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, 2024
Financial assets not measured at fair value:
Cash	$	489,005	$	489,005	$	489,005	$	—	$	—	$	489,005
Cash segregated under federal regulations		47,107		47,107		47,107		—		—		47,107
Accounts receivable, net of allowance		91,845		91,845		—		91,845		—		91,845
Receivables from broker-dealers, clearing organizations and customers		357,728		357,728		107,652		250,076		—		357,728
Total	$	985,685	$	985,685	$	643,764	$	341,921	$	—	$	985,685

Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing organizations and customers	$	218,845	$	218,845	$	—	$	218,845	$	—	$	218,845

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

Summary of Realized and Unrealized Gains and Losses on Foreign Currency Forward Contracts

The following table summarizes the realized and unrealized gains and losses on foreign currency forward contracts:


	Year Ended December 31,
	2024			2023			2022
	(In thousands)
Unrealized gain/(loss)	$	(2,838	)	$	3,590			(1,688	)
Realized gain/(loss)		1,148			(1,470	)	$	802
Total gain/(loss)	$	(1,690	)	$	2,120		$	(886	)

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,
	2024			2023			2022
	(In thousands)
Unrealized gains/(losses)
Securities available-for-sale
Corporate debt	$	(328	)	$	(11	)	$	—
Trading securities
U.S. Treasuries		(1,025	)		446			(534	)
Mutual funds held in rabbi trust		1,372			1,284			(2,091	)
Total investments	$	19		$	1,719		$	(2,625	)

Realized gains/(losses)
Securities available-for-sale
Corporate debt	$	4		$	(11	)	$	—
Trading securities
Mutual funds held in rabbi trust		(328	)		(138	)		—
Total investments	$	(324	)	$	(149	)	$	—

Liabilities:
Securities sold, not yet purchased	$	174		$	—		$	—

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:


	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, 2024
Corporate debt	$	38,041	$	(426	)	$	1,226	$	(1	)	$	39,267	$	(427	)

As of December 31, 2023
Corporate debt	$	17,658	$	(66	)	$	—	$	—		$	17,658	$	(66	)