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, 2026
Financial assets not measured at fair value:
Cash	$	242,480	$	242,480	$	242,480	$	—	$	—	$	242,480
Cash segregated under federal regulations		49,390		49,390		49,390		—		—		49,390
Accounts receivable, net of allowance		133,786		133,786		—		133,786		—		133,786
Receivables from broker-dealers, clearing organizations and customers		1,228,453		1,228,453		122,677		1,105,776		—		1,228,453
Total assets	$	1,654,109	$	1,654,109	$	414,547	$	1,239,562	$	—	$	1,654,109

Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing organizations and customers	$	863,546	$	863,546	$	—	$	863,546	$	—	$	863,546
Borrowings		115,914		115,914		—		115,914		—		115,914
Total liabilities	$	979,460	$	979,460	$	—	$	979,460	$	—	$	979,460

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

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

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
							(In thousands)
Foreign currency forwards	(In thousands)
Unrealized gain/(loss)	$	(33	)	$	(916	)	$	(3,459	)	$	2,640
Realized gain/(loss)		(325	)		4,783			1,726			3,090
Total gain/(loss)	$	(358	)	$	3,867		$	(1,733	)	$	5,730

Interest rate swaps
Unrealized gain/(loss)	$	648		$	—		$	967		$	—
Realized gain/(loss)		26			—			29			—
Total gain/(loss)	$	674		$	—		$	996		$	—

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,
	2026			2025		2026			2025
	(In thousands)
Unrealized gains/(losses)
Securities available-for-sale
Corporate debt	$	(109	)	$	195	$	(452	)	$	502
Trading securities
U.S. Treasuries		(405	)		213		(1,166	)		1,279
Mutual funds held in rabbi trust		1,284			1,070		1,039			577
Total investments	$	770		$	1,478	$	(579	)	$	2,358

Liabilities:
Securities sold, not yet purchased	$	(1	)	$	—	$	—		$	—

Realized gains/(losses)
Securities available-for-sale
Corporate debt	$	—		$	—	$	4		$	—
Trading securities
Mutual funds held in rabbi trust		16			47		77			94
Total investments	$	16		$	47	$	81		$	94

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 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 June 30, 2026
Corporate debt	$	39,468	$	(181	)	$	—	$	—	$	39,468	$	(181	)

As of December 31, 2025
Corporate debt	$	3,506	$	(3	)	$	—	$	—	$	3,506	$	(3	)