XML 43 R33.htm IDEA: XBRL DOCUMENT v3.26.1
Fair value measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026:
(Expressed in thousands)    
 Fair ValueUnfunded
Commitments		Redemption
Frequency		Redemption
Notice Period
Private equity funds (1)
$10,543 $741 N/AN/A
$10,543 $741 
(1) 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, 2025:

(Expressed in thousands)    
 Fair ValueUnfunded
Commitments		Redemption
Frequency		Redemption
Notice Period
Private equity funds (2)
$5,555 $741 N/AN/A
$5,555 $741 
(1) 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 March 31, 2026 and December 31, 2025, 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 March 31, 2026:
(Expressed in thousands)    
 
Fair Value Measurements as of March 31, 2026
 Level 1Level 2Level 3Total
Assets
Deposits with clearing organizations$28,237 $— $— $28,237 
Securities owned:
U.S. Treasury securities1,160,684 — — 1,160,684 
U.S. Agency securities— 5,878 — 5,878 
Sovereign obligations— 5,316 — 5,316 
Corporate debt and other obligations— 7,990 2,153 10,143 
Mortgage and other asset-backed securities— 2,140 — 2,140 
Municipal obligations— 28,350 — 28,350 
Convertible bonds— 17,826 — 17,826 
Corporate equities29,053 — 1,170 30,223 
Money markets5,000 230 — 5,230 
Other debt securities (3)
— — 128 128 
Securities owned, at fair value1,194,737 67,730 3,451 1,265,918 
Investments (1)
1,600 10,499 17,000 29,099 
Loans (1)
— 296 — 296 
Derivative contracts: (2)
TBAs— 98 — 98 
Derivative contracts, total— 98 — 98 
Total$1,224,574 $78,623 $20,451 $1,323,648 
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities$209,798 $— $— $209,798 
U.S. Agency securities— 2 — 2 
Sovereign obligations— 997 — 997 
Corporate debt and other obligations— 1,275 — 1,275 
Convertible bonds— 10,652 — 10,652 
Corporate equities9,080 — — 9,080 
Securities sold but not yet purchased, at fair value218,878 12,926 — 231,804 
Derivative contracts: (2)
Futures 3,812 — — 3,812 
TBAs— 92 — 92 
Derivative contracts, total3,812 92 — 3,904 
Total$222,690 $13,018 $— $235,708 
(1) Included in other assets on the condensed consolidated balance sheet
(2) Included in receivables from/payables to brokers, dealers and clearing organizations on the condensed consolidated balance sheet
(3) Represents auction rate securities that failed in the auction rate market
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025:
(Expressed in thousands)    
 
Fair Value Measurements as of December 31, 2025
 Level 1Level 2Level 3Total
Assets
Deposits with clearing organizations$27,996 $— $— $27,996 
Securities owned:
U.S. Treasury securities1,151,564 — — 1,151,564 
U.S. Agency securities— 5,925 — 5,925 
Sovereign obligations— 1,223 — 1,223 
Corporate debt and other obligations— 3,989 2,064 6,053 
Mortgage and other asset-backed securities— 2,109 — 2,109 
Municipal obligations— 28,926 — 28,926 
Convertible bonds— 20,500 — 20,500 
Corporate equities28,200 — 1,170 29,370 
Money markets5,000 4 — 5,004 
Other debt securities (3)
— — 128 128 
Securities owned, at fair value1,184,764 62,676 3,362 1,250,802 
Investments (1)
1,600 13,695 17,000 32,295 
Loans (1)
— 653 — 653 
Derivative contracts: (2)
TBAs— 34 — 34 
Derivative contracts, total— 34 — 34 
Total$1,214,360 $77,058 $20,362 $1,311,780 
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities$155,518 $— $— $155,518 
U.S. Agency securities— 1 — 1 
Sovereign obligations— 2,410 — 2,410 
Corporate debt and other obligations— 1,965 — 1,965 
Convertible bonds— 6,096 — 6,096 
Corporate equities9,722 — — 9,722 
Securities sold but not yet purchased, at fair value165,240 10,472 — 175,712 
Derivative contracts: (2)
Futures 133 — — 133 
TBAs— 27 — 27 
Derivative contracts, total133 27 — 160 
Total$165,373 $10,499 $— $175,872 
(1) Included in other assets on the condensed consolidated balance sheet
(2) Included in receivables from/payables to brokers, dealers and clearing organizations
(3) Represents auction rate securities that failed in the auction rate market
The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for three-months periods ended March 31, 2026 and 2025:
(Expressed in thousands)
Level 3 Assets and Liabilities
For the Three Months Ended March 31, 2026
Total Realized
Beginningand UnrealizedPurchasesSales andTransfersEnding
Balance
Gain (2)
and IssuancesSettlementsIn (Out)Balance
Assets
Corporate debt and other obligations1,170 — — — — 1,170 
Corporate equities2,064 89 — — — 2,153 
Private equity securities (3)
17,000 — — — — 17,000 
Other debt 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
(3) Represents equity security associated with a consolidated private equity fund sponsored by the Company


