CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net (loss) income	$ (20,569)	$ 30,655
Non-cash items included in net (loss) income:
Depreciation and amortization of furniture, equipment and leasehold improvements	2,483	2,785
Deferred income taxes	(5,035)	2,600
Amortization of intangible assets	167	166
Amortization of notes receivable	4,457	4,520
Reversal of credit losses	22	(10)
Paid-in-kind interest	(89)	0
Share-based compensation	26,237	716
Amortization of right-of-use lease assets	6,740	6,333
Decrease (increase) in operating assets:
Deposits with clearing organizations	(6,623)	3,087
Receivables from brokers, dealers and clearing organizations	(35,375)	(8,830)
Receivables from customers	(68,728)	(81,062)
Income tax receivable	3	396
Securities owned	(15,027)	(109,482)
Notes receivable	(1,629)	(4,320)
Company-owned life insurance	2,950	1,841
Other assets	14,955	2,829
Increase (decrease) in operating liabilities:
Drafts payable	1,407	(6,330)
Payables to brokers, dealers and clearing organizations	(23,064)	130,654
Payables to customers	(17,351)	(29,537)
Securities sold under agreements to repurchase	(28,846)	(65,341)
Securities sold but not yet purchased	56,092	178,996
Accrued compensation	(152,436)	(147,150)
Income tax payable	(3,196)	7,460
Accounts payable and other liabilities	72,473	(12,716)
Cash used in operating activities	(189,982)	(91,740)
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	0	(1,681)
Proceeds from the settlement of company-owned life insurance	549	1,322
Cash provided by/(used in) investing activities	549	(359)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(12,414)	(1,895)
Repurchase of Class A non-voting common stock for cancellation	0	(90)
Payments for employee taxes withheld related to vested share-based awards	(13,057)	(9,770)
Increase in bank call loans	211,100	107,400
Cash provided by financing activities	185,629	95,645
Net (decrease)/increase in cash and cash equivalents	(3,804)	3,546
Cash and cash equivalents, beginning of period	38,405	33,150
Cash and cash equivalents, end of period	34,601	36,696
Reconciliation of cash and cash equivalents within the condensed consolidated balance sheets:
Cash and cash equivalents	34,601	36,696
Total cash and cash equivalents	34,601	36,696
Schedule of non-cash financing activities
Employee share plan issuance	14,338	10,277
Supplemental disclosure of cash flow information
Cash paid during the period for interest	18,738	20,630
Cash paid during the period for income taxes, net	$ 1,664	$ 289