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Fair Value of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value of Financial Assets and Liabilities [Abstract]  
Schedule of Assets and Liabilities that are Measured at Fair Value

The following table presents the Company’s assets and liabilities that are measured at fair value as of December 31, 2025 and 2024 ($ in thousands):

 

   Fair value measured as of December 31, 2025 
   Total at
December 31,		   Quoted
prices in
active
markets		   Significant other
observable
inputs		   Significant
unobservable
inputs		 
   2025   (Level 1)   (Level 2)   (Level 3) 
Assets                
                 
Securities owned  $9,756   $
—
   $8,014   $1,742 
Marketable securities  $46,516   $45,049   $1,467   $
—
 

 

   Fair value measured as of December 31, 2024 
   Total at
December 31,		   Quoted
prices in
active markets		   Significant other
observable
inputs		   Significant
unobservable
inputs		 
   2024   (Level 1)   (Level 2)   (Level 3) 
Assets                
                 
Securities owned  $1,616   $
—
   $1,616   $
—
 
Marketable securities  $4,157   $4,157   $
—
   $
—
 
                     
Notes receivable at fair value, non-current portion  $902   $
—
   $
—
   $902 
Schedule of Financial Assets that are Measured at Fair Value on a Recurring Basis

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets that are measured at fair value on a recurring basis ($ in thousands):

  

Securities owned at fair value as of December 31, 2024  $
—
 
Securities received included in underwriting services   1,650 
Unrealized gain included in principal transactions   91 
Securities owned at fair value as of December 31, 2025  $1,741 
      
Notes receivable at fair value, non-current portion at December 31, 2024  $902 
Realized gain on note receivable   221 
Change in interest receivable   20 
    Collection of principal and interest outstanding   (1,143)
Notes receivable at fair value, non-current portion at December 31, 2025  $
—
 
Notes receivable at fair value, current portion at December 31, 2023  $3,177 
Collection of principal outstanding   (1,000)
Realized and unrealized loss on note receivable   (2,121)
Change in interest receivable   (56)
Notes receivable at fair value, current portion at December 31, 2024  $
—
 
      
Notes receivable at fair value, non-current portion at December 31, 2023  $1,129 
Unrealized gain (loss) on notes receivable   (227)
Notes receivable at fair value, non-current portion at December 31, 2024  $902 
Schedule of Quantitative Information

The following table provides quantitative information regarding the Company’s Level 3 fair value measurements at December 31, 2025, and 2024:

 

   2025   2024 
Valuation technique  Discounted
cash flow		   Discounted
cash flow		 
Unobservable input and range:                         
Probability of default       20%
Discount rate        8%