Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Commissions		$ 813,618	$ 756,024	$ 673,597
Principal transactions		645,337	604,564	490,440
Investment banking		1,250,741	994,831	731,255
Asset management		1,700,345	1,536,674	1,299,496
Interest		1,903,569	2,016,464	1,955,745
Other income		33,923	43,129	8,747
Total revenues		6,347,533	5,951,686	5,159,280
Interest expense		817,803	981,366	810,336
Net revenues	[1]	5,529,730	4,970,320	4,348,944
Non-interest expenses:
Compensation and benefits		3,272,130	2,916,229	2,554,581
Occupancy and equipment rental		382,287	362,402	339,322
Communications and office supplies		196,314	194,382	184,652
Commissions and floor brokerage		66,176	62,823	58,344
Provision for credit losses		38,404	25,402	24,999
Other operating expenses		703,280	480,638	480,354
Total non-interest expenses		4,658,591	4,041,876	3,642,252
Income before income tax expense		871,139	928,444	706,692
Provision for income taxes		187,360	197,065	184,156
Net income		683,779	731,379	522,536
Preferred dividends		37,281	37,281	37,281
Net income available to common shareholders		$ 646,498	$ 694,098	$ 485,255
Earnings per common share:
Basic		$ 6.25	$ 6.67	$ 4.55
Diluted		5.87	6.25	4.28
Cash dividends declared per common share		$ 1.84	$ 1.68	$ 1.44
Weighted-average number of common shares outstanding:
Basic		103,497	104,066	106,661
Diluted		110,052	110,975	113,453

[1] No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2025, 2024, and 2023.