CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income (loss)	$ 109,644	$ 86,216
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:
Fixed asset depreciation and intangible asset amortization	47,749	40,850
Employee loan amortization and reserves on employee loans	36,208	29,323
Equity-based compensation and allocations of net income to limited partnership units and FPUs	159,249	162,288
Deferred compensation expense	286	27
Losses (gains) on equity method investments	(4,737)	(4,534)
Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments	(775)	(37,069)
Amortization of discount (premium) on notes payable	2,533	(496)
Impairment of fixed assets, intangible assets and investments	1,603	278
Deferred tax provision (benefit)	2,639	(4,667)
Change in estimated acquisition earn-out payables	3,863	(255)
Forfeitures of Class A common stock	(152)	(852)
Consolidated net income (loss), adjusted for non-cash and non-operating items	358,110	271,109
Decrease (increase) in operating assets:
Financial instruments owned, at fair value	48,828	(149,998)
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers	(580,427)	(715,817)
Accrued commissions receivable, net	(107,293)	(53,947)
Loans, forgivable loans and other receivables from employees and partners, net	(113,225)	(42,540)
Receivables from related parties	(4,847)	1,412
Other assets	(48,210)	(3,905)
Increase (decrease) in operating liabilities:
Repurchase agreements	0	6,581
Accrued compensation	(4,861)	(14,297)
Payables to broker-dealers, clearing organizations, customers and related broker-dealers	551,778	678,263
Payables to related parties	(28,125)	20,786
Accounts payable, accrued and other liabilities	350	(22,505)
Net cash provided by (used in) operating activities	72,078	(24,858)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(11,523)	(13,752)
Capitalization of software development costs	(18,379)	(20,414)
Purchase of equity method investments	(750)	0
Proceeds from equity method investments	1,119	1,815
Payments for acquisitions, net of cash acquired	(263,381)	0
Purchase of investment carried under measurement alternative	0	(3,699)
Loan to related parties	(120,000)	(180,000)
Proceeds from repayment of related parties loan	120,000	0
Purchase of other assets	(674)	(387)
Net cash provided by (used in) investing activities	(293,588)	(216,437)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long-term debt, net of deferred issuance costs	1,197,762	769,989
Repayments of long-term debt borrowings	(620,000)	(515,000)
Earnings distributions to limited partnership interests and other noncontrolling interests	(470)	(7,805)
Redemption and repurchase of equity awards	(62,021)	(69,418)
Dividends to stockholders	(19,564)	(14,683)
Repurchase of Class A common stock	(171,635)	(148,117)
Proceeds from non-controlling interests	0	171,667
Payments on acquisition earn-outs	(775)	(1,000)
Other	0	(26,667)
Net cash provided by (used in) financing activities	323,297	158,966
Effect of exchange rate changes on Cash and cash equivalents, and Cash segregated under regulatory requirements	7,019	(4,422)
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements	108,806	(86,751)
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	842,079	586,145
Supplemental cash information:
Cash paid during the period for taxes	87,762	59,224
Cash paid during the period for interest	45,730	38,656
Supplemental non-cash information:
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions	6,028	3,163
ROU assets and liabilities	47,242	11,407
Related Party
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of short-term borrowings from related parties	0	275,000
Repayment of short-term borrowings from related parties	$ 0	$ (275,000)