Financial Instruments with Off-Balance Sheet Risk

6 Months Ended

Jun. 30, 2026

Financial Instruments with Off-Balance Sheet Risk [Abstract]

Financial Instruments with Off-Balance Sheet Risk

16. Financial Instruments with Off-Balance Sheet Risk

The Company enters into various transactions to meet the needs of customers, conduct trading activities, and manage market risks and is, therefore, subject to varying degrees of market and credit risk. Refer to the below as well as Note 18 – Financial Instruments with Off-Balance Sheet Risk in the Company’s 2025 Form 10-K for further information.

As of June 30, 2026, the Company had margin loans extended to its customers of approximately $437.4 million, of which $88.6 million is within the line item “Receivables from customers” on the statements of financial condition. As of December 31, 2025, the Company had margin loans extended to its customers of approximately $378.9 million, of which $73.5 million is in the line item “Receivables from customers” on the statements of financial condition. There were no material losses for unsettled customer transactions for the three and six months ended June 30, 2026 and 2025.

The following table presents information about the Company’s securities borrowing and lending activity depicting the potential effect of rights of setoff between these recognized assets and liabilities.

		As of June 30, 2026
		Gross Amounts of Recognized Assets and Liabilities				Gross Amounts Offset in the Consolidated Statements of Financial Condition¹				Net Amounts Presented in the Consolidated Statements of Financial Condition				FMV -Collateral Received or Pledged²				Net Amount³
Assets
Securities borrowed		$	619,576,000			$	—			$	619,576,000			$	609,639,000			$	9,937,000
Liabilities
Securities loaned		$	609,796,000			$	—			$	609,796,000			$	600,117,000			$	9,679,000

		As of December 31, 2025
		Gross Amounts of Recognized Assets and Liabilities				Gross Amounts Offset in the Consolidated Statements of Financial Condition¹				Net Amounts Presented in the Consolidated Statements of Financial Condition				FMV -Collateral Received or Pledged²				Net Amount³
Assets
Securities borrowed		$	408,495,000				—			$	408,495,000			$	391,168,000			$	17,327,000
Liabilities
Securities loaned		$	407,258,000				—			$	407,258,000			$	389,817,000			$	17,441,000

	⁽¹⁾	Amounts represent recognized assets and liabilities that are subject to enforceable master agreements with rights of setoff. The Company did not net any securities borrowed or securities loaned as of June 30, 2026 or December 31, 2025.
	⁽²⁾	Represents the fair value of collateral the Company had received or pledged under enforceable master agreements.
	⁽³⁾	Represents the total contract value as presented in the financial statements less the fair market value of the collateral received or pledged.