v3.25.1
Fair Value of Financial Instruments and Other Assets - Financial Instruments Not Measured at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Receivable from brokers and dealers and clearing organizations $ 135,760 $ 67,805
Deposits with clearing organizations 102,048 54,702
Accounts receivable 271,505 222,268
Total assets measured at fair value 1,103,887 1,136,183
Liabilities    
Payable to brokers and dealers and clearing organizations 104,799 67,816
Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 222,570 224,169
Receivable from brokers and dealers and clearing organizations 135,760 67,805
Deposits with clearing organizations 102,048 54,702
Accounts receivable 271,505 222,268
Other assets – Memberships in clearing organizations 3,126 2,918
Total assets measured at fair value 735,009 571,862
Liabilities    
Payable to brokers and dealers and clearing organizations 104,799 67,816
Total 104,799 67,816
Total Fair Value | Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 222,570 224,169
Receivable from brokers and dealers and clearing organizations 135,760 67,805
Deposits with clearing organizations 102,048 54,702
Accounts receivable 271,505 222,268
Other assets – Memberships in clearing organizations 3,126 2,918
Total assets measured at fair value 735,009 571,862
Liabilities    
Payable to brokers and dealers and clearing organizations 104,799 67,816
Total 104,799 67,816
Quoted Prices in active Markets for Identical Assets (Level 1)    
Assets    
Total assets measured at fair value 1,084,885 1,117,133
Quoted Prices in active Markets for Identical Assets (Level 1) | Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 222,570 224,169
Receivable from brokers and dealers and clearing organizations 0 0
Deposits with clearing organizations 102,048 54,702
Accounts receivable 0 0
Other assets – Memberships in clearing organizations 0 0
Total assets measured at fair value 324,618 278,871
Liabilities    
Payable to brokers and dealers and clearing organizations 0 0
Total 0 0
Significant Observable Inputs (Level 2)    
Assets    
Total assets measured at fair value 0 7,844
Significant Observable Inputs (Level 2) | Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 0 0
Receivable from brokers and dealers and clearing organizations 135,760 67,805
Deposits with clearing organizations 0 0
Accounts receivable 271,505 222,268
Other assets – Memberships in clearing organizations 0 0
Total assets measured at fair value 407,265 290,073
Liabilities    
Payable to brokers and dealers and clearing organizations 104,799 67,816
Total 104,799 67,816
Significant Unobservable Inputs (Level 3)    
Assets    
Total assets measured at fair value 19,002 11,206
Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 0 0
Receivable from brokers and dealers and clearing organizations 0 0
Deposits with clearing organizations 0 0
Accounts receivable 0 0
Other assets – Memberships in clearing organizations 3,126 2,918
Total assets measured at fair value 3,126 2,918
Liabilities    
Payable to brokers and dealers and clearing organizations 0 0
Total $ 0 $ 0