Bank Loans (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Schedule of Balance and Associated Percentage of Each Major Loan Category in Bank Loan Portfolio

The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at March 31, 2025 and December 31, 2024 (in thousands, except percentages):

	March 31, 2025						December 31, 2024
	Balance			Percent			Balance			Percent
Residential real estate	$	8,699,229			42.7	%	$	8,565,193			41.0	%
Commercial and industrial		3,678,411			18.1			4,062,029			19.5
Fund banking		3,659,294			18.0			3,854,222			18.5
Securities-based loans		2,404,960			11.8			2,389,593			11.4
Construction and land		1,206,876			5.9			1,242,002			5.9
Commercial real estate		472,550			2.3			518,923			2.5
Home equity lines of credit		195,811			1.0			193,850			0.9
Other		55,137			0.2			53,933			0.3
Gross bank loans		20,372,268			100.0	%		20,879,745			100.0	%
Loans in process/(unapplied loan payments), net		(3,671	)					(2,885	)
Unamortized loan fees, net		(3,263	)					(5,756	)
Allowance for credit losses on loans		(140,061	)					(139,308	)
Loans held for investment, net	$	20,225,273					$	20,731,796

Activity in the Allowance for Credit Losses on Loans by Portfolio Segment

The following tables detail activity in the allowance for credit losses on loans by portfolio segment for the three months ended March 31, 2025 and 2024 (in thousands).

	Three Months Ended March 31, 2025
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	92,698	$	11,402		$	(11,806	)	$	—	$	92,294
Construction and land		12,866		385			—			—		13,251
Residential real estate		11,061		111			—			—		11,172
Fund banking		10,792		(546	)		—			—		10,246
Commercial real estate		8,057		1,309			—			—		9,366
Securities-based loans		2,917		11			—			—		2,928
Home equity lines of credit		317		(147	)		—			—		170
Other		600		26			—			8		634
	$	139,308	$	12,551		$	(11,806	)	$	8	$	140,061

	Three Months Ended March 31, 2024
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	67,077	$	1,447		$	(3,570	)	$	933	$	65,887
Commercial real estate		21,386		(697	)		—			—		20,689
Construction and land		11,817		6,772			—			—		18,589
Residential real estate		13,855		(1,348	)		—			—		12,507
Fund banking		10,173		(1,410	)		—			—		8,763
Securities-based loans		3,035		33			—			—		3,068
Home equity lines of credit		371		(125	)		—			—		246
Other		578		(114	)		—			—		464
	$	128,292	$	4,558		$	(3,570	)	$	933	$	130,213

Aging of the Recorded Investment in Past Due Loans

The following tables present the aging of the recorded investment in past due loans at March 31, 2025 and December 31, 2024 by portfolio segment (in thousands):

	As of March 31, 2025
	30 – 89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Residential real estate	$	11,311	$	6,249	$	17,560	$	8,681,669	$	8,699,229
Commercial and industrial		66,273		78,020		144,293		3,534,118		3,678,411
Fund banking		7,000		—		7,000		3,652,294		3,659,294
Securities-based loans		115		115		230		2,404,730		2,404,960
Construction and land		—		—		—		1,206,876		1,206,876
Commercial real estate		—		—		—		472,550		472,550
Home equity lines of credit		352		553		905		194,906		195,811
Other		1		80		81		55,056		55,137
Total	$	85,052	$	85,017	$	170,069	$	20,202,199	$	20,372,268

	As of March 31, 2025*
	Nonaccrual		Nonperforming loans with no allowance		Total
Commercial and industrial	$	112,359	$	756	$	113,115
Construction and land		—		40,894		40,894
Residential real estate		3,409		2,840		6,249
Home equity lines of credit		411		142		553
Other		53		27		80
Total	$	116,232	$	44,659	$	160,891

* There were no loans past due 90 days and still accruing interest at March 31, 2025.

	As of December 31, 2024
	30 – 89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Residential real estate	$	12,057	$	4,273	$	16,330	$	8,548,863	$	8,565,193
Commercial and industrial		59,396		27,190		86,586		3,975,443		4,062,029
Fund banking		—		—		—		3,854,222		3,854,222
Securities-based loans		—		—		—		2,389,593		2,389,593
Construction and land		—		—		—		1,242,002		1,242,002
Commercial real estate		—		—		—		518,923		518,923
Home equity lines of credit		640		315		955		192,895		193,850
Other		7		78		85		53,848		53,933
Total	$	72,100	$	31,856	$	103,956	$	20,775,789	$	20,879,745

	As of December 31, 2024*
	Nonaccrual		Nonperforming loans with no allowance		Total
Commercial and industrial	$	76,254	$	13,504	$	89,758
Construction and land		—		41,412		41,412
Commercial real estate		—		25,441		25,441
Residential real estate		1,433		2,463		3,896
Home equity lines of credit		201		114		315
Other		78		—		78
Total	$	77,966	$	82,934	$	160,900

* There were no loans past due 90 days and still accruing interest at December 31, 2024.

