Bank Loans (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024 (in thousands, except percentages):

	June 30, 2025						December 31, 2024
	Balance			Percent			Balance			Percent
Residential real estate	$	8,906,739			42.8	%	$	8,565,193			41.0	%
Fund banking		3,910,070			18.8			3,854,222			18.5
Commercial and industrial		3,536,227			17.0			4,062,029			19.5
Securities-based loans		2,568,050			12.3			2,389,593			11.4
Construction and land		1,217,561			5.8			1,242,002			5.9
Commercial real estate		429,243			2.1			518,923			2.5
Home equity lines of credit		212,681			1.0			193,850			0.9
Other		41,714			0.2			53,933			0.3
Gross bank loans		20,822,285			100.0	%		20,879,745			100.0	%
Loans in process/(unapplied loan payments), net		(11,437	)					(2,885	)
Unamortized loan fees, net		(28,020	)					(5,756	)
Allowance for credit losses on loans		(135,734	)					(139,308	)
Loans held for investment, net	$	20,647,094					$	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 and six months ended June 30, 2025 (in thousands).

	Three Months Ended June 30, 2025
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	92,294	$	4,872		$	(12,185	)	$	—	$	84,981
Residential real estate		11,172		2,595			—			—		13,767
Construction and land		13,251		(397	)		—			—		12,854
Fund banking		10,246		702			—			—		10,948
Commercial real estate		9,366		(571	)		—			—		8,795
Securities-based loans		2,928		200			—			—		3,128
Home equity lines of credit		170		490			—			—		660
Other		634		(34	)		—			1		601
	$	140,061	$	7,857		$	(12,185	)	$	1	$	135,734

	Six Months Ended June 30, 2025
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	92,698	$	16,274		$	(23,991	)	$	—	$	84,981
Residential real estate		11,061		2,706			—			—		13,767
Construction and land		12,866		(12	)		—			—		12,854
Fund banking		10,792		156			—			—		10,948
Commercial real estate		8,057		738			—			—		8,795
Securities-based loans		2,917		211			—			—		3,128
Home equity lines of credit		317		343			—			—		660
Other		600		(8	)		—			9		601
	$	139,308	$	20,408		$	(23,991	)	$	9	$	135,734

The following tables detail activity in the allowance for credit losses on loans by portfolio segment for the three and six months ended June 30, 2024 (in thousands).

	Three Months Ended June 30, 2024
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	65,887	$	10,708		$	(241	)	$	—	$	76,354
Construction and land		18,589		(2,210	)		—			—		16,379
Commercial real estate		20,689		(3,687	)		(1,690	)		—		15,312
Fund banking		8,763		3,416			—			—		12,179
Residential real estate		12,507		(1,265	)		—			—		11,242
Securities-based loans		3,068		(255	)		—			—		2,813
Home equity lines of credit		246		116			—			—		362
Other		464		9			—			—		473
	$	130,213	$	6,832		$	(1,931	)	$	—	$	135,114

	Six Months Ended June 30, 2024
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	67,077	$	12,155		$	(3,811	)	$	933	$	76,354
Construction and land		11,817		4,562			—			—		16,379
Commercial real estate		21,386		(4,384	)		(1,690	)		—		15,312
Fund banking		10,173		2,006			—			—		12,179
Residential real estate		13,855		(2,613	)		—			—		11,242
Securities-based loans		3,035		(222	)		—			—		2,813
Home equity lines of credit		371		(9	)		—			—		362
Other		578		(105	)		—			—		473
	$	128,292	$	11,390		$	(5,501	)	$	933	$	135,114

Aging of the Recorded Investment in Past Due Loans

The following tables present the aging of the recorded investment in past due loans at June 30, 2025 and December 31, 2024 by portfolio segment (in thousands):

	As of June 30, 2025
	30 – 89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Residential real estate	$	17,780	$	14,647	$	32,427	$	8,874,312	$	8,906,739
Fund banking		—		—		—		3,910,070		3,910,070
Commercial and industrial		13,138		80,871		94,009		3,442,218		3,536,227
Securities-based loans		3,434		—		3,434		2,564,616		2,568,050
Construction and land		—		—		—		1,217,561		1,217,561
Commercial real estate		—		—		—		429,243		429,243
Home equity lines of credit		2,140		1,516		3,656		209,025		212,681
Other		13		81		94		41,620		41,714
Total	$	36,505	$	97,115	$	133,620	$	20,688,665	$	20,822,285

