CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income (loss)	$ 53,429	$ 49,041
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:
Fixed asset depreciation and intangible asset amortization	21,870	20,636
Employee loan amortization and reserves on employee loans	17,349	14,768
Equity-based compensation and allocations of net income to limited partnership units and FPUs	75,323	96,081
Deferred compensation expense	59	16
Losses (gains) on equity method investments	(2,358)	(1,802)
Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments	(665)	(36,963)
Amortization of discount (premium) on notes payable	1,100	791
Impairment of fixed assets, intangible assets and investments	372	209
Deferred tax provision (benefit)	3,515	(602)
Change in estimated acquisition earn-out payables	1,423	(159)
Forfeitures of Class A common stock	(89)	(786)
Consolidated net income (loss), adjusted for non-cash and non-operating items	171,328	141,230
Decrease (increase) in operating assets:
Financial instruments owned, at fair value	7,700	(3,524)
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers	(912,230)	(1,169,259)
Accrued commissions receivable, net	(76,159)	(43,178)
Loans, forgivable loans and other receivables from employees and partners, net	(51,405)	(31,357)
Receivables from related parties	921	(2,226)
Other assets	(18,697)	(14,244)
Increase (decrease) in operating liabilities:
Accrued compensation	(40,856)	(37,343)
Payables to broker-dealers, clearing organizations, customers and related broker-dealers	888,421	1,136,863
Payables to related parties	24,762	40,075
Accounts payable, accrued and other liabilities	7,054	11,055
Net cash provided by (used in) operating activities	839	28,092
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(5,254)	(3,230)
Capitalization of software development costs	(10,241)	(11,987)
Payments for acquisitions, net of cash acquired	(600)	0
Purchase of investment carried under measurement alternative	0	(3,699)
Purchase of other assets	(499)	(243)
Net cash provided by (used in) investing activities	(16,594)	(19,159)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long-term debt borrowings, net of deferred issuance costs	350,000	0
Repayments of long-term debt borrowings	0	(240,000)
Earnings distributions to limited partnership interests and other noncontrolling interests	(470)	(7,805)
Redemption and repurchase of equity awards	(50,493)	(48,366)
Dividends to stockholders	(9,857)	(4,847)
Repurchase of Class A common stock	(23,125)	(68,624)
Net cash provided by (used in) financing activities	266,055	(94,642)
Effect of exchange rate changes on Cash and cash equivalents, and Cash segregated under regulatory requirements	2,193	(2,079)
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements	252,493	(87,788)
Cash and cash equivalents, and Cash segregated under regulatory requirements at beginning of period	733,273	672,896
Cash and cash equivalents, and Cash segregated under regulatory requirements at end of period	985,766	585,108
Supplemental cash information:
Cash paid during the period for taxes	33,746	17,333
Cash paid during the period for interest	4,681	5,697
Supplemental non-cash information:
Issuance of Class A common stock upon exchange of contingent share obligations	0	3,647
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions	3,521	3,163
ROU assets and liabilities	2,762	1,283
Related Party
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of short-term borrowings from related parties	$ 0	$ 275,000