CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Commissions	$ 573,159	$ 407,095	$ 1,667,366	$ 1,217,348
Principal transactions	99,951	93,551	336,432	304,839
Fees from related parties	4,453	5,106	14,116	14,170
Data, network and post-trade	34,349	32,661	102,311	94,376
Interest and dividend income	14,039	16,944	40,936	43,853
Other revenues	10,898	5,754	23,932	15,900
Total revenues	736,849	561,111	2,185,093	1,690,486
Expenses:
Compensation and employee benefits	400,262	271,307	1,158,373	834,139
Equity-based compensation and allocations of net income to limited partnership units and FPUs	74,447	85,690	233,696	247,978
Total compensation and employee benefits	474,709	356,997	1,392,069	1,082,117
Occupancy and equipment	47,614	45,195	136,661	126,960
Fees to related parties	9,346	8,251	28,105	23,475
Professional and consulting fees	18,303	20,184	49,768	47,248
Communications	35,628	30,416	100,916	90,596
Selling and promotion	26,461	17,376	74,712	51,861
Commissions and floor brokerage	17,340	17,539	51,522	52,345
Interest expense	33,823	25,125	92,278	66,812
Other expenses	42,384	26,955	77,785	54,847
Total expenses	705,608	548,038	2,003,816	1,596,261
Other income (losses), net:
Gains (losses) on equity method investments	2,290	2,360	7,027	6,894
Other income (loss)	(35)	4,276	448	44,852
Total other income (losses), net	2,255	6,636	7,475	51,746
Income (loss) from operations before income taxes	33,496	19,709	188,752	145,971
Provision (benefit) for income taxes	7,434	5,996	53,046	46,042
Consolidated net income (loss)	26,062	13,713	135,706	99,929
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries	(1,820)	(1,034)	(4,885)	(1,856)
Net income (loss) available to common stockholders	27,882	14,747	140,591	101,785
Basic earnings (loss) per share
Net income (loss) attributable to common stockholders	$ 26,768	$ 14,192	$ 134,699	$ 96,866
Basic earnings (loss) per share (in dollars per share)	$ 0.06	$ 0.03	$ 0.28	$ 0.20
Basic weighted-average shares of common stock outstanding (in shares)	474,642	473,435	477,965	473,076
Fully diluted earnings (loss) per share
Net income (loss) for fully diluted shares	$ 26,774	$ 14,194	$ 134,747	$ 96,915
Fully diluted earnings (loss) per share (in dollars per share)	$ 0.06	$ 0.03	$ 0.28	$ 0.20
Fully diluted weighted-average shares of common stock outstanding (in shares)	478,480	478,652	482,862	479,161