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Financial Instruments and Other Inventory Positions (Tables)
 12 Months Ended
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)20252024
Financial instruments and other inventory positions owned
Corporate securities:
Convertible securities$140,306 $136,176 
Equity securities— 2 
Fixed income securities2,831 1,583 
Municipal securities:
Taxable securities33,021 21,171 
Tax-exempt securities125,419 126,945 
Short-term securities19,531 1,075 
Asset-backed securities
92,472 50,188 
U.S. government agency securities82,666 78,256 
U.S. government securities201 4,633 
Derivative contracts5,823 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 securities3,300 614 
U.S. government securities43,403 54,249 
Derivative contracts1,811 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, 2025December 31, 2024
(Amounts in thousands)DerivativeDerivativeNotionalDerivativeDerivativeNotional
Derivative CategoryAssets (1)Liabilities (2)AmountAssets (1)Liabilities (2)Amount
Interest rate:
Customer matched-book$7,033 $4,878 $355,129 $10,906 $8,629 $393,860 
Trading securities1,063 5,695 236,400 1,098 442 171,333 
$8,096 $10,573 $591,529 $12,004 $9,071 $565,193 
(1)Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition.
(2)Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition.
Unrealized Gains/(Losses) on Derivative Instruments The following table presents the Company's unrealized gains/(losses) on derivative instruments:
(Amounts in thousands) Year Ended December 31,
Derivative CategoryOperations Category202520242023
Interest rate derivative contractInvestment banking$(108)$(3,361)$(426)
Interest rate derivative contractInstitutional brokerage(5,132)2,963 (5,790)
$(5,240)$(398)$(6,216)