v3.26.1
Receivables from/Payables to Broker-Dealers and Clearing Organizations (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026 and December 31, 2025:
(in thousands)June 30, 2026December 31, 2025
Assets
Due from prime brokers$1,347,178 $902,859 
Deposits with clearing organizations592,473 253,010 
Net equity with futures commission merchants488,052 455,105 
Unsettled trades with clearing organizations5,905 28,354 
Securities failed to deliver721,413 220,326 
Commissions and fees52,443 36,751 
Total receivables from broker-dealers and clearing organizations$3,207,464 $1,896,405 
Liabilities
Due to prime brokers$570,128 $612,679 
Net equity with futures commission merchants (1)5,539 (4,278)
Unsettled trades with clearing organizations186,777 238,872 
Securities failed to receive268,690 145,548 
Commissions and fees5,237 5,455 
Total payables to broker-dealers and clearing organizations$1,036,371 $998,276 
(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.