v3.26.1
Revenue from contracts with customers
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from contracts with customers Revenue from contracts with customers
Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring the promised goods or services to customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring the Company's progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised good or service.
The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services (i.e., the "transaction price"). In determining the transaction price, the Company considers multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, the Company considers the range of possible outcomes, the predictive value of its past experiences, the time period during which uncertainties are expected to be resolved and the amount of consideration that is susceptible to factors outside of the Company's influence, such as market volatility or the judgment and actions of third parties.
The Company earns revenue from contracts with customers and other sources (principal transactions, interest and other). The following provides detailed information on the recognition of the Company's revenue from contracts with customers:
Commissions
Commissions from Sales and Trading — The Company earns commission revenue by executing, settling and clearing transactions with clients primarily in exchange-traded and over-the-counter corporate equity and debt securities, money market instruments and exchange-traded options and futures contracts. A substantial portion of the Company's revenue is derived from commissions from private clients through accounts with transaction-based pricing. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenue associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, is recognized at a point in time on trade date when the performance obligation is satisfied.
Commission revenue is generally paid on settlement date, which is generally one business day after trade date. The Company records a receivable on the trade date and receives a payment on the settlement date.
Mutual Fund Income — The Company earns mutual fund income for sales and distribution of mutual fund shares, which consists of a fixed fee amount and a variable amount. The Company recognizes mutual fund income at a point in time on the trade date when the performance obligation is satisfied which is when the mutual fund interest is sold to the investor. The ongoing distribution fees for distributing investment products from mutual fund companies are generally considered variable consideration because they are based on the value of AUM and are uncertain on trade date. The Company recognizes distribution fees over the investment period as the amounts become known and the portion recognized in the current period may relate to distribution services performed in prior periods. Mutual fund income is generally received within 90 days.
Advisory Fees
The Company earns management and performance (or incentive) fees in connection with the advisory and asset management services it provides to various types of funds, asset-based programs and investment vehicles through its subsidiaries. Management fees are generally based on the account value at the valuation date per the respective asset management agreements and are recognized over time as the customer receives the benefits of the services evenly throughout the term of the contract. Performance fees are recognized when the return on client AUM exceeds a specified benchmark return or other performance targets over a 12-month measurement period are met. Performance fees are considered variable as they are subject to fluctuation and/or are contingent on a future event over the measurement period and are not subject to adjustment once the measurement period ends. Such fees are computed as of the fund's year-end when the measurement period ends and generally are recorded as earned in the fourth quarter of the Company's fiscal year. Both management and performance fees are generally received within 90 days.
Investment Banking
The Company earns underwriting revenues by providing capital raising solutions for corporate clients through initial public offerings, follow-on offerings, equity-linked offerings, private investments in public entities, and private placements. Underwriting revenue is recognized at a point in time on trade date, as the client obtains the control and benefit of the capital markets offering at that time. These fees are generally received within 90 days after the transactions are completed. Transaction-related expenses, primarily consisting of legal, travel and other costs directly associated with the transaction, are deferred and recognized in the same period as the related investment banking transaction revenue. Underwriting revenue and related expenses are presented gross on the condensed consolidated income statements.
Revenue from financial advisory services includes fees generated in connection with mergers, acquisitions and restructuring transactions. Such revenue and fees are primarily recorded at a point in time when services for the performance obligations have been completed and income is reasonably determinable, generally as set forth under the terms of the engagement. Payment for advisory services is generally due upon a completion of the transaction or milestone. Retainer fees and fees earned from certain advisory services are recognized ratably over the service period as the customer receives the benefit of the services throughout the term of the contracts, and such fees are collected based on the terms of the contracts.
Bank Deposit Sweep Income
Bank deposit sweep income consists of revenue earned from the FDIC-insured bank deposit program. Under this program, client funds are swept into deposit accounts at participating banks and are eligible for FDIC deposit insurance up to FDIC standard maximum deposit insurance amounts. Fees are earned over time and are generally received within 30 days.
