Revenue from contracts with customers (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2025 and 2024:


(Expressed in thousands)	For the Three Months Ended September 30, 2025
	Reportable Segments
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	53,511	$	58,807	$	8	$	112,326
Mutual fund and insurance income	8,350		1		7		8,358
Advisory fees	134,397		—		7		134,404
Investment banking - capital markets	3,042		52,143		—		55,185
Investment banking - advisory	438		21,865		—		22,303
Bank deposit sweep income	28,349		—		—		28,349
Other	7,809		84		1,397		9,290
Total revenue from contracts with customers	235,896		132,900		1,419		370,215
Other sources of revenue:
Interest	22,381		14,785		1,693		38,859
Principal transactions, net	1,254		14,194		(546)		14,902
Other	195		266		1		462
Total other sources of revenue	23,830		29,245		1,148		54,223
Total revenue	$	259,726	$	162,145	$	2,567	$	424,438


(Expressed in thousands)	For the Three Months Ended September 30, 2024
	Reportable Segments
	Wealth 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	121,620		—		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	216,770		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	3,971		282		61		4,314
Total other sources of revenue	29,279		25,163		2,270		56,712
Total revenue	$	246,049	$	124,030	$	3,273	$	373,352


(Expressed in thousands)	For the Nine Months Ended September 30, 2025
	Reportable Segments
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	149,481	$	167,973	$	32	$	317,486
Mutual fund and insurance income	24,079		3		19		24,101
Advisory fees	388,799		—		36		388,835
Investment banking - capital markets	8,762		89,129		—		97,891
Investment banking - advisory	438		70,315		—		70,753
Bank deposit sweep income	87,078		—		—		87,078
Other	15,779		1,737		4,109		21,625
Total revenue from contracts with customers	674,416		329,157		4,196		1,007,769
Other sources of revenue:
Interest	65,808		42,492		4,945		113,245
Principal transactions, net	2,640		36,040		(271)		38,409
Other	5,269		698		51		6,018
Total other sources of revenue	73,717		79,230		4,725		157,672
Total revenue	$	748,133	$	408,387	$	8,921	$	1,165,441


(Expressed in thousands)	For the Nine Months Ended September 30, 2024
	Reportable Segments
	Wealth 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	353,644		—		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	9,576		1,796		3,903		15,275
Total revenue from contracts with customers	638,424		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	10,870		565		186		11,621
Total other sources of revenue	80,112		67,458		6,328		153,898
Total revenue	$	718,536	$	328,254	$	10,289	$	1,057,079

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 condensed consolidated balance sheet:


(Expressed in thousands)	As of
	September 30, 2025		December 31, 2024
Receivables
Commission (1)	$	6,736	$	4,408
Mutual fund and insurance income (2)	5,757		5,838
Advisory fees (3)	7,005		11,271
Bank deposit sweep income (4)	4,123		4,748
Investment banking fees (5)	15,868		14,798
Other	8,019		5,124
Total receivables	$	47,508	$	46,187
Deferred revenue (payables):
Investment Banking fees (6)	$	257	$	28
Software license fees (7)	2,073		902
IRA fees (8)	600		—
	$	2,930	$	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.