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Revenues from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Total Revenues Broken Out by Revenues from Contracts with Customers and Other Sources of Revenue | The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenue for the three and nine months ended September 30, 2025 and 2024 (in thousands):
|  | Three Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Revenues from contracts with customers: |  |  |  |  |  |
Commissions |  | $ | 206,075 |  |  | $ | 183,445 |
Investment banking |  |  | 323,483 |  |  |  | 243,182 |
Asset management |  |  | 431,399 |  |  |  | 382,616 |
Other |  |  | 1,670 |  |  |  | 1,649 |
Total revenue from contracts with customers |  |  | 962,627 |  |  |  | 810,892 |
Other sources of revenue: |  |  |  |  |  |
Interest |  |  | 481,504 |  |  |  | 510,823 |
Principal transactions |  |  | 177,876 |  |  |  | 137,089 |
Other |  |  | 12,558 |  |  |  | 17,056 |
Total revenues |  | $ | 1,634,565 |  |  | $ | 1,475,860 |
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Revenues from contracts with customers: |  |  |  |  |  |
Commissions |  | $ | 600,414 |  |  | $ | 552,238 |
Investment banking |  |  | 794,885 |  |  |  | 690,412 |
Asset management |  |  | 1,244,548 |  |  |  | 1,130,849 |
Other |  |  | 4,188 |  |  |  | 4,447 |
Total revenue from contracts with customers |  |  | 2,644,035 |  |  |  | 2,377,946 |
Other sources of revenue: |  |  |  |  |  |
Interest |  |  | 1,434,192 |  |  |  | 1,515,803 |
Principal transactions |  |  | 492,139 |  |  |  | 429,677 |
Other |  |  | 24,311 |  |  |  | 35,388 |
Total revenues |  | $ | 4,594,677 |  |  | $ | 4,358,814 |
Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions | The following tables present the Company’s revenues from contracts with customers by reportable segment disaggregated by major business activity and primary geographic regions for the three and nine months ended September 30, 2025 and 2024 (in thousands):
|  | Three Months Ended September 30, 2025 |
|  | Global Wealth Management |  |  | Institutional Group |  |  | Other |  |  | Total |
Major Business Activity: |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 141,864 |  |  | $ | 64,211 |  |  | $ | — |  |  | $ | 206,075 |
Capital raising |  |  | 6,529 |  |  |  | 137,684 |  |  |  | — |  |  |  | 144,213 |
Advisory |  |  | — |  |  |  | 179,270 |  |  |  | — |  |  |  | 179,270 |
Investment banking |  |  | 6,529 |  |  |  | 316,954 |  |  |  | — |  |  |  | 323,483 |
Asset management |  |  | 431,363 |  |  |  | 36 |  |  |  | — |  |  |  | 431,399 |
Other |  |  | 1,514 |  |  |  | — |  |  |  | 156 |  |  |  | 1,670 |
Total |  |  | 581,270 |  |  |  | 381,201 |  |  |  | 156 |  |  |  | 962,627 |
Primary Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 581,270 |  |  |  | 313,693 |  |  |  | 156 |  |  |  | 895,119 |
United Kingdom |  |  | — |  |  |  | 39,018 |  |  |  | — |  |  |  | 39,018 |
Canada |  |  | — |  |  |  | 14,749 |  |  |  | — |  |  |  | 14,749 |
Other |  |  | — |  |  |  | 13,741 |  |  |  | — |  |  |  | 13,741 |
|  | $ | 581,270 |  |  | $ | 381,201 |  |  | $ | 156 |  |  | $ | 962,627 |
|  | Three Months Ended September 30, 2024 |
|  | Global Wealth Management |  |  | Institutional Group |  |  | Other |  |  | Total |
Major Business Activity: |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 129,230 |  |  | $ | 54,215 |  |  | $ | — |  |  | $ | 183,445 |
Capital raising |  |  | 6,217 |  |  |  | 100,108 |  |  |  | — |  |  |  | 106,325 |
