CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 827,844	$ 711,584
Cash segregated under regulatory requirements	14,235	21,689
Financial instruments owned, at fair value	139,470	186,197
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers	951,387	365,490
Accrued commissions and other receivables, net	526,742	324,213
Loans, forgivable loans and other receivables from employees and partners, net	468,259	360,060
Fixed assets, net	189,526	190,012
Investments	43,573	39,267
Goodwill	625,648	540,290
Other intangible assets, net	445,771	240,910
Receivables from related parties	10,529	7,323
Other assets	649,058	604,932
Total assets	4,892,042	3,591,967
Liabilities
Accrued compensation	309,565	227,869
Payables to broker-dealers, clearing organizations, customers and related broker-dealers	777,209	225,377
Payables to related parties	835	28,960
Accounts payable, accrued and other liabilities	777,915	692,982
Notes payable and other borrowings	1,917,835	1,337,540
Total liabilities	3,783,359	2,512,728
Commitments, contingencies and guarantees (Note 19)
Stockholders’ equity:
Additional paid-in capital	2,403,039	2,311,104
Retained deficit	(933,214)	(1,026,359)
Accumulated other comprehensive income (loss)	(41,071)	(59,849)
Total stockholders’ equity	930,462	898,507
Noncontrolling interest in subsidiaries	178,221	180,732
Total equity	1,108,683	1,079,239
Total liabilities and equity	4,892,042	3,591,967
Class A Common Stock
Stockholders’ equity:
Common stock value	4,364	4,244
Treasury stock, at cost: 70,181,497 and 50,064,152 shares of Class A common stock at June 30, 2025 and December 31, 2024, respectively	(503,751)	(331,728)
Class B Common Stock
Stockholders’ equity:
Common stock value	$ 1,095	$ 1,095