Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Valuation of Company's Assets and Liabilities Measured at Fair Value

The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2:

	Level 1		Level 2		Level 3		Total
	(In thousands)
As of June 30, 2023
Assets
Money market funds	$	41,203	$	—	$	—	$	41,203
Securities available-for-sale
Corporate debt		—		24,693		—		24,693
Trading securities
U.S. Treasuries		—		73,938		—		73,938
Mutual funds held in rabbi trust		—		10,406		—		10,406
Foreign currency forward position		—		645		—		645
Total assets	$	41,203	$	109,682	$	—	$	150,885
As of December 31, 2022
Assets
Money market funds	$	59,173	$	—	$	—	$	59,173
Trading securities
U.S. Treasuries		—		74,409		—		74,409
Mutual funds held in rabbi trust		—		9,383		—		9,383
Total assets	$	59,173	$	83,792	$	—	$	142,965
Liabilities
Contingent consideration payable	$	—	$	—	$	12,340	$	12,340
Foreign currency forward position		—		1,688		—		1,688
Total liabilities	$	—	$	1,688	$	12,340	$	14,028

Summary of the Change in the Company's Contingent Consideration Payable

The following table summarizes the change in the Company's Level 3 liabilities for the six months ended June 30, 2023:

	December 31, 2022		Payments			Realized (Gain)/Loss		June 30, 2023
	(In thousands)
Contingent consideration payable	$	12,340	$	(12,500	)	$	160	$	—

Carrying Value of Financial Asset and Liability Not Measured at Fair Value

The table below presents the carrying value, fair value and fair value hierarchy category of the Company's financial assets and liabilities that are not measured at fair value on the Consolidated Statements of Financial Condition. The carrying values of the Company's financial assets and liabilities not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximate fair value due to the short-term nature of the underlying assets and liabilities.

	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
	(In thousands)
As of June 30, 2023
Financial assets not measured at fair value:
Cash	$	355,284	$	355,284	$	355,284	$	—	$	—	$	355,284
Cash segregated under federal regulations		52,015		52,015		52,015		—		—		52,015
Accounts receivable, net of allowance		92,969		92,969		—		92,969		—		92,969
Receivables from broker-dealers, clearing    organizations and customers		479,741		479,741		108,719		371,022		—		479,741
Total	$	980,009	$	980,009	$	516,018	$	463,991	$	—	$	980,009
Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing    organizations and customers	$	287,360	$	287,360	$	—	$	287,360	$	—	$	287,360
As of December 31, 2022
Financial assets not measured at fair value:
Cash	$	371,573	$	371,573	$	371,573	$	—	$	—	$	371,573
Cash segregated under federal regulations		50,947		50,947		50,947		—		—		50,947
Accounts receivable, net of allowance		78,450		78,450		—		78,450		—		78,450
Receivables from broker-dealers, clearing    organizations and customers		476,335		476,335		88,923		387,412		—		476,335
Total	$	977,305	$	977,305	$	511,443	$	465,862	$	—	$	977,305
Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing    organizations and customers	$	303,993	$	303,993	$	—	$	303,993	$	—	$	303,993

Summary of Foreign Currency Forward Contracts

The following table summarizes the Company’s foreign currency forward position:

	As of
	June 30, 2023		December 31, 2022
	(In thousands)
Notional value	$	62,870	$	62,160
Fair value of notional		63,515		60,472
Fair value of the asset (liability)	$	645	$	(1,688	)

Summary of Company's Investments

The following table summarizes the Company’s investments:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	(In thousands)
As of June 30, 2023
Securities available-for-sale
Corporate debt	$	24,916	$	7	$	(230	)	$	24,693
Trading securities
U.S. Treasuries		74,949		—		(1,011	)		73,938
Mutual funds held in rabbi trust		11,062		102		(758	)		10,406
Total investments	$	110,927	$	109	$	(1,999	)	$	109,037
As of December 31, 2022
Trading securities
U.S. Treasuries	$	74,943	$	—	$	(534	)	$	74,409
Mutual funds held in rabbi trust		11,474		—		(2,091	)		9,383
Total investments	$	86,417	$	—	$	(2,625	)	$	83,792

Summary of Fair Value of Investments Based upon Contractual Maturities

The following table summarizes the fair value of the investments based upon the contractual maturities:

	Less than one year		Due in 1 - 5 years		Total
	(In thousands)
As of June 30, 2023
Securities available-for-sale
Corporate debt	$	9,138	$	15,555	$	24,693
Trading securities
U.S. Treasuries		—		73,938		73,938
Mutual funds held in rabbi trust		10,406		—		10,406
Total	$	19,544	$	89,493	$	109,037
As of December 31, 2022
Trading securities
U.S. Treasuries	$	24,618	$	49,791	$	74,409
Mutual funds held in rabbi trust		9,383		—		9,383
Total	$	34,001	$	49,791	$	83,792

Summary of Fair Values and Unrealized Losses on Investments

The following table provides fair values and unrealized losses on the Company’s available-for-sale investments and the aging of securities’ continuous unrealized loss position as of June 30, 2023:

	Less than Twelve Months					Twelve Months or More				Total
	Fair value		Gross unrealized losses			Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
	(In thousands)
As of June 30, 2023
Corporate debt	$	21,970	$	(230	)	$	—	$	—	$	21,970	$	(230	)

summary of Companies unrealized and realized gains and losses on investments

The following table summarizes the Company’s unrealized and realized gains and losses on investments:

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	(In thousands)
Unrealized gains/(losses)
Securities available-for-sale
Corporate debt	$	(168	)	$	—		$	(223	)	$	—
Trading securities
U.S. Treasuries		(766	)		(125	)		(346	)		(445	)
Mutual funds held in rabbi trust		520			(1,395	)		1,105			(2,122	)
Total investments	$	(414	)	$	(1,520	)	$	536		$	(2,567	)
Realized gains/(losses)
Securities available-for-sale
Corporate debt	$	—		$	—		$	(17	)	$	—
Trading securities
Mutual funds held in rabbi trust		(59	)		—			(59	)		—
Total investments	$	(59	)	$	—		$	(76	)	$	—