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Bank Loans (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of Balance and Associated Percentage of Each Major Loan Category in Bank Loan Portfolio

The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at September 30, 2025 and December 31, 2024 (in thousands, except percentages):

		September 30, 2025								December 31, 2024
		Balance				Percent				Balance				Percent
Residential real estate		$	9,085,945				42.9	%		$	8,565,193				41.0	%
Fund banking			3,881,895				18.3				3,854,222				18.5
Commercial and industrial			3,760,005				17.8				4,062,029				19.5
Securities-based loans			2,565,897				12.1				2,389,593				11.4
Construction and land			1,166,895				5.5				1,242,002				5.9
Commercial real estate			437,570				2.1				518,923				2.5
Home equity lines of credit			218,320				1.0				193,850				0.9
Other			60,614				0.3				53,933				0.3
Gross bank loans			21,177,141				100.0	%			20,879,745				100.0	%
Loans in process/(unapplied loan payments), net			(4,658	)							(2,885	)
Unamortized loan fees, net			712								(5,756	)
Allowance for credit losses on loans			(134,022	)							(139,308	)
Loans held for investment, net		$	21,039,173							$	20,731,796

Activity in the Allowance for Credit Losses on Loans by Portfolio Segment

The following tables detail activity in the allowance for credit losses on loans by portfolio segment for the three and nine months ended September 30, 2025 (in thousands).

		Three Months Ended September 30, 2025
		Beginning Balance				Provision				Charge-offs				Recoveries				Ending Balance
Commercial and industrial		$	84,981			$	11,378			$	(10,529	)		$	—			$	85,830
Residential real estate			13,767				(1,258	)			—				—				12,509
Construction and land			12,854				(629	)			—				—				12,225
Fund banking			10,948				(132	)			—				—				10,816
Commercial real estate			8,795				(192	)			—				—				8,603
Securities-based loans			3,128				52				—				—				3,180
Home equity lines of credit			660				(417	)			—				—				243
Other			601				6				—				9				616
		$	135,734			$	8,808			$	(10,529	)		$	9			$	134,022

		Nine Months Ended September 30, 2025
		Beginning Balance				Provision				Charge-offs				Recoveries				Ending Balance
Commercial and industrial		$	92,698			$	27,652			$	(34,520	)		$	—			$	85,830
Residential real estate			11,061				1,448				—				—				12,509
Construction and land			12,866				(641	)			—				—				12,225
Fund banking			10,792				24				—				—				10,816
Commercial real estate			8,057				546				—				—				8,603
Securities-based loans			2,917				263				—				—				3,180
Home equity lines of credit			317				(74	)			—				—				243
Other			600				(2	)			—				18				616
		$	139,308			$	29,216			$	(34,520	)		$	18			$	134,022

The following tables detail activity in the allowance for credit losses on loans by portfolio segment for the three and nine months ended September 30, 2024 (in thousands).

		Three Months Ended September 30, 2024
		Beginning Balance				Provision				Charge-offs				Recoveries				Ending Balance
Commercial and industrial		$	76,354			$	10,321			$	(6,813	)		$	—			$	79,862
Construction and land			16,379				3,396				—				—				19,775
Commercial real estate			15,312				(2,997	)			—				—				12,315
Residential real estate			11,242				28				—				—				11,270
Fund banking			12,179				(1,642	)			—				—				10,537
Securities-based loans			2,813				40				—				—				2,853
Home equity lines of credit			362				(143	)			—				—				219
Other			473				205				(159	)			—				519
		$	135,114			$	9,208			$	(6,972	)		$	—			$	137,350

		Nine Months Ended September 30, 2024
		Beginning Balance				Provision				Charge-offs				Recoveries				Ending Balance
Commercial and industrial		$	67,077			$	22,476			$	(10,624	)		$	933			$	79,862
Construction and land			11,817				7,958				—				—				19,775
Commercial real estate			21,386				(7,381	)			(1,690	)			—				12,315
Residential real estate			13,855				(2,585	)			—				—				11,270
Fund banking			10,173				364				—				—				10,537
Securities-based loans			3,035				(182	)			—				—				2,853
Home equity lines of credit			371				(152	)			—				—				219
Other			578				100				(159	)			—				519
		$	128,292			$	20,598			$	(12,473	)		$	933			$	137,350

