v3.26.1
Financial Instruments and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026:
 June 30, 2026
(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$1,935,476 $5,042,151 $— $— $6,977,627 
U.S. and Non-U.S. government obligations598,682 2,676,386 — — 3,275,068 
Corporate Bonds— 1,071,739 — — 1,071,739 
Exchange traded notes— 26,336 — — 26,336 
Currency forwards— 438,928 — (435,831)3,097 
Options19,359 — — — 19,359 
 $2,553,517 $9,255,540 $— $(435,831)$11,373,226 
Financial instruments owned, pledged as collateral:
Equity securities$2,279,869 $1,218,051 $— $— $3,497,920 
Exchange traded notes— 15,103 — — 15,103 
 $2,279,869 $1,233,154 $— $— $3,513,023 
Other Assets
Equity investment$— $— $85,903 $— $85,903 
Digital assets156,227 — — — 156,227 
USDC (1)
41,787 — — — 41,787 
Exchange stock828 — — — 828 
 $198,842 $— $85,903 $— $284,745 
Receivables from broker dealers and clearing organizations:
Receivables linked to digital assets$— $234,379 $— $— $234,379 
$— $234,379 $— $— $234,379 
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities$4,340,205 $4,285,265 $— $— $8,625,470 
U.S. and Non-U.S. government obligations706,066 2,785,417 — — 3,491,483 
Corporate Bonds— 1,393,509 — — 1,393,509 
Exchange traded notes— 41,163 — — 41,163 
Currency forwards— 442,864 — (442,864)— 
Options18,022 — — — 18,022 
 $5,064,293 $8,948,218 $— $(442,864)$13,569,647 
Payables to broker dealers and clearing organizations:
Payables linked to digital assets$— $278,098 $— $— $278,098 
$— $278,098 $— $— $278,098 
(1) USDC is a stablecoin that can be redeemed on a one-to-one basis for U.S. dollars and is accounted for as a financial asset.
    

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2025:
 December 31, 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$1,511,213 $2,839,183 $— $— $4,350,396 
U.S. and Non-U.S. government obligations459,943 1,210,309 — — 1,670,252 
Corporate Bonds— 1,207,385 — — 1,207,385 
Exchange traded notes— 10,459 — — 10,459 
Currency forwards— 211,856 — (204,775)7,081 
Options97,459 — — — 97,459 
$2,068,615 $5,479,192 $— $(204,775)$7,343,032 
Financial instruments owned, pledged as collateral:
Equity securities$1,896,091 $1,304,254 $— $— $3,200,345 
Exchange traded notes— 8,180 — — 8,180 
$1,896,091 $1,312,434 $— $— $3,208,525 
Other Assets
Equity investment$— $— $86,491 $— $86,491 
Digital assets154,610 — — — 154,610 
Exchange stock1,020 — — — 1,020 
$155,630 $— $86,491 $— $242,121 
Receivables from broker dealers and clearing organizations:
Receivables linked to digital assets$— $328,934 $— $— $328,934 
$— $328,934 $— $— $328,934 
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities$2,933,027 $2,784,522 $— $— $5,717,549 
U.S. and Non-U.S. government obligations234,169 1,155,901 — — 1,390,070 
Corporate Bonds— 1,754,517 — — 1,754,517 
Exchange traded notes— 26,135 — — 26,135 
Currency forwards— 198,463 — (198,463)— 
Options216,992 — — — 216,992 
 $3,384,188 $5,919,538 $— $(198,463)$9,105,263 
Payables to broker dealers and clearing organizations:
Payables linked to digital assets$— $181,272 $— $— $181,272 
$— $181,272 $— $— $181,272 
The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of June 30, 2026:
 June 30, 2026
 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$1,069,254 $1,069,254 $1,069,254 $— $— 
Cash restricted or segregated under regulations and other63,759 63,759 63,759 — — 
Securities borrowed3,774,108 3,774,108 — 3,774,108 — 
Securities purchased under agreements to resell1,857,034 1,857,034 — 1,857,034 — 
Receivables from broker-dealers and clearing organizations2,973,085 2,973,085 — 2,973,085 — 
Receivables from customers309,953 309,953 — 309,953 — 
Other assets (1)53,683 53,683 14,574 39,109 — 
Total Assets$10,100,876 $10,100,876 $1,147,587 $8,953,289 $— 
Liabilities
Short-term borrowings$353,941 $355,359 $— $355,359 $— 
Long-term borrowings2,025,883 2,077,891 — 2,077,891 — 
Securities loaned4,089,659 4,089,659 — 4,089,659 — 
Securities sold under agreements to repurchase2,620,126 2,620,126 — 2,620,126 — 
Payables to broker-dealers and clearing organizations758,273 758,273 — 758,273 — 
Payables to customers226,743 226,743 — 226,743 — 
Other liabilities (2)39,395 39,395 — 39,395 — 
Total Liabilities$10,114,020 $10,167,446 $— $10,167,446 $— 
(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, 2025:
 December 31, 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$1,061,697 $1,061,697 $1,061,697 $— $— 
Cash restricted or segregated under regulations and other64,744 64,744 64,744 — — 
Securities borrowed3,191,138 3,191,138 — 3,191,138 — 
Securities purchased under agreements to resell988,929 988,929 — 988,929 — 
Receivables from broker-dealers and clearing organizations1,567,471 1,567,471 — 1,567,471 — 
Receivables from customers161,561 161,561 — 161,561 — 
Other assets (1)39,945 39,945 16,414 23,531 — 
Total Assets$7,075,485 $7,075,485 $1,142,855 $5,932,630 $— 
Liabilities
Short-term borrowings$12,382 $12,382 $— $12,382 $— 
Long-term borrowings2,039,463 2,098,639 — 2,098,639 — 
Securities loaned3,477,831 3,477,831 — 3,477,831 — 
Securities sold under agreements to repurchase1,405,639 1,405,639 — 1,405,639 — 
Payables to broker-dealers and clearing organizations817,004 817,004 — 817,004 — 
Payables to customers43,103 43,103 — 43,103 — 
Other liabilities (2)26,039 26,039 — 26,039 — 
Total Liabilities$7,821,461 $7,880,637 $— $7,880,637 $— 
(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, 2026
(in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputRangeWeighted Average
Equity investment$85,903 Discounted cash flowEstimated revenue growth
5.0% - 9.5%
6.1 %
Discount rate
16.4% - 16.4%
16.4 %
MarketFuture enterprise value/ EBITDA ratio
10.4x - 19.6x
13.1x

