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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 774,940 $ 711,584
Cash segregated under regulatory requirements 24,256 21,689
Financial instruments owned, at fair value 149,779 186,197
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers 1,899,691 365,490
Accrued commissions and other receivables, net 526,319 324,213
Loans, forgivable loans and other receivables from employees and partners, net 479,716 360,060
Fixed assets, net 192,579 190,012
Investments 38,963 39,267
Goodwill 649,076 540,290
Other intangible assets, net 435,536 240,910
Receivables from related parties 9,080 7,323
Other assets 645,216 604,932
Total assets 5,825,151 3,591,967
Liabilities    
Accrued compensation 307,258 227,869
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 1,715,473 225,377
Payables to related parties 1,741 28,960
Accounts payable, accrued and other liabilities 821,873 692,982
Notes payable and other borrowings 1,837,085 1,337,540
Total liabilities 4,683,430 2,512,728
Commitments, contingencies and guarantees (Note 19)
Stockholders’ equity:    
Additional paid-in capital 2,460,423 2,311,104
Retained deficit (915,108) (1,026,359)
Accumulated other comprehensive income (loss) (39,832) (59,849)
Total stockholders’ equity 965,317 898,507
Noncontrolling interest in subsidiaries 176,404 180,732
Total equity 1,141,721 1,079,239
Total liabilities and equity 5,825,151 3,591,967
Class A Common Stock    
Stockholders’ equity:    
Common stock value 4,402 4,244
Treasury stock, at cost: 74,216,295 and 50,064,152 shares of Class A common stock at September 30, 2025 and December 31, 2024, respectively (545,663) (331,728)
Class B Common Stock    
Stockholders’ equity:    
Common stock value $ 1,095 $ 1,095