Warrants	6 Months Ended
Jun. 30, 2026
Other Liabilities Disclosure [Abstract]
Warrants	Warrants The public and private warrants met the definition of a derivative under ASC 815 and the Company recorded these warrants as liabilities in the Condensed Consolidated Statements of Financial Condition at fair value, with subsequent changes in their respective fair values recorded in the change in fair value of warrant liabilities within the Condensed Consolidated Statements of Income (Loss) at each reporting date. Each public warrant entitled the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. The warrants expired 5 years after the consummation of the Transaction, or earlier upon redemption or liquidation. The public warrant holders did not have the rights or privileges of holders of Class A common stock and any voting rights until they had exercised their warrants and received shares of Class A common stock. The warrants expired on November 17, 2025. During the six months ended June 30, 2025, 240,190 public warrants were exercised resulting in $2.8 million of proceeds. No warrants were exercised or repurchased during the three months ended June 30, 2025. During the year ended December 31, 2025, 10,410,334 public warrants were exercised resulting in $119.7 million of proceeds. No public warrants were outstanding during the three and six months ended June 30, 2026. The private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) were not redeemable by the Company so long as they are held by CF Sponsor, Holdings or their permitted transferees. CF Sponsor, Holdings or their permitted transferees, had the option to exercise the private placement warrants on a cashless basis. During the year ended December 31, 2025, 900,000 private warrants were exercised, resulting in the issuance of 6,988 shares of Class A common stock pursuant to the election of the cashless basis exercise. No private warrants were outstanding during the three and six months ended June 30, 2026.

The public and private warrants met the definition of a derivative under ASC 815 and the Company recorded these warrants as liabilities in the Condensed Consolidated Statements of Financial Condition at fair value, with subsequent changes in their respective fair values recorded in the change in fair value of warrant liabilities within the Condensed Consolidated Statements of Income (Loss) at each reporting date.

Each public warrant entitled the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. The warrants expired 5 years after the consummation of the Transaction, or earlier upon redemption or liquidation. The public warrant holders did not have the rights or privileges of holders of Class A common stock and any voting rights until they had exercised their warrants and received shares of Class A common stock. The warrants expired on November 17, 2025.

During the six months ended June 30, 2025, 240,190 public warrants were exercised resulting in $2.8 million of proceeds. No warrants were exercised or repurchased during the three months ended June 30, 2025. During the year ended December 31, 2025, 10,410,334 public warrants were exercised resulting in $119.7 million of proceeds. No public warrants were outstanding during the three and six months ended June 30, 2026.

The private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) were not redeemable by the Company so long as they are held by CF Sponsor, Holdings or their permitted transferees. CF Sponsor, Holdings or their permitted transferees, had the option to exercise the private placement warrants on a cashless basis.