Aging of the Recorded Investment in Past Due Loans

The following tables present the aging of the recorded investment in past due loans at September 30, 2025 and December 31, 2024 by portfolio segment (in thousands):

		As of September 30, 2025
		30 – 89 Days Past Due				90 or More Days Past Due				Total Past Due				Current Balance				Total
Residential real estate		$	4,540			$	12,501			$	17,041			$	9,068,904			$	9,085,945
Fund banking			—				—				—				3,881,895				3,881,895
Commercial and industrial			16,185				78,341				94,526				3,665,479				3,760,005
Securities-based loans			90				—				90				2,565,807				2,565,897
Construction and land			—				—				—				1,166,895				1,166,895
Commercial real estate			—				—				—				437,570				437,570
Home equity lines of credit			574				1,504				2,078				216,242				218,320
Other			39				83				122				60,492				60,614
Total		$	21,428			$	92,429			$	113,857			$	21,063,284			$	21,177,141

		As of September 30, 2025*
		Nonaccrual				Nonperforming loans with no allowance				Total
Commercial and industrial		$	103,505			$	2,336			$	105,841
Construction and land			—				39,145				39,145
Residential real estate			5,049				7,452				12,501
Home equity lines of credit			409				1,095				1,504
Other			56				27				83
Total		$	109,019			$	50,055			$	159,074

* There were no loans past due 90 days and still accruing interest at September 30, 2025.

		As of December 31, 2024
		30 – 89 Days Past Due				90 or More Days Past Due				Total Past Due				Current Balance				Total
Residential real estate		$	12,057			$	4,273			$	16,330			$	8,548,863			$	8,565,193
Commercial and industrial			59,396				27,190				86,586				3,975,443				4,062,029
Fund banking			—				—				—				3,854,222				3,854,222
Securities-based loans			—				—				—				2,389,593				2,389,593
Construction and land			—				—				—				1,242,002				1,242,002
Commercial real estate			—				—				—				518,923				518,923
Home equity lines of credit			640				315				955				192,895				193,850
Other			7				78				85				53,848				53,933
Total		$	72,100			$	31,856			$	103,956			$	20,775,789			$	20,879,745

		As of December 31, 2024*
		Nonaccrual				Nonperforming loans with no allowance				Total
Commercial and industrial		$	76,254			$	13,504			$	89,758
Construction and land			—				41,412				41,412
Commercial real estate			—				25,441				25,441
Residential real estate			1,433				2,463				3,896
Home equity lines of credit			201				114				315
Other			78				—				78
Total		$	77,966			$	82,934			$	160,900

* There were no loans past due 90 days and still accruing interest at December 31, 2024.

Risk Category of Loan Portfolio

Based on the most recent analysis performed, the risk category of our loan portfolio was as follows (in thousands):

		As of September 30, 2025
		Pass				Special Mention				Substandard				Doubtful				Total
Residential real estate		$	9,072,915			$	529			$	12,501			$	—			$	9,085,945
Fund banking			3,881,895				—				—				—				3,881,895
Commercial and industrial			3,479,761				130,925				43,478				105,841				3,760,005
Securities-based loans			2,565,897				—				—				—				2,565,897
Construction and land			1,062,495				20,100				45,155				39,145				1,166,895
Commercial real estate			316,396				47,748				73,426				—				437,570
Home equity lines of credit			216,794				22				1,504				—				218,320
Other			60,506				25				—				83				60,614
Total		$	20,656,659			$	199,349			$	176,064			$	145,069			$	21,177,141

		As of December 31, 2024
		Pass				Special Mention				Substandard				Doubtful				Total
Residential real estate		$	8,557,320			$	3,600			$	4,273			$	—			$	8,565,193
Commercial and industrial			3,662,866				169,637				152,515				77,011				4,062,029
Fund banking			3,854,222				—				—				—				3,854,222
Securities-based loans			2,389,593				—				—				—				2,389,593
Construction and land			1,200,590				—				—				41,412				1,242,002
Commercial real estate			437,062				—				56,420				25,441				518,923
Home equity lines of credit			193,535				—				315				—				193,850
Other			53,855				—				—				78				53,933
Total		$	20,349,043			$	173,237			$	213,523			$	143,942			$	20,879,745

