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ORGANIZATION AND DESCRIPTION OF THE COMPANY<div style="margin-bottom:6pt;margin-top:9pt">LPL Financial Holdings Inc. (“LPLFH”), a Delaware holding corporation, together with its consolidated subsidiaries (collectively, the “Company”), provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at institutions (collectively, “advisors”) in the United States. Through its custody and clearing platform, using both proprietary and third-party technology, the Company provides access to diversified financial products and services, enabling its advisors to offer personalized financial advice and brokerage services to retail investors (their “clients”). The Company’s most significant, wholly owned subsidiaries are described below:</div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-indent:-18pt">•LPL Holdings, Inc. (“LPLH” or “Parent”) is an intermediate holding company and directly or indirectly owns 100% of the issued and outstanding common equity interests of all of LPLFH’s indirect subsidiaries, including a captive insurance subsidiary that underwrites insurance for various legal and regulatory risks of the Company. </div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-indent:-18pt">•LPL Financial LLC (“LPL Financial”), with primary offices in San Diego, California; Fort Mill, South Carolina; Tempe, Arizona; Boston, Massachusetts; Austin, Texas; and New York, New York, is a clearing broker-dealer and an investment adviser that principally transacts business for its advisors and institutions on behalf of their clients in a broad array of financial products and services. LPL Financial is licensed to operate in all 50 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands.</div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-indent:-18pt">•LPL Enterprise, LLC (“LPL Enterprise”) is a limited product shelf introducing broker-dealer and registered investment adviser that supports a portion of the Company’s institutional services’ clients, providing brokerage and investment advisory services to the clients of those institutional businesses.</div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-indent:-18pt">•LPL Insurance Associates, Inc. operates as an insurance brokerage general agency that offers life and disability insurance products and services for LPL Financial advisors.</div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-indent:-18pt">•AW Subsidiary, Inc. is a holding company for Blaze Portfolio Systems LLC (“Blaze”), which provides an advisor-facing trading and portfolio rebalancing platform.</div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-indent:-18pt">•PTC Holdings, Inc. (“PTCH”) is a holding company for The Private Trust Company, N.A. (“PTC”). PTC is chartered as a non-depository limited purpose national bank, providing a wide range of trust, investment management oversight, and custodial services for estates and families. PTC also provides Individual Retirement Account (“IRA”) custodial services for LPL Financial. </div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-indent:-18pt">•LPL Employee Services, LLC and its subsidiary, Allen & Company of Florida, LLC, provide primary support for the Company’s employee advisor affiliation model. </div>•CFN Holding Company, LLC (“CFN”) is a holding company for Commonwealth Equity Services, LLC (“CES”), which is a registered broker-dealer and investment adviser that does business as Commonwealth Financial Network (“Commonwealth”). CES is an introducing broker-dealer that clears transactions through a third-party clearing and carrying firm. The Company expects to complete the conversion of assets from CES in the fourth quarter of 2026 and withdraw the related registrations of that entity thereafter.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<div style="margin-bottom:6pt;margin-top:9pt">Basis of Presentation</div><div style="margin-bottom:6pt;margin-top:6pt">These unaudited condensed consolidated financial statements (“condensed consolidated financial statements”) are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, acquisitions, contingent consideration, goodwill and other intangibles, allowance for credit losses on receivables, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals and other matters that affect the condensed consolidated financial statements and related disclosures. The condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results of operations for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the condensed consolidated financial statements.</div><div style="margin-bottom:6pt;margin-top:6pt">The condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2025, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”).</div><div style="margin-bottom:6pt;margin-top:9pt">Recently Issued Accounting Pronouncements</div><div style="margin-bottom:9pt;margin-top:6pt">In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software to modernize the accounting for and disclosure of software costs. The ASU may be applied prospectively, retrospectively or via a modified transition approach and is effective for annual periods beginning after December 15, 2027, with early adoption permitted. We are currently assessing the amendment’s impact on our consolidated financial statements. </div><div style="margin-bottom:6pt;margin-top:6pt">In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public business entities to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements. The ASU should be applied prospectively and is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact on the related disclosures; however, it does not expect this update to have an impact on its financial condition or results of operations.</div><div style="margin-bottom:6pt;margin-top:9pt">Recently Adopted Accounting Pronouncements</div><div style="margin-bottom:9pt;margin-top:6pt">There were no new accounting pronouncements adopted during the six months ended June 30, 2026 that materially impacted the Company’s condensed consolidated financial statements and related disclosures.</div>

<div style="margin-bottom:6pt;margin-top:9pt">Recently Issued Accounting Pronouncements</div><div style="margin-bottom:9pt;margin-top:6pt">In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software to modernize the accounting for and disclosure of software costs. The ASU may be applied prospectively, retrospectively or via a modified transition approach and is effective for annual periods beginning after December 15, 2027, with early adoption permitted. We are currently assessing the amendment’s impact on our consolidated financial statements. </div><div style="margin-bottom:6pt;margin-top:6pt">In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public business entities to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements. The ASU should be applied prospectively and is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact on the related disclosures; however, it does not expect this update to have an impact on its financial condition or results of operations.</div><div style="margin-bottom:6pt;margin-top:9pt">Recently Adopted Accounting Pronouncements</div><div style="margin-bottom:9pt;margin-top:6pt">There were no new accounting pronouncements adopted during the six months ended June 30, 2026 that materially impacted the Company’s condensed consolidated financial statements and related disclosures.</div>

REVENUE<div style="margin-top:9pt">Commission</div><div style="margin-bottom:6pt;margin-top:6pt">The following table presents total commission revenue disaggregated by product category (in thousands):</div><div style="margin-top:11pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.642%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.642%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.642%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.645%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 3.25pt;text-align:left;vertical-align:bottom">Commission revenue</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 14.5pt;text-align:left;vertical-align:bottom">Annuities</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">727,746 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">629,763 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td 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0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">223,317 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">528,100 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">457,213 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 14.5pt;text-align:left;vertical-align:bottom">Fixed income</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">82,014 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53,014 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">167,337 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">114,566 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 14.5pt;text-align:left;vertical-align:bottom">Equities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">58,751 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,811 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">116,291 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">96,885 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 14.5pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">101,518 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">84,182 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">194,056 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">171,823 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:2pt;padding-left:29.25pt;padding-right:4.5pt;text-indent:-9pt">Total commission revenue</div></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,232,073 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,038,087 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,424,107 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,085,844 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:11pt">The following table presents sales-based and trailing commission revenue disaggregated by product category (in thousands):<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:35.649%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.715%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Commission revenue</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Sales-based</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Annuities</div></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">444,791 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">393,654 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">869,012 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">759,421 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Fixed income</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">82,014 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53,014 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">167,337 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">114,566 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Equities</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">58,751 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,811 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">116,291 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">96,885 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Mutual funds</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53,993 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">52,301 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">112,004 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,908 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Other</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">88,606 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">73,012 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">168,926 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">151,050 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:2pt;padding-left:24.75pt;padding-right:4.5pt">Total sales-based revenue</div></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">728,155 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">619,792 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,433,570 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,229,830 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 16.75pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom">Trailing</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Annuities</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">282,955 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">236,109 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">549,311 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">485,936 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Mutual funds</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">208,051 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">171,016 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">416,096 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">349,305 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12,912 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11,170 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">25,130 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20,773 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 25.75pt;text-align:left;vertical-align:bottom">Total trailing revenue</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">503,918 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">418,295 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">990,537 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">856,014 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:2pt;padding-left:24.75pt;padding-right:4.5pt">Total commission revenue</div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,232,073 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,038,087 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,424,107 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,085,844 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt">Asset-Based</div><div style="margin-bottom:6pt;margin-top:6pt">The following table sets forth asset-based revenue disaggregated by product category (in thousands):</div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.911%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.397%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.397%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.397%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.398%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Asset-based revenue</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Client cash</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">443,501 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">397,332 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">888,826 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">789,363 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Sponsorship programs</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">235,519 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">171,715 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">459,168 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">342,253 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Recordkeeping</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">156,124 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">133,300 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">307,955 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">265,972 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total asset-based revenue</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">835,144 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">702,347 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,655,949 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,397,588 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:9pt">Service and Fee</div><div style="margin-bottom:6pt;margin-top:6pt">The following table sets forth service and fee revenue disaggregated by recognition pattern (in thousands):</div><div style="margin-top:11pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:36.235%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.567%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Service and fee revenue</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Over time(1)</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">156,923 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">113,003 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">315,694 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">222,761 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Point-in-time(2)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">51,956 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">38,836 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">104,169 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">74,277 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total service and fee revenue</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">208,879 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">151,839 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">419,863 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">297,038 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div>_______________________________</div><div style="margin-bottom:7pt;margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Service and fee revenue recognized over time includes revenue such as brokerage account maintenance fees, error and omission insurance fees, and technology fees.</div><div style="margin-bottom:7pt;margin-top:3pt;padding-left:27pt;text-indent:-27pt">(2)Service and fee revenue recognized at a point-in-time includes revenue such as registration fees, account fees, and IRA termination fees.</div><div style="margin-bottom:6pt;margin-top:9pt">Unearned Revenue</div><div style="margin-bottom:6pt;margin-top:9pt">The Company records unearned revenue when cash payments are received or due in advance of the Company’s performance obligations, including amounts which are refundable. Unearned revenue increased from $265.0 million as of December 31, 2025 to $329.2 million as of June 30, 2026. The increase in unearned revenue for the six months ended June 30, 2026 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, partially offset by $264.3 million of revenue recognized during the six months ended June 30, 2026 that was included in the unearned revenue balance as of December 31, 2025.</div><div style="margin-bottom:9pt;margin-top:6pt">The Company receives cash in advance for advisory services to be performed and conferences to be held in future periods. For advisory services, revenue is recognized as the Company provides the administration, brokerage and execution services over time to satisfy the performance obligations. For conference revenue, the Company recognizes revenue as the conferences are held.</div>

727746000

629763000

1418323000

1245357000

262044000

223317000

528100000

457213000

82014000

53014000

167337000

114566000

58751000

47811000

116291000

96885000

101518000

84182000

194056000

171823000

1232073000

1038087000

2424107000

2085844000

<div style="margin-top:11pt">The following table presents sales-based and trailing commission revenue disaggregated by product category (in thousands):<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:35.649%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.715%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Commission revenue</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Sales-based</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Annuities</div></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">444,791 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">393,654 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">869,012 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">759,421 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Fixed income</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">82,014 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53,014 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">167,337 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">114,566 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Equities</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">58,751 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,811 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">116,291 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">96,885 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Mutual funds</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53,993 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">52,301 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">112,004 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,908 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Other</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">88,606 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">73,012 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">168,926 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">151,050 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:2pt;padding-left:24.75pt;padding-right:4.5pt">Total sales-based revenue</div></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">728,155 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">619,792 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,433,570 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,229,830 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 16.75pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom">Trailing</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Annuities</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">282,955 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">236,109 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">549,311 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">485,936 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Mutual funds</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">208,051 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">171,016 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">416,096 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">349,305 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12,912 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11,170 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">25,130 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20,773 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 25.75pt;text-align:left;vertical-align:bottom">Total trailing revenue</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">503,918 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">418,295 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">990,537 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">856,014 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:2pt;padding-left:24.75pt;padding-right:4.5pt">Total commission revenue</div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,232,073 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,038,087 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,424,107 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,085,844 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

