Financial Analysis

Acquisitions The Companys consolidated financial statements include the operating results and cash flows of the acquired businesses from the dates of acquisition. Acquisitions in Fiscal 2025 Assets of JBR Recovery Limited On October 1, 2024, the Companys subsidiary, StoneX Metals Limited, executed a sale and purchase agreement to acquire the recycling and refining business, along with certain assets, including licenses, silver inventory, and refining and recycling equipment, from JBR, a company incorporated in England and Wales. This transaction was effective on the closing date of October 1, 2024. The asset purchase was accounted for as a business acquisition in accordance with ASC 805. JBR was, at the acquisition date, one of only two UK companies accredited for the supply of Good Delivery silver to the London Bullion Market and is expected to enhance the Companys supply chain integration. The purchase price consists of $8.0 million of cash consideration paid at closing, approximately $12.6 million in silver bullion paid at closing, approximately $0.7 million of silver bullion payable upon determination of final silver inventory valuation, and deferred consideration totaling $2.4 million due in two equal annual payments beginning on October 1, 2025. The business activities of JBR have been assigned to the Companys Commercial reportable segment. The acquisition generated $4.8 million of Goodwill and $2.5 million of intangible assets. Octo Finances SA On January 31, 2025, the …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal and regulatory proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Companys legal counsel evaluates the perceived merits of any legal or regulatory proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred at the date of the financial statements and the amount of the liability can be estimated, then the estimated liability would be accrued in the Companys financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Neither accrual nor disclosure is required for loss contingencies that are deemed remote. The Company accrues legal fees related to contingent liabilities as they are incur …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Credit Facilities Committed Credit Facilities The Company and its subsidiaries have committed credit facilities under which they may borrow up to $1,705.0 million, subject to the terms and conditions for these facilities. The amounts outstanding under these credit facilities carry variable rates of interest, thus approximating fair value. The committed credit facilities have covenant requirements that generally relate to various leverage, debt to net worth, fixed charge, tangible net worth, excess net capital, or profitability measures, as agreed for each. The Company and its subsidiaries were in compliance with all relevant covenants as of September 30, 2025. Uncommitted Credit Facilities The Company has access to certain uncommitted financing agreements that support its ordinary course securities and commodities business activities. The agreements are subject to certain borrowing terms and conditions. Subordinated Credit Facility The Companys subsidiary, R.J. OBrien & Associates, LLC, has a subordinated credit facility which allows it to borrow up to $180.0 million. As of September 30, 2025, the outstanding tranches of borrowings mature at various dates through July 14, 2026. The facility matures in April 2027, at which point no further draws can be made. The subordinated credit facility complies with the applicable regulatory requirements, and the borrowings are available for computing net capital under the CFTCs net capital rule for R.J. OBrien & Associates, LLC. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table represents a disaggregation of the Companys total revenues separated between revenues from contracts with clients and other sources of revenue for the periods indicated (in millions): Fiscal Year Ended September 30, 2025 2024 2023 Revenues from contracts with clients: Commission and clearing fees: Sales-based: Exchange-traded futures and options $ 341.0 $ 226.1 $ 214.1 OTC derivative brokerage 11.0 11.3 14.5 Equities and fixed income 109.1 65.9 57.8 Mutual funds 3.3 3.1 3.0 Insurance and annuity products 12.2 11.0 9.2 Other 1.5 3.4 Total sales-based commission 478.1 317.4 302.0 Trailing: Mutual funds 13.6 12.7 12.4 Insurance and annuity products 15.9 15.2 14.2 Total trailing commission 29.5 27.9 26.6 Clearing fees 207.0 180.2 153.3 Trade conversion fees 10.5 13.1 8.5 Other 3.1 9.4 8.0 Total commission and clearing fees 728.2 548.0 498.4 Consulting, management, and account fees: Underwriting fees 8.6 0.4 0.7 Asset management fees 62.7 50.9 45.1 Advisory and consulting fees 34.3 38.2 35.0 Sweep program fees 44.8 44.4 48.6 Client account fees 36.9 19.8 15.9 Other 18.6 13.5 13.7 Total consulting, management, and account fees 205.9 167.2 159.0 Sales of physical commodities: Precious metals sales under ASC Topic 606 2,133.5 1,500.7 2,836.0 Total revenues from contracts with clients $ 3,067.6 $ 2,215.9 $ 3,493.4 Method of revenue recognition: Point-in-time $ 2,896.3 $ 2,054.5 $ 3,338.1 Time elapsed 171.3 161.4 155.3 Total revenues from contracts with clients 3,06 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share-Based Compensation The 2022 Omnibus Incentive Compensation Plan (the Omnibus Plan), authorizes the Company to issue up to 