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Segment information (Tables) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Schedule of Reported Revenue and Pre-Tax Income (Loss) | 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 months ended March 31, 2026 and 2025. 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 March 31, 2026
|  | Wealth Management |  | Capital Markets |  | Corporate/Other |  | Total
Revenue |  | $ | 253,680 |  |  | $ | 189,122 |  |  | $ | 2,293 |  |  | $ | 445,095 |
Less : |  |  |  |  |  |  |  |
Compensation expenses (1) |  | 155,800 |  |  | 112,639 |  |  | 27,562 |  |  | 296,001 |
Other segment items (2) |  | 54,326 |  |  | 41,042 |  |  | 80,727 |  |  | 176,095 |
Pre-tax income (loss) |  | $ | 43,554 |  |  | $ | 35,441 |  |  | $ | (105,996) |  |  | $ | (27,001) |
(1) Includes compensation expenses related to liability-based stock appreciation rights totaling $22.3 million. (2) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest, legal accrual for the settlement of the “cash sweep” program litigation and other expenses.
(Expressed in thousands) |  |  |  |  |  |  |  |
|  | For the Three Months Ended March 31, 2025
|  | Wealth Management |  | Capital Markets |  | Corporate/Other |  | Total
Revenue |  | $ | 241,986 |  |  | $ | 123,261 |  |  | $ | 2,578 |  |  | $ | 367,825 |
Less : |  |  |  |  |  |  |  |
Compensation expenses (1) |  | 119,648 |  |  | 87,344 |  |  | 20,099 |  |  | 227,091 |
Other segment items (2) |  | 54,474 |  |  | 41,014 |  |  | 3,870 |  |  | 99,358 |
Pre-tax income (loss) |  | $ | 67,864 |  |  | $ | (5,097) |  |  | $ | (21,391) |  |  | $ | 41,376 |
(1) Includes a reduction to compensation expenses related to liability-based stock appreciation rights totaling $2.7 million. (2) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.
Schedule of Revenue Classified by Major Geographic Areas | Revenue, classified by the major geographic areas in which it was earned, for the three months ended March 31, 2026 and 2025 was:
(Expressed in thousands) |  |  |
| For the Three Months Ended March 31,
| 2026 |  | 2025
Americas | $ | 423,036 |  |  | $ | 354,709 |
Europe/Middle East | 21,358 |  |  | 12,352 |
Asia | 701 |  |  | 764 |
Total | $ | 445,095 |  |  | $ | 367,825 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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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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