444791000

393654000

869012000

759421000

82014000

53014000

167337000

114566000

58751000

47811000

116291000

96885000

53993000

52301000

112004000

107908000

88606000

73012000

168926000

151050000

728155000

619792000

1433570000

1229830000

282955000

236109000

549311000

485936000

208051000

171016000

416096000

349305000

12912000

11170000

25130000

20773000

503918000

418295000

990537000

856014000

1232073000

1038087000

2424107000

2085844000

<div style="margin-bottom:6pt;margin-top:6pt">The following table sets forth asset-based revenue disaggregated by product category (in thousands):</div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.911%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.397%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.397%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.397%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.398%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Asset-based revenue</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Client cash</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">443,501 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">397,332 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">888,826 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">789,363 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Sponsorship programs</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">235,519 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">171,715 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">459,168 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">342,253 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Recordkeeping</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">156,124 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">133,300 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">307,955 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">265,972 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total asset-based revenue</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">835,144 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">702,347 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,655,949 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,397,588 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 443501000 397332000 888826000 789363000 235519000 171715000 459168000 342253000 156124000 133300000 307955000 265972000 835144000 702347000 1655949000 1397588000 <div style="margin-bottom:6pt;margin-top:6pt">The following table sets forth service and fee revenue disaggregated by recognition pattern (in thousands):</div><div style="margin-top:11pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:36.235%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.567%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Service and fee revenue</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Over time(1)</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">156,923 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">113,003 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">315,694 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">222,761 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Point-in-time(2)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">51,956 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">38,836 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">104,169 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">74,277 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total service and fee revenue</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">208,879 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">151,839 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">419,863 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">297,038 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div>_______________________________</div><div style="margin-bottom:7pt;margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Service and fee revenue recognized over time includes revenue such as brokerage account maintenance fees, error and omission insurance fees, and technology fees.</div><div style="margin-bottom:7pt;margin-top:3pt;padding-left:27pt;text-indent:-27pt">(2)Service and fee revenue recognized at a point-in-time includes revenue such as registration fees, account fees, and IRA termination fees.</div> 156923000 113003000 315694000 222761000 51956000 38836000 104169000 74277000 208879000 151839000 419863000 297038000

265000000.0

329200000

264300000

ACQUISITIONS<div style="margin-bottom:9pt;margin-top:6pt">Acquisitions Completed in the Current Period</div><div style="margin-bottom:9pt;margin-top:6pt">During the six months ended June 30, 2026, the Company completed 13 acquisitions, five of which have been accounted for as business combinations and eight of which have been accounted for as asset acquisitions.</div><div style="margin-bottom:9pt;margin-top:6pt">Business Combinations</div><div style="margin-bottom:9pt;margin-top:6pt;text-align:justify">The Company accounted for five acquisitions under the acquisition method of accounting for business combinations. Total consideration for these transactions was $151.3 million, which included $122.9 million of cash, and liabilities of $26.6 million for contingent consideration, which represents the acquisition date fair value of the additional cash consideration that may be transferred to the sellers if certain asset growth is achieved in the years following the closing. This contingent consideration may be settled for amounts of up to $68.5 million in the years following the closing. </div><div style="margin-bottom:9pt;margin-top:6pt;text-align:justify">At June 30, 2026, the purchase accounting analysis is still ongoing and may result in changes to the value of intangible assets and liabilities recorded. The Company had provisionally allocated $40.0 million of the consideration to client relationships, which were assigned useful lives of 14 years, $81.5 million to advisor relationships, which were assigned useful lives of 15 years, and $29.8 million to goodwill. See Note 7 - Goodwill and Other Intangibles, Net, for additional information.</div><div style="margin-bottom:9pt;margin-top:6pt">Asset Acquisitions</div><div style="margin-bottom:9pt;margin-top:6pt">The Company accounted for eight acquisitions as asset acquisitions. These transactions included total initial consideration of $57.6 million, including $52.3 million which was allocated to client relationships and $5.3 million which was allocated to advisor relationships. These relationships were assigned useful lives of 14 years and 15 years, respectively, and the related transactions include potential contingent payments of up to $30.0 million in the </div><div style="margin-bottom:9pt;margin-top:6pt">years following the closing if certain asset growth is achieved. The Company has not recognized a liability for these contingent payments as the amounts to be paid will be uncertain until a future measurement date. Additionally, the Company recognized customer relationships of $34.5 million relating to cash paid for contingent consideration payments for asset acquisitions completed in prior periods for which the contingent period had ended in the current year. These customer relationships will be amortized over the remaining useful life of the asset that was initially recorded. See Note 7 - Goodwill and Other Intangibles, Net, for additional information.</div><div style="margin-bottom:9pt;margin-top:6pt">Acquisitions Completed in Prior Periods</div><div style="margin-bottom:9pt;margin-top:6pt">During the year ended December 31, 2025, the Company completed 34 acquisitions, six of which have been accounted for as business combinations and 28 of which were accounted for as asset acquisitions.</div><div style="margin-bottom:9pt;margin-top:6pt">Business Combinations</div><div style="margin-bottom:9pt;margin-top:6pt">Acquisition of Commonwealth Financial Network</div><div>On August 1, 2025, the Company acquired 100% of the outstanding equity interests of CFN, a privately-held independent wealth management firm headquartered in Massachusetts, in order to leverage its scale and enhance its capabilities. As part of the transaction, Commonwealth’s advisory and brokerage assets are expected to transition to the Company’s platform in the fourth quarter of 2026. Commonwealth's results were included in the Company's consolidated statements of income from August 1, 2025 through December 31, 2025 and consolidated statements of financial condition as of December 31, 2025. The Company accounted for the transaction under the acquisition method of accounting for business combinations.</div><div> </div><div style="margin-bottom:9pt;margin-top:6pt">The following table summarizes the cash funded at closing and total consideration transferred (dollars in thousands):</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.654%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.992%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.954%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash Funded at Close</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">August 1, 2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash consideration</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,927,371 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Cash for liabilities assumed(1)</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">405,823 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Cash for post-combination expenses(2)</div></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">419,049 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total cash funded at close</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,752,243 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Consideration</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">August 1, 2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,927,371 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other liabilities incurred</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">90,414 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total consideration</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,017,785 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table>____________________</div><div> </div><div style="margin-bottom:7pt;margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Liabilities assumed are reflected in the Accounts payable and accrued liabilities and Equity awards liability line items in the table below and were paid concurrently with the closing.</div><div style="margin-bottom:7pt;margin-top:3pt;padding-left:27pt;text-indent:-27pt">(2)The post-combination expenses were paid at the closing and primarily included $228.4 million of costs related to transaction bonuses and the acceleration of unvested equity awards which were classified as Compensation and benefits and $190.1 million of costs related to certain contract termination fees which were classified as Occupancy and equipment in the condensed consolidated financial statements in the three months ended September 30, 2025. </div><div>The following table summarizes the Company's provisional purchase price allocation at August 1, 2025 (dollars in thousands):</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.215%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.992%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.393%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Provisional Purchase Price Allocation(1)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">August 1, 2025</td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Fair value of consideration transferred</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,017,785 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Cash and equivalents</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">333,927 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Restricted cash</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">95,414</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Investment securities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">43,719</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Receivables from brokers, dealers and clearing organizations</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1,839</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Other receivables, net</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">55,788</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Advisor loans, net</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">92,716</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Property and equipment, net</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">7,769</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Intangible assets</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1,716,000</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Other assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">58,330</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Total identifiable assets acquired</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,405,502 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Accrued advisory and commission expenses payable</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">14,440</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Accounts payable and accrued liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">57,012</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Client payables</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">525</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Equity awards liability</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">382,231</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Unearned revenue</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">309,594</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Other liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">54,302</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Total liabilities assumed</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">818,104 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net assets acquired</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,587,398 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Goodwill</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">430,387 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div>____________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)The Company recorded provisional purchase accounting adjustments during the six months ended June 30, 2026 which resulted in a $7.1 million increase in other liabilities and goodwill, respectively. The purchase accounting analysis is ongoing and may result in changes to consideration based on working capital and other adjustments and the value of certain assets acquired and liabilities recorded.</div><div> </div><div>The goodwill primarily includes synergies expected to result from combining operations and is deductible for tax purposes. Other intangible assets comprised $1.7 billion of advisor relationships, which were assigned useful lives of 14 years, and $26.0 million of trade name intangible, which was assigned a useful life of 16 years. See Note 7 - Goodwill and Other Intangibles, Net for additional information. </div><div> </div><div>The fair value determination of certain assets acquired and liabilities assumed required the Company to make significant estimates and assumptions. Intangible assets were valued using an income approach with estimates and assumptions related to future net cash flows, discount and royalty rates. Advisor loans were valued using an income approach with assumptions related to net cash flows and conversion rates. The fair value of repayable loans was $88.0 million and approximates its carrying value.</div><div> </div><div style="margin-bottom:9pt;margin-top:6pt">Acquisition related costs incurred as part of the Commonwealth acquisition during the three and six months ended June 30, 2026 were $17.1 million and $30.4 million, respectively, and primarily comprised amounts related to professional services, which were included in the Company's condensed consolidated statements of income.</div><div>The following table presents unaudited pro forma results as if the acquisition of Commonwealth had occurred on January 1, 2024 (dollars in thousands):</div><div> </div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.245%"><tr><td style="width:1.0%"></td><td style="width:48.751%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.627%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.155%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.967%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial and Commonwealth Pro Forma Combined Financial Information (unaudited)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30, 2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30, 2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,817,029 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,895,171 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net income</td><td colspan="3" style="padding:0 1pt"></td><td style="padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:1.5pt 0;text-align:right;vertical-align:bottom">478,409 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:1.5pt 0;text-align:right;vertical-align:bottom">712,370 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div>The unaudited pro forma results above were prepared by combining the historical financial information of the Company and Commonwealth and making certain adjustments. Pro forma adjustments include the impact of amortization of intangible assets recognized as part of the acquisition, amortization of transition assistance loans made to advisors that will transition to the Company’s platform in 2026, and the impact of related interest and issuance costs of financing the transaction. The unaudited pro forma information does not reflect the potential benefits of cost and funding synergies, opportunities to earn additional revenues or other factors, and, therefore, does not represent the actual results that would have occurred had the companies actually been combined as of January 1, 2024.</div><div> </div><div>The Company financed this transaction through a combination of Corporate Cash, proceeds from the debt and equity issuances completed in April 2025, and borrowings under LPL Holdings, Inc.’s revolving credit facility. See Note 9 - Corporate Debt and Other Borrowings, Net and Note 11 - Stockholders’ Equity for additional information.</div><div style="margin-bottom:9pt;margin-top:6pt">Acquisition of The Investment Center, Inc. (“The Investment Center”)</div><div style="margin-bottom:9pt;margin-top:6pt">On March 4, 2025, the Company acquired The Investment Center for total consideration of $72.6 million, which included $72.2 million of cash and liabilities of $0.4 million for contingent consideration. The Company was introduced to The Investment Center as part of the acquisition of Atria Wealth Solutions, Inc. (“Atria”), and the cash consideration was prefunded in 2024 in conjunction with the close of the Atria acquisition. The Company subsequently transitioned The Investment Center’s brokerage and advisory assets to the Company’s platform. The transaction also includes potential contingent consideration of up to $10.4 million based on revenue growth in the years following the acquisition. The Company accounted for the acquisition under the acquisition method of accounting for business combinations. Acquisition related costs incurred during the year ended December 31, 2025 were $6.0 million, primarily related to costs which were classified as compensation and benefits expenses and promotional expenses in the Company's consolidated statements of income. The Company recorded purchase accounting adjustments during the year ended December 31, 2025 which resulted in a $2.0 million increase in cash consideration, a $6.1 million decrease in other liabilities, a $0.4 million decrease in advisor relationships, and a $3.7 million decrease in goodwill. As of December 31, 2025, the Company had allocated $43.5 million and $29.1 million of the consideration to advisor relationships and goodwill, respectively. The advisor relationships were assigned a useful life of 16 years. See Note 7 - Goodwill and Other Intangibles, Net, for additional information.</div><div style="margin-bottom:9pt;margin-top:6pt">Other Business Combinations</div><div style="margin-bottom:6pt;margin-top:9pt">The Company accounted for four acquisitions under the acquisition method of accounting for business combinations during the year ended December 31, 2025. Total consideration for these transactions was $75.2 million, which included $58.3 million of cash, and liabilities of $15.2 million for contingent consideration which represents the acquisition date fair value of the additional cash consideration that may be transferred to the sellers if certain asset or revenue growth metrics are achieved in the years following the closing. This contingent consideration may be settled for amounts of up to $46.9 million in the years following the closing. The Company allocated $63.3 million of the consideration to client relationships and $0.3 million to advisor relationships, which were assigned useful lives of 14 years to 15 years, and $11.6 million to goodwill. </div><div style="margin-bottom:9pt;margin-top:6pt">Asset Acquisitions</div><div style="margin-bottom:9pt;margin-top:6pt">The Company accounted for 28 other acquisitions as asset acquisitions during the year ended December 31, 2025. These transactions included total initial consideration of $227.9 million, including $222.4 million which was allocated to client relationships and $5.5 million which was allocated to advisor relationships. These transactions include potential contingent payments of up to $158.1 million in the years following the closing if certain asset growth is achieved. The Company has not recognized a liability for these contingent payments as the amounts to be paid will </div>be uncertain until a future measurement date. See Note 7 - Goodwill and Other Intangibles, Net, for additional information.

