Segment information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment information

Segment information

The Company has determined its reportable segments based on the Company's method of internal reporting, which disaggregates its retail business by branch and its proprietary and investment banking businesses by product. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.

The CODM evaluates the performance of the Company’s reportable segments based on their year-over-year revenue and pre-tax profit or loss and uses these measures to allocate resources (including employee, financial and/or capital resources), largely in conjunction with monthly and/or quarterly reviews of segment financial performance. The CODM also uses segment profit or loss in evaluating the incentive and other compensation of segment employees as well as capital investment for facilities and information technology development.

Effective in the fourth quarter of 2024, the Company combined the former Private Client and Asset Management business segments to form the Wealth Management segment. The revised segment structure is aligned with how the CODM and senior management view the performance and operations of our retail-focused business. Our Capital Markets and Corporate/Other segments were not impacted by these changes. To provide historical information on a basis consistent with the revised segment presentation, the Company recast prior period segment results.

The Company's reportable segments are:

Wealth Management — includes commissions and fee income earned on assets under management ("AUM"), net interest earnings on client margin loans and cash balances, fees from money market funds, custodian fees, net contributions from stock loan activities and financing activities, and direct expenses; and

Capital Markets — includes investment banking, institutional equities sales, trading, and research, taxable fixed income sales, trading, and research, public finance and municipal trading, as well as the Company's operations in the United Kingdom, Hong Kong and Israel, and direct expenses associated with this segment.

The Company does not allocate costs associated with certain infrastructure support groups that are centrally managed for its reportable segments. These areas include, but are not limited to, legal, compliance, operations, accounting, and internal audit. Costs associated with these groups are separately reported in a Corporate/Other category and primarily include compensation and benefits. The costs of certain centralized or shared functions are allocated based on methodologies that reflect utilization. The Company also includes activities associated with BondWave, LLC, an indirectly wholly-owned subsidiary, in Corporate/Other.

The tables below present information about the Company’s reported segment revenues, segment pre-tax income or loss, compensation expenses, and other segment items for the three and nine months ended September 30, 2025 and 2024. There are no adjustments or reconciling items for any of the periods presented. Asset information by reportable segment is not reported, since the Company does not produce such information for internal use by the CODM.

(Expressed in thousands)
	For the Three Months Ended September 30, 2025
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue	$	259,726	$	162,145	$	2,567	$	424,438
Less :
Compensation expenses	148,978		106,245		34,999		290,222
Other segment items (1)	48,220		43,611		10,750		102,581
Pre-tax income (loss)	$	62,528	$	12,289	$	(43,182)	$	31,635

(1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.

(Expressed in thousands)
	For the Three Months Ended September 30, 2024
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue	$	246,049	$	124,030	$	3,273	$	373,352
Less :
Compensation expenses	125,270		87,649		25,016		237,935
Other segment items (1)	48,764		42,525		8,758		100,047
Pre-tax income (loss)	$	72,015	$	(6,144)	$	(30,501)	$	35,370

(1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.

(Expressed in thousands)
	For the Nine Months Ended September 30, 2025
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue	$	748,133	$	408,387	$	8,921	$	1,165,441
Less :
Compensation expenses	400,917		274,199		81,271		756,387
Other segment items (1)	153,990		130,860		18,983		303,833
Pre-tax income (loss)	$	193,226	$	3,328	$	(91,333)	$	105,221

(1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.

(Expressed in thousands)
	For the Nine Months Ended September 30, 2024
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue	$	718,536	$	328,254	$	10,289	$	1,057,079
Less :
Compensation expenses	364,381		242,527		73,469		680,377
Other segment items (1)	142,124		120,348		25,540		288,012
Pre-tax income (loss)	$	212,031	$	(34,621)	$	(88,720)	$	88,690

(1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.

Revenue, classified by the major geographic areas in which it was earned, for the three and nine months ended September 30, 2025 and 2024 was:

(Expressed in thousands)
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Americas	$	407,677	$	360,557	$	1,121,198	$	1,018,441
Europe/Middle East	16,092		11,858		42,182		36,026
Asia	669		937		2,061		2,612
Total	$	424,438	$	373,352	$	1,165,441	$	1,057,079