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Divestiture (Tables)
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Assets and Liabilities Included in Sale of Business
The net carrying amount of the BRS business assets and liabilities included in the sale was $312.1 million and consisted of the following:

April 1, 2024
(in thousands)
Cash and cash equivalents$338,226 
Receivables, net:
Brokers and dealers31,427 
Brokerage clients2,817 
Other fees14,719 
Investments9,555 
Furniture and equipment, net5,472 
Other assets44,751 
Right-of-use assets4,422 
Intangible assets3,850 
Goodwill159,826 
Total assets sold$615,065 
Payables:
Brokers and dealers$15,271 
Brokerage clients14,110 
AP and Accrued Expenses134,979 
Other liabilities10,370 
Accrued compensation and benefits42,069 
Debt86,200 
Total liabilities sold$302,999 
The following table summarizes the assets and liabilities of the disposal group classified as held for sale on the condensed consolidated statement of financial condition as of December 31, 2023:
December 31, 2023
(in thousands)
Cash and cash equivalents$153,047 
Receivables, net:
Brokers and dealers32,669 
Brokerage clients74,351 
Other fees15,326 
Investments17,029 
Furniture and equipment, net5,807 
Other assets104,228 
Right-of-use assets5,032 
Intangible assets4,061 
Goodwill159,826 
Valuation adjustment (allowance) on disposal group(6,600)
Total assets held for sale$564,776 
Payables:
Brokers and dealers$39,359 
Brokerage clients16,885 
Other liabilities67,938 
Accrued compensation and benefits29,160 
Total liabilities held for sale$153,342 
Schedule of Pre-Tax Gain from Divestiture
As a result of the sale, we recognized a pre-tax gain of $134.6 million during the second quarter of 2024, calculated as follows:

April 1, 2024
(in thousands)
Cash proceeds$303,980 
Fair value of equity interest in the JVs283,871 
Net carrying amount of assets and liabilities divested(312,066)
Consideration for future put option to be exercised by AB(102,550)
Cumulative translation losses(10,197)
Reorganization costs(28,483)
Pre-tax gain on divestiture $134,555 
Schedule of Business Divestiture under Cash Flows Investing Activities The following table summarizes the different components of the initial business divestiture presented under cash flows from investing activities:
September 30, 2024
(in thousands)
Cash proceeds from buyer$303,980 
Initial cash contributed to joint ventures from transferring balance sheet(338,226)
Direct costs to sell(5,950)
 Cash outflow from divestiture(40,196)