Revenues from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025 and 2024 (in thousands):

	Three Months Ended June 30,
	2025		2024
Revenues from contracts with customers:
Commissions	$	200,669	$	183,317
Investment banking		233,460		233,281
Asset management		403,608		380,757
Other		1,181		1,562
Total revenue from contracts with customers		838,918		798,917
Other sources of revenue:
Interest		477,056		498,152
Principal transactions		172,603		153,574
Other		2,509		14,618
Total revenues	$	1,491,086	$	1,465,261

	Six Months Ended June 30,
	2025		2024
Revenues from contracts with customers:
Commissions	$	394,339	$	368,793
Investment banking		471,402		447,230
Asset management		813,149		748,233
Other		2,518		2,798
Total revenue from contracts with customers		1,681,408		1,567,054
Other sources of revenue:
Interest		952,688		1,004,980
Principal transactions		314,263		292,588
Other		11,753		18,332
Total revenues	$	2,960,112	$	2,882,954

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, 2025 and 2024 (in thousands):

	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		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
	$	539,182	$	299,736	$	—	$	838,918

	Three Months Ended June 30, 2024
	Global Wealth Management		Institutional Group		Other		Total
Major Business Activity:
Commissions	$	121,465	$	61,852	$	—	$	183,317
Capital raising		5,780		96,090		—		101,870
Advisory		—		131,411		—		131,411
Investment banking		5,780		227,501		—		233,281
Asset management		380,737		20		—		380,757
Other		1,562		—		—		1,562
Total		509,544		289,373		—		798,917
Primary Geographic Region:
United States		509,544		234,098		—		743,642
United Kingdom		—		33,386		—		33,386
Canada		—		9,712		—		9,712
Other		—		12,177		—		12,177
	$	509,544	$	289,373	$	—	$	798,917

	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		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
	$	1,081,717	$	599,649	$	42	$	1,681,408

	Six Months Ended June 30, 2024
	Global Wealth Management		Institutional Group		Other		Total
Major business activity:
Commissions	$	242,682	$	126,111	$	—	$	368,793
Capital raising		10,060		186,507		—		196,567
Advisory		—		250,663		—		250,663
Investment banking		10,060		437,170		—		447,230
Asset management		748,187		46		—		748,233
Other		2,798		—		—		2,798
Total		1,003,727		563,327		—		1,567,054
Primary Geographic Region:
United States		1,003,727		457,548		—		1,461,275
United Kingdom		—		61,571		—		61,571
Canada		—		21,087		—		21,087
Other		—		23,121		—		23,121
	$	1,003,727	$	563,327	$	—	$	1,567,054