Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net loss	$ (20,472)	$ (14,703)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of right-of-use assets	223	391
Depreciation	105	105
Change in carrying value of long-term investment		7,118
Non-cash underwriting revenues	(27,327)	(176)
Non-cash commission expense	20,341
Stock-based compensation – employees	33,978	1,633
Stock-based compensation – advisors	21,029
Realized gain on marketable securities	(345)	(6,489)
Unrealized (gain) loss on marketable securities	(42,254)	3,116
Unrealized (gain) loss on securities owned	(1,593)	(1,440)
Realized and unrealized (gain) loss on note receivable	(221)	2,347
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(451)	(122)
Receivable from clearing brokers	13,284	(9,592)
Accounts payable and accrued expenses	(309)	(117)
Accrued compensation and commissions	15,697	1,929
Contract liabilities	3,404	1,100
Right of use asset and liability, net	(198)	(410)
Income taxes payable	7,318
Securities owned	441	(1,616)
Other liabilities	91	135
Notes receivable, at fair value - net interest accrued	(21)	57
Net cash provided by (used in) operating activities	22,720	(16,734)
Cash flows from investing activities
Purchase of marketable securities	(18,034)	(6,210)
Sale of marketable securities	17,857	21,174
Collection of principal on note receivable	1,144	1,000
Loans to employees		(2,390)
Purchase of long-term investments		(150)
Redemption of long-term investments	538	4,316
Collection of loans to employees	383	240
Net cash provided by investing activities	1,888	17,980
Cash flows from financing activities
Cash paid for Dividends	(11,898)
Distributions to non-controlling interest	(1,963)
Cash from issuance common stock, net of offering cost	13,551
Cash from issuance common stock for exercised warrants	5,628
Net cash provided by financing activities	5,318
Net increase in cash and cash equivalents	29,926	1,246
Cash and cash equivalents, beginning of period	4,079	2,833
Cash and cash equivalents, end of period	34,005	4,079
Cash paid for interest and taxes	485	9
Supplemental cash flow disclosures including non-cash activities:
Transfer from long-term investment to marketable securities		1,033
Right-to-use assets established	228
Operating lease liabilities established	$ 228