Advisory |  |  | — |  |  |  | 136,857 |  |  |  | — |  |  |  | 136,857 |
Investment banking |  |  | 6,217 |  |  |  | 236,965 |  |  |  | — |  |  |  | 243,182 |
Asset management |  |  | 382,309 |  |  |  | 307 |  |  |  | — |  |  |  | 382,616 |
Other |  |  | 1,649 |  |  |  | — |  |  |  | — |  |  |  | 1,649 |
Total |  |  | 519,405 |  |  |  | 291,487 |  |  |  | — |  |  |  | 810,892 |
Primary Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 519,405 |  |  |  | 239,789 |  |  |  | — |  |  |  | 759,194 |
United Kingdom |  |  | — |  |  |  | 28,393 |  |  |  | — |  |  |  | 28,393 |
Canada |  |  | — |  |  |  | 9,969 |  |  |  | — |  |  |  | 9,969 |
Other |  |  | — |  |  |  | 13,336 |  |  |  | — |  |  |  | 13,336 |
|  | $ | 519,405 |  |  | $ | 291,487 |  |  | $ | — |  |  | $ | 810,892 |
|  | Nine Months Ended September 30, 2025 |
|  | Global Wealth Management |  |  | Institutional Group |  |  | Other |  |  | Total |
Major business activity: |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 395,893 |  |  | $ | 204,521 |  |  | $ | — |  |  | $ | 600,414 |
Capital raising |  |  | 18,661 |  |  |  | 332,179 |  |  |  | — |  |  |  | 350,840 |
Advisory |  |  | — |  |  |  | 444,045 |  |  |  | — |  |  |  | 444,045 |
Investment banking |  |  | 18,661 |  |  |  | 776,224 |  |  |  | — |  |  |  | 794,885 |
Asset management |  |  | 1,244,443 |  |  |  | 105 |  |  |  | — |  |  |  | 1,244,548 |
Other |  |  | 3,990 |  |  |  | — |  |  |  | 198 |  |  |  | 4,188 |
Total |  |  | 1,662,987 |  |  |  | 980,850 |  |  |  | 198 |  |  |  | 2,644,035 |
Primary Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 1,662,987 |  |  |  | 801,511 |  |  |  | 198 |  |  |  | 2,464,696 |
United Kingdom |  |  | — |  |  |  | 107,896 |  |  |  | — |  |  |  | 107,896 |
Canada |  |  | — |  |  |  | 41,407 |  |  |  | — |  |  |  | 41,407 |
Other |  |  | — |  |  |  | 30,036 |  |  |  | — |  |  |  | 30,036 |
|  | $ | 1,662,987 |  |  | $ | 980,850 |  |  | $ | 198 |  |  | $ | 2,644,035 |
|  | Nine Months Ended September 30, 2024 |
|  | Global Wealth Management |  |  | Institutional Group |  |  | Other |  |  | Total |
Major business activity: |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 371,912 |  |  | $ | 180,326 |  |  | $ | — |  |  | $ | 552,238 |
Capital raising |  |  | 16,277 |  |  |  | 286,615 |  |  |  | — |  |  |  | 302,892 |
Advisory |  |  | — |  |  |  | 387,520 |  |  |  | — |  |  |  | 387,520 |
Investment banking |  |  | 16,277 |  |  |  | 674,135 |  |  |  | — |  |  |  | 690,412 |
Asset management |  |  | 1,130,496 |  |  |  | 353 |  |  |  | — |  |  |  | 1,130,849 |
Other |  |  | 4,447 |  |  |  | — |  |  |  | — |  |  |  | 4,447 |
Total |  |  | 1,523,132 |  |  |  | 854,814 |  |  |  | — |  |  |  | 2,377,946 |
Primary Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 1,523,132 |  |  |  | 697,337 |  |  |  | — |  |  |  | 2,220,469 |
United Kingdom |  |  | — |  |  |  | 89,964 |  |  |  | — |  |  |  | 89,964 |
Canada |  |  | — |  |  |  | 31,056 |  |  |  | — |  |  |  | 31,056 |
Other |  |  | — |  |  |  | 36,457 |  |  |  | — |  |  |  | 36,457 |
|  | $ | 1,523,132 |  |  | $ | 854,814 |  |  | $ | — |  |  | $ | 2,377,946 |

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- Definition Tabular disclosure of revenue by reporting categories or types of financial instruments, including derivatives but excluding dividends and interests, from trading for own account by broker dealers. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479048/940-320-50-1 + Details
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