v3.25.2
Financial Instruments with Off-Balance Sheet Risk
 6 Months Ended
Jun. 30, 2025
Financial Instruments with Off-Balance Sheet Risk [Abstract]  
Financial Instruments with Off-Balance Sheet Risk

16. 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 June 30, 2025, the Company had margin loans extended to its customers of approximately $394.2 million, of which $79.9 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 and six months ended June 30, 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 June 30, 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  $238,721,000   $
      —
   $238,721,000   $227,061,000   $11,660,000 
Liabilities                         
Securities loaned  $235,674,000   $
—
   $235,674,000   $223,407,000   $12,267,000 
   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 June 30, 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.