Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 550,786	$ 433,648
Cash and securities segregated under federal and other regulations	26,794	27,618
Accounts receivable, net	106,850	98,107
Restricted cash	14,419	6,005
Clearing house performance bonds and guarantee funds	78,699	70,078
Receivables from broker-dealers, futures commission merchants, and clearing organizations	149,303	133,533
Current portion of derivative assets	4,709	6,017
Other current assets	39,811	39,232
Assets held for sale	0	40,976
Total current assets	971,371	855,214
Investments	29,180	19,180
Fixed assets, net	53,464	46,854
Internally developed software, net	36,518	36,333
Goodwill	61,912	62,211
Other intangible assets, net	169,210	170,774
Deferred tax asset, net	59,673	0
Derivative assets, net of current portion	3,881	5,114
Other assets, net	58,971	63,745
Total assets	1,444,180	1,259,425
Current liabilities:
Accounts payable and other liabilities	84,029	69,780
Accrued compensation payable	19,638	39,412
Current portion of long-term debt	1,511	1,508
Deferred transaction revenues	10,397	9,572
Clearing house performance bonds and guarantee funds	78,199	69,578
Payables to customers	153,056	144,641
Payables to clearing organizations	4,068	11
Liabilities held for sale	0	2,758
Total current liabilities	350,898	337,260
Deferred income taxes	10,866	22,386
Other non-current liabilities	16,860	18,762
Total liabilities	378,624	378,408
Commitments and contingencies (Note 15)	0	0
Stockholders’ equity:
Common stock - voting and nonvoting, par value $0.001 (600,000,000 authorized (400,000,000 voting, 200,000,000 nonvoting); 94,722,622 issued and 94,211,531 outstanding common stock at March 31, 2026 (94,211,532 voting, 0 nonvoting), 85,890,086 issued and 85,536,287 outstanding common stock at December 31, 2025 (85,536,287 voting, 0 nonvoting)	95	86
Common stock in treasury, at cost, 353,799 shares at September 30, 2025 and 38,469 shares at December 31, 2024	(14,545)	(8,232)
Additional paid-in capital	1,544,484	1,522,143
Accumulated deficit	(462,115)	(632,339)
Accumulated other comprehensive loss, net	(2,363)	(641)
Total stockholders’ equity	1,065,556	881,017
Total liabilities and stockholders’ equity	$ 1,444,180	$ 1,259,425