Collateralized Transactions

6 Months Ended

Jun. 30, 2024

Broker-Dealer [Abstract]

Collateralized Transactions

Collateralized Transactions

Repurchase Agreements

Securities sold under Repurchase Agreements are accounted for as collateralized financing transactions, are recorded at the contractual amount for which the securities will be repurchased, including accrued interest, and recorded as “Repurchase Agreements” on the Company’s unaudited Condensed Consolidated Statements of Financial Condition. As of June 30, 2024, the Company had $6.6 million of Repurchase Agreements, which matured on July 1, 2024. U.S. Treasury securities were provided as collateral. As of December 31, 2023, the Company had no Repurchase Agreements.

Reverse Repurchase Agreements

Securities purchased under Reverse Repurchase Agreements are accounted for as collateralized financing transactions and are recorded at the contractual amount for which the securities will be resold, including accrued interest.

For Reverse Repurchase Agreements, it is the Company’s policy to obtain possession of collateral with a market value equal to or in excess of the principal amount loaned under Reverse Repurchase Agreements. Collateral is valued daily, and the Company may require counterparties to deposit additional collateral or return collateral pledged when appropriate.

As of both June 30, 2024 and December 31, 2023, the Company had no Reverse Repurchase Agreements.