CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net income	$ 52,329	$ 36,010
Non-cash items included in net income:
Depreciation and amortization of furniture, equipment and leasehold improvements	5,527	5,378
Deferred income taxes	1,874	3,507
Amortization of intangible assets	333	153
Amortization of notes receivable	8,968	8,894
Amortization of debt issuance costs	0	109
Provision for credit losses	(6)	(125)
Paid-in-kind interest	(52)	0
Share-based compensation	12,316	14,435
Amortization of right-of-use lease assets	12,901	12,940
Decrease (increase) in operating assets:
Deposits with clearing organizations	(44,123)	(29,709)
Receivable from brokers, dealers and clearing organizations	(48,703)	(12,335)
Receivable from customers	(72,678)	(101,668)
Income tax receivable	(1,164)	1,190
Securities purchased under agreements to resell	0	1,763
Securities owned	(148,712)	(247,944)
Notes receivable	(5,353)	(9,596)
Corporate-owned life insurance	(5,217)	(5,657)
Other assets	7,291	(1,353)
Increase (decrease) in operating liabilities:
Drafts payable	(9,533)	12,760
Payable to brokers, dealers and clearing organizations	273,363	(83,664)
Payable to customers	5,700	(43,401)
Securities sold under agreements to repurchase	(3,789)	182,403
Securities sold but not yet purchased	(78,631)	145,575
Accrued compensation	104,449	(54,706)
Income tax payable	(104,109)	0
Accounts payable and other liabilities	(14,652)	(29,273)
Cash used in operating activities	(51,671)	(194,314)
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(2,808)	(1,667)
Proceeds from the settlement of corporate-owned life insurance	1,549	252
Cash used in investing activities	(1,259)	(1,415)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(3,788)	(3,125)
Repurchase of Class A non-voting common stock for cancellation	(671)	(9,309)
Payments for employee taxes withheld related to vested share-based awards	(9,843)	(6,758)
Redemption of redeemable noncontrolling interests	0	500
Increase in bank call loans	71,700	218,800
Cash provided by financing activities	57,398	200,108
Net increase in cash and cash equivalents	4,468	4,379
Cash and cash equivalents, beginning of period	33,150	28,835
Cash and cash equivalents, end of period	37,618	33,214
Reconciliation of cash and cash equivalents within the condensed consolidated balance sheets:
Cash and cash equivalents	37,618	33,214
Total cash and cash equivalents	37,618	33,214
Schedule of non-cash financing activities
Employee share plan issuance	10,396	13,539
Supplemental disclosure of cash flow information
Cash paid during the period for interest	21,965	41,870
Cash paid during the period for income taxes, net	$ 24,195	$ 12,539