Segment information

12 Months Ended

Dec. 31, 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 this measure 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.

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;

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.

Corporate/Other — 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 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 years ended December 31, 2025, 2024 and 2023. There are no adjustments or reconciling items for any of the years 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 Years Ended December 31, 2025
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue	$	1,035,403	$	591,315	$	11,353	$	1,638,071
Less :
Compensation expenses	539,694		360,276		116,536		1,016,506
Other segment items (1)	203,644		174,872		31,858		410,374
Pre-tax income (loss)	$	292,065	$	56,167	$	(137,041)	$	211,191

(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 Years Ended December 31, 2024
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue	$	972,052	$	447,579	$	12,865	$	1,432,496
Less :
Compensation expenses	514,227		323,612		98,974		936,813
Other segment items (1)	192,086		163,563		34,277		389,926
Pre-tax income (loss)	$	265,739	$	(39,596)	$	(120,386)	$	105,757

(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 Years Ended December 31, 2023
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue	$	890,187	$	345,897	$	12,741	$	1,248,825
Less :
Compensation expenses	424,031		269,330		89,035		782,396
Other segment items (1)	247,621		139,528		32,510		419,659
Pre-tax income (loss)	$	218,535	$	(62,961)	$	(108,804)	$	46,770

(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 years ended December 31, 2025, 2024 and 2023 was as follows:

(Expressed in thousands)
	For the Years Ended December 31,
	2025		2024		2023
Americas	$	1,572,329	$	1,376,254	$	1,199,558
Europe/Middle East	63,149		52,513		46,490
Asia	2,593		3,729		2,777
Total	$	1,638,071	$	1,432,496	$	1,248,825