DERIVATIVES

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

DERIVATIVES

The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of September 30, 2025 and December 31, 2024. Notional amounts provide an indication of the volume of the Company's derivative activity.

Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has a right to set off under an enforceable master netting agreement.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.

	September 30, 2025
	Derivative Assets				Derivative Liabilities
	Fair Value		Notional		Fair Value		Notional
Forward foreign currency exchange rate contracts	$	770	$	126,660	$	5,707	$	381,319
Total return swaps and other	153		436		39,450		177,950
LFI and other similar deferred compensation arrangements	–		–		185,144		160,786
Total gross derivatives	923		$	127,096	230,301		$	720,055
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts	(247)				(247)
Total return swaps and other	(153)				(7,467)
Net derivatives in "other assets" and "other liabilities"	523				222,587
Collateral not netted on the condensed consolidated    statement of financial condition (a)	–				(31,978)
	$	523			$	190,609

	December 31, 2024
	Derivative Assets				Derivative Liabilities
	Fair Value		Notional		Fair Value		Notional
Forward foreign currency exchange rate contracts	$	4,248	$	359,717	$	1,068	$	167,115
Total return swaps and other	125		1,031		17,527		116,239
LFI and other similar deferred compensation arrangements	–		–		270,847		247,848
Total gross derivatives	4,373		$	360,748	289,442		$	531,202
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts	(461)				(460)
Total return swaps and other	(125)				(14,702)
Net derivatives in "other assets" and "other liabilities"	3,787				274,280
Collateral not netted on the condensed consolidated    statement of financial condition (a)	–				(1,132)
	$	3,787			$	273,148

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(a)Includes cash and/or securities collateral pledged that are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S. GAAP. For some counterparties, the amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the amount of collateral offset within net derivatives is limited to the net derivative assets and net derivative liabilities balances with that counterparty.

Cash and securities collateral were previously reported separately. Prior year information has been recast to reflect the current presentation.

Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2025 and 2024 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Forward foreign currency exchange rate contracts	$	1,670	$	(5,860)	$	(13,339)	$	(2,635)
LFI and other similar deferred compensation arrangements	(4,823)		(16,732)		(20,575)		(24,904)
Total return swaps and other	(16,990)		(8,143)		(47,977)		(14,086)
Total	$	(20,143)	$	(30,735)	$	(81,891)	$	(41,625)