December 31, 2025
(in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputRangeWeighted Average
Equity investment$86,491 Discounted cash flowEstimated revenue growth
5.0% - 6.0%
5.3 %
Discount rate
16.2% - 16.2%
16.2 %
MarketFuture enterprise value/ EBITDA ratio
9.5x - 20.1x
15.0x
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, 2026
(in thousands)Balance at March 31, 2026PurchasesTotal Realized and Unrealized Gains / (Losses) (1)Net Transfers into (out of) Level 3SettlementBalance at June 30, 2026Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2026
Assets
Other assets:
Equity investment$80,561 $— $5,342 $— $— $85,903 $5,342 
Other— — — — — — — 
Total$80,561 $— $5,342 $— $— $85,903 $5,342 
(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, 2025
(in thousands)
Balance at March 31, 2025
PurchasesTotal 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.
Six Months Ended June 30, 2026
(in thousands)Balance at December 31, 2025PurchasesTotal Realized and Unrealized Gains / (Losses) (1)Net Transfers into (out of) Level 3SettlementBalance at June 30, 2026Change in Net Unrealized Gains / (Losses) on Investments still held at June 30, 2026
Assets
Other assets:
Equity investment$86,491 $— $(588)$— $— $85,903 $(588)
Total$86,491 $— $(588)$— $— $85,903 $(588)
(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.
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, 2026 and December 31, 2025:

 June 30, 2026
 Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statements 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$3,774,108 $— $3,774,108 $(3,714,317)$(24,243)$35,548 
Securities purchased under agreements to resell1,857,034 — 1,857,034 (1,855,760)— 1,274 
Trading assets, at fair value:
Currency forwards438,929 (435,831)3,098 — — 3,098 
Options19,359 — 19,359 — (15,089)4,270 
Total$6,089,430 $(435,831)$5,653,599 $(5,570,077)$(39,332)$44,190 
 Gross Amounts of Recognized LiabilitiesAmounts Offset in the Condensed Consolidated Statements 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$4,089,659 $— $4,089,659 $(4,033,807)$(41,486)$14,366 
Securities sold under agreements to repurchase2,620,126 — 2,620,126 (2,617,247)— 2,879 
Trading liabilities, at fair value:
Currency forwards442,864 (442,864)— — — — 
Options18,022 — 18,022 — (17,584)438 
Total$7,170,671 $(442,864)$6,727,807 $(6,651,054)$(59,070)$17,683 

