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Fair Value of Financial Instruments - Valuation of Financial Instruments by Pricing Observability Levels (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Assets    
Convertible securities $ 140,306,000 $ 136,176,000
Equity securities 0 2,000
Fixed income securities 2,831,000 1,583,000
Taxable securities 33,021,000 21,171,000
Tax-exempt securities 125,419,000 126,945,000
Short-term securities 19,531,000 1,075,000
Asset-backed securities 92,472,000 50,188,000
U.S. government agency securities 82,666,000 78,256,000
U.S. government securities 201,000 4,633,000
Derivative contracts 5,823,000 5,699,000
Total financial instruments and other inventory positions owned 502,270,000 425,728,000
Liabilities    
Equity securities 0 19,740,000
Fixed income securities 3,300,000 614,000
U.S. government securities 43,403,000 54,249,000
Derivative contracts 1,811,000 2,379,000
Total financial instruments and other inventory positions sold, but not yet purchased 48,514,000 76,982,000
Securities posted as collateral 0 0
Measured on a recurring basis    
Assets    
Convertible securities 140,306,000 136,176,000
Equity securities   2,000
Fixed income securities 2,831,000 1,583,000
Taxable securities 33,021,000 21,171,000
Tax-exempt securities 125,419,000 126,945,000
Short-term securities 19,531,000 1,075,000
Asset-backed securities 92,472,000 50,188,000
U.S. government agency securities 82,666,000 78,256,000
U.S. government securities 201,000 4,633,000
Derivative contracts 5,823,000 5,699,000
Total financial instruments and other inventory positions owned 502,270,000 425,728,000
Cash equivalents 717,600,000 446,844,000
Investments at fair value 305,473,000 267,318,000
Total assets 1,525,343,000 1,139,890,000
Derivative asset contracts - counterparty and collateral netting (2,273,000) (6,305,000)
Liabilities    
Equity securities   19,740,000
Fixed income securities 3,300,000 614,000
U.S. government securities 43,403,000 54,249,000
Derivative contracts 1,811,000 2,379,000
Total financial instruments and other inventory positions sold, but not yet purchased 48,514,000 76,982,000
Derivative liability contracts - counterparty and cash collateral netting (8,762,000) (6,692,000)
Measured on a recurring basis | Investments attributable to noncontrolling interests    
Assets    
Investments at fair value 216,800,000 187,600,000
Measured on a recurring basis | Level I    
Assets    
Equity securities   2,000
U.S. government securities 201,000 4,633,000
Total financial instruments and other inventory positions owned 201,000 4,635,000
Cash equivalents 717,600,000 446,844,000
Investments at fair value 87,507,000 90,348,000
Total assets 805,308,000 541,827,000
Liabilities    
Equity securities   19,740,000
U.S. government securities 43,403,000 54,249,000
Total financial instruments and other inventory positions sold, but not yet purchased 43,403,000 73,989,000
Measured on a recurring basis | Level II    
Assets    
Convertible securities 140,306,000 136,176,000
Fixed income securities 2,831,000 1,583,000
Taxable securities 33,021,000 21,171,000
Tax-exempt securities 125,419,000 126,672,000
Short-term securities 19,531,000 1,075,000
Asset-backed securities 92,472,000 50,188,000
U.S. government agency securities 82,666,000 78,256,000
Derivative contracts 5,744,000 10,185,000
Total financial instruments and other inventory positions owned 501,990,000 425,306,000
Total assets 501,990,000 425,306,000
Liabilities    
Fixed income securities 3,300,000 614,000
Derivative contracts 4,039,000 8,080,000
Total financial instruments and other inventory positions sold, but not yet purchased 7,339,000 8,694,000
Measured on a recurring basis | Level III    
Assets    
Tax-exempt securities   273,000
Derivative contracts 2,352,000 1,819,000
Total financial instruments and other inventory positions owned 2,352,000 2,092,000
Investments at fair value 217,966,000 176,970,000
Total assets 220,318,000 179,062,000
Liabilities    
Derivative contracts 6,534,000 991,000
Total financial instruments and other inventory positions sold, but not yet purchased 6,534,000 991,000
Measured on a recurring basis | Level III | Investments attributable to noncontrolling interests    
Assets    
Investments at fair value $ 171,800,000 $ 136,300,000