NOTE 3 – Receivables From and Payables to Brokers, Dealers, and Clearing Organizations

Amounts receivable from brokers, dealers, and clearing organizations at June 30, 2026 and December 31, 2025, included (in thousands):


	June 30, 2026		December 31, 2025
Deposits paid for securities borrowed	$	434,785	$	315,561
Receivable from clearing organizations		363,822		248,371
Securities failed to deliver		66,239		7,731
Total receivables from brokers, dealers, and clearing organizations	$	864,846	$	571,663

Amounts payable to brokers, dealers, and clearing organizations at June 30, 2026 and December 31, 2025, included (in thousands):


	June 30, 2026		December 31, 2025
Deposits received from securities loaned	$	451,267	$	252,137
Securities failed to receive		30,306		30,906
Payable to clearing organizations		5,617		20,335
Total payables to brokers, dealers, and clearing organizations	$	487,190	$	303,378

Deposits paid for securities borrowed approximate the market value of the securities. Securities failed to deliver and receive represent the contract value of securities that have not been delivered or received on settlement date.