8 5

151300000

122900000

26600000

68500000

40000000.0

P14Y

81500000

P15Y

29800000

57600000

52300000 5300000

P14Y

P15Y

30000000.0

34500000

<div style="margin-bottom:9pt;margin-top:6pt">The following table summarizes the cash funded at closing and total consideration transferred (dollars in thousands):</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.654%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.992%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.954%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash Funded at Close</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">August 1, 2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash consideration</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,927,371 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Cash for liabilities assumed(1)</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">405,823 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Cash for post-combination expenses(2)</div></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">419,049 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total cash funded at close</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,752,243 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Consideration</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">August 1, 2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,927,371 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other liabilities incurred</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">90,414 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total consideration</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,017,785 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table>____________________</div><div> </div><div style="margin-bottom:7pt;margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Liabilities assumed are reflected in the Accounts payable and accrued liabilities and Equity awards liability line items in the table below and were paid concurrently with the closing.</div><div style="margin-bottom:7pt;margin-top:3pt;padding-left:27pt;text-indent:-27pt">(2)The post-combination expenses were paid at the closing and primarily included $228.4 million of costs related to transaction bonuses and the acceleration of unvested equity awards which were classified as Compensation and benefits and $190.1 million of costs related to certain contract termination fees which were classified as Occupancy and equipment in the condensed consolidated financial statements in the three months ended September 30, 2025. </div><div>The following table summarizes the Company's provisional purchase price allocation at August 1, 2025 (dollars in thousands):</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.215%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.992%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.393%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Provisional Purchase Price Allocation(1)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">August 1, 2025</td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Fair value of consideration transferred</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,017,785 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Cash and equivalents</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">333,927 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Restricted cash</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">95,414</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Investment securities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">43,719</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Receivables from brokers, dealers and clearing organizations</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1,839</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Other receivables, net</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">55,788</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Advisor loans, net</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">92,716</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Property and equipment, net</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">7,769</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Intangible assets</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1,716,000</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Other assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">58,330</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Total identifiable assets acquired</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,405,502 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Accrued advisory and commission expenses payable</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">14,440</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Accounts payable and accrued liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">57,012</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Client payables</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">525</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Equity awards liability</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">382,231</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Unearned revenue</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">309,594</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Other liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">54,302</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Total liabilities assumed</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">818,104 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net assets acquired</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,587,398 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Goodwill</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">430,387 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div>____________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)The Company recorded provisional purchase accounting adjustments during the six months ended June 30, 2026 which resulted in a $7.1 million increase in other liabilities and goodwill, respectively. The purchase accounting analysis is ongoing and may result in changes to consideration based on working capital and other adjustments and the value of certain assets acquired and liabilities recorded.</div>

1927371000

405823000 419049000 2752243000

1927371000

90414000

2017785000

228400000 190100000

2017785000

333927000

95414000

43719000

1839000

55788000

92716000

7769000

1716000000

58330000

2405502000

14440000

57012000

525000 382231000

309594000

54302000

818104000

1587398000

430387000

-7100000

1700000000

P14Y

26000000.0

P16Y

88000000.0

17100000

30400000

<div>The following table presents unaudited pro forma results as if the acquisition of Commonwealth had occurred on January 1, 2024 (dollars in thousands):</div><div> </div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.245%"><tr><td style="width:1.0%"></td><td style="width:48.751%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.627%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.155%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.967%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial and Commonwealth Pro Forma Combined Financial Information (unaudited)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30, 2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30, 2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,817,029 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">8,895,171 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net income</td><td colspan="3" style="padding:0 1pt"></td><td style="padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:1.5pt 0;text-align:right;vertical-align:bottom">478,409 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:1.5pt 0;text-align:right;vertical-align:bottom">712,370 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

4817029000

8895171000

478409000

712370000

72600000

72200000

400000

10400000

6000000.0

2000000.0 -6100000

-400000

-3700000

43500000

29100000

P16Y

75200000

58300000

15200000

46900000

63300000

300000

P14Y

P15Y

11600000

227900000

222400000 5500000

158100000

FAIR VALUE MEASUREMENTS<div style="margin-bottom:6pt;margin-top:6pt">Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Inputs used to measure fair value are prioritized within a three-level fair value hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: </div><div style="margin-top:6pt;padding-left:29.25pt">Level 1 — Quoted prices in active markets for identical assets or liabilities.</div><div style="margin-top:6pt;padding-left:29.25pt">Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</div><div style="margin-top:6pt;padding-left:29.25pt">Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.</div><div style="margin-top:6pt">There have been no transfers of assets or liabilities between these fair value measurement classifications during the six months ended June 30, 2026 or 2025. </div><div style="margin-top:6pt">The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At June 30, 2026 and December 31, 2025, the Company had the following financial assets and liabilities that are measured at fair value on a recurring basis:</div><div style="margin-top:6pt;padding-left:27pt">Cash Equivalents — The Company’s cash equivalents primarily include money market funds and U.S. government obligations, which are short term in nature with readily determinable values derived from active markets.</div><div style="margin-top:6pt;padding-left:27pt">Cash Equivalents Segregated Under Federal or Other Regulations — The Company’s cash equivalents segregated under federal or other regulations include U.S. treasury bills, which are short term in nature with readily determinable values derived from active markets.</div><div style="margin-top:6pt;padding-left:27pt">Restricted Cash — The Company’s restricted cash is primarily composed of U.S. government obligations and money market funds which are short term in nature with readily determinable values derived from active markets.</div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:27pt">Trading Securities and Securities Sold, But Not Yet Purchased — The Company’s trading securities consist of house account model portfolios established and managed for the purpose of benchmarking the performance of its fee-based advisory platforms and temporary positions resulting from the processing of client transactions. </div><div style="margin-top:6pt;padding-left:27pt">The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated when security prices move beyond a certain deviation threshold using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For negotiable certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At June 30, 2026 and December 31, 2025, the Company did not adjust prices received from the independent third-party pricing services.</div><div style="margin-top:6pt;padding-left:27pt">Other Assets — The Company’s other assets include: (1) deferred compensation plan assets that are invested in life insurance, money market and other mutual funds, which are actively traded and valued based </div><div style="margin-top:6pt;padding-left:27pt">on quoted market prices; and (2) certain non-traded real estate investment trusts, which are valued using quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data.</div><div style="margin-top:6pt;padding-left:27pt">Fractional Shares — The Company’s investment in fractional shares held by customers is reflected in other assets while the related purchase obligation for such shares is reflected in other liabilities. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its investment in fractional shares held by customers and the related repurchase obligation. Prices received from the pricing services are validated when security prices move beyond a certain deviation threshold using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. At June 30, 2026 and December 31, 2025, the Company did not adjust prices received from the independent third-party pricing services. </div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:27pt">Contingent Consideration — The Company measures contingent consideration liabilities at fair value at the acquisition date, as applicable, and thereafter on a recurring basis using unobservable (Level 3) inputs. These contingent consideration liabilities are reflected in other liabilities. See Note 4 - Acquisitions for additional information.</div><div style="margin-top:6pt">Level 3 Recurring Fair Value Measurements</div><div style="margin-top:6pt">The Company determines the fair value for its contingent consideration obligations using probability weighted and Monte-Carlo simulation models. Contingent payments are estimated by applying significant unobservable inputs, including forecasted growth rates applied to project future revenue or asset growth, conversion or retention rates, and discount rates which are based on the cost of debt and equity. These projections are measured against the performance targets specified in each respective acquisition agreement, which may include growth in assets under management, net new assets, asset conversion or retention, or revenue growth. Significant increases or decreases in the Company’s forecasted growth rates over the measurement period or discount rates would result in a higher or lower fair value measurement. </div><div style="margin-top:6pt">The following tables summarize inputs used in the measurement of contingent consideration (dollars in thousands):</div><div style="margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.642%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.753%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.114%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="18" style="border-bottom:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Quantitative Information About Level 3 Fair Value Measurements</div></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Type</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Valuation Techniques</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Unobservable Inputs</td><td colspan="9" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Range</td></tr><tr><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">105,432 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle">Contingent Consideration</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div>Monte-Carlo Simulation Model</div></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Forecasted Growth Rates</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2.5 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14.4 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Discount Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11.0 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14.5 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Equivalency Rate(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.6 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.1 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,200 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Contingent Consideration</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Probability Weighted Expected Return Method</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Conversion Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100.0 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr></table></div><div style="margin-top:5pt">____________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Equivalency rate is defined as the prevailing market interest rate used to discount future payments.</div><div style="margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:15.859%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.812%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.952%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.992%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.991%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="18" style="border-bottom:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Quantitative Information About Level 3 Fair Value Measurements</div></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Type</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Valuation Techniques</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Unobservable Inputs</td><td colspan="9" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Range</td></tr><tr><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">115,464 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle">Contingent Consideration</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div>Monte-Carlo Simulation Model</div></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Forecasted Growth Rates</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1.3 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26.0 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Discount Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12.0 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">17.9 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Equivalency Rate(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.7 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.9 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,574 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Contingent Consideration</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Probability Weighted Expected Return Method </div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Equivalency Rate(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.3 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.3 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Conversion Rate</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100.0 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="margin-top:5pt">____________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Equivalency rate is defined as the prevailing market interest rate used to discount future payments.</div><div style="margin-top:6pt">The following table summarizes the changes in fair value for the Company’s Level 3 liabilities during the periods presented (in thousands):</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:43.263%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.809%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.809%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.809%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.810%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.25pt">Balance - Beginning of period</div></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">134,277 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">161,372 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">196,898 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:13.5pt">Additions and purchase accounting adjustments</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9,844 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,374)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26,599 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,245)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:13.5pt">Payments</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(33,695)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(27,458)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(47,734)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(69,707)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:13.5pt">Fair value adjustments</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2,794)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">309 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,729 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,903 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.25pt">Balance - End of period</div></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">124,849 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">124,849 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div>Recurring Fair Value Measurements</div><div style="margin-top:6pt">The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.116%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.599%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 3</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash equivalents</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">55,840 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">55,840 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash equivalents segregated under federal or other regulations</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">523,157 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">523,157 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Restricted cash</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">138,459 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">138,459 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Investment securities — trading:</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">U.S. treasury obligations</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">140,031 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">140,031 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Mutual funds</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45,194 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45,194 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Equity securities</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,742 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,742 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Debt securities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total investment securities — trading</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">187,967 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">188,006 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other assets:</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Deferred compensation plan</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,247,873 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,247,873 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Fractional shares — investment(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,762 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,762 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Other investments</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,926 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,926 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total other assets:</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,669,635 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,926 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,671,561 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total assets at fair value</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,575,058 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,965 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,577,023 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other liabilities:</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Securities sold, but not yet purchased:</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 32.5pt;text-align:left;vertical-align:bottom">Equity securities</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">42 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">42 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:31.5pt">Debt securities</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">250 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">250 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total securities sold, but not yet purchased</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">42 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">250 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">292 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Fractional shares — repurchase obligation(1)</div></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,762 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,762 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Contingent consideration</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total other liabilities</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,804 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">250 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">529,686 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total liabilities at fair value</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">421,804 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">250 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">529,686 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt">____________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s dividend reinvestment program (“DRIP”).</div><div style="margin-top:6pt">The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.116%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.599%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">December 31, 2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 3</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash equivalents</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,377 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,377 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash equivalents segregated under federal or other regulations</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">821,334 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">821,334 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Restricted cash</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">127,585 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">127,585 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Investment securities — trading:</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">U.S. treasury obligations</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">40,029 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">40,029 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Mutual funds</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">33,559 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">33,559 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Equity securities</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,505 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,505 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Debt securities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total investment securities — trading</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">76,093 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">76,108 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other assets:</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Deferred compensation plan</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,097,514 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,097,514 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Fractional shares — investment(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,683 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,683 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Other investments</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,423 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,423 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total other assets</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,469,197 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,423 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,471,620 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total assets at fair value</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,598,586 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,438 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,601,024 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other liabilities:</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Securities sold, but not yet purchased:</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 32.5pt;text-align:left;vertical-align:bottom">Equity securities</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">174 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">174 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total securities sold, but not yet purchased</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">174 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">174 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Fractional shares — repurchase obligation(1)</div></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,683 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,683 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"> Contingent consideration</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total other liabilities</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,857 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">495,895 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total liabilities at fair value</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">371,857 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">495,895 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt">____________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP. </div><div style="margin-top:6pt">Fair Value of Financial Instruments Not Measured at Fair Value</div><div style="margin-top:5pt">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):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.420%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.600%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 3</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Fair Value</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,219,850 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,219,850 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,219,850 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash segregated under federal or other regulations</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">897,010 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">897,010 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">897,010 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Restricted cash</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">94,430 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">94,430 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">94,430 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Receivables from clients, net</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">994,139 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">994,139 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">994,139 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Receivables from brokers, dealers and clearing organizations</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">244,302 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">244,302 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">244,302 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Advisor repayable loans, net(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">387,626 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">310,764 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">310,764 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other receivables, net</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,427,985 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,427,985 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,427,985 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Investment securities — held-to-maturity securities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,493 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,442 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,442 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Other assets:</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Securities borrowed</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,506 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,506 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,506 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Deferred compensation plan(2)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13,481 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13,481 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13,481 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Other investments(3)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,259 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,259 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,259 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Total other assets</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24,246 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13,481 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,765 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24,246 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Client payables</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,256,333 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,256,333 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,256,333 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Payables to brokers, dealers and clearing organizations</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">599,397 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">599,397 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">599,397 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Corporate debt and other borrowings, net</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,460,510 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,497,955 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,497,955 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.420%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.600%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">December 31, 2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 3</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Fair Value</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">933,001 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">933,001 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">933,001 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash segregated under federal or other regulations</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">970,730 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">970,730 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">970,730 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Restricted cash</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">97,713 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">97,713 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">97,713 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Receivables from clients, net</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">803,206 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">803,206 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">803,206 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Receivables from brokers, dealers and clearing organizations</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">70,897 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">70,897 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">70,897 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Advisor repayable loans, net(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">406,793 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">335,050 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">335,050 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other receivables, net</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,203,539 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,203,539 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,203,539 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Investment securities - held-to-maturity securities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,420 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,520 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,520 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Other assets:</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Deferred compensation plan(2)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,038 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,038 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,038 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Securities borrowed</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,789 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,789 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,789 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Other investments(3)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,874 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,874 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,874 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Total other assets</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19,701 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,038 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9,663 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19,701 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Client payables</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,308,275 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,308,275 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,308,275 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Payables to brokers, dealers and clearing organizations</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">150,520 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">150,520 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">150,520 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Corporate debt and other borrowings, net</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,258,694 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,420,447 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,420,447 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table>__________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Includes repayable loans and forgivable loans which have converted to repayable upon advisor termination or change in agreed upon terms.</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(2)Includes cash balances awaiting investment or distribution to plan participants.</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(3)Other investments include Depository Trust Company common shares and Federal Reserve stock.</div>

