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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ 83,464 $ 53,429
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:    
Fixed asset depreciation and intangible asset amortization 25,756 21,870
Employee loan amortization and reserves on employee loans 22,475 17,349
Equity-based compensation and allocations of net income to limited partnership units 83,441 75,323
Deferred compensation expense 775 59
Losses (gains) on equity method investments (4,585) (2,358)
Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments (2,641) (665)
Amortization of discount (premium) on notes payable 1,248 1,100
Impairment of fixed assets, intangible assets and investments 101 372
Deferred tax provision (benefit) 1,707 3,515
Change in estimated acquisition earn-out payables 1,169 1,423
Forfeitures of Class A common stock (95) (89)
Other (104) 0
Consolidated net income (loss), adjusted for non-cash and non-operating items 212,711 171,328
Decrease (increase) in operating assets:    
Financial instruments owned, at fair value 31,768 7,700
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers (1,364,336) (912,230)
Accrued commissions receivable, net (131,305) (76,159)
Loans, forgivable loans and other receivables from employees and partners, net (53,305) (51,405)
Receivables from related parties 206 921
Other assets 11,852 (18,697)
Increase (decrease) in operating liabilities:    
Accrued compensation (14,200) (40,856)
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 1,328,119 888,421
Payables to related parties 3,735 24,762
Accounts payable, accrued and other liabilities (5,054) 7,054
Net cash provided by (used in) operating activities 20,191 839
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (4,821) (5,254)
Capitalization of software development costs (9,942) (10,241)
Proceeds from equity method investments 98 0
Payments for acquisitions, net of cash acquired 0 (600)
Purchase of investment carried under measurement alternative (3,474) 0
Purchase of other assets (98) (499)
Net cash provided by (used in) investing activities (18,237) (16,594)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of long-term debt, net of deferred issuance costs 0 350,000
Earnings distributions to limited partnership interests and other noncontrolling interests 0 (470)
Payments for tax obligations related to equity awards (39,652) (50,493)
Dividends to stockholders (9,722) (9,857)
Repurchase of Class A common stock (2,259) (23,125)
Payments on acquisition earn-outs (639) 0
Net cash provided by (used in) financing activities (72,272) 266,055
Effect of exchange rate changes on Cash and cash equivalents, and Cash segregated under regulatory requirements (251) 2,193
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements (70,569) 252,493
Cash and cash equivalents, and Cash segregated under regulatory requirements at beginning of period 873,673 733,273
Cash and cash equivalents, and Cash segregated under regulatory requirements at end of period 803,104 985,766
Supplemental cash information:    
Cash paid during the period for taxes 31,052 33,746
Cash paid during the period for interest 5,328 4,681
Supplemental non-cash information:    
Issuance of Class A and contingent Class A common stock for acquisitions 3,903 3,521
ROU assets and liabilities 34,603 2,762
Related Party    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of short-term borrowings from related parties $ (20,000) $ 0