CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 851,502	$ 711,584
Cash segregated under regulatory requirements	22,171	21,689
Financial instruments owned, at fair value	127,614	186,197
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers	468,035	365,490
Accrued commissions and other receivables, net	482,013	324,213
Loans, forgivable loans and other receivables from employees and partners, net	436,082	360,060
Fixed assets, net	182,080	190,012
Investments	37,765	39,267
Goodwill	648,616	540,290
Other intangible assets, net	427,950	240,910
Receivables from related parties	5,006	7,323
Other assets	723,155	604,932
Total assets	4,411,989	3,591,967
Liabilities
Short-term borrowings from related parties	20,000	0
Accrued compensation	364,016	227,869
Payables to broker-dealers, clearing organizations, customers and related broker-dealers	306,364	225,377
Payables to related parties	28,599	28,960
Accounts payable, accrued and other liabilities	771,963	692,982
Notes payable and other borrowings	1,775,705	1,337,540
Total liabilities	3,266,647	2,512,728
Commitments, contingencies and guarantees (Note 19)
Stockholders’ equity:
Additional paid-in capital	2,532,497	2,311,104
Treasury stock, at cost: 81,745,750 and 50,064,152 shares of Class A common stock at December 31, 2025 and December 31, 2024, respectively	(614,526)	(331,728)
Retained deficit	(910,391)	(1,026,359)
Accumulated other comprehensive income (loss)	(40,641)	(59,849)
Total stockholders’ equity	972,483	898,507
Noncontrolling interest in subsidiaries	172,859	180,732
Total equity	1,145,342	1,079,239
Total liabilities and equity	4,411,989	3,591,967
Class A Common Stock
Stockholders’ equity:
Common stock value	4,449	4,244
Class B Common Stock
Stockholders’ equity:
Common stock value	$ 1,095	$ 1,095