v3.26.1
Fair Value of Financial Instruments and Other Assets - Financial Instruments Not Measured at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Receivable from brokers and dealers and clearing organizations $ 131,252 $ 8,630
Deposits with clearing organizations 57,346 58,282
Accounts receivable 351,009 257,845
Total assets measured at fair value 2,021,977 2,102,557
Liabilities    
Payable to brokers and dealers and clearing organizations 130,651 3,363
Total   6,657
Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 215,464 275,179
Receivable from brokers and dealers and clearing organizations 131,252 8,630
Deposits with clearing organizations 57,346 58,282
Accounts receivable 351,009 257,845
Other assets – Memberships in clearing organizations 3,268 3,127
Total assets measured at fair value 758,339 603,063
Liabilities    
Payable to brokers and dealers and clearing organizations 130,651 3,363
Total 130,651 3,363
Total Fair Value | Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 215,464 275,179
Receivable from brokers and dealers and clearing organizations 131,252 8,630
Deposits with clearing organizations 57,346 58,282
Accounts receivable 351,009 257,845
Other assets – Memberships in clearing organizations 3,268 3,127
Total assets measured at fair value 758,339 603,063
Liabilities    
Payable to brokers and dealers and clearing organizations 130,651 3,363
Total 130,651 3,363
Quoted Prices in active Markets for Identical Assets (Level 1)    
Assets    
Total assets measured at fair value 1,966,335 2,053,289
Liabilities    
Total   0
Quoted Prices in active Markets for Identical Assets (Level 1) | Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 215,464 275,179
Receivable from brokers and dealers and clearing organizations 0 0
Deposits with clearing organizations 57,346 58,282
Accounts receivable 0 0
Other assets – Memberships in clearing organizations 0 0
Total assets measured at fair value 272,810 333,461
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 29,566 24,411
Liabilities    
Total   6,657
 Significant Observable Inputs (Level 2) | Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 0 0
Receivable from brokers and dealers and clearing organizations 131,252 8,630
Deposits with clearing organizations 0 0
Accounts receivable 351,009 257,845
Other assets – Memberships in clearing organizations 0 0
Total assets measured at fair value 482,261 266,475
Liabilities    
Payable to brokers and dealers and clearing organizations 130,651 3,363
Total 130,651 3,363
Significant Unobservable Inputs (Level 3)    
Assets    
Total assets measured at fair value 26,076 24,857
Liabilities    
Total   0
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 3,268 3,127
Total assets measured at fair value 3,268 3,127
Liabilities    
Payable to brokers and dealers and clearing organizations 0 0
Total $ 0 $ 0