Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Investments in Company-Sponsored Funds

The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2024:

(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds (1)	$	283	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds (2)	5,090		1,314		N/A	N/A
	$	5,373	$	1,314

(1) Hedge funds represent investments in credit driven strategies.

(2) Private equity funds include portfolios focused on technology, infrastructure, real estate, natural resources and specific co- investment opportunities.

The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2023:

(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds (1)	$	446	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds (2)	5,072		2,367		N/A	N/A
	$	5,518	$	2,367

        (1) Hedge funds represent investments in credit driven strategies.

(2) Includes private equity funds and private equity fund of funds with diversified portfolios, focusing on but not

limited to technology companies, venture capital and global natural resources.

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company's assets and liabilities, recorded at fair value on a recurring basis, as of December 31, 2024 and 2023, have been categorized based upon the above fair value hierarchy as follows:

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024

(Expressed in thousands)
	Fair Value Measurements as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Deposits with clearing organizations	$	28,071	$	—	$	—	$	28,071
Securities owned:
U.S. Treasury securities	995,420		—		—		995,420
U.S. Agency securities	—		3,691		—		3,691
Corporate debt and other obligations	—		9,423		—		9,423
Mortgage and other asset-backed securities	—		8,954		—		8,954
Municipal obligations	—		34,704		—		34,704
Convertible bonds	—		21,938		—		21,938
Corporate equities	23,873		—		—		23,873
Money markets	7,551		—		—		7,551
Auction rate securities	—		—		2,652		2,652
Securities owned, at fair value	1,026,844		78,710		2,652		1,108,206
Investments (1)	978		17,005		—		17,983
Trade claims(1)					2,684		2,684
Loans(1)			432				432
Total	$	1,055,893	$	96,147	$	5,336	$	1,157,376
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities	$	82,767	$	—	$	—	$	82,767
U.S. Agency securities	—		4		—		4
Corporate debt and other obligations	—		11		—		11
Convertible bonds	—		4,998		—		4,998
Corporate equities	11,112		—		—		11,112
Securities sold but not yet purchased, at fair value	93,879		5,013		—		98,892
Derivative contracts:
Futures (2)	1,071		—		—		1,071
Derivative contracts, total	1,071		—		—		1,071
Total	$	94,950	$	5,013	$	—	$	99,963

(1) Included in other assets on the consolidated balance sheet.

(2) Included in receivable/payable to brokers, dealers and clearing organizations.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023

(Expressed in thousands)
	Fair Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Deposits with clearing organizations	$	34,789	$	—	$	—	$	34,789
Securities owned:
U.S. Treasury securities	695,346		—		—		695,346
U.S. Agency securities	—		2		—		2
Corporate debt and other obligations	—		5,769		—		5,769
Mortgage and other asset-backed securities	—		6,627		—		6,627
Municipal obligations	—		35,333		—		35,333
Convertible bonds	—		16,735		—		16,735
Corporate equities	27,170		—		—		27,170
Money markets	5,400		217		—		5,617
Auction rate securities	—		—		2,713		2,713
Securities owned, at fair value	727,916		64,683		2,713		795,312
Investments (1)	1,872		16,913		—		18,785
Securities purchased under agreements to resell	—		5,842				5,842
Derivative contracts: (2)
Futures	2		—		—		2
TBAs	—		11		—		11
Derivative contracts, total	2		11		—		13
Total	$	764,579	$	87,449	$	2,713	$	854,741
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities	$	14,603	$	—	$	—	$	14,603
Corporate debt and other obligations	—		1,508		—		1,508
Mortgage and other asset-backed securities	—		2		—		2
Convertible bonds	—		2,136		—		2,136
Corporate equities	13,427		—		—		13,427
Securities sold but not yet purchased, at fair value	28,030		3,646		—		31,676
Derivative contracts: (2)
Futures	735		—		—		735
TBAs	—		2		—		2
Derivative contracts, total	735		2		—		737
Total	$	28,765	$	3,648	$	—	$	32,413

(1) Included in other assets on the consolidated balance sheet.

(2) Included in receivable/payable to brokers, dealers and clearing organizations.

The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2024 and 2023:

(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Year Ended December 31, 2024
	Beginning Balance		Total Realized and Unrealized Gains (2)		Purchases and Issuances		Sales and Settlements		Transfers In / (Out)		Ending Balance
Assets
Trade claims	—		—		1,427		—		1,257		2,684
Auction rate securities (1)	$	2,713	$	9	$	—	$	(70)	$	—	$	2,652

 

(1) Represents auction rate securities that failed in the auction rate market.

(2) Included in principal transactions in the consolidated income statement.

(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Year Ended December 31, 2023
	Beginning Balance		Total Realized and Unrealized Losses(2)		Purchases and Issuances		Sales and Settlements		Transfers In / (Out)		Ending Balance
Assets
Auction rate securities (1)	$	31,776	$	3,159	$	—	$	(32,222)	$	—	$	2,713

(1) Represents auction rate securities that failed in the auction rate market.

(2) Included in principal transactions in the consolidated income statement.

Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

Assets and liabilities not measured at fair value as of December 31, 2024

(Expressed in thousands)			Fair Value Measurement: Assets
	Carrying Value		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	33,150	$	33,150	$	—	$	—	$	33,150
Deposits with clearing organizations	70,838		70,838		—		—		70,838
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	137,177		—		137,177		—		137,177
Receivables from brokers	59,487		—		59,487		—		59,487
Securities failed to deliver	8,459		—		8,459		—		8,459
Clearing organizations and other	36,355		—		36,355		—		36,355
	$	241,478	—		$	241,478	—		$	241,478
Receivable from customers	1,268,866		—		1,268,866		—		1,268,866
Notes receivable, net	67,931		—		67,931		—		67,931
Corporate-owned life insurance	98,828				98,828				98,828
Investments (1)	1,634		—		1,634		—		1,634

(1) Included within other assets on the consolidated balance sheet.

(Expressed in thousands)			Fair Value Measurement: Liabilities
	Carrying Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	21,661	$	21,661	$	—	$	—	$	21,661
Bank call loans	$	252,100	$	—	$	252,100	$	—	$	252,100
Payables to brokers, dealers and clearing organizations:
Securities loaned	$	235,498	—		$	235,498	—		$	235,498
Payable to brokers	607		—		607		—		607
Securities failed to receive	14,757		—		14,757		—		14,757
Clearing Organizations and Other	1,883		—		1,883		—		1,883
	$	252,745	—		$	252,745	—		$	252,745
Payables to customers	357,835		—		357,835		—		357,835
Securities sold under agreements to repurchase	931,754		—		931,754		—		931,754

 

Assets and liabilities not measured at fair value as of December 31, 2023

(Expressed in thousands)			Fair Value Measurement: Assets
	Carrying Value		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	28,835	$	28,835	$	—	$	—	$	28,835
Deposits with clearing organization	43,917		43,917		—		—		43,917
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	158,612		—		158,612		—		158,612
Receivables from brokers	65,639		—		65,639		—		65,639
Securities failed to deliver	29,656		—		29,656		—		29,656
Clearing organizations	30,780		—		30,780		—		30,780
	284,687		—		284,687		—		284,687
Receivable from customers	1,059,892		—		1,059,892		—		1,059,892
Notes receivable, net	62,640		—		62,640		—		62,640
Corporate-owned life insurance	88,989				88,989				88,989
Investments (1)	2,010		—		2,010		—		2,010

 

(1) Included within other assets on the consolidated balance sheet.

(Expressed in thousands)			Fair Value Measurement: Liabilities
	Carrying Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	9,002	$	9,002	$	—	$	—	$	9,002
Payables to brokers, dealers and clearing organizations:
Securities loaned	$	284,987	$	—	$	284,987	$	—	$	284,987
Payable to brokers	447		—		447		—		447
Securities failed to receive	23,809		—		23,809		—		23,809
Other	51,912		—		51,912		—		51,912
	361,155		—		361,155		—		361,155
Payables to customers	369,287		—		369,287		—		369,287
Securities sold under agreements to repurchase	640,382		—		640,382		—		640,382
Senior secured notes	113,050		—		109,838		—		109,838

Schedule of Notional Amounts and Fair Values of Derivatives by Product

The notional amounts and fair values of the Company's derivatives as of December 31, 2024 and 2023 by product were as follows:

(Expressed in thousands)
	Fair Value of Derivative Instruments as of December 31, 2024
	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contracts	TBAs	$	360	$	—
		$	360	$	—
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts	Futures	$	11,475,000	$	1,071
Other contracts	TBAs	360		—
		$	11,475,360	$	1,071

 

(1) See "Derivative Instruments and Hedging Activities" above for a description of derivative financial instruments.

Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset.

(Expressed in thousands)
	Fair Value of Derivative Instruments as of December 31, 2023
	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contracts	TBAs	$	3,700	$	11
Commodity contracts	Futures	5,000		2
		$	8,700	$	13
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts	Futures	$	6,875,000	$	735
Other contracts	TBAs	3,700		2
		$	6,878,700	$	737

 

(1) See "Derivative Instruments and Hedging Activities" above for a description of derivative financial instruments.

Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset.

Schedule of Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations

The following table presents the location and fair value amounts of the Company's derivative instruments and their effect in the consolidated income statements for the years ended December 31, 2024 and 2023:

(Expressed in thousands)
	The Effect of Derivative Instruments in the Consolidated Income Statement
	For the Year Ended December 31, 2024
Types	Description	Location	Net Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	3,083
Other contracts	Foreign exchange forward contracts	Other revenue	(10)
	TBAs	Principal transactions revenue	1
			$	3,074
(Expressed in thousands)
	The Effect of Derivative Instruments in the Consolidated Income Statement
	For the Year Ended December 31, 2023
Types	Description	Location	Net Gain
Commodity contracts	Futures	Principal transactions revenue	$	2,842
Other contracts	Foreign exchange forward contracts	Other revenue	65
	TBAs	Principal transactions revenue	26
			$	2,933