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Segment information | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Segment information | Segment information The Company has determined its reportable segments based on the Company's method of internal reporting, which disaggregates its retail business by branch and its proprietary and investment banking businesses by product. The Company’s chief operating decision maker (“CODM”) is the chief executive officer. The CODM evaluates the performance of the Company’s reportable segments based on their year-over-year revenue and pre-tax profit or loss and uses these measures to allocate resources (including employee, financial and/or capital resources), largely in conjunction with monthly and/or quarterly reviews of segment financial performance. The CODM also uses segment profit or loss in evaluating the incentive and other compensation of segment employees as well as capital investment for facilities and information technology development. Effective in the fourth quarter of 2024, the Company combined the former Private Client and Asset Management business segments to form the Wealth Management segment. The revised segment structure is aligned with how the CODM and senior management view the performance and operations of our retail-focused business. Our Capital Markets and Corporate/Other segments were not impacted by these changes. To provide historical information on a basis consistent with the revised segment presentation, the Company recast prior period segment results. The Company's reportable segments are: Wealth Management — includes commissions and fee income earned on assets under management ("AUM"), net interest earnings on client margin loans and cash balances, fees from money market funds, custodian fees, net contributions from stock loan activities and financing activities, and direct expenses; and Capital Markets — includes investment banking, institutional equities sales, trading, and research, taxable fixed income sales, trading, and research, public finance and municipal trading, as well as the Company's operations in the United Kingdom, Hong Kong and Israel, and direct expenses associated with this segment. The Company does not allocate costs associated with certain infrastructure support groups that are centrally managed for its reportable segments. These areas include, but are not limited to, legal, compliance, operations, accounting, and internal audit. Costs associated with these groups are separately reported in a Corporate/Other category and primarily include compensation and benefits. The costs of certain centralized or shared functions are allocated based on methodologies that reflect utilization. The Company also includes activities associated with BondWave, LLC, an indirectly wholly-owned subsidiary, in Corporate/Other. The tables below present information about the Company’s reported segment revenues, segment pre-tax income or loss, compensation expenses, and other segment items for the three and nine months ended September 30, 2025 and 2024. There are no adjustments or reconciling items for any of the periods presented. Asset information by reportable segment is not reported, since the Company does not produce such information for internal use by the CODM.
(Expressed in thousands) |  |  |  |  |  |  |  |
|  | For the Three Months Ended September 30, 2025
|  | Wealth Management |  | Capital Markets |  | Corporate/Other |  | Total
Revenue |  | $ | 259,726 |  |  | $ | 162,145 |  |  | $ | 2,567 |  |  | $ | 424,438 |
Less : |  |  |  |  |  |  |  |
Compensation expenses |  | 148,978 |  |  | 106,245 |  |  | 34,999 |  |  | 290,222 |
Other segment items (1) |  | 48,220 |  |  | 43,611 |  |  | 10,750 |  |  | 102,581 |
Pre-tax income (loss) |  | $ | 62,528 |  |  | $ | 12,289 |  |  | $ | (43,182) |  |  | $ | 31,635 |
(1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.
(Expressed in thousands) |  |  |  |  |  |  |  |
|  | For the Three Months Ended September 30, 2024
|  | Wealth Management |  | Capital Markets |  | Corporate/Other |  | Total
Revenue |  | $ | 246,049 |  |  | $ | 124,030 |  |  | $ | 3,273 |  |  | $ | 373,352 |
Less : |  |  |  |  |  |  |  |
Compensation expenses |  | 125,270 |  |  | 87,649 |  |  | 25,016 |  |  | 237,935 |
Other segment items (1) |  | 48,764 |  |  | 42,525 |  |  | 8,758 |  |  | 100,047 |
Pre-tax income (loss) |  | $ | 72,015 |  |  | $ | (6,144) |  |  | $ | (30,501) |  |  | $ | 35,370 |
(1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.
(Expressed in thousands) |  |  |  |  |  |  |  |
|  | For the Nine Months Ended September 30, 2025
|  | Wealth Management |  | Capital Markets |  | Corporate/Other |  | Total
Revenue |  | $ | 748,133 |  |  | $ | 408,387 |  |  | $ | 8,921 |  |  | $ | 1,165,441 |
Less : |  |  |  |  |  |  |  |
Compensation expenses |  | 400,917 |  |  | 274,199 |  |  | 81,271 |  |  | 756,387 |
Other segment items (1) |  | 153,990 |  |  | 130,860 |  |  | 18,983 |  |  | 303,833 |
Pre-tax income (loss) |  | $ | 193,226 |  |  | $ | 3,328 |  |  | $ | (91,333) |  |  | $ | 105,221 |
(1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.
(Expressed in thousands) |  |  |  |  |  |  |  |
|  | For the Nine Months Ended September 30, 2024
|  | Wealth Management |  | Capital Markets |  | Corporate/Other |  | Total
Revenue |  | $ | 718,536 |  |  | $ | 328,254 |  |  | $ | 10,289 |  |  | $ | 1,057,079 |
Less : |  |  |  |  |  |  |  |
Compensation expenses |  | 364,381 |  |  | 242,527 |  |  | 73,469 |  |  | 680,377 |
Other segment items (1) |  | 142,124 |  |  | 120,348 |  |  | 25,540 |  |  | 288,012 |
Pre-tax income (loss) |  | $ | 212,031 |  |  | $ | (34,621) |  |  | $ | (88,720) |  |  | $ | 88,690 |
(1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses. Revenue, classified by the major geographic areas in which it was earned, for the three and nine months ended September 30, 2025 and 2024 was:
(Expressed in thousands) |  |  |  |  |  |  |
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Americas | $ | 407,677 |  |  | $ | 360,557 |  |  | $ | 1,121,198 |  |  | $ | 1,018,441 |
Europe/Middle East | 16,092 |  |  | 11,858 |  |  | 42,182 |  |  | 36,026 |
Asia | 669 |  |  | 937 |  |  | 2,061 |  |  | 2,612 |
Total | $ | 424,438 |  |  | $ | 373,352 |  |  | $ | 1,165,441 |  |  | $ | 1,057,079 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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