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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Financial assets and financial liabilities measured at fair value on a recurring basis | The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands):
December 31, 2025 | Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Cash equivalents | $ | 104,377 |  | $ | — |  | $ | — |  | $ | 104,377 |
Cash equivalents segregated under federal or other regulations | 821,334 |  | — |  | — |  | 821,334 |
Restricted cash | 127,585 |  | — |  | — |  | 127,585 |
Investment securities - trading: |  |  |  |
U.S. treasury obligations | 40,029 |  | — |  | — |  | 40,029 |
Mutual funds | 33,559 |  | — |  | — |  | 33,559 |
Equity securities | 2,505 |  | — |  | — |  | 2,505 |
Debt securities | — |  | 15 |  | — |  | 15 |
Total investment securities - trading | 76,093 |  | 15 |  | — |  | 76,108 |
Other assets: |  |  |  |
Deferred compensation plan | 1,097,514 |  | — |  | — |  | 1,097,514 |
Fractional shares - investment(1) | 371,683 |  | — |  | — |  | 371,683 |
Other investments | — |  | 2,423 |  | — |  | 2,423 |
Total other assets | 1,469,197 |  | 2,423 |  | — |  | 1,471,620 |
Total assets at fair value | $ | 2,598,586 |  | $ | 2,438 |  | $ | — |  | $ | 2,601,024 |
Liabilities |  |  |  |
Other liabilities: |  |  |  |
Securities sold, but not yet purchased: |  |  |  |
Equity securities | $ | 174 |  | $ | — |  | $ | — |  | $ | 174 |
Total securities sold, but not yet purchased | 174 |  | — |  | — |  | 174 |
Fractional shares - repurchase obligation(1) | 371,683 |  | — |  | — |  | 371,683 |
Contingent consideration | — |  | — |  | 124,038 |  | 124,038 |
Total other liabilities | 371,857 |  | — |  | 124,038 |  | 495,895 |
Total liabilities at fair value | $ | 371,857 |  | $ | — |  | $ | 124,038 |  | $ | 495,895 |
____________________ (1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP. The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands):
December 31, 2024 | Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Cash equivalents | $ | 53,672 |  | $ | — |  | $ | — |  | $ | 53,672 |
Cash equivalents segregated under federal or other regulations | 672,164 |  | — |  | — |  | 672,164 |
Restricted cash | 100,368 |  | — |  | — |  | 100,368 |
Investment securities - trading: |  |  |  |
Mutual funds | 13,627 |  | — |  | — |  | 13,627 |
U.S. treasury obligations | 28,511 |  | — |  | — |  | 28,511 |
Money market funds | 110 |  | — |  | — |  | 110 |
Equity securities | 8 |  | — |  | — |  | 8 |
Debt securities | — |  | 11 |  | — |  | 11 |
Total investment securities — trading | 42,256 |  | 11 |  | — |  | 42,267 |
Other assets: |  |  |  |
Deferred compensation plan | 856,843 |  | — |  | — |  | 856,843 |
Fractional shares - investment(1) | 278,683 |  | — |  | — |  | 278,683 |
Other investments | — |  | 3,989 |  | — |  | 3,989 |
Total other assets | 1,135,526 |  | 3,989 |  | — |  | 1,139,515 |
Total assets at fair value | $ | 2,003,986 |  | $ | 4,000 |  | $ | — |  | $ | 2,007,986 |
Liabilities |  |  |  |
Other liabilities: |  |  |  |
Securities sold, but not yet purchased: |  |  |  |
Equity securities | 151 |  | — |  | — |  | 151 |
Debt securities | — |  | 18 |  | — |  | 18 |
Total securities sold, but not yet purchased | 151 |  | 18 |  | — |  | 169 |
Fractional shares - repurchase obligation(1) | 278,683 |  | — |  | — |  | 278,683 |
Contingent consideration | — |  | — |  | 196,898 |  | 196,898 |
Total other liabilities | 278,834 |  | 18 |  | 196,898 |  | 475,750 |
Total liabilities at fair value | $ | 278,834 |  | $ | 18 |  | $ | 196,898 |  | $ | 475,750 |