5.4 million shares in connection with the grants of stock options, restricted stock, and performance share units, and 4.4 million shares are available for issuance as of September 30, 2025. Share-based compensation expense is included in Compensation and benefits in the Consolidated Income Statements and totaled $49.0 million, $37.2 million and $28.0 million for the years ended September 30, 2025, 2024, and 2023, respectively. Stock Options The Company sponsors the Omnibus Plan for its directors, officers, employees and consultants. Shares underlying awards that expire or are canceled generally become available for issuance again under the Omnibus Plan. The Company settles stock option exercises with newly issued shares of common stock. Fair value is estimated at the grant date based on a Black-Scholes-Merton option-pricing model using the following weighted-average assumptions: Fiscal Year Ended September 30, 2025 2024 2023 Expected stock price volatility 36 % 38 % 42 % Expected dividend yield % % % Risk free interest rate 2.68 % 2.21 % 1.60 % Average expected life (in years) 4.91 6.32 4.25 Expected stock price volatility rates are primarily based on historical volatility. The Company has not paid dividends in the past and does not currently expect to do so in the future. Risk free interest rates are based on the U.S. Treasury yield curve in effect …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Assets and Liabilities, at Fair Value Fair value is defined by U.S. GAAP as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between willing market participants on the measurement date. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Even when market assumptions are not readily available, the Company is required to develop a set of assumptions that reflect those that market participants would use in pricing an asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. The Company has designed independent price verification controls to mitigate risks related to the reasonableness of such prices. Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Income Taxes Inflation Reduction Act In August 2022, the Inflation Reduction Act of 2022 (Act) was signed into U.S. law. Under the Act, there is a new 15% corporate minimum tax and a new 1% excise tax on stock repurchases that are effective after December 31, 2022. Further, the Act includes provisions related to climate change, energy, and health care. These provisions are not expected to have a material impact on the Companys consolidated financial statements. The Organisation for Economic Co-operation and Development (OECD) Global Anti-Base Erosion Model Rules (Pillar Two) aim to ensure that multinationals with revenues in excess of EUR 750 million pay a minimum effective corporate tax rate of 15% (minimum tax) in each jurisdiction in which they operate. EU member states are required to adopt the OECD Pillar rules, some countries have already adopted and other non-U.S. countries are expected to follow suit. Under these rules, the Company is required to pay a top-up tax to the extent that the effective tax rate in any given country is below 15%. The United States is not expected to pass Pillar Two legislation in the near term, but the top-up tax can be collected by other countries. The Pillar Two legislation is effective for the Company with the fiscal year beginning October 1, 2024. This minimum tax, if any, will be recognized in the period in which it is incurred. On July 4, 2025, the One Big Beautiful Bill Act (""OBBBA"") was enacted into law. The OBBBA makes permanent k …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases office space under non-cancelable operating leases with third parties as of September 30, 2025. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain office space leases include one or more options to renew, with renewal terms that can extend the lease term from three to ten years, and some of which include the Companys option to terminate the leases within two years of the balance sheet date. In determining the term of certain office space leases, the Company has not considered any renewal options in the lease terms of its office space leases as the Company does not believe it is reasonably certain that any of the rights will be exercised. Further, the Company has not included periods after termination date, if the Company holds a termination option and believes it is reasonably certain to exercise. As the office space leases do not provide an implicit rate, the Company applies a collateralized incremental borrowing rate based on information available at lease commencement date in determining the present value of lease payments. For office space leases executed by subsidiaries, including foreign subsidiaries, the Company has applied its incremental borrowing rate. The Company believes this is a reasonable approach as its subsidiaries either do not have their own treasury functions or the c …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Accounting Standards Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segment Disclosures, which requires entities to enhance disclosures regarding segments, including significant segment expenses. The Company adopted ASU No. 2023-07 for its annual reporting for fiscal 2025 and updated its disclosures to conform to the new segment disclosure requirement, and applied the updated disclosure requirements retrospectively to all periods presented. See Note 22 for more information. