CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 147,959	$ 71,247	$ 30,272
Non-cash items included in net income:
Depreciation and amortization of furniture, equipment and leasehold improvements	10,979	10,834	9,924
Deferred income taxes	4,833	3,551	6,457
Amortization of intangible assets	667	350	0
Amortization of notes receivable	16,763	18,124	15,966
Amortization of debt issuance costs	0	170	219
Write-off of debt issuance costs	0	222	5
Reversal of credit losses	(44)	(137)	(5)
Share-based compensation	32,205	45,506	16,940
Amortization of right-of-use lease assets	26,095	26,101	27,281
Gain on repurchase of senior secured notes	0	0	(51)
Paid in kind interest	(234)	0	0
Decrease (increase) in operating assets:
Deposits with clearing organizations	(8,698)	(20,203)	(1,015)
Receivables from brokers, dealers and clearing organizations	(18,523)	43,218	(78,619)
Receivables from customers	(146,139)	(208,837)	142,877
Income tax receivable	93	5,700	(7,199)
Securities purchased under agreements to resell	0	5,842	(5,842)
Securities owned	(142,362)	(312,894)	(296,718)
Notes receivable	(6,797)	(23,415)	(21,111)
Company-owned life insurance	(10,266)	(9,839)	(11,535)
Other assets	(40,189)	(14,641)	289
Increase (decrease) in operating liabilities:
Drafts payable	(3,314)	12,659	9,002
Payables to brokers, dealers and clearing organizations	144,181	(108,074)	(188,116)
Payables to customers	35,859	(11,452)	(87,188)
Securities sold under agreements to repurchase	65,438	291,372	479,373
Securities sold but not yet purchased	76,820	67,216	(21,092)
Accrued compensation	23,883	42,407	13,227
Income tax payable	11,677	3,963	(4,130)
Accounts payable and other liabilities	(32,134)	(47,158)	(48,021)
Cash provided by/(used in) operating activities	188,752	(108,168)	(18,810)
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(5,193)	(5,148)	(17,056)
Acquisitions, net of cash consideration	0	(2,350)	(2,929)
Proceeds from the settlement of company-owned life insurance	3,805	3,659	4,424
Cash used in investing activities	(1,388)	(3,839)	(15,561)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(7,575)	(6,845)	(6,452)
Issuance of Class A non-voting common stock	0	64	75
Repurchase of Class A non-voting common stock for cancellation	(2,979)	(9,603)	(35,124)
Payments for employee taxes withheld related to vested share-based awards	(9,905)	(6,844)	(5,907)
Contribution from non-controlling interests	13,650	0	0
Distribution to non-controlling interests	0	0	(198)
Redemption on redeemable non-controlling interests	0	500
Redemption on redeemable non-controlling interests			(26,155)
Repurchase of senior secured notes	0	0	(1,000)
Redemption of senior secured notes	0	(113,050)	0
Increase (decrease) in bank call loans, net	(175,300)	252,100	0
Cash provided by/(used in) financing activities	(182,109)	116,322	(74,761)
Net increase/(decrease) in cash and cash equivalents	5,255	4,315	(109,132)
Cash and cash equivalents, beginning of year	33,150	28,835	137,967
Cash and cash equivalents, end of year	38,405	33,150	28,835
Reconciliation of cash and cash equivalents within the consolidated balance sheet:
Cash and cash equivalents	38,405	33,150	28,835
Total cash and cash equivalents	38,405	33,150	28,835
Schedule of non-cash financing activities
Employee share plan issuance	10,678	13,951	9,376
Fair value of non-cash assets acquired	0	3,165	6,658
Fair value of liabilities assumed in acquisition	0	840	1,544
Contingent consideration for BondWave LLC	0	0	(1,395)
Supplemental disclosure of cash flow information
Cash paid during the year for interest	86,910	88,795	68,399
Cash paid during the year for income taxes, net	$ 46,141	$ 21,272	$ 20,576