(Expressed in thousands)
Level 3 Assets and Liabilities
For the Three Months Ended March 31, 2025
Total Realized
Beginningand UnrealizedPurchasesSales andTransfersEnding
Balance
Gain (2)
and IssuancesSettlementsIn (Out)Balance
Assets
Trade claims$2,684 $— $534 $— $— $3,218 
Other debt securities (1)
2,652 206 — (2,730)— 128 
(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 March 31, 2026:
(Expressed in thousands) Fair Value Measurement: Assets
 Carrying ValueLevel 1Level 2Level 3Total
Cash and cash equivalents$34,601 $34,601 $— $— $34,601 
Deposits with clearing organizations85,993 85,993 — — 85,993 
Receivables from brokers, dealers and clearing organizations:
Securities borrowed158,057 — 158,057 — 158,057 
Receivables from brokers48,775 — 48,775 — 48,775 
Securities failed to deliver20,360 — 20,360 — 20,360 
Clearing organizations28,846 — 28,846 — 28,846 
Trade date receivables33,430 — 33,430 — 33,430 
Other5,810 — 5,810 — 5,810 
295,278 — 295,278 — 295,278 
Receivables from customers1,483,755 — 1,483,755 — 1,483,755 
Notes receivable, net55,137 — 55,137 55,137 
Company-owned life insurance106,144 — 106,144 — 106,144 
Investments (1)
2,924 — 2,924 — 2,924 
(1) Included within other assets on the condensed consolidated balance sheet

(Expressed in thousands) Fair Value Measurement: Liabilities
 Carrying ValueLevel 1Level 2Level 3Total
Drafts payable$19,754 $19,754 $— $— $19,754 
Bank call loans287,900 — 287,900 — 287,900 
Payables to brokers, dealers and clearing organizations:
Securities loaned320,163 — 320,163 — 320,163 
Payables to brokers1,136 — 1,136 — 1,136 
Securities failed to receive49,557 — 49,557 — 49,557 
Clearing organization and other173 — 173 — 173 
371,029 — 371,029 — 371,029 
Payables to customers376,343 — 376,343 — 376,343 
Securities sold under agreements to repurchase968,346 — 968,346 — 968,346 
Assets and liabilities not measured at fair value as of December 31, 2025:
(Expressed in thousands) Fair Value Measurement: Assets
 Carrying ValueLevel 1Level 2Level 3Total
Cash and cash equivalents$38,405 $38,405 $— $— $38,405 
Deposits with clearing organizations79,611 79,611 — — 79,611 
Receivables from brokers, dealers and clearing organizations:
Securities borrowed160,006 — 160,006 — 160,006 
Receivables from brokers51,080 — 51,080 — 51,080 
Securities failed to deliver2,583 — 2,583 — 2,583 
Clearing organizations27,215 — 27,215 — 27,215 
Trade date receivables14,800 — 14,800 — 14,800 
Other4,283 — 4,283 — 4,283 
259,967 — 259,967 — 259,967 
Receivables from customers1,415,049 — 1,415,049 — 1,415,049 
Notes receivable, net57,965 — 57,965 — 57,965 
Company-owned life insurance109,094 — 109,094 — 109,094 
Investments (1)
2,114 — 2,114 — 2,114 
(1) Included within other assets on the condensed consolidated balance sheet

(Expressed in thousands) Fair Value Measurement: Liabilities
 Carrying ValueLevel 1Level 2Level 3Total
Drafts payable$18,347 $18,347 $— $— $18,347 
Bank call loans76,800 — 76,800 — 76,800 
Payables to brokers, dealers and clearing organizations:
Securities loaned370,331 — 370,331 — 370,331 
Payables to brokers728 — 728 — 728 
Securities failed to receive18,937 — 18,937 — 18,937 
Clearing organizations and other 7,841 — 7,841 — 7,841 
397,837 — 397,837 — 397,837 
Payables to customers393,694 — 393,694 — 393,694 
Securities sold under agreements to repurchase997,192 — 997,192 — 997,192 
Schedule of Notional Amounts and Fair Values of Derivatives by Product
The notional amounts and fair values of the Company's derivatives as of March 31, 2026 and December 31, 2025 by product were as follows:
(Expressed in thousands)   
 
Fair Value of Derivative Instruments as of March 31, 2026
 DescriptionNotionalFair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contractsTBAs$20,075 $98 
$20,075 $98 
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts
Futures$14,420,000 $3,812 
       Other contractsTBAs20,075 92 
$14,440,075 $3,904 
(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, 2025
 DescriptionNotionalFair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contractsTBAs$9,900 $34 
$9,900 $34 
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts
Futures$13,960,000 $133 
       Other contractsTBAs9,900 27 
$13,969,900 $160 
(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 months ended March 31, 2026 and 2025:
(Expressed in thousands)   
 The Effect of Derivative Instruments in the Income Statement
 
For the Three Months Ended March 31, 2026
  Recognized in Income on Derivatives
(pre-tax)
TypesDescriptionLocationNet Gain/(Loss)
Commodity contractsFuturesPrincipal transactions revenue, net$3,929 
Other contractsForeign exchange forward contractsOther revenue/(Compensation and related expenses)2 
Other contractsTBAsPrincipal transactions revenue, net(2)
$3,929 
(Expressed in thousands)   
 The Effect of Derivative Instruments in the Income Statement
 
For the Three Months Ended March 31, 2025
  Recognized in Income on Derivatives
(pre-tax)
TypesDescriptionLocationNet Loss
Commodity contractsFuturesPrincipal transactions revenue, net$(1,138)
$(1,138)