Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2026 and 2025 (in thousands):


		Three Months Ended September 30,
		2026				2025
Revenues from contracts with customers:
Commissions		$	200,756			$	206,075
Investment banking			306,203				323,483
Asset management			492,163				431,399
Other			1,684				1,670
Total revenue from contracts with customers			1,000,806				962,627
Other sources of revenue:
Interest			510,624				481,504
Principal transactions			117,124				177,876
Other			6,615				12,558
Total revenues		$	1,635,169			$	1,634,565


		Nine Months Ended September 30,
		2026				2025
Revenues from contracts with customers:
Commissions		$	630,052			$	600,414
Investment banking			979,569				794,885
Asset management			1,408,250				1,244,548
Other			5,231				4,188
Total revenue from contracts with customers			3,023,102				2,644,035
Other sources of revenue:
Interest			1,437,766				1,434,192
Principal transactions			407,436				492,139
Other			71,296				24,311
Total revenues		$	4,939,600			$	4,594,677

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 nine months ended September 30, 2026 and 2025 (in thousands):


		Three Months Ended September 30, 2026
		Global Wealth Management				Institutional Group				Other				Total
Major Business Activity:
Commissions		$	136,513			$	64,243			$	—			$	200,756
Capital raising			6,420				126,455				—				132,875
Advisory			311				173,017				—				173,328
Investment banking			6,731				299,472				—				306,203
Asset management			492,123				40				—				492,163
Other			1,684				—				—				1,684
Total revenue from contracts with customers			637,051				363,755				—				1,000,806
Primary Geographic Region:
United States			637,051				298,832				—				935,883
United Kingdom			—				29,123				—				29,123
Canada			—				20,991				—				20,991
Other			—				14,809				—				14,809
Total revenue from contracts with customers		$	637,051			$	363,755			$	—			$	1,000,806


		Three Months Ended September 30, 2025
		Global Wealth Management				Institutional Group				Other				Total
Major Business Activity:
Commissions		$	141,864			$	64,211			$	—			$	206,075
Capital raising			6,529				137,684				—				144,213
Advisory			—				179,270				—				179,270
Investment banking			6,529				316,954				—				323,483
Asset management			431,363				36				—				431,399
Other			1,514				—				156				1,670
Total revenue from contracts with customers			581,270				381,201				156				962,627
Primary Geographic Region:
United States			581,270				313,693				156				895,119
United Kingdom			—				39,018				—				39,018
Canada			—				14,749				—				14,749
Other			—				13,741				—				13,741
Total revenue from contracts with customers		$	581,270			$	381,201			$	156			$	962,627


		Nine Months Ended September 30, 2026
		Global Wealth Management				Institutional Group				Other				Total
Major Business Activity:
Commissions		$	423,734			$	206,318			$	—			$	630,052
Capital raising			21,050				409,255				—				430,305
Advisory			446				548,818				—				549,264
Investment banking			21,496				958,073				—				979,569
Asset management			1,408,145				105				—				1,408,250
Other			5,231				—				—				5,231
Total revenue from contracts with customers			1,858,606				1,164,496				—				3,023,102
Primary Geographic Region:
United States			1,858,606				954,423				—				2,813,029
United Kingdom			—				114,564				—				114,564
Canada			—				61,408				—				61,408
Other			—				34,101				—				34,101
Total revenue from contracts with customers		$	1,858,606			$	1,164,496			$	—			$	3,023,102


		Nine Months Ended September 30, 2025
		Global Wealth Management				Institutional Group				Other				Total
Major Business Activity:
Commissions		$	395,893			$	204,521			$	—			$	600,414
Capital raising			18,661				332,179				—				350,840
Advisory			—				444,045				—				444,045
Investment banking			18,661				776,224				—				794,885
Asset management			1,244,443				105				—				1,244,548
Other			3,990				—				198				4,188
Total revenue from contracts with customers			1,662,987				980,850				198				2,644,035
Primary Geographic Region:
United States			1,662,987				801,511				198				2,464,696
United Kingdom			—				107,896				—				107,896
Canada			—				41,407				—				41,407
Other			—				30,036				—				30,036
Total revenue from contracts with customers		$	1,662,987			$	980,850			$	198			$	2,644,035