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Retirement Plans Defined Benefit Retirement Plans The Company has a frozen qualified defined benefit pension plan (the Qualified Plan) and a nonqualified defined benefit pension plan (the Nonqualified Plan), and recognizes their funded status, measured as the difference between the fair value of the plan assets and the projected benefit obligation, in Other assets or Accounts payable and other accrued liabilities in the Consolidated Balance Sheets, depending on the funded status of each plan. The Qualified Plan assets, which are managed in a third-party trust, primarily consist of a diversified blend of approximately 90% debt securities and 10% equity investments and had a total fair value of $31.2 million and $32.3 million as of September 30, 2025 and 2024, respectively. All Qualified Plan assets fall within Level 2 of the fair value hierarchy. The benefit obligation associated with the Qualified Plan will vary over time only as a result of changes in market interest rates, the life expectancy of the plan participants, and benefit payments, since the accrual of benefits was suspended when the Qualified Plan was frozen in 2006. The benefit obligation was $24.5 million and $25.9 million and the discount rate assumption used in the measurement of this obligation was 5.25% and 4.90% as of September 30, 2025 and 2024, respectively. Related to the Qualified Plan, the Companys net pension obligation was in a funded status of $6.7 million and $6.4 million as of September 30, 2025 an …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Clients The Companys revenues from contracts with clients subject to FASB ASC 606, Revenue from Contracts with Customers (Topic 606) represent approxim ately 2.3%, 2.2%, and 5.7% of the Companys total revenues for the years ended September 30, 2025, 2024, and 2023, respectively. Revenues within the scope of Topic 606 are presented within Commission and clearing fees , Consulting, management, and account fees , and Sales of physical commodities , on the Consolidated Income Statements. Revenues that are not within the scope of Topic 606 are presented within Sales of physical commodities , Principal gains, net , and Interest income on the Consolidated Income Statements. The following table represents a disaggregation of the Companys total revenues separated between revenues from contracts with clients and other sources of revenue for the periods indicated (in millions): Fiscal Year Ended September 30, 2025 2024 2023 Revenues from contracts with clients: Commission and clearing fees: Sales-based: Exchange-traded futures and options $ 341.0 $ 226.1 $ 214.1 OTC derivative brokerage 11.0 11.3 14.5 Equities and fixed income 109.1 65.9 57.8 Mutual funds 3.3 3.1 3.0 Insurance and annuity products 12.2 11.0 9.2 Other 1.5 3.4 Total sales-based commission 478.1 317.4 302.0 Trailing: Mutual funds 13.6 12.7 12.4 Insurance and annuity products 15.9 15.2 14.2 Total trailing commission 29.5 27.9 26.6 Clearing fees 207.0 180.2 153.3 Trade conversion fees 10.5 13.1 8. …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment and Geographic Information The Company's operating segments are principally based on the nature of the clients it serves (commercial, institutional, and self-directed/retail), and a fourth operating segment, its payments business. The Company manages its business in this manner due to its large global footprint, in which it has more than 5,400 employees allowing it to serve clients in more than 180 countries. During the three months ended September 30, 2025, the Companys acquisition of RJO triggered a reassessment of the financial information reviewed by management. The Company determined the acquired business activities of RJO were similar to its existing businesses, and the reassessment confirmed the current composition of the Companys operating segments, except for one change resulting in the combination of all physical trading capabilities in precious metals being reported within the Commercial segment. Previously, the Self-Directed/Retail segment contained a portion of our precious metals activities. All segment information has been revised to reflect all precious metals business within the Commercial segment retroactive to October 1, 2022. The Companys business activities are managed as operating segments and organized into reportable segments as follows: Commercial The Company offers commercial clients a comprehensive array of products and services, including risk management and hedging services, execution and clearing of exchange-traded and OTC products, voic …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Acquisitions The Companys consolidated financial statements include the operating results and cash flows of the acquired businesses from the dates of acquisition. Current Year Acquisitions Intercam Advisors, Inc. and Intercam Securities, Inc. On October 17, 2025, the Company completed its acquisition of Intercam Advisors, Inc. and Intercam Securities, Inc. (together Intercam), both U.S.