____________________ (1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP.
Financial assets and financial liabilities not measured at fair value | The following tables summarize the carrying values, fair values and fair value hierarchy level classification of financial instruments that are not measured at fair value (in thousands):
December 31, 2025 | Carrying Value | Level 1 | Level 2 | Level 3 | Total Fair Value
Assets |  |  |  |  |
Cash | $ | 933,001 |  | $ | 933,001 |  | $ | — |  | $ | — |  | $ | 933,001 |
Cash segregated under federal or other regulations | 970,730 |  | 970,730 |  | — |  | — |  | 970,730 |
Restricted cash | 97,713 |  | 97,713 |  | — |  | — |  | 97,713 |
Receivables from clients, net | 803,206 |  | — |  | 803,206 |  | — |  | 803,206 |
Receivables from brokers, dealers and clearing organizations | 70,897 |  | — |  | 70,897 |  | — |  | 70,897 |
Advisor repayable loans, net(1) | 406,793 |  | — |  | — |  | 335,050 |  | 335,050 |
Other receivables, net | 1,203,539 |  | — |  | 1,203,539 |  | — |  | 1,203,539 |
Investment securities - held-to-maturity securities | 15,420 |  | — |  | 15,520 |  | — |  | 15,520 |
Other assets: |  |  |  |  |
Deferred compensation plan(2) | 10,038 |  | 10,038 |  | — |  | — |  | 10,038 |
Securities borrowed | 1,789 |  | — |  | 1,789 |  | — |  | 1,789 |
Other investments(3) | 7,874 |  | — |  | 7,874 |  | — |  | 7,874 |
Total other assets | 19,701 |  | 10,038 |  | 9,663 |  | — |  | 19,701 |
Liabilities |  |  |  |  |
Client payables | $ | 2,308,275 |  | $ | — |  | $ | 2,308,275 |  | $ | — |  | $ | 2,308,275 |
Payables to brokers, dealers and clearing organizations | 150,520 |  | — |  | 150,520 |  | — |  | 150,520 |
Corporate debt and other borrowings, net | 7,258,694 |  | — |  | 7,420,447 |  | — |  | 7,420,447 |
December 31, 2024 | Carrying Value | Level 1 | Level 2 | Level 3 | Total Fair Value
Assets |  |  |  |  |
Cash | $ | 913,407 |  | $ | 913,407 |  | $ | — |  | $ | — |  | $ | 913,407 |
Cash segregated under federal or other regulations | 925,085 |  | 925,085 |  | — |  | — |  | 925,085 |
Restricted cash | 19,356 |  | 19,356 |  | — |  | — |  | 19,356 |
Receivables from clients, net | 633,834 |  | — |  | 633,834 |  | — |  | 633,834 |
Receivables from brokers, dealers and clearing organizations | 76,545 |  | — |  | 76,545 |  | — |  | 76,545 |
Advisor repayable loans, net(1) | 360,760 |  | — |  | — |  | 281,146 |  | 281,146 |
Other receivables, net | 902,777 |  | — |  | 902,777 |  | — |  | 902,777 |
Investment securities - held-to-maturity securities | 15,214 |  | — |  | 15,190 |  | — |  | 15,190 |
Other assets: |  |  |  |  |
Deferred compensation plan(2) | 8,742 |  | 8,742 |  | — |  | — |  | 8,742 |
Securities borrowed | 4,811 |  | — |  | 4,811 |  | — |  | 4,811 |
Other investments(3) | 7,706 |  | — |  | 7,706 |  | — |  | 7,706 |
Total other assets | 21,259 |  | 8,742 |  | 12,517 |  | — |  | 21,259 |
Liabilities |  |  |  |  |
Client payables | $ | 1,898,665 |  | $ | — |  | $ | 1,898,665 |  | $ | — |  | $ | 1,898,665 |
Payables to brokers, dealers and clearing organizations | 129,228 |  | — |  | 129,228 |  | — |  | 129,228 |
Corporate debt and other borrowings, net | 5,494,724 |  | — |  | 5,480,389 |  | — |  | 5,480,389 |
____________________ (1)Includes repayable loans and forgivable loans which have converted to repayable upon advisor termination or change in agreed upon terms. (2)Includes cash balances awaiting investment or distribution to plan participants. (3)Other investments include Depository Trust Company common shares and Federal Reserve stock.
Fair Value Measurement Inputs and Valuation Techniques | The following tables summarize inputs used in the measurement of contingent consideration (dollars in thousands):
| Quantitative Information About Level 3 Fair Value Measurements
December 31, 2025 | Type | Valuation Techniques | Unobservable Inputs | Range
$ | 115,464 |  | Contingent Consideration | Monte-Carlo Simulation Model | Forecasted Growth Rates | 1.3 | % | - | 26.0 | %
|  |  | Discount Rate | 12.0 | % | - | 17.9 | %
|  |  | Equivalency Rate(1) | 4.7 | % | - | 5.9 | %
8,574 |  | Contingent Consideration | Probability Weighted Expected Return Method | Equivalency Rate(1) | 5.3 | % | - | 5.3 | %
|  |  | Conversion Rate | — | % | - | 100.0 | %
$ | 124,038 |  |  |  |  |  |  |
____________________ (1)Equivalency rate is defined as the prevailing market interest rate used to discount future payments.
| Quantitative Information About Level 3 Fair Value Measurements
December 31, 2024 | Type | Valuation Techniques | Unobservable Inputs | Range
$ | 170,343 |  | Contingent Consideration | Monte-Carlo Simulation Model | Forecasted Growth Rates | 2.0 | % | - | 29.5 | %
|  |  | Discount Rate | 10.5 | % | - | 18.0 | %
|  |  | Equivalency Rate(1) | 4.9 | % | - | 5.8 | %
26,555 |  | Contingent Consideration | Probability Weighted Expected Return Method | Equivalency Rate(1) | 5.7 | % | - | 5.7 | %
|  |  | Conversion Rate | — | % | - | 100.0 | %
$ | 196,898 |  |  |  |  |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the changes in fair value for the Company’s Level 3 liabilities during the periods presented (in thousands):
| Year Ended December 31,
| 2025 | 2024
Balance - January 1 | $ | 196,898 |  | $ | 118,844 |
Additions and purchase accounting adjustments | (3,593) |  | 97,333 |
Payments | (93,430) |  | (61,000) |
Fair value adjustments | 24,163 |  | 41,721 |
Balance - December 31 | $ | 124,038 |  | $ | 196,898 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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