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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Commissions $ 206,075 $ 183,445 $ 600,414 $ 552,238
Principal transactions 177,876 137,089 492,139 429,677
Investment banking 323,483 243,182 794,885 690,412
Asset management 431,399 382,616 1,244,548 1,130,849
Interest 481,504 510,823 1,434,192 1,515,803
Other income 14,228 18,705 28,499 39,835
Total revenues 1,634,565 1,475,860 4,594,677 4,358,814
Interest expense 205,169 251,192 625,526 753,176
Net revenues [1] 1,429,396 1,224,668 3,969,151 3,605,638
Non-interest expenses:        
Compensation and benefits 839,820 718,065 2,346,976 2,120,479
Occupancy and equipment rental 95,601 89,625 282,045 268,189
Communications and office supplies 48,893 48,869 146,253 144,417
Commissions and floor brokerage 15,807 16,239 49,759 46,389
Provision for credit losses 8,316 5,287 28,664 13,509
Other operating expenses 134,913 129,925 552,224 350,412
Total non-interest expenses 1,143,350 1,008,010 3,405,921 2,943,395
Income from operations before income tax expense 286,046 216,658 563,230 662,243
Provision for income taxes 74,675 58,153 143,812 174,869
Net income 211,371 158,505 419,418 487,374
Preferred dividends 9,320 9,320 27,961 27,961
Net income available to common shareholders $ 202,051 $ 149,185 $ 391,457 $ 459,413
Earnings per common share:        
Basic $ 1.96 $ 1.43 $ 3.77 $ 4.41
Diluted 1.84 1.34 3.56 4.16
Cash dividends declared per common share $ 0.46 $ 0.42 $ 1.38 $ 1.26
Weighted-average number of common shares outstanding:        
Basic 103,119 103,966 103,735 104,135
Diluted 110,058 110,994 109,918 110,457
[1] No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2025 and 2024.