Revenue from contracts with customers (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2026 and 2025:


(Expressed in thousands)	For the Three Months Ended June 30, 2026
	Reportable Segments
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	50,806	$	68,209	$	12	$	119,027
Mutual fund and insurance income	8,505		1		5		8,511
Advisory fees	145,549		—		16		145,565
Investment banking - capital markets	3,551		22,644		—		26,195
Investment banking - advisory	1		58,136		—		58,137
Bank deposit sweep income	24,955		—		—		24,955
Other	4,783		874		1,309		6,966
Total revenue from contracts with customers	238,150		149,864		1,342		389,356
Other sources of revenue:
Interest	21,921		16,010		1,362		39,293
Principal transactions, net	2,753		13,150		336		16,239
Other	9,847		139		2		9,988
Total other sources of revenue	34,521		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 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 Six Months Ended June 30, 2026
	Reportable Segments
	Wealth Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	102,373	$	136,150	$	26	$	238,549
Mutual fund and insurance income	17,317		2		11		17,330
Advisory fees	287,243		—		40		287,283
Investment banking - capital markets	7,486		53,165		—		60,651
Investment banking - advisory	268		121,133		—		121,401
Bank deposit sweep income	51,073		—		—		51,073
Other	8,994		921		2,526		12,441
Total revenue from contracts with customers	474,754		311,371		2,603		788,728
Other sources of revenue:
Interest	42,784		31,428		2,612		76,824
Principal transactions, net	1,859		25,053		114		27,026
Other	6,954		433		6		7,393
Total other sources of revenue	51,597		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 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

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
	June 30, 2026		December 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
Other	5,146		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