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Revenues from Contracts with Customers (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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- References

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X

- 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

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