	As of June 30, 2025*
	Nonaccrual		Nonperforming loans with no allowance		Total
Commercial and industrial	$	99,955	$	742	$	100,697
Construction and land		—		40,408		40,408
Residential real estate		6,314		8,333		14,647
Home equity lines of credit		409		1,107		1,516
Other		54		26		80
Total	$	106,732	$	50,616	$	157,348

* There were no loans past due 90 days and still accruing interest at June 30, 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 June 30, 2025
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	8,886,152	$	5,940	$	14,647	$	—	$	8,906,739
Fund banking		3,910,070		—		—		—		3,910,070
Commercial and industrial		3,265,210		121,004		49,316		100,697		3,536,227
Securities-based loans		2,568,050		—		—		—		2,568,050
Construction and land		1,177,153		—		—		40,408		1,217,561
Commercial real estate		355,787		—		73,456		—		429,243
Home equity lines of credit		210,766		399		1,516		—		212,681
Other		41,633		—		—		81		41,714
Total	$	20,414,821	$	127,343	$	138,935	$	141,186	$	20,822,285

	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 – June 30, 2025
	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	815,620	$	1,134,065	$	977,121	$	2,351,827	$	2,069,696	$	1,537,823	$	—	$	8,886,152
Special Mention		—		—		—		2,787		—		3,153		—		5,940
Substandard		—		—		—		7,495		5,130		2,022		—		14,647
Doubtful		—		—		—		—		—		—		—		—
	$	815,620	$	1,134,065	$	977,121	$	2,362,109	$	2,074,826	$	1,542,998	$	—	$	8,906,739
Fund banking:
Pass	$	20,179	$	6,032	$	592	$	25,111	$	—	$	225	$	3,857,931	$	3,910,070
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	20,179	$	6,032	$	592	$	25,111	$	—	$	225	$	3,857,931	$	3,910,070
Commercial and industrial:
Pass	$	314,896	$	657,510	$	309,514	$	543,481	$	391,234	$	167,669	$	880,906	$	3,265,210
Special Mention		—		34,162		—		14,724		18,310		12,394		41,414		121,004
Substandard		—		2,361		5,532		17,625		10,834		686		12,278		49,316
Doubtful		—		2,128		—		47,313		35,360		—		15,896		100,697
	$	314,896	$	696,161	$	315,046	$	623,143	$	455,738	$	180,749	$	950,494	$	3,536,227
Securities-based loans:
Pass	$	10,413	$	3,872	$	11,415	$	1,712	$	1,639	$	80,755	$	2,458,244	$	2,568,050
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	10,413	$	3,872	$	11,415	$	1,712	$	1,639	$	80,755	$	2,458,244	$	2,568,050
Construction and land:
Pass	$	—	$	56,345	$	259,670	$	491,893	$	198,348	$	170,897	$	—	$	1,177,153
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		40,408		—		40,408
	$	—	$	56,345	$	259,670	$	491,893	$	198,348	$	211,305	$	—	$	1,217,561
Commercial real estate:
Pass	$	—	$	4,642	$	35,144	$	215,959	$	20,346	$	79,696	$	—	$	355,787
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		56,360		17,096		—		—		73,456
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	4,642	$	35,144	$	272,319	$	37,442	$	79,696	$	—	$	429,243
Home equity lines of credit:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	210,766	$	210,766
Special Mention		—		—		—		—		—		—		399		399
Substandard		—		—		—		—		—		—		1,516		1,516
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	—	$	—	$	—	$	—	$	—	$	212,681	$	212,681
Other:
Pass	$	—	$	4,222	$	—	$	3,991	$	—	$	20,000	$	13,420	$	41,633
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		81		81
	$	—	$	4,222	$	—	$	3,991	$	—	$	20,000	$	13,501	$	41,714