v3.26.1
Business Segment and Geographic Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Information Regarding Revenue by Client Sector
Information regarding revenue from external clients by client sector, significant segment expenses and consolidated net income is as follows:
Three Months EndedSix Months Ended
June 30, June 30,
2026202520262025
(dollars in thousands)
Revenues
Institutional$355,355 $321,943 $760,280 $630,014 
Wholesale109,609 101,242 225,196 203,529 
Retail33,064 37,584 66,499 73,479 
Corporates23,630 21,785 50,520 46,502 
Market Data37,288 30,417 74,215 69,124 
Total revenue558,946 512,971 1,176,710 1,022,648 
Less:
Employee compensation and benefits172,462 169,693 370,255 346,570 
Technology and communications41,976 30,212 81,525 58,940 
General and administrative16,616 29,984 28,560 49,724 
Professional fees12,765 14,159 25,089 26,617 
Occupancy8,378 6,022 16,570 11,096 
Other segment items (1)
100,063 87,379 214,858 185,874 
Net income$206,686 $175,522 $439,853 $343,827 
(1)Other segment items include depreciation and amortization, the tax receivable agreement liability adjustment (as applicable), interest income, interest expense, other (income) loss, net and provision for income taxes, each as presented on the accompanying condensed consolidated statements of income.
Schedule of Revenue and Long-Lived Assets by Geographic Location
The following table provides revenue by geographic area:
Three Months EndedSix Months Ended
June 30, June 30,
2026202520262025
(dollars in thousands)
Revenues
U.S.$313,876 $297,803 $657,528 $595,684 
International245,070 215,168 519,182 426,964 
Total revenue$558,946 $512,971 $1,176,710 $1,022,648 
The following table provides information on the attribution of long-lived assets by geographic area:
June 30,December 31,
20262025
(dollars in thousands)
Long-lived assets
U.S.$4,675,781 $4,737,934 
International33,456 31,746 
Total$4,709,237 $4,769,680