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Financial Instruments and Other Inventory Positions (Tables) | 12 Months Ended
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Dec. 31, 2025
Financial Instruments Owned and Sold, Not yet Purchased [Abstract] |
Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased by Type |
| December 31, |  | December 31,
(Amounts in thousands) | 2025 |  | 2024
Financial instruments and other inventory positions owned |  |  |
Corporate securities: |  |  |
Convertible securities | $ | 140,306 |  |  | $ | 136,176 |
Equity securities | — |  |  | 2 |
Fixed income securities | 2,831 |  |  | 1,583 |
Municipal securities: |  |  |
Taxable securities | 33,021 |  |  | 21,171 |
Tax-exempt securities | 125,419 |  |  | 126,945 |
Short-term securities | 19,531 |  |  | 1,075 |
Asset-backed securities | 92,472 |  |  | 50,188 |
U.S. government agency securities | 82,666 |  |  | 78,256 |
U.S. government securities | 201 |  |  | 4,633 |
Derivative contracts | 5,823 |  |  | 5,699 |
Total financial instruments and other inventory positions owned | $ | 502,270 |  |  | $ | 425,728 |
Financial instruments and other inventory positions sold, but not yet purchased |  |  |
Corporate securities: |  |  |
Equity securities | $ | — |  |  | $ | 19,740 |
Fixed income securities | 3,300 |  |  | 614 |
U.S. government securities | 43,403 |  |  | 54,249 |
Derivative contracts | 1,811 |  |  | 2,379 |
Total financial instruments and other inventory positions sold, but not yet purchased | $ | 48,514 |  |  | $ | 76,982 |
Schedule of Gross Fair Market Value and Total Absolute Notional Contract Amount | The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position:
|  | December 31, 2025 |  | December 31, 2024
(Amounts in thousands) |  | Derivative |  | Derivative |  | Notional |  | Derivative |  | Derivative |  | Notional
Derivative Category |  | Assets (1) |  | Liabilities (2) |  | Amount |  | Assets (1) |  | Liabilities (2) |  | Amount
Interest rate: |  |  |  |  |  |  |  |  |  |  |  |
Customer matched-book |  | $ | 7,033 |  |  | $ | 4,878 |  |  | $ | 355,129 |  |  | $ | 10,906 |  |  | $ | 8,629 |  |  | $ | 393,860 |
Trading securities |  | 1,063 |  |  | 5,695 |  |  | 236,400 |  |  | 1,098 |  |  | 442 |  |  | 171,333 |
|  | $ | 8,096 |  |  | $ | 10,573 |  |  | $ | 591,529 |  |  | $ | 12,004 |  |  | $ | 9,071 |  |  | $ | 565,193 |
(1)Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition. (2)Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition.
Unrealized Gains/(Losses) on Derivative Instruments | The following table presents the Company's unrealized gains/(losses) on derivative instruments:
(Amounts in thousands) |  |  |  |  |  | Year Ended December 31,
Derivative Category |  | Operations Category |  |  |  |  |  | 2025 |  | 2024 |  | 2023
Interest rate derivative contract |  | Investment banking |  |  |  |  |  | $ | (108) |  |  | $ | (3,361) |  |  | $ | (426) |
Interest rate derivative contract |  | Institutional brokerage |  |  |  |  |  | (5,132) |  |  | 2,963 |  |  | (5,790) |
|  |  |  |  |  |  |  | $ | (5,240) |  |  | $ | (398) |  |  | $ | (6,216) |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
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- Definition Tabular disclosure of financial instruments held by a broker-dealer for its own account (proprietary securities) for trading or investment purposes that are carried at fair value including securities sold, not yet purchased. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent + Details
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