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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ 152,301 $ 109,644
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:    
Fixed asset depreciation and intangible asset amortization 51,381 47,749
Employee loan amortization and reserves on employee loans 45,302 36,208
Equity-based compensation and allocations of net income to limited partnership units 158,998 159,249
Deferred compensation expense 1,347 286
Losses (gains) on equity method investments (10,312) (4,737)
Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments (3,146) (775)
Amortization of discount (premium) on notes payable 2,455 2,533
Impairment of fixed assets, intangible assets and investments 1,220 1,603
Deferred tax provision (benefit) 723 2,639
Change in estimated acquisition earn-out payables 1,629 3,863
Forfeitures of Class A common stock (442) (152)
Losses (gains) on divestitures (20,000) 0
Other (104) 0
Consolidated net income (loss), adjusted for non-cash and non-operating items 381,352 358,110
Decrease (increase) in operating assets:    
Financial instruments owned, at fair value 34,776 48,828
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers (1,250,966) (580,427)
Accrued commissions receivable, net (109,596) (107,293)
Loans, forgivable loans and other receivables from employees and partners, net (102,454) (113,225)
Receivables from related parties (401) (4,847)
Other assets (26) (48,210)
Increase (decrease) in operating liabilities:    
Accrued compensation (30,146) (4,861)
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 1,197,598 551,778
Payables to related parties 17,678 (28,125)
Accounts payable, accrued and other liabilities 43,976 350
Net cash provided by (used in) operating activities 181,791 72,078
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (9,703) (11,523)
Capitalization of software development costs (18,077) (18,379)
Purchase of equity method investments 0 (750)
Proceeds from equity method investments 2,092 1,119
Payments for acquisitions, net of cash acquired 0 (263,381)
Purchase of investment carried under measurement alternative (3,474) 0
Loan to related parties 0 (120,000)
Proceeds from repayment of related parties loan 0 120,000
Purchase of other assets (223) (674)
Net cash provided by (used in) investing activities (29,385) (293,588)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of long-term debt, net of deferred issuance costs 70,695 1,197,762
Repayments of long-term debt borrowings (75,000) (620,000)
Earnings distributions to limited partnership interests and other noncontrolling interests 0 (470)
Payments for tax obligations related to equity awards (80,611) (62,021)
Dividends to stockholders (19,378) (19,564)
Repurchase of Class A common stock (114,706) (171,635)
Payments on acquisition earn-outs (639) (775)
Net cash provided by (used in) financing activities (239,639) 323,297
Effect of exchange rate changes on Cash and cash equivalents, and Cash segregated under regulatory requirements 128 7,019
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements (87,105) 108,806
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 786,568 842,079
Supplemental cash information:    
Cash paid during the period for taxes 64,460 87,762
Cash paid during the period for interest 63,290 45,730
Supplemental non-cash information:    
Issuance of Class A and contingent Class A common stock for acquisitions 3,903 6,028
ROU assets and liabilities 44,922 47,242
Related Party    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of short-term borrowings from related parties $ (20,000) $ 0