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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income/(loss) $ 111,253 $ (15,772)
Adjustments to reconcile net income/ (loss) to net cash used in operating activities:    
Amortization of right-of-use assets 309 287
Depreciation 78 79
Unrealized (gain) loss on marketable securities (163,685) 3,361
Change in carrying value of long-term equity investments 6,445
Non-cash underwriting revenue (17,909)
Non-cash commissions expense 16,651
Stock-based compensation 54,811 1,116
Realized loss (gain) on marketable securities 897 (3,762)
Realized and unrealized (gain) loss on note receivable (221) 2,086
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (238) 165
Receivable from clearing brokers (11,581) (6,494)
Security Deposits (25)  
Accounts payable and accrued expenses (140) 257
Accrued salaries and benefits (38)
Accrued commissions 2,731 295
Lease liabilities (272) (299)
Contract liabilities 2,889
Other current liabilities 442 314
Notes receivable, at fair value - net interest accrued (21) 58
Net cash (used in) operating activities (4,031) (11,902)
Cash flows from investing activities    
Purchase of marketable securities (16,960) (4,007)
Sale of marketable securities 15,941 14,767
Collection of principal on note receivable 1,144 750
Loans to employees (2,390)
Collection of loans to employees 282 2
Purchase of long-term investments (150)
Sale of long term investments 538 3,500
Net cash provided by investing activities 945 12,472
Cash flows from financing activities    
Cash paid for dividends (11,990)
Distribution to Non Controlling Interest (1,784)
Cash received from issuance of common stock 13,517
Cash received from issuance of common stock for warrants exercised 4,637
Net cash provided by financing activities 4,380
Net increase in cash and cash equivalents and restricted cash 1,294 570
Cash and cash equivalents, beginning of period 4,079 2,833
Cash and cash equivalents, end of period $ 5,373 $ 3,403