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SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED - Securities and other investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Securities and other investments owned:    
Securities and other investments owned, at fair value [1] $ 382,461 $ 215,225
Equity securities valued under the measurement alternative 64,382 67,100
Total securities and other investments owned [1] 446,843 282,325
Securities sold not yet purchased, at fair value:    
Securities sold not yet purchased, at fair value 9,809 5,675
Fair Value, Inputs, Level 1, Level 2, and Level 3    
Securities and other investments owned:    
Securities and other investments owned, at fair value 380,628 199,358
Partnership interests and other investments | Fair Value, Inputs, Level 1, Level 2, and Level 3    
Securities and other investments owned:    
Securities and other investments owned, at fair value 40,082 0
Corporate bonds    
Securities sold not yet purchased, at fair value:    
Securities sold not yet purchased, at fair value 467 1,891
Corporate bonds | Fair Value, Inputs, Level 1, Level 2, and Level 3    
Securities and other investments owned:    
Securities and other investments owned, at fair value 31,751 29,027
Other fixed income securities    
Securities sold not yet purchased, at fair value:    
Securities sold not yet purchased, at fair value 0 3,784
Other fixed income securities | Fair Value, Inputs, Level 1, Level 2, and Level 3    
Securities and other investments owned:    
Securities and other investments owned, at fair value 4,373 4,923
Partnership interests and other investments at net asset value    
Securities and other investments owned:    
Securities and other investments owned, at fair value 1,833 15,867
Equity securities    
Securities sold not yet purchased, at fair value:    
Securities sold not yet purchased, at fair value 9,342 0
Equity securities | Fair Value, Inputs, Level 1, Level 2, and Level 3    
Securities and other investments owned:    
Securities and other investments owned, at fair value $ 304,422 $ 165,408
[1] At December 31, 2025, the balance sheet includes cash of $446, securities and other investments owned, at fair value, of $682, prepaid and other expenses of $3,737, accrued expenses and other liabilities of $28 and noncontrolling interest of $4,192 of consolidated variable interest entities (see Note 3 - Variable Interest Entities).