Disaggregation of Revenue
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, 2026 and 2025:
(Expressed in thousands)
For the Three Months Ended June 30, 2026
Reportable Segments
Wealth ManagementCapital MarketsCorporate/OtherTotal
Revenue from contracts with customers:
Commissions from sales and trading$50,806 $68,209 $12 $119,027 
Mutual fund and insurance income8,505 1 5 8,511 
Advisory fees145,549 — 16 145,565 
Investment banking - capital markets3,551 22,644 — 26,195 
Investment banking - advisory1 58,136 — 58,137 
Bank deposit sweep income24,955 — — 24,955 
Other4,783 874 1,309 6,966 
Total revenue from contracts with customers238,150 149,864 1,342 389,356 
Other sources of revenue:
Interest21,921 16,010 1,362 39,293 
Principal transactions, net2,753 13,150 336 16,239 
Other9,847 139 2 9,988 
Total other sources of revenue34,521 29,299 1,700 65,520 
Total revenue$272,671 $179,163 $3,042 $454,876 
(Expressed in thousands)
For the Three Months Ended June 30, 2025
Reportable Segments
Wealth ManagementCapital MarketsCorporate/OtherTotal
Revenue from contracts with customers:
Commissions from sales and trading$47,203 $55,217 $13 $102,433 
Mutual fund and insurance income7,585 1 6 7,592 
Advisory fees125,610 — 18 125,628 
Investment banking - capital markets2,758 18,288 — 21,046 
Investment banking - advisory— 22,487 — 22,487 
Bank deposit sweep income28,654 — — 28,654 
Other3,620 547 1,398 5,565 
Total revenue from contracts with customers215,430 96,540 1,435 313,405 
Other sources of revenue:
Interest21,943 14,252 1,822 38,017 
Principal transactions, net1,973 12,051 508 14,532 
Other7,075 138 11 7,224 
Total other sources of revenue30,991 26,441 2,341 59,773 
Total revenue$246,421 $122,981 $3,776 $373,178 
(Expressed in thousands)
For the Six Months Ended June 30, 2026
Reportable Segments
Wealth ManagementCapital MarketsCorporate/OtherTotal
Revenue from contracts with customers:
Commissions from sales and trading$102,373 $136,150 $26 $238,549 
Mutual fund and insurance income17,317 2 11 17,330 
Advisory fees287,243 — 40 287,283 
Investment banking - capital markets7,486 53,165 — 60,651 
Investment banking - advisory268 121,133 — 121,401 
Bank deposit sweep income51,073 — — 51,073 
Other8,994 921 2,526 12,441 
Total revenue from contracts with customers474,754 311,371 2,603 788,728 
Other sources of revenue:
Interest42,784 31,428 2,612 76,824 
Principal transactions, net1,859 25,053 114 27,026 
Other6,954 433 6 7,393 
Total other sources of revenue51,597 56,914 2,732 111,243 
Total revenue$526,351 $368,285 $5,335 $899,971 

(Expressed in thousands)
For the Six Months Ended June 30, 2025
Reportable Segments
Wealth ManagementCapital MarketsCorporate/OtherTotal
Revenue from contracts with customers:
Commissions from sales and trading$95,970 109,165 25 $205,160 
Mutual fund and insurance income15,729 2 12 15,743 
Advisory fees254,402 — 29 254,431 
Investment banking - capital markets5,720 36,987 — 42,707 
Investment banking - advisory— 48,449 — 48,449 
Bank deposit sweep income58,729 — — 58,729 
Other7,969 1,655 2,711 12,335 
Total revenue from contracts with customers438,519 196,258 2,777 637,554 
Other sources of revenue:
Interest43,428 27,706 3,252 74,386 
Principal transactions, net1,386 21,846 275 23,507 
Other5,074 432 50 5,556 
Total other sources of revenue49,888 49,984 3,577 103,449 
Total revenue$488,407 $246,242 $6,354 $741,003 
Contract Assets and Liabilities
The timing of the Company's revenue recognition may differ from the timing of payment by its customers. The Company records contract assets when payment is due from a client conditioned on future performance or the occurrence of other events. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied.
The Company had receivables related to revenue from contracts with customers of $52.3 million and $72.8 million at June 30, 2026 and December 31, 2025, respectively. The Company had no significant impairments related to these receivables during the three and six months ended June 30, 2026.
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
June 30, 2026December 31, 2025
Receivables
Commission (1)
$9,538 $5,011 
Mutual fund and insurance income (2)
6,125 6,106 
Advisory fees (3)
4,555 24,166 
Bank deposit sweep income (4)
3,704 3,876 
Investment banking fees (5)
23,256 25,414 
Other5,146 8,221 
Total receivables$52,324 $72,794 
Deferred revenue (payables):
Investment banking fees (6)
$1,440 $286 
Software license fees (7)
2,395 1,846 
IRA fees (8)
1,372 — 
$5,207 $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
(8)Fees received in advance on an annual basis