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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Trading income, net $ 2,436,707 $ 1,822,437 $ 1,301,344
Interest and dividends income 508,817 462,070 462,566
Commissions, net and technology services 617,025 516,783 455,598
Other, net 69,569 75,659 73,865
Total revenue 3,632,118 2,876,949 2,293,373
Operating Expenses:      
Brokerage, exchange, clearance fees and payments for order flow, net 769,774 674,426 508,358
Communication and data processing 249,207 236,446 230,760
Employee compensation and payroll taxes 528,085 434,823 394,039
Interest and dividends expense 647,448 529,177 500,467
Operations and administrative 97,922 97,002 98,972
Depreciation and amortization 64,420 65,816 63,306
Amortization of purchased intangibles and acquired capitalized software 47,132 50,471 63,960
Termination of office leases (5,982) 16,224 455
Debt issue cost related to debt refinancing, prepayment and commitment fees 6,510 29,479 8,317
Transaction advisory fees and expenses 414 313 314
Financing interest expense on long-term borrowings 132,859 97,802 99,294
Total operating expenses 2,537,789 2,231,979 1,968,242
Income before income taxes and noncontrolling interest 1,094,329 644,970 325,131
Provision for income taxes 182,065 110,435 61,210
Net income 912,264 534,535 263,921
Noncontrolling interest (443,903) (258,120) (121,885)
Net income available for common stockholders $ 468,361 $ 276,415 $ 142,036
Earnings per share      
Basic (in dollars per share) $ 5.14 $ 2.98 $ 1.42
Diluted (in dollars per share) $ 5.13 $ 2.97 $ 1.42
Weighted average common shares outstanding      
Basic (in shares) 85,216,028 87,482,162 94,076,165
Diluted (in shares) 85,318,436 87,821,576 94,076,165
Net income $ 912,264 $ 534,535 $ 263,921
Other comprehensive income      
Foreign exchange translation adjustment, net of taxes 15,731 (9,048) 4,957
Net change in unrealized cash flow hedges gain (loss), net of taxes (397) (32,251) (36,993)
Comprehensive income 927,598 493,236 231,885
Less: Comprehensive income attributable to noncontrolling interest (455,185) (240,931) (104,406)
Comprehensive income attributable to common stockholders $ 472,413 $ 252,305 $ 127,479
Revenue from contract with customer, product and service [Extensible Enumeration] Commissions, Net and Technology Services [Member] Commissions, Net and Technology Services [Member] Commissions, Net and Technology Services [Member]