Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers

3 Months Ended

Mar. 31, 2026

Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers

Receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers primarily represent amounts due for undelivered securities, cash held at clearing organizations and exchanges to facilitate settlement and clearance of matched principal transactions, spreads on matched principal transactions that have not yet been remitted from/to clearing organizations and exchanges and amounts related to open derivative contracts (see Note 11—“Derivatives”). As of March 31, 2026 and December 31, 2025, Receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers1:
Contract values of fails to deliver	$	1,614,514	$	284,804
Receivables from clearing organizations	152,524		151,212
Other receivables from broker-dealers and customers	46,582		29,591
Net pending trades	13,380		—
Open derivative contracts	5,901		2,428
Total	$	1,832,901	$	468,035
Payables to broker-dealers, clearing organizations, customers and related broker-dealers1:
Contract values of fails to receive	$	1,484,850	$	275,290
Payables to clearing organizations	123,390		10,237
Other payables to broker-dealers and customers	21,278		18,114
Net pending trades	—		1,115
Open derivative contracts	5,186		1,608
Total	$	1,634,704	$	306,364

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1Includes receivables and payables with Cantor. See Note 13—“Related Party Transactions” for additional information.

Substantially all open fails to deliver, open fails to receive and pending trade transactions as of March 31, 2026 have subsequently settled at the contracted amounts.