Segment information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Reported Revenue and Pre-Tax Income (Loss)

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 months ended March 31, 2026 and 2025. 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 March 31, 2026
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue	$	253,680	$	189,122	$	2,293	$	445,095
Less :
Compensation expenses (1)	155,800		112,639		27,562		296,001
Other segment items (2)	54,326		41,042		80,727		176,095
Pre-tax income (loss)	$	43,554	$	35,441	$	(105,996)	$	(27,001)

(1) Includes compensation expenses related to liability-based stock appreciation rights totaling $22.3 million.

(2) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest, legal accrual for the settlement of the “cash sweep” program litigation and other expenses.

(Expressed in thousands)
	For the Three Months Ended March 31, 2025
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue	$	241,986	$	123,261	$	2,578	$	367,825
Less :
Compensation expenses (1)	119,648		87,344		20,099		227,091
Other segment items (2)	54,474		41,014		3,870		99,358
Pre-tax income (loss)	$	67,864	$	(5,097)	$	(21,391)	$	41,376

(1) Includes a reduction to compensation expenses related to liability-based stock appreciation rights totaling $2.7 million.

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

Schedule of Revenue Classified by Major Geographic Areas

Revenue, classified by the major geographic areas in which it was earned, for the three months ended March 31, 2026 and 2025 was:

(Expressed in thousands)
	For the Three Months Ended March 31,
	2026		2025
Americas	$	423,036	$	354,709
Europe/Middle East	21,358		12,352
Asia	701		764
Total	$	445,095	$	367,825