Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 660,462	$ 433,648
Cash and securities segregated under federal and other regulations	26,894	27,618
Accounts receivable, net	119,864	98,107
Restricted cash	13,654	6,005
Clearing house performance bonds and guarantee funds	103,279	70,078
Receivables from broker-dealers, futures commission merchants, and clearing organizations	138,329	133,533
Current portion of derivative assets	3,819	6,017
Other current assets	36,248	39,232
Assets held for sale	0	40,976
Total current assets	1,102,549	855,214
Investments	28,850	19,180
Goodwill	61,942	62,211
Other intangible assets, net	169,019	170,774
Deferred tax asset, net	74,404	0
Derivative assets, net of current portion	0	5,114
Other assets, net	63,073	63,745
Total assets	1,600,387	1,259,425
Current liabilities:
Accounts payable and other liabilities	135,917	69,780
Accrued compensation payable	27,115	39,412
Current portion of long-term debt	1,514	1,508
Deferred transaction revenues	9,207	9,572
Clearing house performance bonds and guarantee funds	102,779	69,578
Payables to customers	140,923	144,641
Payables to clearing organizations	5,716	11
Liabilities held for sale	0	2,758
Total current liabilities	423,171	337,260
Deferred income taxes	10,863	22,386
Other non-current liabilities	16,052	18,762
Total liabilities	450,086	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); XX issued and outstanding common stock at June 30, 2026 (XX voting, 0 nonvoting), 85,890,086 issued and 85,536,287 outstanding common stock at December 31, 2025 (85,536,287 voting, 0 nonvoting)	99	86
Common stock in treasury, at cost, 353,799 shares at September 30, 2025 and 38,469 shares at December 31, 2024	(18,296)	(8,232)
Additional paid-in capital	1,588,634	1,522,143
Accumulated deficit	(417,907)	(632,339)
Accumulated other comprehensive loss, net	(2,229)	(641)
Total stockholders’ equity	1,150,301	881,017
Total liabilities and stockholders’ equity	1,600,387	1,259,425
Fixed assets
Current assets:
Fixed assets and internally developed software, net	64,149	46,854
Internally developed software
Current assets:
Fixed assets and internally developed software, net	$ 36,401	$ 36,333