Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

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, 2025
Assets
Money market funds	$	23,355	$	—	$	—	$	23,355
Securities available-for-sale
Corporate debt		—		58,440		—		58,440
Trading securities
U.S. Treasuries		—		100,772		—		100,772
Mutual funds held in rabbi trust		—		11,465		—		11,465
Foreign currency forward position		—		1,847		—		1,847
Total assets	$	23,355	$	172,524	$	—	$	195,879
As of December 31, 2024
Assets
Money market funds	$	55,473	$	—	$	—	$	55,473
Securities available-for-sale
Corporate debt		—		55,108		—		55,108
Trading securities
U.S. Treasuries		—		99,045		—		99,045
Mutual funds held in rabbi trust		—		11,107		—		11,107
Total assets	$	55,473	$	165,260	$	—	$	220,733
Liabilities
Foreign currency forward position		—		936		—		936
Total liabilities	$	—	$	936	$	—	$	936

Money market funds are included in cash and cash equivalents on the Consolidated Statements of Financial Condition. Securities available-for-sale and trading securities are included in investments, at fair value on the Consolidated Statements of Financial Condition. Securities classified within Level 2 were valued using a market approach utilizing prices and other relevant information generated by market transactions involving comparable assets. The foreign currency forward contracts are included in either other assets or accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition, and are classified within Level 2 as the valuation inputs are based on quoted market prices. The mutual funds held in a rabbi trust represent investments associated with the Company’s deferred cash incentive plan.

During the years ended December 31, 2025 and 2024, there were no transfers of financial assets or liabilities between Level 1, Level 2 and Level 3.

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, 2025
Financial assets not measured at fair value:
Cash	$	496,379	$	496,379	$	496,379	$	—	$	—	$	496,379
Cash segregated under federal regulations		48,722		48,722		48,722		—		—		48,722
Accounts receivable, net of allowance		100,989		100,989		—		100,989		—		100,989
Receivables from broker-dealers, clearing    organizations and customers		489,211		489,211		107,223		381,988		—		489,211
Total assets	$	1,135,301	$	1,135,301	$	652,324	$	482,977	$	—	$	1,135,301
Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing    organizations and customers	$	325,959	$	325,959	$	—	$	325,959	$	—	$	325,959
Borrowings		220,000		220,000		—		220,000		—		220,000
Total liabilities	$	545,959	$	545,959	$	—	$	545,959	$	—	$	545,959
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 assets	$	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

The Company enters into foreign currency forward contracts as an economic hedge against certain foreign currency transaction gains and losses in the Consolidated Statements of Operations. These forward contracts are for three-month periods and are used to limit exposure to foreign currency exchange rate fluctuations. The Company records the fair value of the asset in prepaid expenses and other assets or the fair value of the liability in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. The following table summarizes the Company’s foreign currency forward position:

	As of
	December 31, 2025		December 31, 2024
	(In thousands)
Notional value	$	94,197	$	64,454
Fair value of notional		96,044		63,518
Fair value of the asset/(liability)	$	1,847	$	(936	)

Realized and unrealized gains and losses on foreign currency forward contracts are included in other, net in the Consolidated Statements of Operations. The following table summarizes the realized and unrealized gains and losses on foreign currency forward contracts:

	Year Ended December 31,
	2025		2024			2023
	(In thousands)
Unrealized gain/(loss)	$	2,782	$	(2,838	)		3,590
Realized gain/(loss)		1,667		1,148		$	(1,470	)
Total gain/(loss)	$	4,449	$	(1,690	)	$	2,120

The Company records restricted cash collateral deposits with its counterparty bank in prepaid expenses and other assets on the Consolidated Statements of Financial Condition. As of December 31, 2025, the Company did not maintain a collateral deposit with its counterparty bank.

The Company also enters into interest rate swap agreements to manage its exposure to the effect of interest rate changes on its unrealized gains and losses on U.S. Treasury investments. As of December 31, 2025, the Company had no interest rate swaps outstanding.

The following table summarizes the Company’s investments:

	Amortized cost			Gross unrealized gains		Gross unrealized losses			Fair value
		(In thousands)
As of December 31, 2025
Securities available-for-sale
Corporate debt	$		58,110	$	333	$	(3	)	$	58,440
Trading securities
U.S. Treasuries			100,487		329		(44	)		100,772
Mutual funds held in rabbi trust			10,563		926		(24	)		11,465
Total investments	$		169,160	$	1,588	$	(71	)	$	170,677
As of December 31, 2024
Securities available-for-sale
Corporate debt	$		55,447	$	88	$	(427	)	$	55,108
Trading securities
U.S. Treasuries			100,484		86		(1,525	)		99,045
Mutual funds held in rabbi trust			10,212		900		(5	)		11,107
Total investments	$		166,143	$	1,074	$	(1,957	)	$	165,260

Proceeds from the sales and maturities of investments were $85.6 million and $62.4 million for the years ended December 31, 2025 and 2024, respectively. Purchases of investments were $87.8 million and $93.4 million for the years ended December 31, 2025 and 2024, respectively.

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

	Year Ended December 31,
	2025		2024			2023
	(In thousands)
Unrealized gains/(losses)
Securities available-for-sale
Corporate debt	$	669	$	(328	)	$	(11	)
Trading securities
U.S. Treasuries		1,733		(1,025	)		446
Mutual funds held in rabbi trust		7		1,372			1,284
Total investments	$	2,409	$	19		$	1,719
Realized gains/(losses)
Securities available-for-sale
Corporate debt	$	5	$	4		$	(11	)
Trading securities
Mutual funds held in rabbi trust		1,259		(328	)		(138	)
Total investments	$	1,264	$	(324	)	$	(149	)
Liabilities:
Securities sold, not yet purchased	$	—	$	174		$	—

Unrealized gains and losses on securities available-for-sale are included in accumulated other comprehensive loss on the Consolidated Statements of Financial Condition. Realized gains and losses on securities available-for-sale and realized and unrealized gains and losses on trading securities are included in other, net on the Consolidated Statements of Operations.

The following table summarizes the fair value of the Company’s corporate debt and U.S. Treasury investments based upon the contractual maturities:

	Less than one year		Due in 1 - 5 years		Total
	(In thousands)
As of December 31, 2025
Securities available-for-sale
Corporate debt	$	8,400	$	50,040	$	58,440
Trading securities
U.S. Treasuries		—		100,772	$	100,772
Total	$	8,400	$	150,812	$	159,212
As of December 31, 2024
Securities available-for-sale
Corporate debt	$	9,346	$	45,762	$	55,108
Trading securities
U.S. Treasuries		49,978		49,067		99,045
Total	$	59,324	$	94,829	$	154,153

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 positions:

	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, 2025
Corporate debt	$	3,506	$	(3	)	$	—	$	—		$	3,506	$	(3	)
As of December 31, 2024
Corporate debt	$	38,041	$	(426	)	$	1,226	$	(1	)	$	39,267	$	(427	)

During the years ended December 31, 2025, 2024 and 2023, the Company did not recognize any credit losses on its available-for-sale securities. The unrealized losses on securities are due to changes in interest rates and market liquidity.