Revenue Recognition

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 4: Revenue Recognition

Revenue primarily consists of advisory revenue, commission revenue, asset-based revenue, and transaction and fee revenue.

Revenues by major category and the timing of revenue recognition was as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
Recognized upon transaction:
Commission	$	75,420	$	89,970	$	74,788
Transaction and fee	4,010		4,210		6,494
Total revenue recognized upon transaction	$	79,430	$	94,180	$	81,282
Recognized over time:
Advisory	$	398,839	$	395,800	$	314,751
Commission	98,011		120,707		110,413
Asset-based	65,043		22,101		23,688
Transaction and fee	25,173		25,425		16,055
Total revenue recognized over time	$	587,066	$	564,033	$	464,907
Total revenue:
Advisory	$	398,839	$	395,800	$	314,751
Commission	173,431		210,677		185,201
Asset-based	65,043		22,101		23,688
Transaction and fee	29,183		29,635		22,549
Total revenue	$	666,496	$	658,213	$	546,189