v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 6,782 $ 52,329
Non-cash items included in net income:    
Depreciation and amortization of furniture, equipment and leasehold improvements 5,076 5,527
Deferred income taxes (8,623) 1,874
Amortization of intangible assets 333 333
Amortization of notes receivable 8,087 8,968
Provision for (reversal of) credit losses 34 (6)
Paid-in-kind interest (179) (52)
Share-based compensation 55,674 12,316
Amortization of right-of-use lease assets 13,604 12,901
Decrease (increase) in operating assets:    
Deposits with clearing organizations (50,661) (44,123)
Receivables from brokers, dealers and clearing organizations (57,227) (48,703)
Receivables from customers (135,758) (72,678)
Income tax receivable (4,591) (1,164)
Securities owned (281,576) (148,712)
Notes receivable (3,604) (5,353)
Company-owned life insurance (6,780) (5,217)
Other assets 10,217 7,291
Increase (decrease) in operating liabilities:    
Drafts payable (11,166) (9,533)
Payables to brokers, dealers and clearing organizations 225,454 273,363
Payables to customers 30,085 5,700
Securities sold under agreements to repurchase (14,076) (78,631)
Securities sold but not yet purchased 75,112 104,449
Accrued compensation (75,062) (104,109)
Income tax payable (15,365) (3,789)
Accounts payable and other liabilities (10,797) (14,652)
Cash used in operating activities (245,007) (51,671)
Cash flows from investing activities    
Purchase of furniture, equipment and leasehold improvements (2,030) (2,808)
Proceeds from the settlement of company-owned life insurance 1,598 1,549
Cash used in investing activities (432) (1,259)
Cash flows from financing activities    
Cash dividends paid on Class A non-voting and Class B voting common stock (14,556) (3,788)
Repurchase of Class A non-voting common stock for cancellation 0 (671)
Payments for employee taxes withheld related to vested share-based awards (13,057) (9,843)
Increase in bank call loans 273,100 71,700
Cash provided by financing activities 245,487 57,398
Net increase in cash and cash equivalents 48 4,468
Cash and cash equivalents, beginning of period 38,405 33,150
Cash and cash equivalents, end of period 38,453 37,618
Schedule of non-cash financing activities    
Employee share plan issuance 14,338 10,396
Supplemental disclosure of cash flow information    
Cash paid during the period for interest 19,723 21,965
Cash paid during the period for income taxes, net $ 34,032 $ 24,195