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Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers (Tables)
 12 Months Ended
Dec. 31, 2025
Broker-Dealer [Abstract]  
Schedule of Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers As of December 31, 2025 and December 31, 2024, Receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers consisted of the following (in thousands):
December 31, 2025December 31, 2024
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers1:
Contract values of fails to deliver$284,804 $213,409 
Receivables from clearing organizations151,212 118,473 
Other receivables from broker-dealers and customers29,591 26,859 
Net pending trades— 1,365 
Open derivative contracts2,428 5,384 
Total$468,035 $365,490 
Payables to broker-dealers, clearing organizations, customers and related broker-dealers1:
Contract values of fails to receive$275,290 $201,301 
Payables to clearing organizations10,237 5,643 
Other payables to broker-dealers and customers18,114 14,003 
Net pending trades1,115 — 
Open derivative contracts1,608 4,430 
Total$306,364 $225,377 
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1Includes receivables and payables with Cantor. See Note 13—“Related Party Transactions” for additional information.