<div style="margin-top:6pt">The following tables summarize inputs used in the measurement of contingent consideration (dollars in thousands):</div><div style="margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.642%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.753%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.114%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="18" style="border-bottom:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Quantitative Information About Level 3 Fair Value Measurements</div></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Type</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Valuation Techniques</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Unobservable Inputs</td><td colspan="9" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Range</td></tr><tr><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">105,432 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle">Contingent Consideration</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div>Monte-Carlo Simulation Model</div></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Forecasted Growth Rates</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2.5 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14.4 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Discount Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11.0 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14.5 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Equivalency Rate(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.6 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.1 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,200 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Contingent Consideration</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Probability Weighted Expected Return Method</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Conversion Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100.0 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr></table></div><div style="margin-top:5pt">____________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Equivalency rate is defined as the prevailing market interest rate used to discount future payments.</div><div style="margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:15.859%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.812%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.952%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.992%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.991%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="18" style="border-bottom:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Quantitative Information About Level 3 Fair Value Measurements</div></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Type</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Valuation Techniques</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Unobservable Inputs</td><td colspan="9" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Range</td></tr><tr><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">115,464 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle">Contingent Consideration</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div>Monte-Carlo Simulation Model</div></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Forecasted Growth Rates</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1.3 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26.0 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Discount Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12.0 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">17.9 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Equivalency Rate(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.7 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.9 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,574 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Contingent Consideration</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Probability Weighted Expected Return Method </div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Equivalency Rate(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.3 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.3 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Conversion Rate</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">-</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100.0 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="margin-top:5pt">____________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Equivalency rate is defined as the prevailing market interest rate used to discount future payments.</div>

105432000

0.025

0.144

0.110

0.145

0.046

0.051

2200000

1.000

107632000

115464000

0.013

0.260

0.120

0.179

0.047

0.059

8574000

0.053

1.000

124038000

<div style="margin-top:6pt">The following table summarizes the changes in fair value for the Company’s Level 3 liabilities during the periods presented (in thousands):</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:43.263%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.809%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.809%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.809%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.810%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.25pt">Balance - Beginning of period</div></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">134,277 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">161,372 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">196,898 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:13.5pt">Additions and purchase accounting adjustments</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9,844 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,374)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26,599 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,245)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:13.5pt">Payments</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(33,695)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(27,458)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(47,734)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(69,707)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:13.5pt">Fair value adjustments</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2,794)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">309 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,729 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,903 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.25pt">Balance - End of period</div></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">124,849 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">124,849 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

134277000

161372000

124038000

196898000

9844000

-9374000

26599000

-9245000

33695000

27458000

47734000

69707000

-2794000

309000

4729000

6903000

107632000

124849000

107632000

124849000

<div style="margin-top:6pt">The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.116%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.599%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 3</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash equivalents</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">55,840 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">55,840 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash equivalents segregated under federal or other regulations</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">523,157 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">523,157 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Restricted cash</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">138,459 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">138,459 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Investment securities — trading:</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">U.S. treasury obligations</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">140,031 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">140,031 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Mutual funds</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45,194 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45,194 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Equity securities</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,742 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,742 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Debt securities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total investment securities — trading</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">187,967 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">188,006 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other assets:</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Deferred compensation plan</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,247,873 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,247,873 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Fractional shares — investment(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,762 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,762 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Other investments</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,926 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,926 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total other assets:</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,669,635 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,926 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,671,561 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total assets at fair value</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,575,058 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,965 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,577,023 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other liabilities:</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Securities sold, but not yet purchased:</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 32.5pt;text-align:left;vertical-align:bottom">Equity securities</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">42 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">42 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:31.5pt">Debt securities</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">250 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">250 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total securities sold, but not yet purchased</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">42 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">250 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">292 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Fractional shares — repurchase obligation(1)</div></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,762 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,762 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Contingent consideration</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total other liabilities</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,804 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">250 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">529,686 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total liabilities at fair value</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">421,804 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">250 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">529,686 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt">____________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s dividend reinvestment program (“DRIP”).</div><div style="margin-top:6pt">The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.116%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.599%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">December 31, 2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 3</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash equivalents</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,377 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,377 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash equivalents segregated under federal or other regulations</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">821,334 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">821,334 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Restricted cash</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">127,585 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">127,585 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Investment securities — trading:</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">U.S. treasury obligations</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">40,029 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">40,029 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Mutual funds</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">33,559 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">33,559 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Equity securities</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,505 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,505 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Debt securities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total investment securities — trading</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">76,093 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">76,108 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other assets:</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Deferred compensation plan</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,097,514 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,097,514 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Fractional shares — investment(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,683 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,683 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Other investments</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,423 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,423 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total other assets</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,469,197 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,423 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,471,620 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total assets at fair value</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,598,586 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,438 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,601,024 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other liabilities:</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Securities sold, but not yet purchased:</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 32.5pt;text-align:left;vertical-align:bottom">Equity securities</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">174 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">174 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total securities sold, but not yet purchased</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">174 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">174 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Fractional shares — repurchase obligation(1)</div></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,683 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,683 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"> Contingent consideration</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total other liabilities</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,857 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">495,895 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total liabilities at fair value</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">371,857 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">495,895 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt">____________________</div>(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP.

