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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Valuation of Financial Instruments by Pricing Observability Levels | The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2025:
|  |  |  |  |  |  | Counterparty |  |
|  |  |  |  |  |  | and Cash |  |
|  |  |  |  |  |  | Collateral |  |
(Amounts in thousands) | Level I |  | Level II |  | Level III |  | Netting (1) |  | Total
Assets |  |  |  |  |  |  |  |  |
Financial instruments and other inventory positions owned: |  |  |  |  |  |  |  |  |
Corporate securities: |  |  |  |  |  |  |  |  |
Convertible securities | $ | — |  |  | $ | 140,306 |  |  | $ | — |  |  | $ | — |  |  | $ | 140,306 |
Fixed income securities | — |  |  | 2,831 |  |  | — |  |  | — |  |  | 2,831 |
Municipal securities: |  |  |  |  |  |  |  |  |
Taxable securities | — |  |  | 33,021 |  |  | — |  |  | — |  |  | 33,021 |
Tax-exempt securities | — |  |  | 125,419 |  |  | — |  |  | — |  |  | 125,419 |
Short-term securities | — |  |  | 19,531 |  |  | — |  |  | — |  |  | 19,531 |
Asset-backed securities | — |  |  | 92,472 |  |  | — |  |  | — |  |  | 92,472 |
U.S. government agency securities | — |  |  | 82,666 |  |  | — |  |  | — |  |  | 82,666 |
U.S. government securities | 201 |  |  | — |  |  | — |  |  | — |  |  | 201 |
Derivative contracts | — |  |  | 5,744 |  |  | 2,352 |  |  | (2,273) |  |  | 5,823 |
Total financial instruments and other inventory positions owned | 201 |  |  | 501,990 |  |  | 2,352 |  |  | (2,273) |  |  | 502,270 |
Cash equivalents | 717,600 |  |  | — |  |  | — |  |  | — |  |  | 717,600 |
Investments at fair value (2) | 87,507 |  |  | — |  |  | 217,966 |  |  | — |  |  | 305,473 |
Total assets | $ | 805,308 |  |  | $ | 501,990 |  |  | $ | 220,318 |  |  | $ | (2,273) |  |  | $ | 1,525,343 |
Liabilities |  |  |  |  |  |  |  |  |
Financial instruments and other inventory positions sold, but not yet purchased: |  |  |  |  |  |  |  |  |
Corporate securities: |  |  |  |  |  |  |  |  |
Fixed income securities | $ | — |  |  | $ | 3,300 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,300 |
U.S. government securities | 43,403 |  |  | — |  |  | — |  |  | — |  |  | 43,403 |
Derivative contracts | — |  |  | 4,039 |  |  | 6,534 |  |  | (8,762) |  |  | 1,811 |
Total financial instruments and other inventory positions sold, but not yet purchased | $ | 43,403 |  |  | $ | 7,339 |  |  | $ | 6,534 |  |  | $ | (8,762) |  |  | $ | 48,514 |
(1)Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. (2)Includes noncontrolling interests of $216.8 million attributable to unrelated third-party ownership in consolidated alternative asset management funds, of which $171.8 million is classified as Level III. At December 31, 2025, the Company's Level I investments at fair value included $8.3 million of equity securities subject to contractual sale restrictions which will expire in the first quarter of 2027. The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2024:
|  |  |  |  |  |  | Counterparty |  |
|  |  |  |  |  |  | and Cash |  |
|  |  |  |  |  |  | Collateral |  |
(Amounts in thousands) | Level I |  | Level II |  | Level III |  | Netting (1) |  | Total
Assets |  |  |  |  |  |  |  |  |
Financial instruments and other inventory positions owned: |  |  |  |  |  |  |  |  |
Corporate securities: |  |  |  |  |  |  |  |  |
Convertible securities | $ | — |  |  | $ | 136,176 |  |  | $ | — |  |  | $ | — |  |  | $ | 136,176 |
Equity securities | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Fixed income securities | — |  |  | 1,583 |  |  | — |  |  | — |  |  | 1,583 |
Municipal securities: |  |  |  |  |  |  |  |  |
Taxable securities | — |  |  | 21,171 |  |  | — |  |  | — |  |  | 21,171 |
Tax-exempt securities | — |  |  | 126,672 |  |  | 273 |  |  | — |  |  | 126,945 |
Short-term securities | — |  |  | 1,075 |  |  | — |  |  | — |  |  | 1,075 |
Asset-backed securities | — |  |  | 50,188 |  |  | — |  |  | — |  |  | 50,188 |
U.S. government agency securities | — |  |  | 78,256 |  |  | — |  |  | — |  |  | 78,256 |
U.S. government securities | 4,633 |  |  | — |  |  | — |  |  | — |  |  | 4,633 |
Derivative contracts | — |  |  | 10,185 |  |  | 1,819 |  |  | (6,305) |  |  | 5,699 |
Total financial instruments and other inventory positions owned | 4,635 |  |  | 425,306 |  |  | 2,092 |  |  | (6,305) |  |  | 425,728 |
Cash equivalents | 446,844 |  |  | — |  |  | — |  |  | — |  |  | 446,844 |
Investments at fair value (2) | 90,348 |  |  | — |  |  | 176,970 |  |  | — |  |  | 267,318 |
Total assets | $ | 541,827 |  |  | $ | 425,306 |  |  | $ | 179,062 |  |  | $ | (6,305) |  |  | $ | 1,139,890 |
Liabilities |  |  |  |  |  |  |  |  |
Financial instruments and other inventory positions sold, but not yet purchased: |  |  |  |  |  |  |  |  |
Corporate securities: |  |  |  |  |  |  |  |  |
Equity securities | $ | 19,740 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,740 |
Fixed income securities | — |  |  | 614 |  |  | — |  |  | — |  |  | 614 |
U.S. government securities | 54,249 |  |  | — |  |  | — |  |  | — |  |  | 54,249 |
Derivative contracts | — |  |  | 8,080 |  |  | 991 |  |  | (6,692) |  |  | 2,379 |
Total financial instruments and other inventory positions sold, but not yet purchased | $ | 73,989 |  |  | $ | 8,694 |  |  | $ | 991 |  |  | $ | (6,692) |  |  | $ | 76,982 |
(1)Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. (2)Includes noncontrolling interests of $187.6 million attributable to unrelated third-party ownership in consolidated alternative asset management funds, of which $136.3 million is classified as Level III.
