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Business Segment and Revenues Information (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Reportable Segment Financial Results | The components of net revenues are as follows:
|  |  | Year Ended December 31,
(Amounts in thousands) |  |  |  |  | 2025 |  | 2024 |  | 2023
Revenues |  |  |  |  |  |  |  |  |
Revenues from contracts with customers: |  |  |  |  |  |  |  |  |
Investment banking: |  |  |  |  |  |  |  |  |
Advisory services |  |  |  |  | $ | 1,037,959 |  |  | $ | 808,746 |  |  | $ | 709,316 |
Corporate financing |  |  |  |  | 217,156 |  |  | 173,876 |  |  | 131,077 |
Municipal financing |  |  |  |  | 145,751 |  |  | 122,513 |  |  | 83,419 |
Total investment banking |  |  |  |  | 1,400,866 |  |  | 1,105,135 |  |  | 923,812 |
Institutional brokerage: |  |  |  |  |  |  |  |  |
Equity brokerage |  |  |  |  | 230,273 |  |  | 215,275 |  |  | 209,512 |
Fixed income services |  |  |  |  | 202,925 |  |  | 186,167 |  |  | 168,027 |
Total institutional brokerage |  |  |  |  | 433,198 |  |  | 401,442 |  |  | 377,539 |
Total revenues from contracts with customers |  |  |  |  | 1,834,064 |  |  | 1,506,577 |  |  | 1,301,351 |
Interest income |  |  |  |  | 36,904 |  |  | 32,908 |  |  | 26,723 |
Investment income/(loss) |  |  |  |  | 33,249 |  |  | (7,890) |  |  | 30,039 |
Total revenues |  |  |  |  | 1,904,217 |  |  | 1,531,595 |  |  | 1,358,113 |
Interest expense |  |  |  |  | 4,841 |  |  | 5,681 |  |  | 10,146 |
Net revenues |  |  |  |  | $ | 1,899,376 |  |  | $ | 1,525,914 |  |  | $ | 1,347,967 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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