Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2023
Assets
Money market funds	$	6,293	$	—	$	—	$	6,293
Securities available-for-sale
Corporate debt		—		24,546		—		24,546
Trading securities
U.S. Treasuries		—		98,711		—		98,711
Mutual funds held in rabbi trust		—		9,587		—		9,587
Total assets	$	6,293	$	132,844	$	—	$	139,137
Liabilities
Foreign currency forward position	$	—	$	2,852	$	—	$	2,852
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 nine months ended September 30, 2023:

	December 31, 2022		Payments			Realized (Gain)/Loss		September 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 September 30, 2023
Financial assets not measured at fair value:
Cash	$	414,204	$	414,204	$	414,204	$	—	$	—	$	414,204
Cash segregated under federal regulations		52,601		52,601		52,601		—		—		52,601
Accounts receivable, net of allowance		90,548		90,548		—		90,548		—		90,548
Receivables from broker-dealers, clearing    organizations and customers		548,081		548,081		112,489		435,592		—		548,081
Total	$	1,105,434	$	1,105,434	$	579,294	$	526,140	$	—	$	1,105,434
Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing    organizations and customers	$	364,086	$	364,086	$	—	$	364,086	$	—	$	364,086
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
	September 30, 2023			December 31, 2022
	(In thousands)
Notional value	$	63,870		$	62,160
Fair value of notional		61,018			60,472
Fair value of the (liability)	$	(2,852	)	$	(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 September 30, 2023
Securities available-for-sale
Corporate debt	$	24,791	$	14	$	(259	)	$	24,546
Trading securities
U.S. Treasuries		99,211		—		(500	)		98,711
Mutual funds held in rabbi trust		10,442		79		(934	)		9,587
Total investments	$	134,444	$	93	$	(1,693	)	$	132,844
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

Purchases of investments during the nine months ended September 30, 2023 were $77.7 million.

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 September 30, 2023
Securities available-for-sale
Corporate debt	$	8,948	$	15,598	$	24,546
Trading securities
U.S. Treasuries		—		98,711		98,711
Mutual funds held in rabbi trust		9,587		—		9,587
Total	$	18,535	$	114,309	$	132,844
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 September 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 September 30, 2023
Corporate debt	$	22,468	$	(259	)	$	—	$	—	$	22,468	$	(259	)

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 September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	(In thousands)
Unrealized gains/(losses)
Securities available-for-sale
Corporate debt	$	(22	)	$	—		$	(245	)	$	—
Trading securities
U.S. Treasuries		(154	)		—			(500	)		(445	)
Mutual funds held in rabbi trust		(200	)		(496	)		905			(2,618	)
Total investments	$	(376	)	$	(496	)	$	160		$	(3,063	)
Realized gains/(losses)
Securities available-for-sale
Corporate debt	$	—		$	—		$	(17	)	$	—
Trading securities
Mutual funds held in rabbi trust		(79	)		—			(138	)		—
Total investments	$	(79	)	$	—		$	(155	)	$	—