Risk Category of Loan Portfolio

Based on the most recent analysis performed, the risk category of our loan portfolio was as follows (in thousands):

	As of March 31, 2025
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	8,685,802	$	7,178	$	6,249	$	—	$	8,699,229
Commercial and industrial		3,361,378		100,447		103,471		113,115		3,678,411
Fund banking		3,659,294		—		—		—		3,659,294
Securities-based loans		2,404,960		—		—		—		2,404,960
Construction and land		1,165,983		—		—		40,893		1,206,876
Commercial real estate		391,412		—		81,138		—		472,550
Home equity lines of credit		195,258		—		553		—		195,811
Other		55,057		—		—		80		55,137
Total	$	19,919,144	$	107,625	$	191,411	$	154,088	$	20,372,268

	As of December 31, 2024
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	8,557,320	$	3,600	$	4,273	$	—	$	8,565,193
Commercial and industrial		3,662,866		169,637		152,515		77,011		4,062,029
Fund banking		3,854,222		—		—		—		3,854,222
Securities-based loans		2,389,593		—		—		—		2,389,593
Construction and land		1,200,590		—		—		41,412		1,242,002
Commercial real estate		437,062		—		56,420		25,441		518,923
Home equity lines of credit		193,535		—		315		—		193,850
Other		53,855		—		—		78		53,933
Total	$	20,349,043	$	173,237	$	213,523	$	143,942	$	20,879,745

Schedule of Term Loans Amortized Cost Basis by Origination Year and Revolving Cost Amortized Cost Basis

	Term Loans Amortized Cost Basis by Origination Year – March 31, 2025
	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	353,177	$	1,187,851	$	1,012,333	$	2,405,941	$	2,113,688	$	1,612,812	$	—	$	8,685,802
Special Mention		—		—		810		3,453		1,382		1,533		—		7,178
Substandard		—		—		—		4,206		883		1,160		—		6,249
Doubtful		—		—		—		—		—		—		—		—
	$	353,177	$	1,187,851	$	1,013,143	$	2,413,600	$	2,115,953	$	1,615,505	$	—	$	8,699,229
Commercial and industrial:
Pass	$	160,177	$	676,615	$	371,557	$	621,644	$	474,586	$	170,631	$	886,168	$	3,361,378
Special Mention		—		29,343		—		14,724		—		12,594		43,786		100,447
Substandard		—		2,500		5,950		17,625		30,209		722		46,465		103,471
Doubtful		—		2,166		—		47,473		34,638		3,121		25,717		113,115
	$	160,177	$	710,624	$	377,507	$	701,466	$	539,433	$	187,068	$	1,002,136	$	3,678,411
Fund banking:
Pass	$	4,000	$	19,000	$	691	$	24,997	$	—	$	370	$	3,610,236	$	3,659,294
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	4,000	$	19,000	$	691	$	24,997	$	—	$	370	$	3,610,236	$	3,659,294
Securities-based loans:
Pass	$	—	$	688	$	14,398	$	1,712	$	1,963	$	71,573	$	2,314,626	$	2,404,960
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	688	$	14,398	$	1,712	$	1,963	$	71,573	$	2,314,626	$	2,404,960
Construction and land:
Pass	$	—	$	27,513	$	251,407	$	520,170	$	198,383	$	168,510	$	—	$	1,165,983
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		40,893		—		40,893
	$	—	$	27,513	$	251,407	$	520,170	$	198,383	$	209,403	$	—	$	1,206,876
Commercial real estate:
Pass	$	—	$	4,690	$	35,144	$	248,633	$	20,196	$	82,749	$	—	$	391,412
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		56,390		24,748		—		—		81,138
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	4,690	$	35,144	$	305,023	$	44,944	$	82,749	$	—	$	472,550
Home equity lines of credit:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	195,258	$	195,258
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		553		553
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	—	$	—	$	—	$	—	$	—	$	195,811	$	195,811
Other:
Pass	$	—	$	3,278	$	—	$	3,991	$	—	$	34,953	$	12,835	$	55,057
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		80		80
	$	—	$	3,278	$	—	$	3,991	$	—	$	34,953	$	12,915	$	55,137