Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers (Tables)

6 Months Ended

Jun. 30, 2025

Broker-Dealer [Abstract]

Schedule of Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers

As of June 30, 2025 and December 31, 2024, Receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers consisted of the following (in thousands):

	June 30, 2025		December 31, 2024
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers1:
Contract values of fails to deliver	$	775,393	$	213,409
Receivables from clearing organizations	144,193		118,473
Other receivables from broker-dealers and customers	30,485		26,859
Net pending trades	—		1,365
Open derivative contracts	1,316		5,384
Total	$	951,387	$	365,490
Payables to broker-dealers, clearing organizations, customers and related broker-dealers1:
Contract values of fails to receive	$	747,651	$	201,301
Payables to clearing organizations	10,105		5,643
Other payables to broker-dealers and customers	16,775		14,003
Net pending trades	419		—
Open derivative contracts	2,259		4,430
Total	$	777,209	$	225,377

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1Includes receivables and payables with Cantor. See Note 13—“Related Party Transactions” for additional information.