-based firms providing brokerage and investment advisory services to Latin American clients. This acquisition bolsters the Companys existing wealth management business and further strengthens its connection with Latin America. Through this transaction, the Company expands its ability to serve cross-border clients with a broader range of integrated advisory and brokerage solutions supported by the firms global reach and infrastructure. The purchase price consists of $1.7 million of cash consideration paid at closing and deferred consideration totaling $0.8 million. The business activities of Intercam have been assigned to the Companys Self-Directed/Retail reportable segment. The acquisition generated $0.4 million of Goodwill. Plantureux et Associes On October 31, 2025, the Companys wholly owned subsidiary, StoneX Financial Europe GmbH, completed its acquisition of Plantureux et Associes (Plantureux), a Paris-based brokerage firm specializing in agricultural commodities across both the physical and derivatives markets. The acquisition provides a strategic foothold in the French agricultural commo …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Legal Proceedings From time to time and in the ordinary course of business, the Company is involved in various legal actions and proceedings, including tort claims, contractual disputes, employment matters and workers compensation claims. The Company carries insurance that provides protection against certain types of claims, up to the limits of the respective policy. Additionally, the Company is subject to extensive regulation and supervision by U.S. federal and international governmental agencies and various self-regulatory organizations. The Company and its advisors periodically engage with such regulatory agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests, and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which can include fines and other remediation. In November 2023, BTIG filed a civil complaint (the BTIG complaint) against the Company and StoneX Financial Inc. in San Francisco Superior Court (CGC-23-610525) seeking monetary damages and injunctive relief for, among other things, alleged theft of purported trade secrets by former BTIG employees later employed at StoneX. The proceedings have moved to FINRA Arbitration and the court action is stayed. The evidentiary hearing has concluded. The matter remains pending before the FINRA panel and a decision has not yet been issued. The Company continues to v …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Credit Facilities Committed Credit Facilities The Company and its subsidiaries have committed credit facilities under which they may borrow up to $1,685.0 million , subject to the terms and conditions of these facilities. The amounts outstanding under these credit facilities carry variable rates of interest, thus approximating fair value. The committed credit facilities generally have covenant requirements that relate to various leverage, debt to net worth, fixed charge, tangible net worth, excess net capital, or profitability measures. The Company and its subsidiaries were in compliance with all relevant covenants as of December 31, 2025. Uncommitted Credit Facilities The Company has access to certain uncommitted financing agreements that support its ordinary course securities and commodities inventories. The agreements are subject to certain borrowing terms and conditions. Subordinated Credit Facility The Companys subsidiary, R.J. OBrien & Associates, LLC, has a subordinated credit facility which allows it to borrow up to $180.0 million. As of December 31, 2025, the outstanding tranches of borrowings mature at various dates through July 14, 2026. The facility matures in April 2027, at which point no further draws can be made. The subordinated credit facility complies with the applicable regulatory requirements, and the borrowings are available for computing net capital under the CFTCs net capital rule for R.J. OBrien & Associates, LLC. Note Payable to Bank The Compa …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Three Months Ended December 31, (in millions) 2025 2024 Revenues from contracts with clients as a percentage of total revenues 3.1 % 2.4 % The following table represents a disaggregation of the Companys total revenues separated between revenues from contracts with clients and other sources of revenue for the periods indicated. Three Months Ended December 31, (in millions) 2025 2024 Revenues from contracts with clients: Commission and clearing fees: Sales-based: Exchange-traded futures and options $ 172.2 $ 63.2 OTC derivative brokerage 3.2 2.8 Equities and fixed income 34.3 15.1 Mutual funds 0.8 0.8 Insurance and annuity products 3.4 3.2 Other 0.1 0.4 Total sales-based commission 214.0 85.5 Trailing: Mutual funds 3.6 3.4 Insurance and annuity products 4.0 4.0 Total trailing commission 7.6 7.4 Clearing fees 79.0 44.1 Trade conversion fees 2.3 2.2 Other 2.1 10.1 Total commission and clearing fees 305.0 149.3 Consulting, management, and account fees: Underwriting fees 11.9 0.3 Asset management fees 16.2 14.8 Advisory and consulting fees 12.9 8.6 Sweep program fees 10.6 11.6 Client account fees 21.5 6.2 Other 3.0 6.3 Total consulting, management, and account fees 76.1 47.8 Sales of physical commodities: Precious metals sales under ASC Topic 606 819.4 466.0 Total revenues from contracts with clients $ 1,200.5 $ 663.1 Method of revenue recognition: Point-in-time $ 1,153.2 $ 620.7 Time elapsed 47.3 42.4 Total revenues from contracts with clients 1,200.5 663.1 Other sources of revenu …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Assets and Liabilities, at Fair Value Fair value is defined by U.S. GAAP as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between willing market participants on the measurement date. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Even when market assumptions are not readily available, the Company is required to develop a set of assumptions that reflect those that market participants would use in pricing an asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. The Company has designed independent price verification controls to validate relevant prices. Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 mea …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The income tax provision for interim periods comprises income tax on ordinary income/(loss) at the most recent estimated annual effective income tax rate, adjusted for the income tax effect of discrete items. Management uses an estimated annual effective income tax rate based on the forecasted pretax income/(loss) and statutory tax rates in the various jurisdictions in which the Company operates. Current and Prior Period Tax Expense Income tax expense of $45.9 million and $31.8 million for the three months ended December 31, 2025 and 2024, respectively, reflects estimated federal, foreign, state and local income taxes. The Companys effective tax rate was 25% and 27% for the three months ended December 31, 2025 and 2024, respectively. The effective tax rate was higher than the U.S. federal statutory rate of 21% for the three months ended December 31, 2025 due to U.S. state and local taxes, Global Intangible Low-Taxed Income (GILTI), GloBE minimum tax, U.S. and foreign permanent differences, and the amount of foreign earnings taxed at higher rates. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Accounting Standards Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segment Disclosures, which requires entities to enhance disclosures regarding segments, including significant segment expenses. The Company adopted ASU No. 2023-07 related to annual disclosure requirements effective with the fiscal 2025 Form 10-K, with newly required annual disclosures being included in Note 22 of the fiscal 2025 Form 10-K. The Company adopted ASU 2023-07 related to interim disclosure requirements effective with the first quarter fiscal 2026 10-Q filing and applied the updated disclosure requirements retrospectively to all periods presented. See Note 18 for more information. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Clients The Company accounts for revenue earned from contracts with clients for services such as the execution, clearing, brokering, and custody of futures and options on futures contracts, OTC derivatives, and securities, investment management, and underwriting services in accordance FASB ASC 606, Revenues from Contracts with Customers (Topic 606). Revenues for these services are recognized when the performance obligations related to the underlying transaction are completed. Revenues are recognized when control of the promised goods or services are transferred to clients, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenues are analyzed to determine whether the Company is the principal (i.e., reports revenue on a gross basis) or agent (i.e., reports revenues on a net basis) in the contract. Principal or agent designations depend primarily on the control an entity has over the good or service before control is transferred to a client. The indicators of which party exercises control include primary responsibility over performance obligations, inventory risk before the good or service is transferred, and discretion in establishing the price. Topic 606 does not apply to revenues associated with dealing, or market-making, activities in financial instruments or contracts in the capacity of a principal, including derivative sales contracts which result in physical settlement …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Analysis The Companys operating segments are principally based on the nature of the clients it serves (commercial, institutional, and self-directed/retail), and a fourth operating segment, its payments business. The Company manages its business in this manner due to its large global footprint, in which it has more than 5,400 employees, allowing it to serve clients in more than 180 countries. During the three months ended September 30, 2025, the Companys acquisition of RJO triggered a reassessment of the financial information reviewed by management. The Company determined the acquired business activities of RJO were similar to its existing businesses, and the reassessment confirmed the current composition of the Companys operating segments, except for one change resulting in the combination of all physical trading capabilities in precious metals being reported within the Commercial segment. Previously, the Self-Directed/Retail segment contained a portion of our precious metals activities. All segment information has been revised to reflect all precious metals business within the Commercial segment retroactive to October 1, 2024. The Companys business activities are managed as operating segments and organized into reportable segments as follows: Commercial The Company offers commercial clients a comprehensive array of products and services, including risk management and hedging services, execution and clearing of exchange-traded and OTC products, voice brokerage, marke …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing