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Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and equivalents $ 1,037,378 $ 967,079
Cash and equivalents segregated under federal or other regulations 1,792,064 1,597,249
Restricted cash 225,298 119,724
Receivables from clients, net 803,206 633,834
Receivables from brokers, dealers and clearing organizations 70,897 76,545
Advisor loans, net 3,681,512 2,281,088
Other receivables, net 1,203,539 902,777
Investment securities 91,528 57,481
Property and equipment, net 1,409,376 1,210,027
Goodwill 2,644,723 2,172,873
Other intangibles, net 3,330,788 1,482,988
Other assets 2,202,444 1,815,739
Total assets 18,492,753 13,317,404
LIABILITIES:    
Client payables 2,308,275 1,898,665
Payables to brokers, dealers and clearing organizations 150,520 129,228
Accrued advisory and commission expenses payable 361,623 323,996
Corporate debt and other borrowings, net 7,258,694 5,494,724
Accounts payable and accrued liabilities 821,641 588,450
Other Liabilities 2,247,515 1,951,739
Liabilities, Total 13,148,268 10,386,802
STOCKHOLDERS' EQUITY:    
Common stock, $0.001 par value; 600,000,000 shares authorized; 136,637,544 shares and 130,914,541 shares issued at December 31, 2025 and 2024, respectively 136 131
Additional paid-in capital 3,843,017 2,066,268
Treasury stock, at cost — 56,576,672 shares and 56,253,909 shares at December 31, 2025 and 2024, respectively (4,333,725) (4,202,322)
Retained earnings 5,835,057 5,066,525
Total stockholders’ equity 5,344,485 2,930,602
Total liabilities and stockholders’ equity $ 18,492,753 $ 13,317,404