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Variable interest entities ("VIEs")
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable interest entities ("VIEs") Variable interest entities ("VIEs")
The Company's policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any VIEs where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE.
In the normal course of business, the Company may sponsor and serve as the general partner or managing member of hedge funds and private equity funds established for the purpose of providing alternative investments to its institutional and qualified retail clients. Upon initial formation, the Company or its affiliates may provide loans to these funds to finance the purchase of underlying investments. These loans generally mature in 90 days or less and are repaid by the fund when the underlying fund interests are sold to qualified clients. In November 2025, such a loan was made to a private equity fund. As of December 31, 2025, $5.0 million of the loan was outstanding (none outstanding as of December 31, 2024). The Company determined that this fund meets the definition of a VIE because a simple majority of the underlying investors (equity holders) do not have the ability to remove the Managing Member. Since an affiliate of the Company serves as the Managing Member and has the power to direct the activities that most significantly impact the fund's economic performance, the Company concluded it is the primary beneficiary and consolidated the fund as of December 31, 2025. The assets of the VIE can only be used to settle the obligations of the VIE. The following table sets forth the total assets and liabilities of the VIE consolidated on our consolidated balance sheet.
(Expressed in thousands)
For the Years Ended December 31,
20252024
Assets
   Cash and cash equivalents$250 — 
   Other assets18,350 — 
        Total Assets18,600 — 
Liabilities
    Other liabilities34 — 
Total Liabilities$34 $— 
Additionally, the Company's investment in and additional capital commitments to these hedge funds and private equity funds are considered variable interests. The Company's additional capital commitments are subject to call at a later date and are limited to the amount committed. As of December 31, 2025, the Company does not have any investments and capital commitments to these funds.

As of December 31, 2025 and 2024, assets and liabilities in the Company's consolidated balance sheet related to a VIE where the Company is not the primary beneficiary were included in Securities owned, at fair value on the consolidated balance sheet and primarily related to a convertible note and equity security warrants issued by a VIE. The maximum loss exposure indicated in the following table relates solely to our investments in, and unfunded commitments to, the VIE.
(Expressed in thousands)
As of December 31,
20252024
Assets$3,234 $— 
Liabilities — — 
Unfunded commitments — — 
Maximum loss exposure$3,234 $—