Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025:

(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds (1)	$	141	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds (2)	5,478		790		N/A	N/A
	$	5,619	$	790

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

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

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis and Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company's assets and liabilities, recorded at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, 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 September 30, 2025:

(Expressed in thousands)
	Fair Value Measurements as of September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets
Deposits with clearing organizations	$	27,993	$	—	$	—	$	27,993
Securities owned:
U.S. Treasury securities	1,216,287		—		—		1,216,287
U.S. Agency securities	—		6,205		—		6,205
Sovereign obligations	—		6,403		—		6,403
Corporate debt and other obligations	—		8,556		1,973		10,529
Mortgage and other asset-backed securities	—		2,095		—		2,095
Municipal obligations	—		17,259		—		17,259
Convertible bonds	—		17,222		—		17,222
Corporate equities	31,767		—		1,170		32,937
Money markets	6,500		528		—		7,028
Auction rate securities	—		—		128		128
Securities owned, at fair value	1,254,554		58,268		3,271		1,316,093
Investments (1)	—		17,146		—		17,146
Loans (1)	—		734		—		734
Derivative contracts: (2)
TBAs	—		83		—		83
Derivative contracts, total	—		83		—		83
Total	$	1,282,547	$	76,231	$	3,271	$	1,362,049
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities	$	230,586	$	—	$	—	$	230,586
U.S. Agency securities	—		27		—		27
Sovereign obligations	—		4,599		—		4,599
Corporate debt and other obligations	—		1,143		—		1,143
Convertible bonds	—		13,521		—		13,521
Corporate equities	8,980		—		—		8,980
Securities sold but not yet purchased, at fair value	239,566		19,290		—		258,856
Derivative contracts: (2)
Futures	982		—		—		982
TBAs	—		86		—		86
Derivative contracts, total	982		86		—		1,068
Total	$	240,548	$	19,376	$	—	$	259,924

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

(2) Included in receivable/payable from/to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

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: (2)
Futures	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 condensed consolidated balance sheet.

(2) Included in receivable/payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.    

The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three and nine months ended September 30, 2025 and 2024:

(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Three Months Ended September 30, 2025
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Gain (2)		and Issuances		Settlements		In (Out)		Balance
Assets
Corporate equities	$	1,190	$	(20)	$	—	$	—	$	—	$	1,170
Corporate debt and other obligations	1,862		111		—		—		—		1,973
Auction rate securities (1)	128		—		—		—		—		128

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

(2) Included in principal transactions in the condensed consolidated income statement except amounts for corporate and other obligations, which represent paid-in-kind interest, that are included in interest income in the condensed consolidated income statement.

(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Three Months Ended September 30, 2024
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Gain (2)		and Issuances		Settlements		In (Out)		Balance
Assets
Auction rate securities (1)	$	2,713	$	3	$	—	$	(35)	$	—	$	2,681

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

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

(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Nine Months Ended September 30, 2025
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Gain (2)		and Issuances		Settlements		In (Out)		Balance
Assets
Corporate equities	$	—	$	—	$	1,170	$	—	$	—	$	1,170
Corporate debt and other obligations	—		143		1,830		—		—		1,973
Auction rate securities (1)	2,652		206		—		(2,730)		—		128
Trade claims	2,684		957		534		(4,175)		—		—

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

(2) Included in principal transactions in the condensed consolidated income statement except amounts for corporate and other obligations, which represent paid-in-kind interest, that are included in interest income in the condensed consolidated income statement.

(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Nine Months Ended September 30, 2024
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Gain (2)		and Issuances		Settlements		In (Out)		Balance
Assets
Auction rate securities (1)	$	2,713	$	3	$	—	$	(35)	$	—	$	2,681

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

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

Schedule of Assets and Liabilities Not Measured at Fair Value

Assets and liabilities not measured at fair value as of September 30, 2025:

(Expressed in thousands)			Fair Value Measurement: Assets
	Carrying Value		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	38,288	$	38,288	$	—	$	—	$	38,288
Deposits with clearing organizations	72,015		72,015		—		—		72,015
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	164,230		—		164,230		—		164,230
Receivables from brokers	54,255		—		54,255		—		54,255
Securities failed to deliver	23,975		—		23,975		—		23,975
Clearing organizations and other	82,799		—		82,799		—		82,799
	325,259		—		325,259		—		325,259
Receivable from customers	1,374,526		—		1,374,526		—		1,374,526
Notes receivable, net	67,366		—		67,366		—		67,366
Corporate-owned life insurance	107,686		—		107,686		—		107,686
Investments (1)	2,205		—		2,205		—		2,205

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

(Expressed in thousands)			Fair Value Measurement: Liabilities
	Carrying Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	16,763	$	16,763	$	—	$	—	$	16,763
Bank call loans	262,300		—		262,300		—		262,300
Payables to brokers, dealers and clearing organizations:
Securities loaned	286,694		—		286,694		—		286,694
Payable to brokers	1,379		—		1,379		—		1,379
Securities failed to receive	29,530		—		29,530		—		29,530
Clearing organization and other	3,668		—		3,668		—		3,668
	321,271		—		321,271		—		321,271
Payables to customers	465,426		—		465,426		—		465,426
Securities sold under agreements to repurchase	972,167		—		972,167		—		972,167

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 organization	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 condensed 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

Schedule of Notional Amounts and Fair Values of Derivatives by Product

The notional amounts and fair values of the Company's derivatives as of September 30, 2025 and December 31, 2024 by product were as follows:

(Expressed in thousands)
	Fair Value of Derivative Instruments as of September 30, 2025
	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contracts	TBAs	$	13,985	$	83
		$	13,985	$	83
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts	Futures	$	16,000,000	$	982
Other contracts	TBAs	13,985		86
		$	16,013,985	$	1,068

(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, 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.

Schedule of Fair Value Amounts of Derivative Instruments and their Effect on Consolidated Income Statements

The following table presents the location and fair value amounts of the Company's derivative instruments and their effect in the condensed consolidated income statements for the three and nine months ended September 30, 2025 and 2024:

(Expressed in thousands)
	The Effect of Derivative Instruments in the Income Statement
	For the Three Months Ended September 30, 2025
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Net Gain
Commodity contracts	Futures	Principal transactions revenue, net	$	172
Other contracts	TBAs	Principal transactions revenue, net	3
			$	175
(Expressed in thousands)
	The Effect of Derivative Instruments in the Income Statement
	For the Three Months Ended September 30, 2024
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Net Loss
Commodity contracts	Futures	Principal transactions revenue, net	$	(5,892)
Other contracts	TBAs	Principal transactions revenue, net	(2)
			$	(5,894)

(Expressed in thousands)
	The Effect of Derivative Instruments in the Income Statement
	For the Nine Months Ended September 30, 2025
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Net Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue, net	$	(572)
Other contracts	TBAs	Principal transactions revenue, net	19
			$	(553)
(Expressed in thousands)
	The Effect of Derivative Instruments in the Income Statement
	For the Nine Months Ended September 30, 2024
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Net Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue, net	$	(1,457)
Other contracts	Foreign exchange forward contracts	Other revenue/(Compensation and related expenses)	(24)
Other contracts	TBAs	Principal transactions revenue, net	1
			$	(1,480)