CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues:
Commissions	$ 494,711	$ 415,172
Principal transactions	116,078	112,849
Fees from related parties	4,422	4,421
Data, network and post-trade	32,500	30,903
Interest and dividend income	11,629	9,764
Other revenues	4,900	5,505
Total revenues	664,240	578,614
Expenses:
Compensation and employee benefits	341,648	290,842
Equity-based compensation and allocations of net income to limited partnership units and FPUs	75,323	96,081
Total compensation and employee benefits	416,971	386,923
Occupancy and equipment	42,569	40,806
Fees to related parties	8,350	7,215
Professional and consulting fees	15,669	14,259
Communications	30,629	30,008
Selling and promotion	19,441	16,771
Commissions and floor brokerage	17,492	17,392
Interest expense	24,654	20,136
Other expenses	10,747	14,558
Total expenses	586,522	548,068
Other income (losses), net:
Gains (losses) on equity method investments	2,358	1,790
Other income (loss)	(98)	38,762
Total other income (losses), net	2,260	40,552
Income (loss) from operations before income taxes	79,978	71,098
Provision (benefit) for income taxes	26,549	22,057
Consolidated net income (loss)	53,429	49,041
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries	(1,735)	(169)
Net income (loss) available to common stockholders	55,164	49,210
Basic earnings (loss) per share
Net income (loss) attributable to common stockholders	$ 52,780	$ 46,378
Basic earnings (loss) per share (in dollars per share)	$ 0.11	$ 0.10
Basic weighted-average shares of common stock outstanding (in shares)	479,166	470,517
Fully diluted earnings (loss) per share
Net income (loss) for fully diluted shares	$ 52,806	$ 46,417
Fully diluted earnings (loss) per share (in dollars per share)	$ 0.11	$ 0.10
Fully diluted weighted-average shares of common stock outstanding (in shares)	485,549	477,973