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Current Expected Credit Losses (CECL)
 3 Months Ended
Mar. 31, 2025
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 reserve 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 months ended March 31, 2025 and 2024, the Company recorded changes in the allowance for credit losses as follows (in millions):
Accrued commissions and other receivables, netLoans, forgivable loans and other receivables
from employees and partners, net		Receivables 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 losses— — 1.1 1.1 
Ending balance, March 31, 2025$6.2 $— $22.1 $28.3 
Accrued commissions and other receivables, netLoans, forgivable loans and other receivables
from employees and partners, net		Receivables from broker-dealers, clearing organizations,
customers and related broker-dealers		Total
Beginning balance, January 1, 2024$5.0 $2.3 $18.9 $26.2 
Current-period provision for expected credit losses0.9 — 0.6 1.5 
Ending balance, March 31, 2024$5.9 $2.3 $19.5 $27.7 
For the three months ended March 31, 2025, there was no change in the allowance for credit losses against “Accrued commissions and other receivables, net.” For the three months ended March 31, 2024, 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 months ended March 31, 2025 and 2024, there was no change in the allowance for credit losses pertaining to “Loans, forgivable loans and other receivables from employees and partners, net.”
For the three months ended March 31, 2025, there was an increase of $1.1 million in the allowance for credit losses against “Receivables from broker-dealers, clearing organizations, customers and related broker-dealers” which is 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 $22.1 million as of March 31, 2025. For the three months ended March 31, 2024, there was an increase of $0.6 million in the allowance for credit losses against “Receivables from broker-dealers, clearing organizations, customers and related broker-dealers” which reflected the downward credit rating migration of certain unsettled trades related to Russia’s Invasion of Ukraine.