55840000

523157000

138459000

140031000

45194000

2742000

39000

187967000

39000

188006000

1247873000

421762000

1926000

1669635000

1926000

1671561000

2575058000

1965000

2577023000

42000

250000

42000

250000

292000

421762000

107632000

421804000

250000

107632000

529686000

421804000

250000

107632000

529686000

104377000

821334000

127585000

40029000

33559000

2505000

15000

76093000

15000

76108000

1097514000

371683000

2423000

1469197000

2423000

1471620000

2598586000

2438000

2601024000

174000

371683000

124038000

371857000

124038000

495895000

371857000

124038000

495895000

<div style="margin-top:5pt">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):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.420%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.600%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 3</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Fair Value</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,219,850 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,219,850 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,219,850 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash segregated under federal or other regulations</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">897,010 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">897,010 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">897,010 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Restricted cash</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">94,430 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">94,430 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">94,430 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Receivables from clients, net</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">994,139 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">994,139 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">994,139 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Receivables from brokers, dealers and clearing organizations</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">244,302 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">244,302 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">244,302 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Advisor repayable loans, net(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">387,626 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">310,764 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">310,764 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other receivables, net</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,427,985 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,427,985 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,427,985 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Investment securities — held-to-maturity securities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,493 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,442 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,442 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Other assets:</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Securities borrowed</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,506 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,506 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,506 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Deferred compensation plan(2)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13,481 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13,481 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13,481 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Other investments(3)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,259 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,259 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,259 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Total other assets</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24,246 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13,481 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,765 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24,246 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Client payables</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,256,333 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,256,333 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,256,333 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Payables to brokers, dealers and clearing organizations</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">599,397 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">599,397 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">599,397 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Corporate debt and other borrowings, net</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,460,510 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,497,955 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,497,955 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.420%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.600%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">December 31, 2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Level 3</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Fair Value</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">933,001 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">933,001 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">933,001 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Cash segregated under federal or other regulations</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">970,730 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">970,730 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">970,730 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Restricted cash</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">97,713 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">97,713 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">97,713 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Receivables from clients, net</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">803,206 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">803,206 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">803,206 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Receivables from brokers, dealers and clearing organizations</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">70,897 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">70,897 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">70,897 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Advisor repayable loans, net(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">406,793 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">335,050 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">335,050 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Other receivables, net</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,203,539 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,203,539 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,203,539 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Investment securities - held-to-maturity securities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,420 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,520 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,520 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Other assets:</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Deferred compensation plan(2)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,038 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,038 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,038 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Securities borrowed</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,789 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,789 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,789 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Other investments(3)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,874 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,874 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,874 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Total other assets</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19,701 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,038 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9,663 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19,701 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Client payables</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,308,275 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,308,275 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,308,275 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Payables to brokers, dealers and clearing organizations</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">150,520 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">150,520 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">150,520 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Corporate debt and other borrowings, net</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,258,694 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,420,447 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,420,447 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table>__________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)Includes repayable loans and forgivable loans which have converted to repayable upon advisor termination or change in agreed upon terms.</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(2)Includes cash balances awaiting investment or distribution to plan participants.</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(3)Other investments include Depository Trust Company common shares and Federal Reserve stock.</div>

1219850000

897010000

94430000

994139000

244302000

387626000

310764000

1427985000

15493000

15442000

3506000

13481000

7259000

24246000

13481000

10765000

24246000

2256333000 0 0 2256333000 0 0 2256333000 2256333000 599397000 0 0 599397000 0 0 599397000 599397000

7460510000

7497955000

933001000

970730000

97713000

803206000

70897000

406793000

335050000

1203539000

15420000

15520000

10038000

1789000

7874000

19701000

10038000

9663000

19701000

2308275000 0 2308275000 0 2308275000 150520000 0 150520000 0 150520000

7258694000

7420447000

INVESTMENT SECURITIES<div>The Company’s investment securities include debt and equity securities that the Company has classified as trading securities, which are carried at fair value, as well as investments in U.S. government notes, which are held by PTC to satisfy minimum capital requirements of the Office of the Comptroller of the Currency. The U.S. government notes are recorded at amortized cost and classified as held-to-maturity as the Company has both the intent and ability to hold these investments to maturity. </div><div> </div><div>The following table summarizes investment securities (in thousands):</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.689%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.714%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Trading securities — at fair value:</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">U.S. treasury obligations</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">140,031 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">40,029 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Mutual funds</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45,194 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">33,559 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Equity securities</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,742 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,505 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Debt securities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;text-indent:18pt;vertical-align:middle">Total trading securities</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">188,006 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">76,108 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Held-to-maturity securities — at amortized cost:</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">U.S. government notes</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,493 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,420 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;text-indent:18pt;vertical-align:middle">Total held-to-maturity securities</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">15,493 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">15,420 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Total investment securities</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">203,499 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">91,528 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr></table> </div><div style="margin-top:6pt">At June 30, 2026, the held-to-maturity securities were scheduled to mature as follows (in thousands):</div><div style="margin-bottom:9pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.420%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.600%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Within one year</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">After one but within five years</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">After five but within ten years</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">After ten years</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">U.S. government notes — at amortized cost</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,428 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,065 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,493 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">U.S. government notes — at fair value</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,446 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,996 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,442 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div>The following table summarizes investment securities (in thousands):</div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.689%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.714%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Trading securities — at fair value:</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">U.S. treasury obligations</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">140,031 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">40,029 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Mutual funds</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45,194 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">33,559 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Equity securities</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,742 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,505 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Debt securities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;text-indent:18pt;vertical-align:middle">Total trading securities</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">188,006 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">76,108 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Held-to-maturity securities — at amortized cost:</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">U.S. government notes</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,493 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,420 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;text-indent:18pt;vertical-align:middle">Total held-to-maturity securities</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">15,493 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">15,420 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Total investment securities</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">203,499 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">91,528 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr></table>

140031000

40029000

45194000

33559000

2742000

2505000

39000

15000

188006000

76108000

15493000

15420000

15493000

15420000

203499000

91528000

<div style="margin-top:6pt">At June 30, 2026, the held-to-maturity securities were scheduled to mature as follows (in thousands):</div><div style="margin-bottom:9pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.420%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.600%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Within one year</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">After one but within five years</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">After five but within ten years</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">After ten years</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">U.S. government notes — at amortized cost</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,428 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">10,065 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,493 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">U.S. government notes — at fair value</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,446 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9,996 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">15,442 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

5428000

10065000

15493000

5446000

9996000

15442000

GOODWILL AND OTHER INTANGIBLES, NET<div style="margin-bottom:6pt;margin-top:6pt">A summary of the activity impacting goodwill is presented below (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:86.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.035%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Balance at December 31, 2024</td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,172,873 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Goodwill acquired</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">497,885 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Purchase accounting adjustments</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(26,035)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Balance at December 31, 2025</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,644,723 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Goodwill acquired</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">29,854 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Purchase accounting adjustments</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,084 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Balance at June 30, 2026</div></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,681,661 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt">The Company completed various acquisitions, which were accounted for under the acquisition method of accounting for business combinations and as asset acquisitions, and recorded purchase accounting adjustments during the periods presented. See Note 4 - Acquisitions, for additional information.</div><div style="margin-bottom:9pt;margin-top:6pt">The components of other intangibles, net were as follows at June 30, 2026 (in thousands): </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.069%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.742%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.036%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted-Average Life Remaining (in years)</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Gross Carrying Value</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"> Accumulated Amortization</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Net Carrying Value</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Definite-lived intangibles, net(1):</div></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Advisor and institution relationships</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">13.2</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,437,483 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">(954,637)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,482,846 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Client relationships</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">11.9</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,064,017 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(183,203)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">880,814 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Trade name</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">15.1</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,490)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24,510 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Technology</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2.6</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20,930 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(16,325)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,605 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Product sponsor relationships</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">0.8</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">234,086 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(233,083)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,003 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total definite-lived intangible assets, net</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,782,516 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1,388,738)</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,393,778 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other indefinite-lived intangibles:</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Trademark and trade name</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39,819 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total other intangibles, net</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,433,597 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:3pt">_______________________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)During the six months ended June 30, 2026, the Company completed various acquisitions. See Note 4 - Acquisitions, for additional information.</div><div style="margin-bottom:6pt;margin-top:6pt">The components of other intangibles, net were as follows at December 31, 2025 (in thousands): </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.069%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.742%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.036%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted-Average Life Remaining (in years)</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Gross Carrying Value</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"> Accumulated Amortization</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Net Carrying Value</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Definite-lived intangibles, net(1):</div></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Advisor and institution relationships</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">13.6</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,350,706 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">(859,100)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,491,606 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Client relationships</div></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">12.3</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">909,868 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(143,039)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">766,829 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Trade name</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">15.6</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(677)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">25,323 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Technology</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3.0</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20,930 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15,443)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,487 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Product sponsor relationships</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">1.2</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">234,086 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(232,362)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,724 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total definite-lived intangibles, net</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,541,590 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1,250,621)</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,290,969 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other indefinite-lived intangibles:</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Trademark and trade name</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39,819 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total other intangibles, net</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,330,788 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:3pt">_______________________________</div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1) During the year ended December 31, 2025, the Company completed various acquisitions. See Note 4 - Acquisitions, for additional information.</div><div style="margin-top:6pt">Total amortization of other intangibles was $70.9 million and $46.1 million for the three months ended June 30, 2026 and 2025, respectively, and $138.1 million and $89.6 million for the six months ended June 30, 2026 and 2025, respectively. Future amortization is estimated as follows (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:86.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.638%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2026 - remainder</td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">138,407 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">273,078 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">271,380 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">265,022 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">262,544 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,183,347 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Total</div></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,393,778 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="margin-bottom:6pt;margin-top:6pt">A summary of the activity impacting goodwill is presented below (in thousands):</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:86.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.035%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Balance at December 31, 2024</td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,172,873 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Goodwill acquired</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">497,885 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Purchase accounting adjustments</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(26,035)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Balance at December 31, 2025</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,644,723 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Goodwill acquired</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">29,854 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Purchase accounting adjustments</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,084 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Balance at June 30, 2026</div></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,681,661 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

2172873000

497885000

-26035000

2644723000

29854000

7084000

2681661000

<div style="margin-bottom:9pt;margin-top:6pt">The components of other intangibles, net were as follows at June 30, 2026 (in thousands): </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.069%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.742%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.036%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted-Average Life Remaining (in years)</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Gross Carrying Value</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"> Accumulated Amortization</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Net Carrying Value</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Definite-lived intangibles, net(1):</div></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Advisor and institution relationships</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">13.2</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,437,483 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">(954,637)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,482,846 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Client relationships</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">11.9</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,064,017 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(183,203)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">880,814 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Trade name</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">15.1</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,490)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24,510 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Technology</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2.6</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20,930 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(16,325)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,605 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Product sponsor relationships</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">0.8</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">234,086 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(233,083)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,003 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total definite-lived intangible assets, net</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,782,516 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1,388,738)</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,393,778 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other indefinite-lived intangibles:</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Trademark and trade name</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39,819 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total other intangibles, net</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,433,597 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:3pt">_______________________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)During the six months ended June 30, 2026, the Company completed various acquisitions. See Note 4 - Acquisitions, for additional information.</div><div style="margin-bottom:6pt;margin-top:6pt">The components of other intangibles, net were as follows at December 31, 2025 (in thousands): </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.069%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.742%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.036%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted-Average Life Remaining (in years)</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Gross Carrying Value</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"> Accumulated Amortization</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Net Carrying Value</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Definite-lived intangibles, net(1):</div></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Advisor and institution relationships</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">13.6</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,350,706 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">(859,100)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,491,606 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Client relationships</div></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">12.3</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">909,868 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(143,039)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">766,829 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Trade name</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">15.6</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(677)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">25,323 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Technology</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3.0</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20,930 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15,443)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,487 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Product sponsor relationships</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">1.2</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">234,086 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(232,362)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,724 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total definite-lived intangibles, net</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,541,590 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1,250,621)</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,290,969 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other indefinite-lived intangibles:</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Trademark and trade name</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39,819 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Total other intangibles, net</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,330,788 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:3pt">_______________________________</div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1) During the year ended December 31, 2025, the Company completed various acquisitions. See Note 4 - Acquisitions, for additional information.</div>