Schedule of Term Loans Amortized Cost Basis by Origination Year and Revolving Cost Amortized Cost Basis

		Term Loans Amortized Cost Basis by Origination Year – September 30, 2025
		2025				2024				2023				2022				2021				Prior				Revolving Loans Amortized Cost Basis				Total
Residential real estate:
Pass		$	1,236,169			$	1,082,000			$	944,916			$	2,311,414			$	2,024,659			$	1,473,757			$	—			$	9,072,915
Special Mention			—				—				—				—				—				529				—				529
Substandard			—				—				—				5,856				4,551				2,094				—				12,501
Doubtful			—				—				—				—				—				—				—				—
		$	1,236,169			$	1,082,000			$	944,916			$	2,317,270			$	2,029,210			$	1,476,380			$	—			$	9,085,945
Fund banking:
Pass		$	212			$	6,302			$	494			$	25,332			$	—			$	211			$	3,849,344			$	3,881,895
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—
		$	212			$	6,302			$	494			$	25,332			$	—			$	211			$	3,849,344			$	3,881,895
Commercial and industrial:
Pass		$	521,267			$	704,856			$	284,791			$	458,682			$	439,216			$	139,328			$	931,621			$	3,479,761
Special Mention			—				30,679				—				52,085				18,014				12,169				17,978				130,925
Substandard			—				3,819				5,269				14,397				10,334				686				8,973				43,478
Doubtful			1,607				2,128				—				64,347				26,724				—				11,035				105,841
		$	522,874			$	741,482			$	290,060			$	589,511			$	494,288			$	152,183			$	969,607			$	3,760,005
Securities-based loans:
Pass		$	8,622			$	6,482			$	34,347			$	1,712			$	1,119			$	60,068			$	2,453,547			$	2,565,897
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—
		$	8,622			$	6,482			$	34,347			$	1,712			$	1,119			$	60,068			$	2,453,547			$	2,565,897
Construction and land:
Pass		$	16,833			$	79,233			$	245,953			$	443,166			$	127,310			$	150,000			$	—			$	1,062,495
Special Mention			—				—				—				—				—				20,100				—				20,100
Substandard			—				—				—				45,155				—				—				—				45,155
Doubtful			—				—				—				—				—				39,145				—				39,145
		$	16,833			$	79,233			$	245,953			$	488,321			$	127,310			$	209,245			$	—			$	1,166,895
Commercial real estate:
Pass		$	31,700			$	4,594			$	35,144			$	164,180			$	18,377			$	62,401			$	—			$	316,396
Special Mention			—				—				—				47,748				—				—				—				47,748
Substandard			—				—				—				56,330				17,096				—				—				73,426
Doubtful			—				—				—				—				—				—				—				—
		$	31,700			$	4,594			$	35,144			$	268,258			$	35,473			$	62,401			$	—			$	437,570
Home equity lines of credit:
Pass		$	—			$	—			$	—			$	—			$	—			$	—			$	216,794			$	216,794
Special Mention			—				—				—				—				—				—				22				22
Substandard			—				—				—				—				—				—				1,504				1,504
Doubtful			—				—				—				—				—				—				—				—
		$	—			$	—			$	—			$	—			$	—			$	—			$	218,320			$	218,320
Other:
Pass		$	—			$	5,393			$	—			$	3,991			$	—			$	20,000			$	31,122			$	60,506
Special Mention			—				—				—				—				—				—				25				25
Substandard			—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				83				83
		$	—			$	5,393			$	—			$	3,991			$	—			$	20,000			$	31,230			$	60,614

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Term loans amortized cost basis by origination year and revolving loans amortized cost basis.

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-Topic 326
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

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Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

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-Topic 210
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-Name Accounting Standards Codification
-Section S99
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