v3.26.1
Fair Value of Financial Instruments and Other Assets - Schedule of Financial Instruments Not Measured at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Receivable from brokers and dealers and clearing organizations $ 11,491 $ 8,630
Deposits with clearing organizations 55,477 58,282
Accounts receivable 309,368 257,845
Total assets measured at fair value 2,145,132 2,102,557
Liabilities    
Payable to brokers and dealers and clearing organizations 7,649 3,363
Total   6,657
Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 212,241 275,179
Receivable from brokers and dealers and clearing organizations 11,491 8,630
Deposits with clearing organizations 55,477 58,282
Accounts receivable 309,368 257,845
Other assets – Memberships in clearing organizations 3,269 3,127
Total assets measured at fair value 591,846 603,063
Liabilities    
Payable to brokers and dealers and clearing organizations 7,649 3,363
Total 7,649 3,363
Total Fair Value | Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 212,241 275,179
Receivable from brokers and dealers and clearing organizations 11,491 8,630
Deposits with clearing organizations 55,477 58,282
Accounts receivable 309,368 257,845
Other assets – Memberships in clearing organizations 3,269 3,127
Total assets measured at fair value 591,846 603,063
Liabilities    
Payable to brokers and dealers and clearing organizations 7,649 3,363
Total 7,649 3,363
Quoted Prices in active Markets for Identical Assets (Level 1)    
Assets    
Total assets measured at fair value 2,085,125 2,053,289
Liabilities    
Total   0
Quoted Prices in active Markets for Identical Assets (Level 1) | Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 212,241 275,179
Receivable from brokers and dealers and clearing organizations 0 0
Deposits with clearing organizations 55,477 58,282
Accounts receivable 0 0
Other assets – Memberships in clearing organizations 0 0
Total assets measured at fair value 267,718 333,461
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 60,007 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 11,491 8,630
Deposits with clearing organizations 0 0
Accounts receivable 309,368 257,845
Other assets – Memberships in clearing organizations 0 0
Total assets measured at fair value 320,859 266,475
Liabilities    
Payable to brokers and dealers and clearing organizations 7,649 3,363
Total 7,649 3,363
Significant Unobservable Inputs (Level 3)    
Assets    
Total assets measured at fair value 0 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 3,269 3,127
Total assets measured at fair value 3,269 3,127
Liabilities    
Payable to brokers and dealers and clearing organizations 0 0
Total $ 0 $ 0