 December 31, 2025
 Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statements 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$3,191,138 $— $3,191,138 $(3,083,612)$(53,461)$54,065 
Securities purchased under agreements to resell988,929 — 988,929 (988,274)— 655 
Trading assets, at fair value:
Currency forwards211,856 (204,775)7,081 — — 7,081 
Options97,459 — 97,459 — (96,708)751 
Total$4,489,382 $(204,775)$4,284,607 $(4,071,886)$(150,169)$62,552 
Gross Amounts of Recognized LiabilitiesAmounts Offset in the Condensed Consolidated Statements 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$3,477,831 $— $3,477,831 $(3,382,370)$(67,690)$27,771 
Securities sold under agreements to repurchase1,405,639 — 1,405,639 (1,404,924)— 715 
Payables to broker-dealers and clearing organizations:
Interest rate swaps— — — — — — 
Trading liabilities, at fair value:
Currency forwards198,463 (198,463)— — — — 
Options216,992 — 216,992 — (96,708)120,284 
Total$5,298,925 $(198,463)$5,100,462 $(4,787,294)$(164,398)$148,770 
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, 2026 and December 31, 2025:

 June 30, 2026
 Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statements 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$3,774,108 $— $3,774,108 $(3,714,317)$(24,243)$35,548 
Securities purchased under agreements to resell1,857,034 — 1,857,034 (1,855,760)— 1,274 
Trading assets, at fair value:
Currency forwards438,929 (435,831)3,098 — — 3,098 
Options19,359 — 19,359 — (15,089)4,270 
Total$6,089,430 $(435,831)$5,653,599 $(5,570,077)$(39,332)$44,190 
 Gross Amounts of Recognized LiabilitiesAmounts Offset in the Condensed Consolidated Statements 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$4,089,659 $— $4,089,659 $(4,033,807)$(41,486)$14,366 
Securities sold under agreements to repurchase2,620,126 — 2,620,126 (2,617,247)— 2,879 
Trading liabilities, at fair value:
Currency forwards442,864 (442,864)— — — — 
Options18,022 — 18,022 — (17,584)438 
Total$7,170,671 $(442,864)$6,727,807 $(6,651,054)$(59,070)$17,683 

 December 31, 2025
 Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statements 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$3,191,138 $— $3,191,138 $(3,083,612)$(53,461)$54,065 
Securities purchased under agreements to resell988,929 — 988,929 (988,274)— 655 
Trading assets, at fair value:
Currency forwards211,856 (204,775)7,081 — — 7,081 
Options97,459 — 97,459 — (96,708)751 
Total$4,489,382 $(204,775)$4,284,607 $(4,071,886)$(150,169)$62,552 
Gross Amounts of Recognized LiabilitiesAmounts Offset in the Condensed Consolidated Statements 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$3,477,831 $— $3,477,831 $(3,382,370)$(67,690)$27,771 
Securities sold under agreements to repurchase1,405,639 — 1,405,639 (1,404,924)— 715 
Payables to broker-dealers and clearing organizations:
Interest rate swaps— — — — — — 
Trading liabilities, at fair value:
Currency forwards198,463 (198,463)— — — — 
Options216,992 — 216,992 — (96,708)120,284 
Total$5,298,925 $(198,463)$5,100,462 $(4,787,294)$(164,398)$148,770 
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, 2026 and December 31, 2025:

 June 30, 2026
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$175,000 $115,000 $85,000 $150,000 $— $525,000 
U.S. and Non-U.S. government obligations2,095,126 — — — — 2,095,126 
Total$2,270,126 $115,000 $85,000 $150,000 $— $2,620,126 
Securities loaned:
Equity securities$4,089,659 $— $— $— $— $4,089,659 
Total$4,089,659 $— $— $— $— $4,089,659 

 December 31, 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$— $315,000 $85,000 $100,000 $— $500,000 
U.S. and Non-U.S. government obligations905,639 — — — — 905,639 
Total$905,639 $315,000 $85,000 $100,000 $— $1,405,639 
Securities loaned:
Equity securities$3,477,831 $— $— $— $— $3,477,831 
Total$3,477,831 $— $— $— $— $3,477,831