Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosure, Measurement of Contingent Consideration Using Monte-Carlo Simulation Model

The following tables summarize inputs used in the measurement of contingent consideration (dollars in thousands):


		Quantitative Information About Level 3 Fair Value Measurements
June 30, 2026		Type	Valuation Techniques	Unobservable Inputs	Range
$	105,432	Contingent Consideration	Monte-Carlo Simulation Model	Forecasted Growth Rates	2.5	%	-	14.4	%
				Discount Rate	11.0	%	-	14.5	%
				Equivalency Rate(1)	4.6	%	-	5.1	%
2,200		Contingent Consideration	Probability Weighted Expected Return Method	Conversion Rate	—	%	-	100.0	%
$	107,632

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(1)Equivalency rate is defined as the prevailing market interest rate used to discount future payments.


		Quantitative Information About Level 3 Fair Value Measurements
December 31, 2025		Type	Valuation Techniques	Unobservable Inputs	Range
$	115,464	Contingent Consideration	Monte-Carlo Simulation Model	Forecasted Growth Rates	1.3	%	-	26.0	%
				Discount Rate	12.0	%	-	17.9	%
				Equivalency Rate(1)	4.7	%	-	5.9	%
8,574		Contingent Consideration	Probability Weighted Expected Return Method	Equivalency Rate(1)	5.3	%	-	5.3	%
				Conversion Rate	—	%	-	100.0	%
$	124,038

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(1)Equivalency rate is defined as the prevailing market interest rate used to discount future payments.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value for the Company’s Level 3 liabilities during the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Balance - Beginning of period	$	134,277	$	161,372	$	124,038	$	196,898
Additions and purchase accounting adjustments	9,844		(9,374)		26,599		(9,245)
Payments	(33,695)		(27,458)		(47,734)		(69,707)
Fair value adjustments	(2,794)		309		4,729		6,903
Balance - End of period	$	107,632	$	124,849	$	107,632	$	124,849

Financial assets and financial liabilities measured at fair value on a recurring basis

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands):


June 30, 2026	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	55,840	$	—	$	—	$	55,840
Cash equivalents segregated under federal or other regulations	523,157		—		—		523,157
Restricted cash	138,459		—		—		138,459
Investment securities — trading:
U.S. treasury obligations	140,031		—		—		140,031
Mutual funds	45,194		—		—		45,194

Equity securities	2,742		—		—		2,742
Debt securities	—		39		—		39

Total investment securities — trading	187,967		39		—		188,006
Other assets:
Deferred compensation plan	1,247,873		—		—		1,247,873
Fractional shares — investment(1)	421,762		—		—		421,762
Other investments	—		1,926		—		1,926
Total other assets:	1,669,635		1,926		—		1,671,561
Total assets at fair value	$	2,575,058	$	1,965	$	—	$	2,577,023
Liabilities
Other liabilities:
Securities sold, but not yet purchased:
Equity securities	$	42	$	—	$	—	$	42

Debt securities	—		250		—		250
Total securities sold, but not yet purchased	42		250		—		292
Fractional shares — repurchase obligation(1)	421,762		—		—		421,762
Contingent consideration	—		—		107,632		107,632
Total other liabilities	421,804		250		107,632		529,686
Total liabilities at fair value	$	421,804	$	250	$	107,632	$	529,686

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(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s dividend reinvestment program (“DRIP”).

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands):


December 31, 2025	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	104,377	$	—	$	—	$	104,377
Cash equivalents segregated under federal or other regulations	821,334		—		—		821,334
Restricted cash	127,585		—		—		127,585
Investment securities — trading:
U.S. treasury obligations	40,029		—		—		40,029
Mutual funds	33,559		—		—		33,559

Equity securities	2,505		—		—		2,505
Debt securities	—		15		—		15
Total investment securities — trading	76,093		15		—		76,108
Other assets:
Deferred compensation plan	1,097,514		—		—		1,097,514
Fractional shares — investment(1)	371,683		—		—		371,683
Other investments	—		2,423		—		2,423
Total other assets	1,469,197		2,423		—		1,471,620
Total assets at fair value	$	2,598,586	$	2,438	$	—	$	2,601,024
Liabilities
Other liabilities:
Securities sold, but not yet purchased:
Equity securities	$	174	$	—	$	—	$	174

Total securities sold, but not yet purchased	174		—		—		174
Fractional shares — repurchase obligation(1)	371,683		—		—		371,683
Contingent consideration	—		—		124,038		124,038
Total other liabilities	371,857		—		124,038		495,895
Total liabilities at fair value	$	371,857	$	—	$	124,038	$	495,895

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(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP.

Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The following tables summarize the carrying values, fair values and fair value hierarchy level classification of financial instruments that are not measured at fair value (in thousands):


June 30, 2026	Carrying Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	1,219,850	$	1,219,850	$	—	$	—	$	1,219,850
Cash segregated under federal or other regulations	897,010		897,010		—		—		897,010
Restricted cash	94,430		94,430		—		—		94,430
Receivables from clients, net	994,139		—		994,139		—		994,139
Receivables from brokers, dealers and clearing organizations	244,302		—		244,302		—		244,302
Advisor repayable loans, net(1)	387,626		—		—		310,764		310,764
Other receivables, net	1,427,985		—		1,427,985		—		1,427,985
Investment securities — held-to-maturity securities	15,493		—		15,442		—		15,442
Other assets:
Securities borrowed	3,506		—		3,506		—		3,506
Deferred compensation plan(2)	13,481		13,481		—		—		13,481
Other investments(3)	7,259		—		7,259		—		7,259
Total other assets	24,246		13,481		10,765		—		24,246
Liabilities
Client payables	$	2,256,333	$	—	$	2,256,333	$	—	$	2,256,333
Payables to brokers, dealers and clearing organizations	599,397		—		599,397		—		599,397
Corporate debt and other borrowings, net	7,460,510		—		7,497,955		—		7,497,955


December 31, 2025	Carrying Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	933,001	$	933,001	$	—	$	—	$	933,001
Cash segregated under federal or other regulations	970,730		970,730		—		—		970,730
Restricted cash	97,713		97,713		—		—		97,713
Receivables from clients, net	803,206		—		803,206		—		803,206
Receivables from brokers, dealers and clearing organizations	70,897		—		70,897		—		70,897
Advisor repayable loans, net(1)	406,793		—		—		335,050		335,050
Other receivables, net	1,203,539		—		1,203,539		—		1,203,539
Investment securities - held-to-maturity securities	15,420		—		15,520		—		15,520
Other assets:
Deferred compensation plan(2)	10,038		10,038		—		—		10,038
Securities borrowed	1,789		—		1,789		—		1,789
Other investments(3)	7,874		—		7,874		—		7,874
Total other assets	19,701		10,038		9,663		—		19,701
Liabilities
Client payables	$	2,308,275	$	—	$	2,308,275	$	—	$	2,308,275
Payables to brokers, dealers and clearing organizations	150,520		—		150,520		—		150,520
Corporate debt and other borrowings, net	7,258,694		—		7,420,447		—		7,420,447

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(1)Includes repayable loans and forgivable loans which have converted to repayable upon advisor termination or change in agreed upon terms.

(2)Includes cash balances awaiting investment or distribution to plan participants.

(3)Other investments include Depository Trust Company common shares and Federal Reserve stock.