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Segment Operating Results (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Information Regarding Operations By Segment
The following information presents each segment's contribution.
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
 2025202420252024
Investment Banking & Equities
Net Revenues(1)
$1,016,192 $712,775 $2,502,895 $1,944,513 
Employee Compensation and Benefits664,616 475,990 1,648,092 1,301,341 
Non-Compensation(2)
137,825 113,093 388,372 336,948 
Special Charges, Including Business Realignment Costs— 7,305 — 7,305 
Operating Income213,751 116,387 466,431 298,919 
Income (Loss) from Equity Method Investments11 207 (16)1,042 
Pre-Tax Income $213,762 $116,594 $466,415 $299,961 
Identifiable Segment Assets$4,280,890 $3,432,220 $4,280,890 $3,432,220 
Investment Management
Net Revenues(1)
$22,692 $21,447 $64,648 $59,748 
Employee Compensation and Benefits16,036 12,020 40,996 33,309 
Non-Compensation(2)
4,201 3,821 12,304 11,002 
Operating Income2,455 5,606 11,348 15,437 
Income from Equity Method Investments1,071 865 2,792 4,212 
Pre-Tax Income$3,526 $6,471 $14,140 $19,649 
Identifiable Segment Assets$141,356 $135,327 $141,356 $135,327 
Total
Net Revenues(1)
$1,038,884 $734,222 $2,567,543 $2,004,261 
Employee Compensation and Benefits680,652 488,010 1,689,088 1,334,650 
Non-Compensation(2)
142,026 116,914 400,676 347,950 
Special Charges, Including Business Realignment Costs— 7,305 — 7,305 
Operating Income216,206 121,993 477,779 314,356 
Income from Equity Method Investments1,082 1,072 2,776 5,254 
Pre-Tax Income$217,288 $123,065 $480,555 $319,610 
Identifiable Segment Assets$4,422,246 $3,567,547 $4,422,246 $3,567,547 
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
 2025202420252024
Investment Banking & Equities(A)
$25,934 $21,104 $57,701 $66,802 
Investment Management215 892 504 1,294 
Total Other Revenue, net$26,149 $21,996 $58,205 $68,096 
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable, lines of credit and other financing arrangements of $7,110 and $15,513 for the three and nine months ended September 30, 2025, respectively, and $4,198 and $12,575 for the three and nine months ended September 30, 2024, respectively.
(2)Non-Compensation expenses are as follows:
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025202420252024
Investment Banking & Equities
Occupancy and Equipment Rental$26,904 $22,404 $78,268 $65,047 
Professional Fees(A)
24,528 20,792 67,731 65,431 
Travel and Related Expenses23,006 18,120 68,546 58,264 
Technology and Information Services(A)
35,700 30,723 103,363 86,496 
Depreciation and Amortization7,726 5,824 19,961 18,375 
Execution, Clearing and Custody Fees2,496 2,903 8,108 8,459 
Acquisition and Transition Costs3,516 — 5,153 — 
Other Operating Expenses13,949 12,327 37,242 34,876 
Total Non-Compensation$137,825 $113,093 $388,372 $336,948 
Investment Management
Occupancy and Equipment Rental$626 $683 $1,907 $1,785 
Professional Fees(B)
1,144 1,056 3,464 3,064 
Travel and Related Expenses240 158 702 620 
Technology and Information Services(B)
1,254 984 3,545 2,824 
Depreciation and Amortization130 72 321 253 
Execution, Clearing and Custody Fees466 443 1,380 1,279 
Other Operating Expenses341 425 985 1,177 
Total Non-Compensation$4,201 $3,821 $12,304 $11,002 
Total
Occupancy and Equipment Rental$27,530 $23,087 $80,175 $66,832 
Professional Fees(C)
25,672 21,848 71,195 68,495 
Travel and Related Expenses23,246 18,278 69,248 58,884 
Technology and Information Services(C)
36,954 31,707 106,908 89,320 
Depreciation and Amortization7,856 5,896 20,282 18,628 
Execution, Clearing and Custody Fees2,962 3,346 9,488 9,738 
Acquisition and Transition Costs3,516 — 5,153 — 
Other Operating Expenses14,290 12,752 38,227 36,053 
Total Non-Compensation$142,026 $116,914 $400,676 $347,950 
(A)The Company reclassified $10,199 and $28,589 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Banking & Equities segment for the three and nine months ended September 30, 2024, respectively, to conform to the current presentation. See Note 2 for further information.
(B)The Company reclassified $266 and $736 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Management segment for the three and nine months ended September 30, 2024, respectively, to conform to the current presentation. See Note 2 for further information.
(C)The Company reclassified $10,465 and $29,325 of technology and related expenses from "Professional Fees" to "Technology and Information Services" for the three and nine months ended September 30, 2024, respectively, to conform to the current presentation. See Note 2 for further information.
Revenues Derived from Clients by Geographical Areas
The Company's revenues were derived from clients located and managed in the following geographical areas:
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
 2025202420252024
Net Revenues:(1)
Americas(2)
$808,956 $535,846 $2,071,706 $1,584,065 
Europe, Middle East and Africa ("EMEA")180,934 152,236 380,019 314,832 
Asia-Pacific22,845 24,144 57,613 37,268 
Total$1,012,735 $712,226 $2,509,338 $1,936,165 
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
(2)Primarily includes revenue attributable to the United States of $770,877 and $1,948,359 for the three and nine months ended September 30, 2025, respectively, and $502,176 and $1,491,922 for the three and nine months ended September 30, 2024, respectively.
Assets by Geographic Areas
The Company's total assets are located in the following geographical areas:
September 30, 2025December 31, 2024
Total Assets:
Americas(1)
$3,110,850 $3,496,519 
EMEA(2)
1,244,088 614,494 
Asia-Pacific67,308 62,958 
Total$4,422,246 $4,173,971 
(1)Primarily includes assets located in the United States.
(2)Primarily includes assets located in the United Kingdom.