v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 780,984 $ 851,502
Cash segregated under regulatory requirements 22,120 22,171
Financial instruments owned, at fair value 97,406 127,614
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers 1,832,901 468,035
Accrued commissions and other receivables, net 612,506 482,013
Loans, forgivable loans and other receivables from employees and partners, net 470,048 436,082
Fixed assets, net 181,034 182,080
Investments 48,376 37,765
Goodwill 646,569 648,616
Other intangible assets, net 420,432 427,950
Receivables from related parties 5,108 5,006
Other assets 741,326 723,155
Total assets 5,858,810 4,411,989
Liabilities    
Short-term borrowings from related parties 0 20,000
Accrued compensation 352,814 364,016
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 1,634,704 306,364
Payables to related parties 32,334 28,599
Accounts payable, accrued and other liabilities 790,047 771,963
Notes payable and other borrowings 1,776,913 1,775,705
Total liabilities 4,586,812 3,266,647
Commitments, contingencies and guarantees (Note 19)
Stockholders’ equity:    
Additional paid-in capital 2,587,661 2,532,497
Retained deficit (835,965) (910,391)
Accumulated other comprehensive income (loss) (40,418) (40,641)
Total stockholders’ equity 1,099,873 972,483
Noncontrolling interest in subsidiaries 172,125 172,859
Total equity 1,271,998 1,145,342
Total liabilities and equity 5,858,810 4,411,989
Class A Common Stock    
Stockholders’ equity:    
Common stock value 4,513 4,449
Treasury stock, at cost: 81,851,779 and 81,745,750 shares of Class A common stock at March 31, 2026 and December 31, 2025, respectively (617,013) (614,526)
Class B Common Stock    
Stockholders’ equity:    
Common stock value $ 1,095 $ 1,095