v3.26.1
Current Expected Credit Losses (CECL)
 6 Months Ended
Jun. 30, 2026
Credit Loss [Abstract]  
Current Expected Credit Losses (CECL) Current Expected Credit Losses (CECL)
The allowance for credit losses reflects management’s current estimate of potential credit losses related to the receivable balances included in the Company’s unaudited Condensed Consolidated Statements of Financial Condition. See Note 3—“Summary of Significant Accounting Policies” for further discussion of the CECL methodology.
As required, any subsequent changes to the allowance for credit losses are recognized in “Other expenses” in the Company’s unaudited Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2026 and 2025, the Company recorded changes in the allowance for credit losses as follows (in millions):
Accrued commissions and other receivables, netReceivables from broker-dealers, clearing organizations,
customers and related broker-dealers		Total
Beginning balance, April 1, 2026$6.3 $17.8 $24.1 
Current-period provision for expected credit losses0.8 0.3 1.1 
Ending balance, June 30, 2026$7.1 $18.1 $25.2 
Accrued commissions and other receivables, netReceivables from broker-dealers, clearing organizations,
customers and related broker-dealers		Total
Beginning balance, January 1, 2026$6.2 $18.0 $24.2 
Current-period provision for expected credit losses0.9 0.1 1.0 
Ending balance, June 30, 2026$7.1 $18.1 $25.2 
Accrued commissions and other receivables, netReceivables from broker-dealers, clearing organizations,
customers and related broker-dealers		Total
Beginning balance, April 1, 2025$6.2 $22.1 $28.3 
Current-period provision for expected credit losses0.9 — 0.9 
Release for allowance for expected credit losses
— (4.0)(4.0)
Ending balance, June 30, 2025$7.1 $18.1 $25.2 
Accrued commissions and other receivables, netReceivables from broker-dealers, clearing organizations,
customers and related broker-dealers		Total
Beginning balance, January 1, 2025$6.2 $21.0 $27.2 
Current-period provision for expected credit losses0.9 1.1 2.0 
Release for allowance for expected credit losses
— (4.0)(4.0)
Ending balance, June 30, 2025$7.1 $18.1 $25.2 
For the three and six months ended June 30, 2026, there was an increase of $0.8 million and $0.9 million, respectively, in the allowance for credit losses pertaining to “Accrued commissions and other receivables, net,” bringing the allowance for credit losses recorded pertaining to “Accrued commissions and other receivables, net” to $7.1 million. For both the three and six months ended June 30, 2025, there was an increase of $0.9 million in the allowance for credit losses against “Accrued commissions and other receivables, net” due to the updated macroeconomic assumptions.
For the three and six months ended June 30, 2026, there was an increase of $0.3 million and $0.1 million, respectively, in the allowance for credit losses against “Receivables from broker-dealers, clearing organizations, customers and related broker-dealers” which was primarily due to foreign currency remeasurement, bringing the allowance for credit losses recorded pertaining to “Receivables from broker-dealers, clearing organizations, customers and related broker-dealers” to $18.1 million as of June 30, 2026. For the three and six months ended June 30, 2025, there was a decrease of $4.0 million and $2.9 million, respectively, in the allowance for credit losses against “Receivables from broker-dealers, clearing organizations, customers and related broker-dealers” which was primarily due to the release of allowance for expected credit losses.