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Fair Value of Financial Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities
Fair Value Measurements on a Recurring Basis
The following tables set forth by level within the fair value hierarchy financial assets and liabilities accounted for at fair value under U.S. GAAP guidance (in thousands):
Assets at Fair Value at December 31, 2024
Level 1Level 2Level 3Netting and CollateralTotal
Financial instruments owned, at fair value—Domestic government debt$170,381 $— $— $— $170,381 
Financial instruments owned, at fair value—Foreign government debt— 14,827 — — 14,827 
Financial instruments owned, at fair value—Equities989 — — — 989 
FX swaps— 5,993 — (1,183)4,810 
Forwards— 465 — (56)409 
Interest rate swaps— 132 — (132)— 
Futures37,083 — — (36,918)165 
Total$208,453 $21,417 $— $(38,289)$191,581 
Liabilities at Fair Value at December 31, 2024
Level 1Level 2Level 3Netting and CollateralTotal
FX swaps$— $4,862 $— $(1,183)$3,679 
Forwards— 807 — (56)751 
Futures36,918 — — (36,918)— 
Interest rate swaps— 132 — (132)— 
Contingent consideration— — 21,768 — 21,768 
Total$36,918 $5,801 $21,768 $(38,289)$26,198 
Assets at Fair Value at December 31, 2023
Level 1Level 2Level 3Netting and CollateralTotal
Financial instruments owned, at fair value—Domestic government debt$31,141 $— $— $— $31,141 
Financial instruments owned, at fair value—Foreign government debt— 14,164 — — 14,164 
Financial instruments owned, at fair value—Equities487 — — — 487 
FX swaps— 3,467 — (793)2,674 
Forwards— 855 — (50)805 
Interest rate swaps— 12,310 — (12,182)128 
Futures— 62,693 — (62,693)— 
     Total$31,628 $93,489 $— $(75,718)$49,399 
Liabilities at Fair Value at December 31, 2023
Level 1Level 2Level 3Netting and
Collateral		Total
FX swaps$— $5,912 $— $(793)$5,119 
Futures— 659 — (50)609 
Forwards— 62,721 — (62,693)28 
Interest rate swaps— 12,182 — (12,182)— 
Contingent consideration— — 11,929 — 11,929 
     Total$— $81,474 $11,929 $(75,718)$17,685 
Level 3 Financial Liabilities
Changes in Level 3 liabilities measured at fair value on a recurring basis for the year ended December 31, 2024 were as follows (in thousands):
Unrealized (gains) losses for the period included in:
Opening Balance as of January 1, 2024
Total realized and unrealized (gains) losses included in Net income (loss)1
Purchases/
Issuances
Sales/
Settlements		Closing Balance at December 31, 2024Net income (loss) on Level 3 Assets / Liabilities Outstanding at December 31,
2024		Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at December 31,
2024
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$11,929 $1,146 $12,333 $(3,640)$21,768 $1,146 $— 
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1Realized and unrealized gains (losses) are reported in “Other income (loss),” in the Company’s Consolidated Statements of Operations.
Changes in Level 3 liabilities measured at fair value on a recurring basis for the year ended December 31, 2023 were as follows (in thousands):
Unrealized (gains) Losses for the period included in:
Opening Balance as of January 1, 2023
Total realized and unrealized (gains) losses included in Net income (loss)1
Purchases/ Issuances2
Sales/ SettlementsClosing Balance at December 31, 2023Net income (loss) on Level 3 Assets / Liabilities Outstanding at December 31,
2023		Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at December 31, 2023
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$24,279 $1,442 $7,710 $(21,502)$11,929 $835 $— 
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1Realized and unrealized gains (losses) are reported in “Other income (loss),” as applicable, in the Company’s Consolidated Statements of Operations.
2“Purchases/Issuances” includes a $2.2 million measurement period adjustment relating to the Trident Acquisition (see Note 16—“Goodwill and Other Intangible Assets, Net” for additional information).
Quantitative Information About Level 3 Fair Value Measurements on a Recurring Basis
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 liabilities measured at fair value on a recurring basis (in thousands):
Fair Value as of December 31, 2024
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted Average
Discount rate1
9.1%-9.2%
9.1%
Contingent consideration$— $21,768 Present value of expected paymentsProbability of meeting earnout and contingencies
20%-100%
81.9%2
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1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
Fair Value as of December 31, 2023
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted Average
Discount rate1
7.2%-9.2%
8.6%
Contingent consideration$— $11,929 Present value of expected paymentsProbability of meeting earnout and contingencies
20%-100%
86.5%2
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1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
Information About Uncertainty of Level 3 Fair Value Measurements
The significant unobservable inputs used in the fair value of the Company’s contingent consideration are the discount rate and forecasted financial information. Significant increases (decreases) in the discount rate would have resulted in a significantly lower (higher) fair value measurement. Significant increases (decreases) in the forecasted financial information would have resulted in a significantly higher (lower) fair value measurement. As of December 31, 2024 and 2023, the present value of expected payments related to the Company’s contingent consideration was $21.8 million and $11.9 million, respectively. The undiscounted value of the payments, assuming that all contingencies are met, would be $30.4 million and $18.6 million as of December 31, 2024 and 2023, respectively.
Fair Value Measurements on a Non-Recurring Basis
Pursuant to the recognition and measurement guidance for equity investments, equity investments carried under the measurement alternative are remeasured at fair value on a non-recurring basis to reflect observable transactions which occurred during the period. The Company applied the measurement alternative to equity securities with the fair value of approximately $136.1 million and $85.8 million, which were included in “Other assets” in the Company’s Consolidated Statements of Financial Condition as of December 31, 2024 and 2023, respectively. These investments are classified within Level 2 in the fair value hierarchy, because their estimated fair value is based on valuation methods using the observable transaction price at the transaction date.