Revenue from contracts with customers (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2025 and 2024:


	For the Year Ended December 31, 2025
	Reportable Segments
		Wealth Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading		$	202,336	$	229,028	$	38	$	431,402
Mutual fund and insurance income		32,984		4		25		33,013
Advisory fees		555,387		—		52		555,439
Investment banking - capital markets		12,107		140,765		—		152,872
Investment banking - advisory		454		113,066		—		113,520
Bank deposit sweep income		114,811		—		—		114,811
Other		16,308		1,772		4,926		23,006
Total revenue from contracts with customers		934,387		484,635		5,041		1,424,063
Other sources of revenue:
Interest		87,982		58,503		6,497		152,982
Principal transactions, net		3,125		47,331		(242)		50,214
Other		9,909		846		57		10,812
Total other sources of revenue		101,016		106,680		6,312		214,008
Total revenue		$	1,035,403	$	591,315	$	11,353	$	1,638,071


(Expressed in thousands)	For the Year Ended December 31, 2024
	Reportable Segments
		Wealth Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading		$	188,783	$	188,113	$	14	$	376,910
Mutual fund and insurance income		32,775		4		21		32,800
Advisory fees		483,391		—		42		483,433
Investment banking - capital markets		11,155		58,022		—		69,177
Investment banking - advisory		46		107,224		—		107,270
Bank deposit sweep income		138,770		—		—		138,770
Other		12,837		2,864		4,987		20,688
Total revenue from contracts with customers		867,757		356,227		5,064		1,229,048
Other sources of revenue:
Interest		88,714		39,299		7,524		135,537
Principal transactions, net		3,263		51,382		39		54,684
Other		12,318		671		238		13,227
Total other sources of revenue		104,295		91,352		7,801		203,448
Total revenue		$	972,052	$	447,579	$	12,865	$	1,432,496

Schedule of Contract with Customer, Asset and Liability

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
	December 31, 2025		December 31, 2024
Receivables:
Commission (1)	$	5,011	$	4,408
Mutual fund and insurance income (2)	6,106		5,838
Advisory fees (3)	24,166		11,271
Bank deposit sweep income (4)	3,876		4,748
Investment banking fees (5)	25,414		14,798
Other	8,221		5,124
Total receivables	$	72,794	$	46,187
Deferred revenue (payables):
Investment banking fees (6)	$	286	$	28
Software license fees (7)	1,846		902

	$	2,132	$	930

(1) Commission 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