CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net income	$ 74,041	$ 60,518
Non-cash items included in net income:
Depreciation and amortization of furniture, equipment and leasehold improvements	8,236	8,119
Deferred income taxes	793	10,922
Amortization of intangible assets	500	229
Amortization of notes receivable	13,422	13,809
Amortization of debt issuance costs	0	164
Reversal of credit losses	(23)	(130)
Paid-in-kind interest	(143)	0
Share-based compensation	28,936	21,767
Amortization of right-of-use lease assets	19,493	19,529
Decrease (increase) in operating assets:
Deposits with clearing organizations	(1,099)	(10,843)
Receivable from brokers, dealers and clearing organizations	(83,864)	8,157
Receivable from customers	(105,637)	(236,317)
Income tax receivable	(2,194)	3,170
Securities purchased under agreements to resell	0	5,842
Securities owned	(207,744)	(272,140)
Notes receivable	(12,857)	(16,749)
Corporate-owned life insurance	(8,858)
Corporate-owned life insurance		(9,079)
Other assets	(39,456)	3,872
Increase (decrease) in operating liabilities:
Drafts payable	(4,898)	1,221
Payable to brokers, dealers and clearing organizations	68,523	(42,361)
Payable to customers	107,591	(1,382)
Securities sold under agreements to repurchase	40,413	124,720
Securities sold but not yet purchased	159,964	171,987
Accrued compensation	(30,798)	(6,246)
Income tax payable	(3,725)	0
Accounts payable and other liabilities	(8,864)	(41,659)
Cash provided by/(used in) operating activities	11,752	(182,880)
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(4,014)	(1,887)
Proceeds from the settlement of corporate-owned life insurance	3,396	2,342
Cash (used in)/provided by investing activities	(618)	455
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(5,682)	(4,985)
Issuance of Class A non-voting common stock	0	64
Repurchase of Class A non-voting common stock for cancellation	(671)	(9,603)
Payments for employee taxes withheld related to vested share-based awards	(9,843)	(6,844)
Redemption of redeemable noncontrolling interests	0	500
Increase in bank call loans	10,200	206,700
Cash (used in)/provided by financing activities	(5,996)	185,832
Net increase in cash and cash equivalents	5,138	3,407
Cash and cash equivalents, beginning of period	33,150	28,835
Cash and cash equivalents, end of period	38,288	32,242
Reconciliation of cash and cash equivalents within the condensed consolidated balance sheets:
Cash and cash equivalents	38,288	32,242
Total cash and cash equivalents	38,288	32,242
Schedule of non-cash financing activities
Employee share plan issuance	10,587	13,951
Supplemental disclosure of cash flow information
Cash paid during the period for interest	66,510	67,273
Cash paid during the period for income taxes, net	$ 36,169	$ 13,900