Allowance for Doubtful Accounts

6 Months Ended

Mar. 31, 2024

The allowance for doubtful accounts related to deposits with and receivables from broker-dealers, clearing organizations, and counterparties was $0.0 million as of March 31, 2024 and $0.1 million as of September 30, 2023. The allowance for doubtful accounts related to receivables from clients was $57.0 million and $59.8 million as of March 31, 2024 and September 30, 2023, respectively. The Company had no allowance for doubtful accounts related to notes receivable as of March 31, 2024 and September 30, 2023.

Activity in the allowance for doubtful accounts for the six months ended March 31, 2024 was as follows:


(in millions)
Balance as of September 30, 2023	$	59.9
Recovery of bad debts(1)	(2.1)
Allowance charge-offs	(1.2)

Other	0.4
Balance as of March 31, 2024	$	57.0

(1) An additional $1.4 million is included in bad debt expense for the six months ended March 31, 2024 on the consolidated income statement, which is not included in the allowance at the period then ended.