The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenues for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended September 30,
	2021		2020
Revenues from contracts with customers:
Commissions	$	189,239	$	172,654
Investment banking		372,279		218,134
Asset management and service fees		313,862		230,782
Other		5,092		15,329
Total revenue from contracts with customers		880,472		636,899
Other sources of revenue:
Interest		141,844		114,411
Principal transactions		118,977		140,883
Other		13,668		4,929
Total revenues	$	1,154,961	$	897,122

	Nine Months Ended September 30,
	2021		2020
Revenues from contracts with customers:
Commissions	$	598,432	$	560,780
Investment banking		1,088,010		614,637
Asset management and service fees		887,878		667,496
Other		30,331		32,408
Total revenue from contracts with customers		2,604,651		1,875,321
Other sources of revenue:
Interest		402,975		403,956
Principal transactions		436,580		445,566
Other		27,298		18,571
Total revenues	$	3,471,504	$	2,743,414

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 three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended September 30, 2021⁽¹⁾
	Global Wealth Management		Institutional Group		Other			Total
Major business activity:
Commissions	$	133,998	$	55,241	$	—		$	189,239
Capital raising		11,580		152,481		—			164,061
Advisory fees		—		208,218		—			208,218
Investment banking		11,580		360,699		—			372,279
Asset management		313,838		24		—			313,862
Other		5,206		—		(114	)		5,092
Total		464,622		415,964		(114	)		880,472
Primary Geographic Region:
United States		464,622		348,087		(114	)		812,595
United Kingdom		—		46,267		—			46,267
Canada		—		13,088		—			13,088
Other		—		8,522		—			8,522
	$	464,622	$	415,964	$	(114	)	$	880,472

	Three Months Ended September 30, 2020⁽¹⁾
	Global Wealth Management		Institutional Group		Other		Total
Major business activity:
Commissions	$	120,600	$	52,054	$	—	$	172,654
Capital raising		8,113		129,179		—		137,292
Advisory fees		—		80,842		—		80,842
Investment banking		8,113		210,021		—		218,134
Asset management		230,765		17		—		230,782
Other		14,535		—		794		15,329
Total		374,013		262,092		794		636,899
Primary Geographic Region:
United States		374,013		209,141		794		583,948
United Kingdom		—		30,959		—		30,959
Canada		—		11,133		—		11,133
Other		—		10,859		—		10,859
	$	374,013	$	262,092	$	794	$	636,899

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

	Nine Months Ended September 30, 2021⁽¹⁾
	Global Wealth Management		Institutional Group		Other		Total
Major business activity:
Commissions	$	421,156	$	177,276	$	—	$	598,432
Capital raising		37,027		505,618		—		542,645
Advisory fees		—		545,365		—		545,365
Investment banking		37,027		1,050,983		—		1,088,010
Asset management		887,794		84		—		887,878
Other		28,552		—		1,779		30,331
Total		1,374,529		1,228,343		1,779		2,604,651
Primary Geographic Region:
United States		1,374,529		996,429		1,779		2,372,737
United Kingdom		—		137,482		—		137,482
Canada		—		64,145		—		64,145
Other		—		30,287		—		30,287
	$	1,374,529	$	1,228,343	$	1,779	$	2,604,651

	Nine Months Ended September 30, 2020⁽¹⁾
	Global Wealth Management		Institutional Group		Other		Total
Major business activity:
Commissions	$	373,653	$	187,127	$	—	$	560,780
Capital raising		26,443		333,442		—		359,885
Advisory fees		19		254,733		—		254,752
Investment banking		26,462		588,175		—		614,637
Asset management		667,446		50		—		667,496
Other		30,104		—		2,304		32,408
Total		1,097,665		775,352		2,304		1,875,321
Primary Geographic Region:
United States		1,097,665		609,328		2,304		1,709,297
United Kingdom		—		110,053		—		110,053
Canada		—		27,240		—		27,240
Other		—		28,731		—		28,731
	$	1,097,665	$	775,352	$	2,304	$	1,875,321

⁽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 September 30, 2021. 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 September 30, 2021.

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 $180.0 million and $148.6 million at September 30, 2021 and December 31, 2020, respectively. We had no significant impairments related to these receivables during the nine months ended September 30, 2021.

Our deferred revenue primarily relates to retainer fees received in investment banking advisory engagements and investment advisory fees where the performance obligation has not yet been satisfied. Deferred revenue at September 30, 2021 and December 31, 2020 was $16.8 million and $12.1 million, respectively.