v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (57,335) $ (32,488)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of right-of-use assets 135 52
Depreciation 26 26
Change in carrying value of long-term investment (320)
Non-cash underwriting revenues (10,080) (697)
Non-cash commission expense 7,610
Stock-based compensation – employees 19,243 28,626
Stock-based compensation – advisors 36
Realized (gain) loss on securities owned (590) 714
Unrealized loss on securities owned 2,122 259
Realized loss on marketable securities 6,949 670
Unrealized (gain) loss on marketable securities 115 (468)
Realized and unrealized (gain) loss on note receivable (221)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 537 (2,401)
Receivable from clearing brokers (17,888) 4,848
Accounts payable and accrued expenses 165 520
Accrued compensation and commissions 7,251 1,210
Right of use asset and liability, net (97) (122)
Contract liabilities 175 632
Income taxes payable 12,856
Other liabilities (173) 395
Net cash (used in) provided by operating activities (28,942) 1,235
Cash flows from investing activities    
Purchase of marketable securities (9,185) (9,035)
Sale of marketable securities 41,736 1,776
Purchase of securities owned (1,666)
Sale of securities owned 1,242
Purchase of long-term investments (102)
Redemption of long-term investments 538
Collection of principal on note receivable 1,143
Collection of loans to employees 98 142
Net cash provided by (used in) investing activities 32,123 (5,436)
Cash flows from financing activities    
Cash paid for dividends (9,971) (7,080)
Distributions to non-controlling interest (55)
Cash from issuance common stock, net of offering cost 13,517
Cash from issuance common stock for exercised warrants 317
Net cash (used in) provided by financing activities (9,709) 6,437
Net increase in cash and cash equivalents (6,528) 2,236
Cash and cash equivalents, beginning of period 34,005 4,079
Cash and cash equivalents, end of period 27,477 6,315
Cash paid for interest and taxes $ 17