v3.26.3
Fair Value of Financial Instruments and Other Assets - Schedule of Financial Instruments Not Measured at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets    
Receivable from brokers and dealers and clearing organizations $ 137,347 $ 8,630
Deposits with clearing organizations 57,248 58,282
Accounts receivable 326,748 257,845
Total assets measured at fair value 2,178,985 2,102,557
Liabilities    
Payable to brokers and dealers and clearing organizations 90,989 3,363
Total   6,657
Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 215,804 275,179
Receivable from brokers and dealers and clearing organizations 137,347 8,630
Deposits with clearing organizations 57,248 58,282
Accounts receivable 326,748 257,845
Other assets – Memberships in clearing organizations 3,266 3,127
Total assets measured at fair value 740,413 603,063
Liabilities    
Payable to brokers and dealers and clearing organizations 90,989 3,363
Total 90,989 3,363
Total Fair Value | Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 215,804 275,179
Receivable from brokers and dealers and clearing organizations 137,347 8,630
Deposits with clearing organizations 57,248 58,282
Accounts receivable 326,748 257,845
Other assets – Memberships in clearing organizations 3,266 3,127
Total assets measured at fair value 740,413 603,063
Liabilities    
Payable to brokers and dealers and clearing organizations 90,989 3,363
Total 90,989 3,363
Quoted Prices in active Markets for Identical Assets (Level 1)    
Assets    
Total assets measured at fair value 2,158,326 2,053,289
Liabilities    
Total   0
Quoted Prices in active Markets for Identical Assets (Level 1) | Fair Value, Nonrecurring    
Assets    
Cash and restricted cash 215,804 275,179
Receivable from brokers and dealers and clearing organizations 0 0
Deposits with clearing organizations 57,248 58,282
Accounts receivable 0 0
Other assets – Memberships in clearing organizations 0 0
Total assets measured at fair value 273,052 333,461
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 20,659 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 137,347 8,630
Deposits with clearing organizations 0 0
Accounts receivable 326,748 257,845
Other assets – Memberships in clearing organizations 0 0
Total assets measured at fair value 464,095 266,475
Liabilities    
Payable to brokers and dealers and clearing organizations 90,989 3,363
Total 90,989 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 3,266 3,127
Total assets measured at fair value 3,266 3,127
Liabilities    
Payable to brokers and dealers and clearing organizations 0 0
Total $ 0 $ 0