Carrying Value of Financial Asset and Liability Not Measured at Fair Value

The table below presents the carrying value, fair value and fair value hierarchy category of the Company’s financial assets and liabilities that are not measured at fair value on the Consolidated Statements of Financial Condition. The carrying values of the Company’s financial assets and liabilities not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximate fair value due to the short-term nature of the underlying assets and liabilities.


	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
	(In thousands)
As of March 31, 2026
Financial assets not measured at fair value:
Cash	$	360,106	$	360,106	$	360,106	$	—	$	—	$	360,106
Cash segregated under federal regulations		49,053		49,053		49,053		—		—		49,053
Accounts receivable, net of allowance		128,171		128,171		—		128,171		—		128,171
Receivables from broker-dealers, clearing organizations and customers		977,049		977,049		120,471		856,578		—		977,049
Total assets	$	1,514,379	$	1,514,379	$	529,630	$	984,749	$	—	$	1,514,379

Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing organizations and customers	$	696,302	$	696,302	$	—	$	696,302	$	—	$	696,302
Borrowings		228,250		228,250		—		228,250		—		228,250
Total liabilities	$	924,552	$	924,552	$	—	$	924,552	$	—	$	924,552

As of December 31, 2025
Financial assets not measured at fair value:
Cash	$	496,379	$	496,379	$	496,379	$	—	$	—	$	496,379
Cash segregated under federal regulations		48,722		48,722		48,722		—		—		48,722
Accounts receivable, net of allowance		100,989		100,989		—		100,989		—		100,989
Receivables from broker-dealers, clearing organizations and customers		489,211		489,211		107,223		381,988		—		489,211
Total assets	$	1,135,301	$	1,135,301	$	652,324	$	482,977	$	—	$	1,135,301

Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing organizations and customers	$	325,959	$	325,959	$	—	$	325,959	$	—	$	325,959
Borrowings		220,000		220,000		—		220,000		—		220,000
Total liabilities	$	545,959	$	545,959	$	—	$	545,959	$	—	$	545,959

Summary of Realized and Unrealized Gains and Losses on Foreign Currency Forward Contracts and Interest Rate Swaps

The following table summarizes the realized and unrealized gains and losses on foreign currency forward contracts and interest rate swaps:



	Three Months Ended March 31,
	2026			2025
	(In thousands)
Foreign currency forwards
Unrealized gain/(loss)	$	(3,426	)	$	3,556
Realized gain/(loss)		2,051			(1,693	)
Total gain/(loss)	$	(1,375	)	$	1,863

Interest rate swaps
Unrealized gain/(loss)	$	319		$	—
Realized gain/(loss)		3			—
Total gain/(loss)	$	322		$	—

Summary of Companies Unrealized and Realized Gains and Losses on Investments

The following table summarizes the Company’s unrealized and realized gains and losses on investments:


	Three Months Ended March 31,
	2026			2025
	(In thousands)
Unrealized gains/(losses)
Securities available-for-sale
Corporate debt	$	(343	)	$	307
Trading securities
U.S. Treasuries		(761	)		1,066
Mutual funds held in rabbi trust		(245	)		(493	)
Total investments	$	(1,349	)	$	880

Realized gains/(losses)
Securities available-for-sale
Corporate debt	$	4		$	—
Trading securities
Mutual funds held in rabbi trust		61			47
Total investments	$	65		$	47

Summary of Fair Values and Unrealized Losses on Investments

The following table provides fair values and unrealized losses on the Company’s available-for-sale investments and the aging of securities’ continuous unrealized loss positions:


	Less than Twelve Months					Twelve Months or More				Total
	Fair value		Gross unrealized losses			Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
	(In thousands)
As of March 31, 2026
Corporate debt	$	32,202	$	(128	)	$	—	$	—	$	32,202	$	(128	)

As of December 31, 2025
Corporate debt	$	3,506	$	(3	)	$	—	$	—	$	3,506	$	(3	)