Revenues from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Total Revenues Broken Out by Revenues from Contracts with Customers and Other Sources of Revenue

The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenue for the three and six months ended June 30, 2026 and 2025 (in thousands):


		Three Months Ended June 30,
		2026				2025
Revenues from contracts with customers:
Commissions		$	221,462			$	200,669
Investment banking			331,954				233,460
Asset management			456,630				403,608
Other			1,891				1,181
Total revenue from contracts with customers			1,011,937				838,918
Other sources of revenue:
Interest			476,093				477,056
Principal transactions			140,091				172,603
Other			10,658				2,509
Total revenues		$	1,638,779			$	1,491,086


		Six Months Ended June 30,
		2026				2025
Revenues from contracts with customers:
Commissions		$	429,296			$	394,339
Investment banking			673,366				471,402
Asset management			916,087				813,149
Other			3,547				2,518
Total revenue from contracts with customers			2,022,296				1,681,408
Other sources of revenue:
Interest			927,142				952,688
Principal transactions			290,312				314,263
Other			64,681				11,753
Total revenues		$	3,304,431			$	2,960,112

Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions

The following tables present the Company’s revenues from contracts with customers by reportable segment disaggregated by major business activity and primary geographic regions for the three and six months ended June 30, 2026 and 2025 (in thousands):


		Three Months Ended June 30, 2026
		Global Wealth Management				Institutional Group				Other				Total
Major Business Activity:
Commissions		$	147,157			$	74,305			$	—			$	221,462
Capital raising			8,558				165,898				—				174,456
Advisory			135				157,363				—				157,498
Investment banking			8,693				323,261				—				331,954
Asset management			456,596				34				—				456,630
Other			1,891				—				—				1,891
Total revenue from contracts with customers			614,337				397,600				—				1,011,937
Primary Geographic Region:
United States			614,337				335,013				—				949,350
United Kingdom			—				33,204				—				33,204
Canada			—				17,295				—				17,295
Other			—				12,088				—				12,088
Total revenue from contracts with customers		$	614,337			$	397,600			$	—			$	1,011,937


		Three Months Ended June 30, 2025
		Global Wealth Management				Institutional Group				Other				Total
Major Business Activity:
Commissions		$	128,203			$	72,466			$	—			$	200,669
Capital raising			6,224				99,931				—				106,155
Advisory			—				127,305				—				127,305
Investment banking			6,224				227,236				—				233,460
Asset management			403,574				34				—				403,608
Other			1,181				—				—				1,181
Total revenue from contracts with customers			539,182				299,736				—				838,918
Primary Geographic Region:
United States			539,182				248,636				—				787,818
United Kingdom			—				32,317				—				32,317
Canada			—				9,786				—				9,786
Other			—				8,997				—				8,997
Total revenue from contracts with customers		$	539,182			$	299,736			$	—			$	838,918


		Six Months Ended June 30, 2026
		Global Wealth Management				Institutional Group				Other				Total
Major Business Activity:
Commissions		$	287,221			$	142,075			$	—			$	429,296
Capital raising			14,630				282,800				—				297,430
Advisory			135				375,801				—				375,936
Investment banking			14,765				658,601				—				673,366
Asset management			916,022				65				—				916,087
Other			3,547				—				—				3,547
Total revenue from contracts with customers			1,221,555				800,741				—				2,022,296
Primary Geographic Region:
United States			1,221,555				647,379				—				1,868,934
United Kingdom			—				85,441				—				85,441
Canada			—				40,417				—				40,417
Other			—				27,504				—				27,504
Total revenue from contracts with customers		$	1,221,555			$	800,741			$	—			$	2,022,296


		Six Months Ended June 30, 2025
		Global Wealth Management				Institutional Group				Other				Total
Major Business Activity:
Commissions		$	254,029			$	140,310			$	—			$	394,339
Capital raising			12,132				194,495				—				206,627
Advisory			—				264,775				—				264,775
Investment banking			12,132				459,270				—				471,402
Asset management			813,080				69				—				813,149
Other			2,476				—				42				2,518
Total revenue from contracts with customers			1,081,717				599,649				42				1,681,408
Primary Geographic Region:
United States			1,081,717				489,138				42				1,570,897
United Kingdom			—				67,881				—				67,881
Canada			—				26,658				—				26,658
Other			—				15,972				—				15,972
Total revenue from contracts with customers		$	1,081,717			$	599,649			$	42			$	1,681,408