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Financial Instruments and Other Inventory Positions - Schedule of Financial Instruments and Other Inventory Positions by Type (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financial instruments and other inventory positions owned
Convertible securities	$ 140,306	$ 136,176
Equity securities	0	2
Fixed income securities	2,831	1,583
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
Equity securities	0	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
Asset Pledged as Collateral
Financial instruments and other inventory positions owned
Total financial instruments and other inventory positions owned	67,066	74,550
Asset Pledged as Collateral | Short-term Debt
Financial instruments and other inventory positions owned
Total financial instruments and other inventory positions owned	$ 67,100	$ 74,600

X

- Definition

The fair value as of the balance sheet date of firm holdings in debt securities that can be exchanged for equity of the debt issuer at the option of the issuer or the holder. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.

+ References

No definition available.

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The fair value as of the balance sheet date of firm holdings in short-term debt securities issued by state, city or local governments or the agencies operated by state, city or local governments. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.

+ References

No definition available.

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The fair value as of the balance sheet date of firm holdings in long-term debt securities issued by state, city or local governments or the agencies operated by state, city or local governments that are not taxable. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.

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The fair value as of the balance sheet date of firm holdings in long-term debt securities issued by state, city or local governments or the agencies operated by state, city or local governments that are taxable. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.

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- Definition

The fair value as of the balance sheet date of firm holdings in debt issued by US Government Corporations and Agencies. Investments in such US Government Corporations may include debt securities issued by the Government National Mortgage Association (Ginnie Mae) and by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.

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The fair value as of the balance sheet date of firm holdings in debt securities issued by the United States Department of the Treasury and backed by the United States government. Such securities primarily consist of treasury bills (short-term maturities - one year or less), treasury notes (intermediate term maturities - two to ten years), and treasury bonds (long-term maturities - ten to thirty years). Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.

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Fair value of obligations arising from US Treasury Securities sold short.

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The aggregate fair value as of the balance sheet date of financial instruments and other positions owned by the entity including: (1) mortgages, mortgage-backed and asset backed securities; (2) US government and agency obligations; (3) state and municipal government obligations; (4) other sovereign government debt; (5) corporate obligations; (6) corporate equities; (7) principal investments; (8) derivative contracts; and (9) physical commodities. Includes both pledged and unpledged holdings.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479035/940-320-45-2

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Fair value of firm holdings in corporate fixed income securities. Includes pledged and unpledged holdings.

+ References

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-Section 45
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The fair value as of the balance sheet date of firm holdings in corporate stocks (common and preferred), stock options, warrants and any other financial instrument which represents, or provides the ability to obtain, ownership rights in a corporation. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
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-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479035/940-320-45-2

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The fair value as of the balance sheet date of firm holdings in all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments. Their value is derived from the values of one or more underlying assets, reference rates, or indices of asset values. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.

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The fair value as of the balance sheet date of firm holdings in mortgages, mortgage backed securities (investment instruments that represent ownership of an undivided interest in a group of mortgages, where principal and interest from the individual mortgages are used to pay investors' principal and interest on the mortgage backed security) and asset-backed securities that are primarily paid from the cash flows of a discrete pool of receivables or other financial assets (such as credit-card receivables), either fixed or revolving, that by their terms convert into cash within a finite time period. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.

+ References

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-URI https://asc.fasb.org/1943274/2147479035/940-320-45-2

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Fair value of obligations incurred from short sales.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Fair value of obligations arising from corporate debt obligations sold short.

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Fair value of obligations arising from corporate equity sold short.

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Fair value of obligations arising from derivatives and other contracts sold short.

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