P13Y2M12D

3437483000

954637000

2482846000

P11Y10M24D

1064017000

183203000

880814000

P15Y1M6D

26000000

1490000

24510000

P2Y7M6D

20930000

16325000

4605000

P0Y9M18D

234086000

233083000

1003000

4782516000

1388738000

3393778000

39819000

3433597000

P13Y7M6D

3350706000

859100000

2491606000

P12Y3M18D

909868000

143039000

766829000

P15Y7M6D

26000000

677000

25323000

P3Y

20930000

15443000

5487000

P1Y2M12D

234086000

232362000

1724000

4541590000

1250621000

3290969000

39819000

3330788000

70900000

46100000

138100000

89600000

Future amortization is estimated as follows (in thousands):<div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:86.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.638%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2026 - remainder</td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">138,407 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">273,078 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">271,380 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">265,022 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">262,544 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,183,347 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Total</div></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,393,778 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

138407000

273078000

271380000

265022000

262544000

2183347000

3393778000

OTHER ASSETS AND OTHER LIABILITIES<div style="margin-top:6pt">The components of other assets and other liabilities were as follows (dollars in thousands):</div><div style="margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.543%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.443%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.714%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other assets:</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Deferred compensation</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,261,354 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,107,552 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Prepaid assets</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">245,567 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">240,010 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Fractional shares — investment</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,762 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,683 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Deferred tax assets, net</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">73,491 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">78,222 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Operating lease assets</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">187,720 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">173,544 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Referral fee</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">119,755 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">106,038 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Income tax receivables</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24,083 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53,245 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Debt issuance costs, net</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9,849 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,824 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">74,591 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">61,326 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;text-indent:18pt;vertical-align:middle">Total other assets</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">2,418,172 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,202,444 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other liabilities:</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Deferred compensation</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,252,888 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,100,018 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Unearned revenue</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">329,239 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">265,024 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Fractional shares — repurchase obligation</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,762 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,683 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Operating lease liabilities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">224,851 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">203,970 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Financing obligation liabilities</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,703 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">108,433 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Taxes payable</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">75,590 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">69,348 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Contingent consideration</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,964 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,001 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;text-indent:18pt;vertical-align:middle">Total other liabilities</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,524,629 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,247,515 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="margin-top:6pt">The components of other assets and other liabilities were as follows (dollars in thousands):</div><div style="margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.543%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.443%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.714%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other assets:</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Deferred compensation</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,261,354 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,107,552 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Prepaid assets</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">245,567 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">240,010 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Fractional shares — investment</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,762 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,683 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Deferred tax assets, net</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">73,491 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">78,222 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Operating lease assets</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">187,720 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">173,544 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Referral fee</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">119,755 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">106,038 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Income tax receivables</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24,083 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53,245 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Debt issuance costs, net</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9,849 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,824 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">74,591 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">61,326 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;text-indent:18pt;vertical-align:middle">Total other assets</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">2,418,172 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,202,444 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other liabilities:</td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Deferred compensation</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,252,888 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,100,018 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Unearned revenue</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">329,239 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">265,024 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Fractional shares — repurchase obligation</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">421,762 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">371,683 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Operating lease liabilities</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">224,851 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">203,970 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Financing obligation liabilities</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,703 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">108,433 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Taxes payable</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">75,590 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">69,348 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt">Contingent consideration</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,632 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">124,038 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,964 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,001 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;text-indent:18pt;vertical-align:middle">Total other liabilities</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,524,629 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,247,515 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

1261354000 1107552000

245567000

240010000

421762000 371683000

73491000

78222000

187720000

173544000

119755000 106038000

24083000

53245000

9849000

10824000

74591000

61326000

2418172000

2202444000

1252888000

1100018000

329239000

265024000

421762000 371683000

224851000

203970000

107703000 108433000

75590000

69348000

107632000

124038000

4964000

5001000

2524629000

2247515000

CORPORATE DEBT AND OTHER BORROWINGS, NET<div style="margin-top:6pt">The Company’s outstanding corporate debt and other borrowings, net were as follows (in thousands): </div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:28.578%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.204%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.502%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.204%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.674%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Corporate Debt</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"> </div><div style="text-align:center">Balance</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Applicable </div><div style="text-align:center">Margin</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Interest Rate</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"> </div><div style="text-align:center">Balance</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Applicable </div><div style="text-align:center">Margin</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Interest rate</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Maturity</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Term Loan A(1)</div></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,020,000 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR+125 bps</div></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.902 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,020,000 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR+125 bps</div></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.984 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">12/5/2028</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2027 Senior Notes(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.700 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.700 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">5/20/2027</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2027 Senior Notes(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.625 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.625 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">11/15/2027</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2028 Senior Notes(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.900 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.900 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">4/3/2028</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2028 Senior Notes(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">750,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.750 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">750,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.750 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">11/17/2028</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2029 Senior Notes(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">900,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">900,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3/15/2029</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2030 Senior Notes(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">750,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.200 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">750,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.200 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3/15/2030</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2030 Senior Notes(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.150 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.150 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">6/15/2030</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2031 Senior Notes(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.375 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.375 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">5/15/2031</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2034 Senior Notes(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">5/20/2034</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2035 Senior Notes(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.650 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.650 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3/15/2035</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2035 Senior Notes(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.750 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.750 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">6/15/2035</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Total Corporate Debt</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,220,000 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,220,000 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Less: Unamortized Debt Issuance Cost</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(35,490)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(40,306)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Corporate debt, net</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">7,184,510 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">7,179,694 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other Borrowings</td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Revolving Credit Facility</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">276,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">ABR+37.5 bps / SOFR+147.5 bps</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.099 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">79,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">ABR+37.5 bps / SOFR+147.5 bps</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.634 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">5/20/2029</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Total other borrowings</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">276,000 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">79,000 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Corporate Debt and Other Borrowings, Net</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">7,460,510 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">7,258,694 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr></table></div><div>_______________________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)No leverage or interest coverage maintenance covenants.</div><div style="margin-top:3pt"> </div><div style="margin-top:6pt">The following table presents amounts outstanding and available under the Company’s external lines of credit at June 30, 2026 (in millions):</div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.929%"><tr><td style="width:1.0%"></td><td style="width:34.948%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.150%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.452%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.022%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.928%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Description</td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Borrower</td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Maturity Date</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Outstanding</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Available</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Senior unsecured, revolving credit facility</div></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Holdings, Inc.</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">May 2029</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">276 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,973 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Broker-dealer revolving credit facility</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">May 2027</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unsecured, uncommitted lines of credit</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">None</td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">75 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unsecured, uncommitted lines of credit</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">September 2026</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">50 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Secured, uncommitted lines of credit</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">March 2028</td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">75 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Secured, uncommitted lines of credit</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">None</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">unspecified</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Secured, uncommitted lines of credit</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">None</td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">unspecified</td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt">Extension of Term Loan A Facility </div><div>On November 21, 2025, LPLH refinanced its existing $1.0 billion Term Loan A facility extending its maturity to December 5, 2028. Additionally, the Company's borrowing rate applicable to the Term Loan A decreased by 0.125% at all pricing levels.</div><div style="margin-bottom:6pt;margin-top:6pt">Issuance of 2028 4.900% Senior Notes, 2030 5.150% Senior Notes, and 2035 5.750% Senior Notes</div><div>On April 3, 2025, the Company completed the issuance and sale of $500.0 million in aggregate principal amount of 4.900% senior unsecured notes due 2028 (“2028 4.900% Senior Notes”), $500.0 million in aggregate principal amount of 5.150% senior unsecured notes due 2030 (“2030 5.150% Senior Notes”) and $500.0 million in aggregate principal amount of 5.750% senior unsecured notes due 2035 (“2035 5.750% Senior Notes”). The proceeds of the issuance were utilized to fund the acquisition of Commonwealth.</div><div style="margin-bottom:6pt;margin-top:6pt">The 2028 4.900% Senior Notes will mature on April 3, 2028, and interest is payable semi-annually. The Company may redeem all or part of the 2028 4.900% Senior Notes on or prior to March 3, 2028 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Sixth Supplemental Indenture dated April 3, 2025) plus 20 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2028 4.900% Senior Notes to be redeemed plus accrued interest. On or after March 3, 2028, the Company may redeem the 2028 4.900% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.</div><div style="margin-bottom:6pt;margin-top:6pt">The 2030 5.150% Senior Notes will mature on June 15, 2030, and interest is payable semi-annually. The Company may redeem all or part of the 2030 5.150% Senior Notes on or prior to May 15, 2030 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Seventh Supplemental Indenture dated April 3, 2025) plus 20 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2030 5.150% Senior Notes to be redeemed plus accrued interest. On or after May 15, 2030, the Company may redeem the 2030 5.150% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.</div><div style="margin-bottom:6pt;margin-top:6pt">The 2035 5.750% Senior Notes will mature on June 15, 2035, and interest is payable semi-annually. The Company may redeem all or part of the 2035 5.750% Senior Notes on or prior to March 15, 2035 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Eighth Supplemental Indenture dated April 3, 2025) plus 25 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2035 5.750% Senior Notes to be redeemed plus accrued interest. On or after March 15, 2035, the Company may redeem the 2035 5.750% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.</div><div style="margin-bottom:6pt;margin-top:6pt">In connection with the issuance of the 2028 4.900% Senior Notes, 2030 5.150% Senior Notes and 2035 5.750% Senior Notes, the Company incurred $11.0 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition. </div><div style="margin-bottom:6pt;margin-top:6pt">Issuance of 2030 5.200% Senior Notes and 2035 5.650% Senior Notes</div><div style="margin-bottom:6pt;margin-top:6pt">On February 26, 2025, LPLH issued $750.0 million in aggregate principal amount of 5.200% senior notes due 2030 (“2030 5.200% Senior Notes”) and $500.0 million in aggregate principal amount of 5.650% senior notes due 2035 (the “2035 5.650% Senior Notes”). The 2030 5.200% Senior Notes and 2035 5.650% Senior Notes are unsecured obligations of the Company and are fully and unconditionally guaranteed on a senior unsecured basis by LPLFH. The Company used a portion of the proceeds from the issuance to repay borrowings made under its senior unsecured revolving credit facility and for general corporate purposes.</div><div style="margin-bottom:6pt;margin-top:6pt">The 2030 5.200% Senior Notes will mature on March 15, 2030, and interest is payable semi-annually. The Company may redeem all or part of the 2030 5.200% Senior Notes on or prior to February 15, 2030 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Fourth Supplemental Indenture dated February 26, 2025) plus 15 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2030 5.200% Senior Notes to be redeemed plus accrued interest. On or after February 15, 2030, the Company may redeem the 2030 5.200% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.</div><div style="margin-bottom:6pt;margin-top:6pt">The 2035 5.650% Senior Notes will mature on March 15, 2035, and interest is payable semi-annually. The Company may redeem all or part of the 2035 5.650% Senior Notes on or prior to December 15, 2034 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Fifth Supplemental Indenture dated February 26, 2025) plus 20 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2035 5.650% Senior Notes to be redeemed plus accrued interest. On or after December 15, 2034, the Company may redeem the 2035 5.650% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest. </div><div style="margin-bottom:6pt;margin-top:6pt">In connection with the issuance of the 2030 5.200% Senior Notes and 2035 5.650% Senior Notes, the Company incurred $10.4 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition.</div><div style="margin-bottom:6pt;margin-top:6pt">Credit Agreement and Parent Revolving Credit Facility</div><div style="margin-bottom:6pt;margin-top:6pt">The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of June 30, 2026, the Company was in compliance with such covenants.</div><div style="margin-bottom:6pt;margin-top:6pt">Broker-Dealer Revolving Credit Facility</div><div style="margin-bottom:6pt;margin-top:6pt">On May 18, 2026, LPL Financial, the Company’s broker-dealer subsidiary, renewed its revolving credit facility to extend the maturity of the revolving credit facility to May 2027. The revolving credit facility allows for a maximum borrowing of up to $1.0 billion and borrowings under the credit facility bear interest at a rate per annum equal to 1.25% per annum plus the greatest of (i) SOFR, (ii) the effective federal funds rate and (iii) the overnight bank funding rate, in each case, as such rate is administered or determined by the Federal Reserve Bank of New York from time to time. In connection with the renewal of the credit facility, LPL Financial incurred $1.2 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition. The broker-dealer credit agreement subjects LPL Financial to certain financial and non-financial covenants. LPL Financial was in compliance with such covenants as of June 30, 2026.</div><div style="margin-bottom:6pt;margin-top:6pt">Other External Lines of Credit</div><div style="margin-bottom:6pt;margin-top:6pt">LPL Financial maintained five uncommitted lines of credit as of June 30, 2026. Two of the lines have unspecified limits, which are primarily dependent on LPL Financial’s ability to provide sufficient collateral. The other three lines have a total limit of $200.0 million, of which $125.0 million is uncollateralized. There were no balances outstanding under these lines at June 30, 2026 or December 31, 2025.</div>

