Revenue from contracts with customers (Tables)

3 Months Ended

Mar. 31, 2026

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 months ended March 31, 2026 and 2025:


(Expressed in thousands)	For the Three Months Ended March 31, 2026
	Reportable Segments
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	51,567	$	67,941	$	14	$	119,522
Mutual fund and insurance income	8,811		1		7		8,819
Advisory fees	141,694		—		24		141,718
Investment banking - capital markets	3,935		30,521		—		34,456
Investment banking - advisory	268		62,996		—		63,264
Bank deposit sweep income	26,118		—		—		26,118
Other	4,211		48		1,216		5,475
Total revenue from contracts with customers	236,604		161,507		1,261		399,372
Other sources of revenue:
Interest	20,863		15,418		1,250		37,531
Principal transactions, net	(897)		11,905		(221)		10,787
Other	(2,890)		292		3		(2,595)
Total other sources of revenue	17,076		27,615		1,032		45,723
Total revenue	$	253,680	$	189,122	$	2,293	$	445,095


(Expressed in thousands)	For the Three Months Ended March 31, 2025
	Reportable Segments
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	48,767	$	53,948	$	12	$	102,727
Mutual fund and insurance income	8,144		1		6		8,151
Advisory fees	128,792		—		11		128,803
Investment banking - capital markets	2,962		18,699		—		21,661
Investment banking - advisory	—		25,962		—		25,962
Bank deposit sweep income	30,075		—		—		30,075
Other	4,349		1,108		1,313		6,770
Total revenue from contracts with customers	223,089		99,718		1,342		324,149
Other sources of revenue:
Interest	21,485		13,454		1,430		36,369
Principal transactions, net	(587)		9,795		(233)		8,975
Other	(2,001)		294		39		(1,668)
Total other sources of revenue	18,897		23,543		1,236		43,676
Total revenue	$	241,986	$	123,261	$	2,578	$	367,825

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
	March 31, 2026		December 31, 2025
Receivables
Commission (1)	$	7,618	$	5,011
Mutual fund and insurance income (2)	6,199		6,106
Advisory fees (3)	4,873		24,166
Bank deposit sweep income (4)	4,192		3,876
Investment banking fees (5)	21,544		25,414
Other	5,695		8,221
Total receivables	$	50,121	$	72,794
Deferred revenue (payables):
Investment banking fees (6)	$	1,153	$	286
Software license fees (7)	1,289		1,846

	$	2,442	$	2,132

(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