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, 2023 and 2022 (in thousands):


	Three Months Ended June 30,
	2023			2022
Revenues from contracts with customers:
Commissions	$	165,358		$	186,681
Investment banking		166,825			271,075
Asset management		320,264			331,264
Other		1,380			1,533
Total revenue from contracts with customers		653,827			790,553
Other sources of revenue:
Interest		482,770			212,754
Principal transactions		105,700			125,603
Other		(486	)		(3,450	)
Total revenues	$	1,241,811		$	1,125,460


	Six Months Ended June 30,
	2023			2022
Revenues from contracts with customers:
Commissions	$	334,908		$	382,590
Investment banking		378,704			525,921
Asset management		635,833			672,900
Other		2,607			3,708
Total revenue from contracts with customers		1,352,052			1,585,119
Other sources of revenue:
Interest		934,334			378,189
Principal transactions		221,222			284,873
Other		(4,006	)		3,263
Total revenues	$	2,503,602		$	2,251,444

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, 2023 and 2022 (in thousands):


	Three Months Ended June 30, 2023 (1)
	Global Wealth Management		Institutional Group		Other		Total
Major Business Activity:
Commissions	$	109,836	$	55,522	$	—	$	165,358
Capital raising		4,065		74,886		—		78,951
Advisory		—		86,595		1,279		87,874
Investment banking		4,065		161,481		1,279		166,825
Asset management		320,238		26		—		320,264
Other		1,318		—		62		1,380
Total		435,457		217,029		1,341		653,827
Primary Geographic Region:
United States		435,457		141,104		1,341		577,902
United Kingdom		—		45,221		—		45,221
Canada		—		7,614		—		7,614
Other		—		23,090		—		23,090
	$	435,457	$	217,029	$	1,341	$	653,827

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


	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
Other		1,472		—		61		1,533
Total		459,775		330,717		61		790,553
Primary Geographic Region:
United States		459,775		277,475		61		737,311
United Kingdom		—		37,047		—		37,047
Canada		—		7,782		—		7,782
Other		—		8,413		—		8,413
	$	459,775	$	330,717	$	61	$	790,553


	Six Months Ended June 30, 2023 (1)
	Global Wealth Management		Institutional Group		Other		Total
Major business activity:
Commissions	$	220,027	$	114,881	$	—	$	334,908
Capital raising		8,223		131,544		—		139,767
Advisory		—		237,658		1,279		238,937
Investment banking		8,223		369,202		1,279		378,704
Asset management		635,775		58		—		635,833
Other		2,502		—		105		2,607
Total		866,527		484,141		1,384		1,352,052
Primary Geographic Region:
United States		866,527		351,981		1,384		1,219,892
United Kingdom		—		68,604		—		68,604
Canada		—		30,137		—		30,137
Other		—		33,419		—		33,419
	$	866,527	$	484,141	$	1,384	$	1,352,052


	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
Other		3,594		—		114		3,708
Total		939,433		645,572		114		1,585,119
Primary Geographic Region:
United States		939,433		540,061		114		1,479,608
United Kingdom		—		71,355		—		71,355
Canada		—		17,123		—		17,123
Other		—		17,033		—		17,033
	$	939,433	$	645,572	$	114	$	1,585,119

(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, 2023. 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, 2023.

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 $155.0 million and $141.2 million at June 30, 2023 and December 31, 2022, 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, 2023.

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, 2023 and December 31, 2022 was $22.3 million and $12.8 million, respectively, and is included in accounts payable and accrued expenses in the consolidated statements of financial condition.