v3.26.1
Segment Operating Results (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Information Regarding Operations By Segment
The following information presents each segment's contribution.
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026202520262025
Investment Banking & Equities
Net Revenues(1)
$966,877 $812,171 $2,335,627 $1,486,703 
Employee Compensation and Benefits627,299 535,447 1,516,453 983,476 
Non-Compensation(2)
175,789 130,773 328,445 250,547 
Special Charges, Including Business Realignment Costs21,315 — 21,315 — 
Operating Income142,474 145,951 469,414 252,680 
Income (Loss) from Equity Method Investments18 11 26 (27)
Pre-Tax Income $142,492 $145,962 $469,440 $252,653 
Identifiable Segment Assets$4,577,617 $3,575,400 $4,577,617 $3,575,400 
Investment Management
Net Revenues(1)
$23,322 $21,659 $46,150 $41,956 
Employee Compensation and Benefits14,492 13,164 29,408 24,960 
Non-Compensation(2)
4,728 4,057 8,854 8,103 
Operating Income4,102 4,438 7,888 8,893 
Income from Equity Method Investments1,000 804 2,043 1,721 
Pre-Tax Income$5,102 $5,242 $9,931 $10,614 
Identifiable Segment Assets$123,178 $114,259 $123,178 $114,259 
Total
Net Revenues(1)
$990,199 $833,830 $2,381,777 $1,528,659 
Employee Compensation and Benefits641,791 548,611 1,545,861 1,008,436 
Non-Compensation(2)
180,517 134,830 337,299 258,650 
Special Charges, Including Business Realignment Costs21,315 — 21,315 — 
Operating Income146,576 150,389 477,302 261,573 
Income from Equity Method Investments1,018 815 2,069 1,694 
Pre-Tax Income$147,594 $151,204 $479,371 $263,267 
Identifiable Segment Assets$4,700,795 $3,689,659 $4,700,795 $3,689,659 
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026202520262025
Investment Banking & Equities(A)
$30,681 $23,949 $36,966 $31,767 
Investment Management(B)
(333)975 (148)289 
Total Other Revenue, net$30,348 $24,924 $36,818 $32,056 
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable, lines of credit and other financing arrangements, including interest expense related to deferred acquisition consideration of $8,096 and $16,874 for the three and six months ended June 30, 2026, respectively, and $4,210 and $8,403 for the three and six months ended June 30, 2025, respectively.
(B)Other Revenue, net, from the Investment Management segment includes interest expense on mandatorily redeemable interests of $202 and $315 for the three and six months ended June 30, 2026, respectively.

(2)Non-Compensation expenses are as follows:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026202520262025
Investment Banking & Equities
Occupancy and Equipment Rental$29,084 $26,261 $55,522 $51,364 
Professional Fees32,198 22,059 59,737 43,203 
Travel and Related Expenses34,903 23,729 62,510 45,540 
Technology and Information Services42,277 35,411 81,236 67,663 
Depreciation and Amortization12,413 6,342 24,699 12,235 
Execution, Clearing and Custody Fees2,556 2,729 5,256 5,612 
Acquisition and Transition Costs— 1,637 1,800 1,637 
Other Operating Expenses22,358 12,605 37,685 23,293 
Total Non-Compensation$175,789 $130,773 $328,445 $250,547 
Investment Management
Occupancy and Equipment Rental$642 $653 $1,269 $1,281 
Professional Fees846 1,074 1,662 2,320 
Travel and Related Expenses428 255 692 462 
Technology and Information Services1,684 1,176 3,143 2,291 
Depreciation and Amortization164 108 316 191 
Execution, Clearing and Custody Fees496 451 983 914 
Other Operating Expenses468 340 789 644 
Total Non-Compensation$4,728 $4,057 $8,854 $8,103 
Total
Occupancy and Equipment Rental$29,726 $26,914 $56,791 $52,645 
Professional Fees33,044 23,133 61,399 45,523 
Travel and Related Expenses35,331 23,984 63,202 46,002 
Technology and Information Services43,961 36,587 84,379 69,954 
Depreciation and Amortization12,577 6,450 25,015 12,426 
Execution, Clearing and Custody Fees3,052 3,180 6,239 6,526 
Acquisition and Transition Costs— 1,637 1,800 1,637 
Other Operating Expenses22,826 12,945 38,474 23,937 
Total Non-Compensation$180,517 $134,830 $337,299 $258,650 
Revenues Derived from Clients by Geographical Areas
The Company's revenues were derived from clients located and managed in the following geographical areas:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026202520262025
Net Revenues:(1)
Americas(2)
$778,464 $674,845 $1,930,442 $1,262,750 
Europe, Middle East and Africa ("EMEA")172,944 126,428 391,950 199,085 
Asia-Pacific8,443 7,633 22,567 34,768 
Total$959,851 $808,906 $2,344,959 $1,496,603 
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
(2)Primarily includes revenue attributable to the United States of $768,281 and $1,826,255 for the three and six months ended June 30, 2026, respectively, and $617,681 and $1,177,482 for the three and six months ended June 30, 2025, respectively.
Assets by Geographic Areas
The Company's total assets are located in the following geographical areas:
June 30, 2026December 31, 2025
Total Assets:
Americas(1)
$2,863,749 $3,396,905 
EMEA(2)
1,766,899 1,887,541 
Asia-Pacific70,147 73,651 
Total$4,700,795 $5,358,097 
(1)Primarily includes assets located in the United States.
(2)Primarily includes assets located in the United Kingdom.