v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 766,854 $ 851,502
Cash segregated under regulatory requirements 19,714 22,171
Financial instruments owned, at fair value 94,550 127,614
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers 1,719,595 468,035
Accrued commissions and other receivables, net 590,622 482,013
Loans, forgivable loans and other receivables from employees and partners, net 498,539 436,082
Fixed assets, net 179,993 182,080
Investments 52,019 37,765
Goodwill 646,848 648,616
Other intangible assets, net 410,800 427,950
Receivables from related parties 5,867 5,006
Other assets 765,655 723,155
Total assets 5,751,056 4,411,989
Liabilities    
Short-term borrowings from related parties 0 20,000
Accrued compensation 338,558 364,016
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 1,504,217 306,364
Payables to related parties 46,277 28,599
Accounts payable, accrued and other liabilities 814,042 771,963
Notes payable and other borrowings 1,774,054 1,775,705
Total liabilities 4,477,148 3,266,647
Commitments, contingencies and guarantees (Note 19)
Stockholders’ equity:    
Additional paid-in capital 2,642,974 2,532,497
Retained deficit (773,134) (910,391)
Accumulated other comprehensive income (loss) (39,413) (40,641)
Total stockholders’ equity 1,105,550 972,483
Noncontrolling interest in subsidiaries 168,358 172,859
Total equity 1,273,908 1,145,342
Total liabilities and equity 5,751,056 4,411,989
Class A Common Stock    
Stockholders’ equity:    
Common stock value 4,552 4,449
Treasury stock, at cost: 91,922,990 and 81,745,750 shares of Class A common stock at June 30, 2026 and December 31, 2025, respectively (730,524) (614,526)
Class B Common Stock    
Stockholders’ equity:    
Common stock value $ 1,095 $ 1,095