Revenue from contracts with customers (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025 and 2024:


(Expressed in thousands)	For the Three Months Ended June 30, 2025
	Reportable Segments
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	47,203	$	55,217	$	13	$	102,433
Mutual fund and insurance income	7,585		1		6		7,592
Advisory fees	125,610		—		18		125,628
Investment banking - capital markets	2,758		18,288		—		21,046
Investment banking - advisory	—		22,487		—		22,487
Bank deposit sweep income	28,654		—		—		28,654
Other	3,620		547		1,398		5,565
Total revenue from contracts with customers	215,430		96,540		1,435		313,405
Other sources of revenue:
Interest	21,943		14,252		1,822		38,017
Principal transactions, net	1,973		12,051		508		14,532
Other	7,075		138		11		7,224
Total other sources of revenue	30,991		26,441		2,341		59,773
Total revenue	$	246,421	$	122,981	$	3,776	$	373,178


(Expressed in thousands)	For the Three Months Ended June 30, 2024
	Reportable Segments
	Wealth 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	117,188		—		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	3,167		580		1,942		5,689
Total revenue from contracts with customers	210,881		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	1,643		97		64		1,804
Total other sources of revenue	23,645		21,073		1,965		46,683
Total revenue	$	234,526	$	92,141	$	3,922	$	330,589


(Expressed in thousands)	For the Six Months Ended June 30, 2025
	Reportable Segments
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	95,970	$	109,165	$	25	$	205,160
Mutual fund and insurance income	15,729		2		12		15,743
Advisory fees	254,402		—		29		254,431
Investment banking - capital markets	5,720		36,987		—		42,707
Investment banking - advisory	—		48,449		—		48,449
Bank deposit sweep income	58,729		—		—		58,729
Other	7,969		1,655		2,711		12,335
Total revenue from contracts with customers	438,519		196,258		2,777		637,554
Other sources of revenue:
Interest	43,428		27,706		3,252		74,386
Principal transactions, net	1,386		21,846		275		23,507
Other	5,074		432		50		5,556
Total other sources of revenue	49,888		49,984		3,577		103,449
Total revenue	$	488,407	$	246,242	$	6,354	$	741,003


(Expressed in thousands)	For the Six Months Ended June 30, 2024
	Reportable Segments
	Wealth 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	232,024		—		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	6,583		900		2,922		10,405
Total revenue from contracts with customers	421,654		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	6,899		283		125		7,307
Total other sources of revenue	50,833		42,295		4,058		97,186
Total revenue	$	472,487	$	204,224	$	7,016	$	683,727

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, 2025		December 31, 2024
Receivables
Commission (1)	$	8,918	$	4,408
Mutual fund and insurance income (2)	5,575		5,838
Advisory fees (3)	5,596		11,271
Bank deposit sweep income (4)	4,348		4,748
Investment banking fees (5)	13,428		14,798
Other	7,387		5,124
Total receivables	$	45,252	$	46,187
Deferred revenue (payables):
Investment Banking fees (6)	$	184	$	28
Software license fees (7)	1,960		902
IRA fees (8)	1,200		—
	$	3,344	$	930

(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)Fees received in advance on an annual basis.