<div style="margin-top:6pt">The Company’s outstanding corporate debt and other borrowings, net were as follows (in thousands): </div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:28.578%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.204%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.502%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.204%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.674%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Corporate Debt</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"> </div><div style="text-align:center">Balance</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Applicable </div><div style="text-align:center">Margin</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Interest Rate</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"> </div><div style="text-align:center">Balance</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Applicable </div><div style="text-align:center">Margin</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Interest rate</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Maturity</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Term Loan A(1)</div></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,020,000 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR+125 bps</div></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.902 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,020,000 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">SOFR+125 bps</div></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.984 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">12/5/2028</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2027 Senior Notes(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.700 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.700 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">5/20/2027</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2027 Senior Notes(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.625 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.625 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">11/15/2027</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2028 Senior Notes(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.900 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.900 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">4/3/2028</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">2028 Senior Notes(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">750,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.750 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">750,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.750 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">11/17/2028</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2029 Senior Notes(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">900,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">900,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3/15/2029</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2030 Senior Notes(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">750,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.200 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">750,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.200 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3/15/2030</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2030 Senior Notes(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.150 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.150 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">6/15/2030</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2031 Senior Notes(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.375 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4.375 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">5/15/2031</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2034 Senior Notes(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">5/20/2034</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2035 Senior Notes(1)</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.650 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.650 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">3/15/2035</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt">2035 Senior Notes(1)</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.750 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fixed Rate</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.750 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">6/15/2035</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Total Corporate Debt</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,220,000 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,220,000 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Less: Unamortized Debt Issuance Cost</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(35,490)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(40,306)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Corporate debt, net</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">7,184,510 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">7,179,694 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other Borrowings</td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Revolving Credit Facility</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">276,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">ABR+37.5 bps / SOFR+147.5 bps</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.099 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">79,000 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">ABR+37.5 bps / SOFR+147.5 bps</div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.634 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">5/20/2029</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Total other borrowings</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">276,000 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">79,000 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Corporate Debt and Other Borrowings, Net</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">7,460,510 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">7,258,694 </td><td style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr></table></div><div>_______________________________</div><div style="margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1)No leverage or interest coverage maintenance covenants.</div><div style="margin-top:3pt"> </div><div style="margin-top:6pt">The following table presents amounts outstanding and available under the Company’s external lines of credit at June 30, 2026 (in millions):</div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.929%"><tr><td style="width:1.0%"></td><td style="width:34.948%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.150%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.452%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.022%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.928%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Description</td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Borrower</td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Maturity Date</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Outstanding</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Available</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Senior unsecured, revolving credit facility</div></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Holdings, Inc.</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">May 2029</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">276 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,973 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Broker-dealer revolving credit facility</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">May 2027</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unsecured, uncommitted lines of credit</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">None</td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">75 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unsecured, uncommitted lines of credit</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">September 2026</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">50 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Secured, uncommitted lines of credit</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">March 2028</td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">75 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Secured, uncommitted lines of credit</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">None</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">unspecified</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Secured, uncommitted lines of credit</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">None</td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">unspecified</td></tr></table></div>

1020000000

0.0125

0.04902

1020000000

0.0125

0.04984

500000000

0.05700

500000000

0.05700

400000000

0.04625

400000000

0.04625

500000000

0.04900

500000000

0.04900

750000000

0.06750

750000000

0.06750

900000000

0.04000

900000000

0.04000

750000000

0.05200

750000000

0.05200

500000000

0.05150

500000000

0.05150

400000000

0.04375

400000000

0.04375

500000000

0.06000

500000000

0.06000

500000000

0.05650

500000000

0.05650

500000000

0.05750

500000000

0.05750

7220000000 7220000000

35490000

40306000

7184510000 7179694000

276000000

0.00375

0.01475

0.05099

79000000

0.00375

0.01475

0.05634

276000000

79000000

7460510000

7258694000

276000000

1973000000

1000000000

75000000

50000000

75000000

1000000000.0

-0.00125

0.04900

0.05150

0.05750

500000000.0

0.04900

500000000.0

0.05150

500000000.0

0.05750

0.04900

0.0020

0.04900

0.05150

0.0020

0.05150

0.05750

0.0025

0.05750

0.04900

0.05150

0.05750

11000000.0

0.05200

0.05650

750000000.0

0.05200

500000000.0

0.05650

0.05200

0.05650

0.05200

0.0015

0.05200

0.05650

0.0020

0.05650

0.05200

0.05650

10400000

1000000000.0

0.0125

1200000

5 2 3

200000000.0

125000000.0

COMMITMENTS AND CONTINGENCIES<div style="margin-bottom:6pt;margin-top:6pt">Service and Development Contracts </div><div style="margin-bottom:6pt;margin-top:6pt">The Company is party to certain long-term contracts for systems and services that enable back-office trade processing and clearing for its product and service offerings.</div><div style="margin-bottom:6pt;margin-top:6pt">Guarantees </div><div style="margin-bottom:6pt;margin-top:6pt">The Company occasionally enters into contracts that contingently require it to indemnify certain parties against third-party claims. The terms of these obligations vary and, because a maximum obligation is not explicitly stated, the Company has determined that it is not possible to make an estimate of the amount that it could be obligated to pay under such contracts.</div><div style="margin-bottom:6pt;margin-top:6pt">LPL Financial provides guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Company’s liability under these arrangements is not quantifiable and could exceed the cash and securities it has posted as collateral. However, the potential requirement for the Company to make payments under these agreements is remote. Accordingly, no liability has been recognized for these transactions.</div><div style="margin-bottom:6pt;margin-top:6pt">Loan Commitments </div><div style="margin-bottom:6pt;margin-top:6pt">From time to time, LPL Financial makes loans to advisors and institutions, primarily to newly recruited advisors and institutions to assist in the transition process, which may be forgivable. Due to timing differences, LPL Financial may make commitments to issue such loans prior to actually funding them. These commitments are generally contingent upon certain events occurring, including the advisor or institution joining LPL Financial. LPL Financial had no significant unfunded loan commitments at June 30, 2026 or December 31, 2025.</div><div style="margin-bottom:6pt;margin-top:6pt">Legal and Regulatory Matters </div><div style="margin-bottom:6pt;margin-top:6pt">The Company is subject to extensive regulation and supervision by U.S. federal and state agencies and various self-regulatory organizations. The Company and its advisors periodically engage with such agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which has in the past and may in the future include fines, customer restitution and other remediation. Assessing the probability of a loss occurring and the timing and amount of any loss related to a legal proceeding or regulatory matter is inherently difficult. While the Company exercises significant and complex judgments to make certain estimates presented in its condensed consolidated financial statements, there are particular uncertainties and complexities involved when assessing the potential outcomes of legal proceedings and regulatory matters. The Company’s assessment process considers a variety of factors and assumptions, which may include: the procedural </div><div style="margin-bottom:6pt;margin-top:6pt">status of the matter and any recent developments; prior experience and the experience of others in similar matters; the size and nature of potential exposures; available defenses; the progress of fact discovery; the opinions of counsel and experts; or the potential opportunities for settlement and the status of any settlement discussions. The Company monitors these factors and assumptions for new developments and re-assesses the likelihood that a loss will occur and the estimated range or amount of loss, if those amounts can be reasonably determined. The Company has established an accrual for those legal proceedings and regulatory matters for which a loss is both probable and the amount can be reasonably estimated. </div><div> </div><div>In July 2024, putative class action lawsuits were filed against LPL Financial in federal district court alleging certain violations of law in connection with its cash sweep programs. The Company intends to defend vigorously against the lawsuits, which have since been consolidated into one case.</div><div> </div><div style="margin-bottom:6pt;margin-top:6pt">Third-Party Insurance</div><div>The Company maintains third-party insurance coverage for certain potential legal proceedings, including those involving certain client claims. With respect to such client claims, the estimated losses on many of the pending matters are less than the applicable deductibles of the insurance policies.</div><div style="margin-bottom:6pt;margin-top:6pt">Self-Insurance</div><div style="margin-bottom:6pt;margin-top:6pt">The Company has self-insurance for certain potential liabilities through its captive insurance subsidiary. Liabilities associated with the risks that are retained by the Company are not discounted and are estimated by considering, in part, historical claims experience, severity factors, and actuarial assumptions and estimates. The estimated accruals for these potential liabilities could be significantly affected if future occurrences and claims differ from such assumptions and historical trends, so there are particular complexities and uncertainties involved when assessing the adequacy of loss reserves for potential liabilities that are self-insured. Self-insurance liabilities are included in accounts payable and accrued liabilities in the condensed consolidated statements of financial condition. Self-insurance related charges are included in other expense in the condensed consolidated statements of income. </div><div style="margin-bottom:6pt;margin-top:6pt">The following table provides a reconciliation of the beginning and ending balances of self-insurance liabilities for the periods presented (in thousands):</div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:60.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.053%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Beginning balance — January 1</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">101,551 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">79,637 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Losses incurred</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19,024 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19,275 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Losses paid</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15,583)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11,891)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Ending balance — June 30</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,992 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">87,021 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt">Other Commitments </div><div style="margin-bottom:9pt;margin-top:6pt">As of June 30, 2026, the Company had approximately $837.3 million of client margin loans that were collateralized with securities having a fair value of approximately $1.2 billion that LPL Financial can repledge, loan or sell. Of these securities, approximately $526.6 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of June 30, 2026, there were no restrictions that materially limited the Company’s ability to repledge, loan or sell the remaining $645.6 million of client collateral.</div><div style="margin-bottom:6pt;margin-top:6pt">Investment securities on the condensed consolidated statements of financial condition include $15.0 million of trading securities pledged to the Options Clearing Corporation at both June 30, 2026 and December 31, 2025, and $25.0 million of trading securities pledged to the National Securities Clearing Corporation at both June 30, 2026 and December 31, 2025.</div>

<div style="margin-bottom:6pt;margin-top:6pt">The following table provides a reconciliation of the beginning and ending balances of self-insurance liabilities for the periods presented (in thousands):</div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:60.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.053%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Beginning balance — January 1</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">101,551 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">79,637 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Losses incurred</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19,024 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19,275 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Losses paid</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15,583)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11,891)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Ending balance — June 30</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,992 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">87,021 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div>

