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 six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,
	2022			2021
Revenues from contracts with customers:
Commissions	$	186,681		$	195,579
Investment banking		271,075			376,443
Asset management		331,264			295,869
Interest		8,732			6,286
Other		1,533			8,357
Total revenue from contracts with customers		799,285			882,534
Other sources of revenue:
Interest		204,022			127,305
Principal transactions		125,603			152,597
Other		(3,450	)		4,878
Total revenues	$	1,125,460		$	1,167,314


	Six Months Ended June 30,
	2022		2021
Revenues from contracts with customers:
Commissions	$	382,590	$	409,193
Investment banking		525,921		715,731
Asset management		672,900		574,016
Interest		15,644		12,377
Other		3,708		25,239
Total revenue from contracts with customers		1,600,763		1,736,556
Other sources of revenue:
Interest		362,545		248,754
Principal transactions		284,873		317,603
Other		3,263		13,630
Total revenues	$	2,251,444	$	2,316,543

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 six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30, 2022 (1)
	Global Wealth Management		Institutional Group		Other		Total
Major Business Activity:
Commissions	$	122,004	$	64,677	$	—	$	186,681
Capital raising		5,056		66,463		—		71,519
Advisory		—		199,556		—		199,556
Investment banking		5,056		266,019		—		271,075
Asset management		331,243		21		—		331,264
Interest		8,600		132		—		8,732
Other		1,472		—		61		1,533
Total		468,375		330,849		61		799,285
Primary Geographic Region:
United States		468,375		277,565		61		746,001
United Kingdom		—		37,047		—		37,047
Canada		—		7,824		—		7,824
Other		—		8,413		—		8,413
	$	468,375	$	330,849	$	61	$	799,285

(1) Excludes revenues not derived from contracts with customers included in the Other segment.


	Three Months Ended June 30, 2021 (1)
	Global Wealth Management		Institutional Group		Other			Total
Major Business Activity:
Commissions	$	139,653	$	55,926	$	—		$	195,579
Capital raising		11,898		157,880		—			169,778
Advisory		—		206,665		—			206,665
Investment banking		11,898		364,545		—			376,443
Asset management		295,847		22		—			295,869
Interest		6,246		40		—			6,286
Other		8,422		—		(65	)		8,357
Total		462,066		420,533		(65	)		882,534
Primary Geographic Region:
United States		462,066		344,495		(65	)		806,496
United Kingdom		—		45,824		—			45,824
Canada		—		21,350		—			21,350
Other		—		8,864		—			8,864
	$	462,066	$	420,533	$	(65	)	$	882,534


	Six Months Ended June 30, 2022 (1)
	Global Wealth Management		Institutional Group		Other		Total
Major business activity:
Commissions	$	252,780	$	129,810	$	—	$	382,590
Capital raising		10,203		134,766		—		144,969
Advisory		—		380,952		—		380,952
Investment banking		10,203		515,718		—		525,921
Asset management		672,856		44		—		672,900
Interest		15,464		180		—		15,644
Other		3,594		—		114		3,708
Total		954,897		645,752		114		1,600,763
Primary Geographic Region:
United States		954,897		540,162		114		1,495,173
United Kingdom		—		71,355		—		71,355
Canada		—		17,202		—		17,202
Other		—		17,033		—		17,033
	$	954,897	$	645,752	$	114	$	1,600,763


	Six Months Ended June 30, 2021 (1)
	Global Wealth Management		Institutional Group		Other		Total
Major business activity:
Commissions	$	287,158	$	122,035	$	—	$	409,193
Capital raising		25,447		353,137		—		378,584
Advisory		—		337,147		—		337,147
Investment banking		25,447		690,284		—		715,731
Asset management		573,956		60		—		574,016
Interest		12,302		75		—		12,377
Other		23,346		—		1,893		25,239
Total		922,209		812,454		1,893		1,736,556
Primary Geographic Region:
United States		922,209		648,345		1,893		1,572,447
United Kingdom		—		91,215		—		91,215
Canada		—		51,129		—		51,129
Other		—		21,765		—		21,765
	$	922,209	$	812,454	$	1,893	$	1,736,556

(1) Excludes revenues not derived from contracts with customers included in the Other segment.

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 June 30, 2022. 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 June 30, 2022.

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 $146.5 million and $187.2 million at June 30, 2022 and December 31, 2021, respectively, in other assets in the consolidated statements of financial condition. We had no significant impairments related to these receivables during the six months ended June 30, 2022.

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 June 30, 2022 and December 31, 2021 was $14.7 million and $17.5 million, respectively, and included in accounts payable and accrued expenses in the consolidated statements of financial condition.