Revenue from contracts with customers (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023:


(Expressed in thousands)	For the Three Months Ended September 30, 2024
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	46,641	$	—	$	48,195	$	6	$	94,842
Mutual fund and insurance income	8,231		—		1		5		8,237
Advisory fees	94,188		27,432		—		11		121,631
Investment banking - capital markets	2,410		—		16,977		—		19,387
Investment banking - advisory	—		—		32,798		—		32,798
Bank deposit sweep income	34,875		—		—		—		34,875
Other	2,993		—		896		981		4,870
Total revenue from contracts with customers	189,338		27,432		98,867		1,003		316,640
Other sources of revenue:
Interest	24,331		—		11,847		1,856		38,034
Principal transactions, net	977		—		13,034		353		14,364
Other	4,141		(170)		282		61		4,314
Total other sources of revenue	29,449		(170)		25,163		2,270		56,712
Total revenue	$	218,787	$	27,262	$	124,030	$	3,273	$	373,352


(Expressed in thousands)	For the Three Months Ended September 30, 2023
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	36,176	$	—	$	39,539	$	4	$	75,719
Mutual fund and insurance income	8,209		—		1		4		8,214
Advisory fees	82,774		25,188		—		7		107,969
Investment banking - capital markets	2,115		—		17,295		—		19,410
Investment banking - advisory	—		—		18,001		—		18,001
Bank deposit sweep income	42,304		—		—		—		42,304
Other	3,236		—		311		27		3,574
Total revenue from contracts with customers	174,814		25,188		75,147		42		275,191
Other sources of revenue:
Interest	21,248		—		4,246		936		26,430
Principal transactions, net	(612)		—		15,020		2,484		16,892
Other	(2,196)		(4,358)		163		545		(5,846)
Total other sources of revenue	18,440		(4,358)		19,429		3,965		37,476
Total revenue	$	193,254	$	20,830	$	94,576	$	4,007	$	312,667


(Expressed in thousands)	For the Nine Months Ended September 30, 2024
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	136,337	$	—	$	135,414	$	14	$	271,765
Mutual fund and insurance income	24,201		—		3		15		24,219
Advisory fees	274,011		79,633		—		31		353,675
Investment banking - capital markets	8,238		—		46,626		(1)		54,863
Investment banking - advisory	21		—		76,957		—		76,978
Bank deposit sweep income	106,407		—		—		(1)		106,406
Other	9,577		(1)		1,796		3,903		15,275
Total revenue from contracts with customers	558,792		79,632		260,796		3,961		903,181
Other sources of revenue:
Interest	66,153		—		27,560		5,892		99,605
Principal transactions, net	3,089		—		39,333		250		42,672
Other	12,487		(1,617)		565		186		11,621
Total other sources of revenue	81,729		(1,617)		67,458		6,328		153,898
Total revenue	$	640,521	$	78,015	$	328,254	$	10,289	$	1,057,079


(Expressed in thousands)	For the Nine Months Ended September 30, 2023
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	112,766	$	—	$	122,740	$	18	$	235,524
Mutual fund and insurance income	23,632		—		6		12		23,650
Advisory fees	238,168		72,023		—		23		310,214
Investment banking - capital markets	5,590		—		32,881		—		38,471
Investment banking - advisory	—		—		56,883		—		56,883
Bank deposit sweep income	135,273		—		—		—		135,273
Other	10,513		—		1,411		145		12,069
Total revenue from contracts with customers	525,942		72,023		213,921		198		812,084
Other sources of revenue:
Interest	64,230		—		11,384		3,077		78,691
Principal transactions, net	1,509		—		38,834		6,292		46,635
Other	6,239		(5,036)		301		1,622		3,126
Total other sources of revenue	71,978		(5,036)		50,519		10,991		128,452
Total revenue	$	597,920	$	66,987	$	264,440	$	11,189	$	940,536

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
	September 30, 2024		December 31, 2023
Receivables
Commission (1)	$	4,603	$	4,554
Mutual fund and insurance income (2)	5,741		5,365
Advisory fees (3)	3,437		5,746
Bank deposit sweep income (4)	4,923		5,223
Investment banking fees (5)	8,410		12,847
Other	5,714		6,126
Total receivables	$	32,828	$	39,861
Deferred revenue (payables):
Investment Banking fees (6)	$	565	$	1,118
Software license fees (7)	1,244		—
IRA fees (8)	610		—
	$	2,419	$	1,118

(1)Commissions earned but not yet received.

(2)Mutual fund and insurance 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.