101551000 79637000 19024000 19275000 15583000 11891000 104992000 87021000

837300000

1200000000

526600000

645600000

15000000.0

25000000.0

STOCKHOLDERS’ EQUITY<div style="margin-bottom:6pt;margin-top:6pt">Dividends</div><div style="margin-top:6pt">The payment, timing and amount of any dividends are subject to approval by the Company’s Board of Directors (the “Board”) as well as certain limits under the Credit Agreement. Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows (in millions, except per share data):</div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:28.621%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.030%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.908%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.030%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.911%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Dividend per Share</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Cash Dividend</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Dividend per Share</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Cash Dividend</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">First quarter</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.30 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">24.1 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.30 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">22.4 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Second quarter</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.30 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">24.0 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.30 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">24.0 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt">Share Repurchases</div><div style="margin-bottom:6pt;margin-top:6pt">The Company engages in a share repurchase program that was approved by the Board, pursuant to which LPLFH may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in treasury stock on the condensed consolidated statements of financial condition. </div><div style="margin-bottom:6pt;margin-top:6pt">During the six months ended June 30, 2026, LPLFH repurchased 1,055,045 shares of common stock at a weighted-average price of $293.33 per share for a total of $309.5 million. As of June 30, 2026, the Company had $320.5 million remaining under the existing share repurchase program. From July 1, 2026 through July 30, 2026, the Company has repurchased 420,464 outstanding shares for a total of $134.3 million. On July 23, 2026, the Board authorized a new repurchase program that increases the amount available for repurchases of the Company’s issued and outstanding common shares by $2.5 billion. Future share repurchases may be effected in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company within the constraints of the Credit Agreement and the Company’s general working capital needs. </div><div style="margin-bottom:6pt;margin-top:6pt">Equity Offering</div><div>On April 2, 2025, the Company completed a public offering of approximately 5.4 million shares of the Company’s common stock at an offering price of $320.00 per share. The Company received proceeds of approximately $1.7 billion, which were used to fund the acquisition of Commonwealth. In connection with the issuance, the Company incurred incremental costs of $48.1 million, which were recorded as a reduction to the offering proceeds. See Note 4 - Acquisitions within the notes to the condensed consolidated financial statements for additional information.</div>

Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows (in millions, except per share data):<div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:28.621%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.030%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.908%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.030%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.911%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Dividend per Share</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Cash Dividend</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Dividend per Share</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Cash Dividend</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">First quarter</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.30 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">24.1 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.30 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">22.4 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Second quarter</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.30 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">24.0 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.30 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">24.0 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

0.30

24100000

0.30

22400000

0.30

24000000.0

0.30

24000000.0

1055045

293.33

309500000 2026-06-30 320500000

420464

134300000

2500000000

5400000

320.00

1700000000

48100000

SHARE-BASED COMPENSATION<div style="margin-bottom:6pt;margin-top:6pt">In May 2021, the Company adopted its 2021 Omnibus Equity Incentive Plan (the “2021 Plan”), which provides for the granting of stock options, warrants, restricted stock awards, restricted stock units, deferred stock units, performance stock units and other equity-based compensation to the Company’s employees, non-employee directors and other service providers. The 2021 Plan serves as the successor to the Company’s 2010 Omnibus Equity Incentive Plan (the “2010 Plan”). Following the adoption of the 2021 Plan, the Company is no longer making grants under the 2010 Plan, and the 2021 Plan is the only plan under which equity awards are granted. However, awards previously granted under the 2010 Plan will remain outstanding until vested, exercised or forfeited, as applicable.</div><div style="margin-bottom:6pt;margin-top:6pt">There were 17,754,197 shares authorized for grant under the 2021 Plan and 10,706,966 shares remaining available for future issuance at June 30, 2026.</div><div style="margin-bottom:6pt;margin-top:9pt">Restricted Stock and Stock Units</div><div style="margin-top:6pt">The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units and performance stock units, as of and for the six months ended June 30, 2026:<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:51.092%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:1.970%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.575%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Restricted Stock Awards</td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Stock Units</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of Shares</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted-Average Grant-Date Fair Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of Units</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted-Average Grant-Date Fair Value</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Outstanding — December 31, 2025</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,204 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">372.50 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">635,087 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">290.18 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"> Granted</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,484 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">299.73 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">294,903 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">325.42 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"> Vested</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,552)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">356.18 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(171,477)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">296.01 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"> Forfeited</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(25,253)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">319.78 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Outstanding — June 30, 2026</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,136 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">299.73 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">733,260 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(1)</td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">301.97 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Expected to vest — June 30, 2026</td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,136 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">299.73 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">555,673 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">333.48 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div>_______________________________</div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1) Includes 103,067 vested and undistributed deferred stock units.</div><div style="margin-bottom:6pt;margin-top:6pt">The Company grants restricted stock awards and deferred stock units to its directors and restricted stock units and performance stock units to its employees and officers. Restricted stock awards and stock units must vest or are subject to forfeiture; however, restricted stock awards are included in shares outstanding upon grant and have the same dividend and voting rights as the Company’s common stock. The Company recognized $19.9 million and $16.8 million of share-based compensation expense related to the vesting of these restricted stock awards and stock units during the three months ended June 30, 2026 and 2025, respectively, and $39.3 million and $32.6 million during the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, total unrecognized compensation cost for restricted stock awards and stock units was $145.7 million, which is expected to be recognized over a weighted-average remaining period of 2.2 years.</div><div style="margin-bottom:9pt;margin-top:6pt">The Company also grants restricted stock units to its advisors and to institutions. The Company recognized share-based compensation expense of $0.9 million and $0.8 million related to the vesting of these awards during the three months ended June 30, 2026 and 2025, respectively, and $1.7 million during both the six months ended June 30, 2026 and 2025. As of June 30, 2026, total unrecognized compensation cost for restricted stock units granted to advisors and institutions was $8.7 million, which is expected to be recognized over a weighted-average remaining period of 1.6 years.</div>

17754197

10706966

<div style="margin-top:6pt">The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units and performance stock units, as of and for the six months ended June 30, 2026:<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:51.092%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:1.970%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.575%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Restricted Stock Awards</td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Stock Units</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of Shares</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted-Average Grant-Date Fair Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of Units</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted-Average Grant-Date Fair Value</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Outstanding — December 31, 2025</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,204 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">372.50 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">635,087 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">290.18 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"> Granted</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,484 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">299.73 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">294,903 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">325.42 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"> Vested</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,552)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">356.18 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(171,477)</td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">296.01 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"> Forfeited</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(25,253)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">319.78 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Outstanding — June 30, 2026</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,136 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">299.73 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">733,260 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(1)</td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">301.97 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Expected to vest — June 30, 2026</td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,136 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">299.73 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">555,673 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">333.48 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div>_______________________________</div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:27pt;text-indent:-27pt">(1) Includes 103,067 vested and undistributed deferred stock units.</div>

1204

372.50

635087

290.18

2484

299.73

294903

325.42

1552

356.18

171477

296.01

25253

319.78

2136

299.73

733260

301.97

2136

299.73

555673

333.48

103067

19900000

16800000

39300000

32600000

145700000

P2Y2M12D

900000

800000

1700000

8700000

P1Y7M6D

EARNINGS PER SHARE<div style="margin-top:6pt">Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share for the periods noted was as follows (in thousands, except per share data):</div><div style="margin-bottom:6pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:46.777%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Net income</div></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">379,261 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">273,249 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">735,665 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">591,822 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Basic weighted-average number of shares outstanding</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">79,791 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">79,984 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">79,951 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">77,307 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Dilutive common share equivalents</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">241 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">389 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">292 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">453 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Diluted weighted-average number of shares outstanding</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">80,032 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">80,373 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">80,243 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">77,760 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Basic earnings per share</div></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">4.75 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">3.42 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">9.20 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">7.66 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Diluted earnings per share</div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4.74 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3.40 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9.17 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">7.61 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:3pt">The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the three months ended June 30, 2026 and 2025, stock options, warrants and stock units representing common share equivalents of 96,643 shares and 88,002 shares, respectively, were anti-dilutive. For the six months ended June 30, 2026 and 2025, stock options, warrants and stock units representing common share equivalents of 96,362 shares and 60,876 shares, respectively, were anti-dilutive.</div>

The calculation of basic and diluted earnings per share for the periods noted was as follows (in thousands, except per share data):<div style="margin-bottom:6pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:46.777%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Net income</div></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">379,261 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">273,249 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">735,665 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">591,822 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Basic weighted-average number of shares outstanding</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">79,791 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">79,984 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">79,951 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">77,307 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Dilutive common share equivalents</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">241 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">389 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">292 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">453 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Diluted weighted-average number of shares outstanding</td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">80,032 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">80,373 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">80,243 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">77,760 </td><td style="background-color:#dbdbdb;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Basic earnings per share</div></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">4.75 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">3.42 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">9.20 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#dbdbdb;padding:1.5pt 0;text-align:right;vertical-align:bottom">7.66 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Diluted earnings per share</div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">4.74 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3.40 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">9.17 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">7.61 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

379261000

273249000

735665000

591822000

79791000

79984000

79951000

77307000

241000

389000

292000

453000

80032000

80373000

80243000

77760000

4.75

3.42

9.20

7.66

4.74

3.40

9.17

7.61

96643

88002

2026-06-30

96362

60876

NET CAPITAL AND REGULATORY REQUIREMENTS<div style="margin-bottom:6pt;margin-top:6pt">The Company’s broker-dealer subsidiaries are subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1 under the Exchange Act), which requires the maintenance of minimum net capital. The net capital rules also provide that a broker-dealer’s capital may not be withdrawn if the resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and the Financial Industry Regulatory Authority (“FINRA”) to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements. Net capital and the related net capital requirement may fluctuate on a daily basis. </div><div style="margin-bottom:6pt;margin-top:6pt">The following table presents the net capital position of the Company’s primary broker-dealer subsidiary (in thousands):</div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:79.459%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.341%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">LPL Financial LLC</td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net capital</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">375,032 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Less: required net capital</td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">28,981 </td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Excess net capital</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">346,051 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt">The Company’s other regulated subsidiaries, including LPL Enterprise, CES, and PTC, are also subject to various regulatory capital requirements. Failure to meet the respective minimum capital requirements can result in certain mandatory and discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts on their operations. As of June 30, 2026, the Company’s other regulated subsidiaries met all capital adequacy requirements to which they were subject.</div>

SEGMENT INFORMATION<div style="margin-bottom:6pt;margin-top:6pt">The Company's Chief Operating Decision Maker (“CODM”) is the group that includes the Chief Executive Officer and the President and Chief Financial Officer of the Company.</div><div style="margin-bottom:6pt;margin-top:6pt">The Company determined that it has one reportable segment, given the common nature of the Company’s operations, products and services, production and distribution process, and regulatory environment. The Company provides an integrated platform of brokerage and investment advisory services to independent financial advisors and advisors at financial institutions from which the Company derives its revenues and incurs expenses. For additional information, see Note 3 - Revenue.</div><div style="margin-bottom:6pt;margin-top:6pt">The CODM regularly reviews pre-tax net income as presented on the Company’s condensed consolidated statements of income for purposes of assessing performance and making decisions about resource allocation. Expenses regularly reviewed by the CODM include those line items reported on the Company’s condensed consolidated statements of income, the most significant of which include advisory and commission, compensation and benefits, promotional and occupancy and equipment expenses.</div>

SUBSEQUENT EVENTS<div>The Board declared a cash dividend of $0.30 per share on LPLFH’s outstanding common stock to be paid on August 28, 2026 to all stockholders of record on August 14, 2026.</div>

0.30

2026-08-28

2026-08-14

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