,688 
Total$4,219,452 $(454,090)$3,765,362 $(3,668,378)$(34,310)$62,674 
 Gross Amounts of Recognized LiabilitiesAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Liabilities Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition 
  
(in thousands)
Financial Instrument Collateral
Counterparty Netting/ Cash CollateralNet Amount 
Offsetting of Financial Liabilities:                     
Securities loaned$3,118,350 $— $3,118,350 $(3,068,408)$(39,174)$10,768 
Securities sold under agreements to repurchase1,907,126 — 1,907,126 (1,907,126)— — 
Payable to broker-dealers and clearing organizations:
Interest rate swaps859 — 859 — — 859 
Trading liabilities, at fair value:
Currency forwards456,325 (456,308)17 — — 17 
Options14,747 — 14,747 — (5,091)9,656 
Total$5,497,407 $(456,308)$5,041,099 $(4,975,534)$(44,265)$21,300 

 December 31, 2024
 Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Assets Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition
 
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Assets:                        
Securities borrowed$2,294,529 $— $2,294,529 $(2,222,054)$(39,309)$33,166 
Securities purchased under agreements to resell983,941 — 983,941 (983,753)— 188 
Trading assets, at fair value:
Currency forwards716,970 (676,905)40,065 — — 40,065 
Options55,423 — 55,423 — (55,423)— 
Total$4,050,863 $(676,905)$3,373,958 $(3,205,807)$(94,732)$73,419 
Gross Amounts of Recognized LiabilitiesAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Liabilities Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Liabilities:                     
Securities loaned$2,431,878 $— $2,431,878 $(2,375,372)$(48,545)$7,961 
Securities sold under agreements to repurchase1,271,788 — 1,271,788 (1,271,573)— 215 
Payables to broker-dealers and clearing organizations:
Interest rate swaps2,572 — 2,572 — — 2,572 
Trading liabilities, at fair value:
Currency forwards681,878 (681,878)— — — — 
Options5,240 — 5,240 — (5,213)27 
Total$4,393,356 $(681,878)$3,711,478 $(3,646,945)$(53,758)$10,775 
Schedule of Netting of Certain Financial Liabilities
The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of June 30, 2025 and December 31, 2024:

 June 30, 2025
 Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Assets Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition 
 
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Assets:                        
Securities borrowed$2,654,360 $— $2,654,360 $(2,584,056)$(29,219)$41,085 
Securities purchased under agreements to resell1,084,322 — 1,084,322 (1,084,322)— — 
Trading assets, at fair value:
Currency forwards473,991 (454,090)19,901 — — 19,901 
Options6,779 — 6,779 — (5,091)1,688 
Total$4,219,452 $(454,090)$3,765,362 $(3,668,378)$(34,310)$62,674 
 Gross Amounts of Recognized LiabilitiesAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Liabilities Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition 
  
(in thousands)
Financial Instrument Collateral
Counterparty Netting/ Cash CollateralNet Amount 
Offsetting of Financial Liabilities:                     
Securities loaned$3,118,350 $— $3,118,350 $(3,068,408)$(39,174)$10,768 
Securities sold under agreements to repurchase1,907,126 — 1,907,126 (1,907,126)— — 
Payable to broker-dealers and clearing organizations:
Interest rate swaps859 — 859 — — 859 
Trading liabilities, at fair value:
Currency forwards456,325 (456,308)17 — — 17 
Options14,747 — 14,747 — (5,091)9,656 
Total$5,497,407 $(456,308)$5,041,099 $(4,975,534)$(44,265)$21,300 

 December 31, 2024
 Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Assets Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition
 
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Assets:                        
Securities borrowed$2,294,529 $— $2,294,529 $(2,222,054)$(39,309)$33,166 
Securities purchased under agreements to resell983,941 — 983,941 (983,753)— 188 
Trading assets, at fair value:
Currency forwards716,970 (676,905)40,065 — — 40,065 
Options55,423 — 55,423 — (55,423)— 
Total$4,050,863 $(676,905)$3,373,958 $(3,205,807)$(94,732)$73,419 
Gross Amounts of Recognized LiabilitiesAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Liabilities Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Liabilities:                     
Securities loaned$2,431,878 $— $2,431,878 $(2,375,372)$(48,545)$7,961 
Securities sold under agreements to repurchase1,271,788 — 1,271,788 (1,271,573)— 215 
Payables to broker-dealers and clearing organizations:
Interest rate swaps2,572 — 2,572 — — 2,572 
Trading liabilities, at fair value:
Currency forwards681,878 (681,878)— — — — 
Options5,240 — 5,240 — (5,213)27 
Total$4,393,356 $(681,878)$3,711,478 $(3,646,945)$(53,758)$10,775 
Schedule of Gross Obligations for Repurchase Agreement and Securities Borrowed Transactions by Remaining Contractual Maturity and Class of Collateral Pledged
The following table presents gross obligations for securities sold under agreements to repurchase and for securities lending transactions by remaining contractual maturity and the class of collateral pledged as of June 30, 2025 and December 31, 2024:

 June 30, 2025
Remaining Contractual Maturity
(in thousands)Overnight and ContinuousLess than 30 days30 - 60
days
61 - 90
Days
Greater than 90
days
Total
Securities sold under agreements to repurchase:
Equity securities$100,000 $90,000 $185,000 $75,000 $— $450,000 
U.S. and Non-U.S. government obligations1,457,126 — — — — 1,457,126 
Total$1,557,126 $90,000 $185,000 $75,000 $— $1,907,126 
Securities loaned:
Equity securities$3,118,350 $— $— $— $— $3,118,350 
Total$3,118,350 $— $— $— $— $3,118,350 

 December 31, 2024
 Remaining Contractual Maturity
(in thousands)Overnight and ContinuousLess than 30 days30 - 60
days
61 - 90
Days
Greater than 90
days
Total
Securities sold under agreements to repurchase:     
Equity securities$— $190,000 $185,000 $75,000 $— $450,000 
U.S. and Non-U.S. government obligations821,788 — — — — 821,788 
Total$821,788 $190,000 $185,000 $75,000 $— $1,271,788 
Securities loaned:
Equity securities$2,431,878 $— $— $— $— $2,431,878 
Total$2,431,878 $— $— $— $— $2,431,878