Revenue from contracts with customers (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the three and six months ended June 30, 2024 and 2023:


(Expressed in thousands)	For the Three Months Ended June 30, 2024
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	44,766	$	—	$	44,174	$	3	$	88,943
Mutual fund and insurance income	8,106		—		1		5		8,112
Advisory fees	90,947		26,241		—		9		117,197
Investment banking - capital markets	2,807		—		14,022		(1)		16,828
Investment banking - advisory	—		—		12,291		—		12,291
Bank deposit sweep income	34,847		—		—		(1)		34,846
Other	3,168		(1)		580		1,942		5,689
Total revenue from contracts with customers	184,641		26,240		71,068		1,957		283,906
Other sources of revenue:
Interest	21,626		—		11,410		1,769		34,805
Principal transactions, net	376		—		9,566		132		10,074
Other	2,058		(415)		97		64		1,804
Total other sources of revenue	24,060		(415)		21,073		1,965		46,683
Total revenue	$	208,701	$	25,825	$	92,141	$	3,922	$	330,589


(Expressed in thousands)	For the Three Months Ended June 30, 2023
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	37,666	$	—	$	43,154	$	8	$	80,828
Mutual fund and insurance income	7,711		—		1		4		7,716
Advisory fees	78,811		22,196		—		8		101,015
Investment banking - capital markets	1,688		—		7,345		—		9,033
Investment banking - advisory	—		—		10,945		—		10,945
Bank deposit sweep income	44,060		—		—		—		44,060
Other	3,284		—		594		21		3,899
Total revenue from contracts with customers	173,220		22,196		62,039		41		257,496
Other sources of revenue:
Interest	22,403		—		4,109		808		27,320
Principal transactions, net	1,072		—		13,410		1,771		16,253
Other	4,550		2		24		544		5,120
Total other sources of revenue	28,025		2		17,543		3,123		48,693
Total revenue	$	201,245	$	22,198	$	79,582	$	3,164	$	306,189


(Expressed in thousands)	For the Six Months Ended June 30, 2024
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	89,696	$	—	$	87,219	$	8	$	176,923
Mutual fund and insurance income	15,970		—		2		10		15,982
Advisory fees	179,823		52,201		—		20		232,044
Investment banking - capital markets	5,828		—		29,649		(1)		35,476
Investment banking - advisory	21		—		44,159		—		44,180
Bank deposit sweep income	71,532		—		—		(1)		71,531
Other	6,584		(1)		900		2,922		10,405
Total revenue from contracts with customers	369,454		52,200		161,929		2,958		586,541
Other sources of revenue:
Interest	41,822		—		15,713		4,036		61,571
Principal transactions, net	2,112		—		26,299		(103)		28,308
Other	8,346		(1,447)		283		125		7,307
Total other sources of revenue	52,280		(1,447)		42,295		4,058		97,186
Total revenue	$	421,734	$	50,753	$	204,224	$	7,016	$	683,727


(Expressed in thousands)	For the Six Months Ended June 30, 2023
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	76,590	$	—	$	83,201	$	14	$	159,805
Mutual fund and insurance income	15,423		—		5		8		15,436
Advisory fees	155,394		46,150		—		15		201,559
Investment banking - capital markets	3,475		—		15,586		—		19,061
Investment banking - advisory	—		—		38,882		—		38,882
Bank deposit sweep income	92,969		—		—		—		92,969
Other	7,277		—		1,100		118		8,495
Total revenue from contracts with customers	351,128		46,150		138,774		155		536,207
Other sources of revenue:
Interest	42,982		—		7,138		2,141		52,261
Principal transactions, net	2,121		—		23,814		3,808		29,743
Other	8,435		7		138		1,077		9,657
Total other sources of revenue	53,538		7		31,090		7,026		91,661
Total revenue	$	404,666	$	46,157	$	169,864	$	7,181	$	627,868

Schedule of Receivables and Deferred Revenue Balances from Contracts with Customers

The following presents the Company's receivables and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the consolidated balance sheet:


(Expressed in thousands)	As of
	June 30, 2024		December 31, 2023
Receivables
Commission (1)	$	4,286	$	4,554
Mutual fund income (2)	5,663		5,365
Advisory fees (3)	3,437		5,746
Bank deposit sweep income (4)	4,868		5,223
Investment banking fees (5)	11,856		12,847
Other	7,159		6,126
Total receivables	$	37,269	$	39,861
Deferred revenue (payables):
Investment Banking fees (6)	$	810	$	1,118
Software license fees (7)	456		—
IRA fees (8)	1,220		—
	$	2,486	$	1,118

(1)Commission recorded on trade date but not yet settled.

(2)Mutual fund income earned but not yet received.

(3)Management and performance fees earned but not yet received.

(4)Fees earned from FDIC-insured bank deposit program but not yet received.

(5)Underwriting revenue and advisory fees earned but not yet received..

(6)Retainer fees and fees received from certain advisory transactions where the performance obligations have not yet been satisfied.

(7)Software license fees received upfront from customers and recognized ratably over the contract period

(8)Fee received in advance on an annual basis.