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Fair Value of Financial Instruments (Tables)

12 Months Ended

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.

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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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Name Accounting Standards Codification
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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
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