The following table presents the Company’s total revenues separated between revenues from contracts with customers and other sources of revenues for the years ended December 31, 2019 and 2018 (in thousands):

	Year Ended December 31,
	2019		2018
Revenues from contracts with customers:
Commissions	$	667,494	$	657,732
Investment banking		817,421		707,670
Asset management and service fees		848,035		806,175
Other		19,287		15,568
Total revenue from contracts with customers		2,352,237		2,187,145
Other sources of revenue:
Interest		724,882		646,449
Principal transactions		404,751		351,378
Other		33,091		9,985
Total revenues	$	3,514,961	$	3,194,957

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 fees 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 fees 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 years ended December 31, 2019 and 2018 (in thousands):

	Year Ended December 31, 2019
	Global Wealth Management		Institutional Group		Other		Total
Major business activity:
Commissions	$	477,401	$	190,093	$	—	$	667,494
Capital raising ⁽¹⁾		37,915		331,527		—		369,442
Advisory fees ⁽¹⁾		—		447,979		—		447,979
Investment banking		37,915		779,506		—		817,421
Asset management		847,977		58		—		848,035
Other		16,437		—		2,850		19,287
Total		1,379,730		969,657		2,850		2,352,237
Primary Geographic Region:
United States		1,379,730		822,758		2,850		2,205,338
United Kingdom		—		135,529		—		135,529
Other		—		11,370		—		11,370
	$	1,379,730	$	969,657	$	2,850	$	2,352,237

	Year Ended December 31, 2018
	Global Wealth Management		Institutional Group		Other		Total
Major business activity:
Commissions	$	472,135	$	185,597	$	—	$	657,732
Capital raising ⁽¹⁾		31,293		304,895		—		336,188
Advisory fees ⁽¹⁾		81		371,401		—		371,482
Investment banking		31,374		676,296		—		707,670
Asset management		806,132		43		—		806,175
Other		11,625		—		3,943		15,568
Total		1,321,266		861,936		3,943		2,187,145
Primary Geographic Region:
United States		1,321,266		725,251		3,943		2,050,460
United Kingdom		—		130,979		—		130,979
Other		—		5,706		—		5,706
	$	1,321,266	$	861,936	$	3,943	$	2,187,145

⁽¹⁾Excludes revenues not derived from contracts with customers 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 December 31, 2019. Investment banking advisory fees 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 December 31, 2019.

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 $151.3 million and $116.7 million at December 31, 2019 and December 31, 2018, respectively, in other assets in the consolidated statements of financial condition. We had no significant impairments related to these receivables during the year ended December 31, 2019.

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 December 31, 2019 and December 31, 2018, was $11.3 million and $11.1 million, respectively, and included in accounts payable and accrued expenses in the consolidated statements of financial condition.