Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023
Assets
Money market funds	$	18,634	$	—	$	—	$	18,634
Securities available-for-sale
Corporate debt		—		24,694		—		24,694
Trading securities
U.S. Treasuries		—		99,682		—		99,682
Mutual funds held in rabbi trust		—		10,485		—		10,485
Foreign currency forward position		—		1,901		—		1,901
Total assets	$	18,634	$	136,762	$	—	$	155,396
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

year ended December 31, 2023:

	December 31, 2022			Payments			Realized (Gain)/Loss		December 31, 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 December 31, 2023
Financial assets not measured at fair value:
Cash	$	432,646	$	432,646	$	432,646	$	—	$	—	$	432,646
Cash segregated under federal regulations		45,122		45,122		45,122		—		—		45,122
Accounts receivable, net of allowance		89,839		89,839		—		89,839		—		89,839
Receivables from broker-dealers, clearing    organizations and customers		687,936		687,936		115,151		572,785		—		687,936
Total	$	1,255,543	$	1,255,543	$	592,919	$	662,624	$	—	$	1,255,543
Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing    organizations and customers	$	537,398	$	537,398	$	—	$	537,398	$	—	$	537,398
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
	December 31, 2023		December 31, 2022
	(In thousands)
Notional value	$	61,858	$	62,160
Fair value of notional		63,759		60,472
Fair value of the asset/(liability)	$	1,901	$	(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 December 31, 2023
Securities available-for-sale
Corporate debt	$		24,705	$	55	$	(66	)	$	24,694
Trading securities
U.S. Treasuries			99,236		446		—			99,682
Mutual funds held in rabbi trust			10,962		172		(649	)		10,485
Total investments	$		134,903	$	673	$	(715	)	$	134,861
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 Companies unrealized and realized gains and losses on investments

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

	Year ended December 31,
	2023			2022			2021
	(In thousands)
Unrealized gains/(losses)
Securities available-for-sale
Corporate debt	$	(11	)	$	—		$	—
Trading securities
U.S. Treasuries		446			(534	)		(111	)
Mutual funds held in rabbi trust		1,284			(2,091	)		1,254
Total investments	$	1,719		$	(2,625	)	$	1,143
Realized gains/(losses)
Securities available-for-sale
Corporate debt	$	(11	)	$	—		$	—
Trading securities
Corporate debt		—			—			89
Mutual funds held in rabbi trust		(138	)		—			—
Total investments	$	(149	)	$	—		$	89

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 December 31, 2023
Securities available-for-sale
Corporate debt	$	10,727	$	13,967	$	24,694
Trading securities
U.S. Treasuries		49,756		49,926		99,682
Mutual funds held in rabbi trust		10,485		—		10,485
Total	$	70,968	$	63,893	$	134,861
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 December 31, 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 December 31, 2023
Corporate debt	$	17,658	$	(66	)	$	—	$	—	$	17,658	$	(66	)