The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenue for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,
	2025		2024
Revenues from contracts with customers:
Commissions	$	206,075	$	183,445
Investment banking		323,483		243,182
Asset management		431,399		382,616
Other		1,670		1,649
Total revenue from contracts with customers		962,627		810,892
Other sources of revenue:
Interest		481,504		510,823
Principal transactions		177,876		137,089
Other		12,558		17,056
Total revenues	$	1,634,565	$	1,475,860


	Nine Months Ended September 30,
	2025		2024
Revenues from contracts with customers:
Commissions	$	600,414	$	552,238
Investment banking		794,885		690,412
Asset management		1,244,548		1,130,849
Other		4,188		4,447
Total revenue from contracts with customers		2,644,035		2,377,946
Other sources of revenue:
Interest		1,434,192		1,515,803
Principal transactions		492,139		429,677
Other		24,311		35,388
Total revenues	$	4,594,677	$	4,358,814

Revenue from contracts with customers is recognized when, or as, we satisfy our performance obligations by transferring the promised services to the customers. A service is transferred to a customer when, or as, the customer obtains control of that 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 our progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised services (i.e., the “transaction price”). In determining the transaction price, we consider 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, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties.

The following provides detailed information on the recognition of our revenues from contracts with customers:

Commissions. We earn commission revenue by executing, settling, and clearing transactions for clients primarily in OTC and listed equity securities, insurance products, and options. Trade execution and clearing and custody services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing and custody services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commission revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date.

Investment Banking. We provide our clients with a full range of capital markets and financial advisory services. Capital markets services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings, underwriting and distributing public and private debt.

Capital-raising revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the capital markets offering at that point. Costs associated with capital-raising transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within other operating expenses in the consolidated statements of operations as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as investment banking revenues.

Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory revenues from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within accounts payable and accrued expenses on the consolidated statements of financial condition. Advisory revenues from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event (e.g., completion of a transaction or third party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at the same time as the associated expense. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within other operating expenses on the consolidated statements of operations and any expenses reimbursed by our clients are recognized as investment banking revenues.

Asset Management Fees. We earn management and performance fees in connection with investment advisory services provided to institutional and individual clients. Investment advisory fees are charged based on the value of assets in fee-based accounts and are affected by changes in the balances of client assets due to market fluctuations and levels of net new client assets. Fees are charged either in advance based on fixed rates applied to the value of the customers’ account at the beginning of the period or periodically based on contracted rates and account performance. Contracts can be terminated at any time with no incremental payments due to our company upon termination. If the contract is terminated by the customer fees are prorated for the period and fees charged for the post termination period are refundable to the customer.

The following tables present the Company’s revenues from contracts with customers by reportable segment disaggregated by major business activity and primary geographic regions for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30, 2025
	Global Wealth Management		Institutional Group		Other		Total
Major Business Activity:
Commissions	$	141,864	$	64,211	$	—	$	206,075
Capital raising		6,529		137,684		—		144,213
Advisory		—		179,270		—		179,270
Investment banking		6,529		316,954		—		323,483
Asset management		431,363		36		—		431,399
Other		1,514		—		156		1,670
Total		581,270		381,201		156		962,627
Primary Geographic Region:
United States		581,270		313,693		156		895,119
United Kingdom		—		39,018		—		39,018
Canada		—		14,749		—		14,749
Other		—		13,741		—		13,741
	$	581,270	$	381,201	$	156	$	962,627


	Three Months Ended September 30, 2024
	Global Wealth Management		Institutional Group		Other		Total
Major Business Activity:
Commissions	$	129,230	$	54,215	$	—	$	183,445
Capital raising		6,217		100,108		—		106,325
Advisory		—		136,857		—		136,857
Investment banking		6,217		236,965		—		243,182
Asset management		382,309		307		—		382,616
Other		1,649		—		—		1,649
Total		519,405		291,487		—		810,892
Primary Geographic Region:
United States		519,405		239,789		—		759,194
United Kingdom		—		28,393		—		28,393
Canada		—		9,969		—		9,969
Other		—		13,336		—		13,336
	$	519,405	$	291,487	$	—	$	810,892


	Nine Months Ended September 30, 2025
	Global Wealth Management		Institutional Group		Other		Total
Major business activity:
Commissions	$	395,893	$	204,521	$	—	$	600,414
Capital raising		18,661		332,179		—		350,840
Advisory		—		444,045		—		444,045
Investment banking		18,661		776,224		—		794,885
Asset management		1,244,443		105		—		1,244,548
Other		3,990		—		198		4,188
Total		1,662,987		980,850		198		2,644,035
Primary Geographic Region:
United States		1,662,987		801,511		198		2,464,696
United Kingdom		—		107,896		—		107,896
Canada		—		41,407		—		41,407
Other		—		30,036		—		30,036
	$	1,662,987	$	980,850	$	198	$	2,644,035


	Nine Months Ended September 30, 2024
	Global Wealth Management		Institutional Group		Other		Total
Major business activity:
Commissions	$	371,912	$	180,326	$	—	$	552,238
Capital raising		16,277		286,615		—		302,892
Advisory		—		387,520		—		387,520
Investment banking		16,277		674,135		—		690,412
Asset management		1,130,496		353		—		1,130,849
Other		4,447		—		—		4,447
Total		1,523,132		854,814		—		2,377,946
Primary Geographic Region:
United States		1,523,132		697,337		—		2,220,469
United Kingdom		—		89,964		—		89,964
Canada		—		31,056		—		31,056
Other		—		36,457		—		36,457
	$	1,523,132	$	854,814	$	—	$	2,377,946

Information on Remaining Performance Obligations and Revenue Recognized From Past Performance

We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at September 30, 2025. Investment banking advisory revenues that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price at September 30, 2025.

The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied.

We had receivables related to revenues from contracts with customers of $160.2 million and $142.3 million at September 30, 2025 and December 31, 2024, respectively, in other assets in the consolidated statements of financial condition. We had no significant impairments related to these receivables during the nine months ended September 30, 2025.

Our deferred revenue primarily relates to retainer fees received in investment banking advisory engagements where the performance obligation has not yet been satisfied. Deferred revenue at September 30, 2025 and December 31, 2024 was $25.2 million and $19.3 million, respectively, and is included in accounts payable and accrued expenses in the consolidated statements of financial condition.