Changes in Fair Value Associated with Level III Financial Instruments | The following table summarizes the changes in fair value associated with Level III financial instruments held at the beginning or end of the periods presented:
| Level III
| Assets |  | Liabilities
(Amounts in thousands) | Tax-Exempt Municipal Securities |  | Derivative Contracts |  | Investments at Fair Value |  | Derivative Contracts
Balance at December 31, 2023 | $ | 2,869 |  |  | $ | 5,834 |  |  | $ | 224,280 |  |  | $ | 7,962 |
Purchases | — |  |  | — |  |  | 38,378 |  |  | — |
Sales | (1,901) |  |  | — |  |  | (41,042) |  |  | — |
Settlements | — |  |  | (4,097) |  |  | — |  |  | (6,191) |
Transfers in (1) | — |  |  | — |  |  | — |  |  | — |
Transfers out (2) | — |  |  | — |  |  | (48,546) |  |  | — |
Total realized and unrealized gains/(losses) | (695) |  |  | 82 |  |  | 3,900 |  |  | (780) |
Balance at December 31, 2024 | $ | 273 |  |  | $ | 1,819 |  |  | $ | 176,970 |  |  | $ | 991 |
Purchases | — |  |  | — |  |  | 35,334 |  |  | — |
Sales | — |  |  | — |  |  | (248) |  |  | — |
Settlements | — |  |  | (2,705) |  |  | — |  |  | (2,475) |
Transfers in (1) | — |  |  | — |  |  | 963 |  |  | — |
Transfers out (2) | (276) |  |  | — |  |  | (8,182) |  |  | — |
Total realized and unrealized gains/(losses) | 3 |  |  | 3,238 |  |  | 13,129 |  |  | 8,018 |
Balance at December 31, 2025 | $ | — |  |  | $ | 2,352 |  |  | $ | 217,966 |  |  | $ | 6,534 |
Unrealized gains/(losses) for assets/liabilities held at: |  |  |  |  |  |  |
December 31, 2024 | $ | 6 |  |  | $ | 1,819 |  |  | $ | (28,420) |  |  | $ | 991 |
December 31, 2025 | $ | — |  |  | $ | 2,352 |  |  | $ | 19,684 |  |  | $ | 6,534 |
(1)Transfers into Level III are primarily due to observable inputs becoming unobservable. (2)Transfers out of Level III are primarily due to unobservable inputs becoming observable.
Information about Significant Unobservable Inputs used in Fair Value Measurement | The following table summarizes quantitative information about the significant unobservable inputs used in the fair value measurement of the Company's Level III financial instruments as of December 31, 2025:
| Valuation |  |  |  |  |  | Weighted
| Technique |  | Unobservable Input |  | Range |  | Average (1)
Assets |  |  |  |  |  |  |
Derivative contracts | Discounted cash flow |  | Premium over the MMD curve in basis points ("bps") (3) |  | 0 - 26 bps |  | 8.0 bps
Investments at fair value (2) | Market approach |  | Revenue multiple (3) |  | 2 - 10 times |  | 6.7 times
|  |  | EBITDA multiple (3) |  | 11 - 19 times |  | 14.5 times
|  |  | Equity value as multiple of independent financing value (3) |  | 1 - 3 times |  | 2.0 times
| Discounted cash flow |  | Discount rate (4) |  | 15 - 25% |  | 21.3%
Liabilities |  |  |  |  |  |  |
Derivative contracts | Discounted cash flow |  | Premium over the MMD curve in bps (4) |  | 0 - 46 bps |  | 11.8 bps
(1)Unobservable inputs were weighted by the relative fair value of the financial instruments. (2)As of December 31, 2025, the Company had $218.0 million of Level III investments at fair value, of which $54.4 million was valued based on a recent round of independent financing. (3)There is uncertainty in the determination of fair value. Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly higher/(lower) fair value measurement. (4)There is uncertainty in the determination of fair value. Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly lower/(higher) fair value measurement.

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- Definition Tabular disclosure of the fair value measurement of assets and 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); (2) purchases and sales; 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 asset or liability. + References No definition available. + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -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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