Fair Values of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:


March 31, 2026	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	21,565	$	—	$	—	$	21,565
Commercial paper	—		291		—		291

Total cash equivalents	21,565		291		—		21,856
Investments segregated and on deposit for regulatory purposes:
U.S. government securities	—		18,865		—		18,865

Total investments segregated and on deposit for regulatory purposes	—		18,865		—		18,865
Available for sale securities:
U.S. agency mortgage-backed securities	—		39,691		—		39,691
U.S. Treasury securities	—		11,336		—		11,336
Corporate debt securities	—		4,785		—		4,785
Asset-backed securities	—		4,589		—		4,589
U.S. state and municipal securities	—		558		—		558

Non-agency commercial mortgage-backed securities	—		113		—		113



Other	—		18		—		18
Total available for sale securities	—		61,090		—		61,090
Other assets:
Other securities owned:
Equity, corporate debt, and other securities	1,705		83		—		1,788
Mutual funds and ETFs	1,310		—		—		1,310
State and municipal debt obligations	—		25		—		25
U.S. government securities	—		5		—		5
Total other securities owned	3,015		113		—		3,128
Interest rate swaps	—		1		—		1
Total other assets	3,015		114		—		3,129
Total assets	$	24,580	$	80,360	$	—	$	104,940
Accrued expenses and other liabilities:
Interest rate swaps	$	—	$	2	$	—	$	2
Other	2,807		33		—		2,840
Total accrued expenses and other liabilities	2,807		35		—		2,842
Total liabilities	$	2,807	$	35	$	—	$	2,842


December 31, 2025	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	13,947	$	—	$	—	$	13,947
U.S. Treasury securities	—		1,989		—		1,989
Total cash equivalents	13,947		1,989		—		15,936
Investments segregated and on deposit for regulatory purposes:
U.S. government securities	—		23,555		—		23,555

Total investments segregated and on deposit for regulatory purposes	—		23,555		—		23,555
Available for sale securities:
U.S. agency mortgage-backed securities	—		41,434		—		41,434
U.S. Treasury securities	—		11,364		—		11,364
Corporate debt securities	—		4,667		—		4,667
Asset-backed securities	—		4,199		—		4,199
U.S. state and municipal securities	—		561		—		561

Non-agency commercial mortgage-backed securities	—		113		—		113


Other	—		19		—		19
Total available for sale securities	—		62,357		—		62,357
Other assets:
Other securities owned:
Equity, corporate debt, and other securities	1,704		84		—		1,788
Mutual funds and ETFs	1,314		—		—		1,314
State and municipal debt obligations	—		45		—		45
U.S. government securities	—		15		—		15
Total other securities owned	3,018		144		—		3,162
Interest rate swaps	—		1		—		1
Total other assets	3,018		145		—		3,163
Total assets	$	16,965	$	88,046	$	—	$	105,011
Accrued expenses and other liabilities:
Interest rate swaps	$	—	$	1	$	—	$	1
Other	2,804		40		—		2,844
Total accrued expenses and other liabilities	2,804		41		—		2,845
Total liabilities	$	2,804	$	41	$	—	$	2,845

The following tables present the fair value hierarchy for other financial instruments:


March 31, 2026	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	23,119	$	16,719	$	6,400	$	—	$	23,119
Cash and investments segregated and on deposit for regulatory purposes	20,848		2,898		17,950		—		20,848
Receivables from brokers, dealers, and clearing organizations	11,808		—		11,808		—		11,808
Receivables from brokerage clients — net	106,172		—		106,172		—		106,172
Held to maturity securities:
U.S. agency mortgage-backed securities	131,155		—		122,539		—		122,539




U.S. Treasury securities	516		—		512		—		512




Total held to maturity securities	131,671		—		123,051		—		123,051
Bank loans — net:
First Mortgages	31,240		—		29,346		—		29,346
HELOCs	421		—		415		—		415
Pledged asset lines	28,790		—		28,790		—		28,790
Other	421		—		421		—		421
Total bank loans — net	60,872		—		58,972		—		58,972
Other assets	676		—		676		—		676

Liabilities
Bank deposits	$	253,041	$	—	$	253,041	$	—	$	253,041
Payables to brokers, dealers, and clearing organizations	28,107		—		28,107		—		28,107
Payables to brokerage clients	117,986		—		117,986		—		117,986
Accrued expenses and other liabilities	1,470		—		1,470		—		1,470
Other short-term borrowings	12,486		—		12,486		—		12,486

Long-term debt	20,456		—		20,292		—		20,292


December 31, 2025	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	30,094	$	30,094	$	—	$	—	$	30,094
Cash and investments segregated and on deposit for regulatory purposes	19,290		2,470		16,820		—		19,290
Receivables from brokers, dealers, and clearing organizations	7,190		—		7,190		—		7,190
Receivables from brokerage clients — net	104,625		—		104,625		—		104,625
Held to maturity securities:
U.S. agency mortgage-backed securities	133,563		—		125,649		—		125,649




U.S. Treasury securities	406		—		406		—		406



Total held to maturity securities	133,969		—		126,055		—		126,055
Bank loans — net:
First Mortgages	30,456		—		28,612		—		28,612
HELOCs	426		—		431		—		431
Pledged asset lines	26,603		—		26,603		—		26,603
Other	470		—		470		—		470
Total bank loans — net	57,955		—		56,116		—		56,116
Other assets	766		—		766		—		766

Liabilities
Bank deposits	$	255,747	$	—	$	255,747	$	—	$	255,747
Payables to brokers, dealers, and clearing organizations	25,689		—		25,689		—		25,689
Payables to brokerage clients	116,341		—		116,341		—		116,341
Accrued expenses and other liabilities	1,359		—		1,359		—		1,359
Other short-term borrowings	6,913		—		6,913		—		6,913
Federal Home Loan Bank borrowings	1,850		—		1,850		—		1,850
Long-term debt	22,162		—		22,059		—		22,059