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Segment Operating Results (Tables) | 9 Months Ended
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Sep. 30, 2016
Segment Reporting [Abstract] |
Information Regarding Operations By Segment | The following information presents each segment’s contribution.
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Investment Banking |  |  |  |  |  |  |
Net Revenues (1) | $ | 368,634 |  |  | $ | 285,918 |  |  | $ | 936,504 |  |  | $ | 746,875 |
Operating Expenses | 268,666 |  |  | 220,565 |  |  | 707,846 |  |  | 586,200 |
Other Expenses (2) | 17,422 |  |  | 30,131 |  |  | 75,854 |  |  | 85,168 |
Operating Income | 82,546 |  |  | 35,222 |  |  | 152,804 |  |  | 75,507 |
Income (Loss) from Equity Method Investments | (112 | ) |  | (528 | ) |  | (94 | ) |  | 238 |
Pre-Tax Income | $ | 82,434 |  |  | $ | 34,694 |  |  | $ | 152,710 |  |  | $ | 75,745 |
Identifiable Segment Assets | $ | 1,114,565 |  |  | $ | 919,000 |  |  | $ | 1,114,565 |  |  | $ | 919,000 |
Investment Management |  |  |  |  |  |  |
Net Revenues (1) | $ | 17,680 |  |  | $ | 23,033 |  |  | $ | 58,179 |  |  | $ | 68,155 |
Operating Expenses | 14,843 |  |  | 18,275 |  |  | 46,357 |  |  | 58,050 |
Other Expenses (2) | 298 |  |  | 28,082 |  |  | 811 |  |  | 31,605 |
Operating Income (Loss) | 2,539 |  |  | (23,324 | ) |  | 11,011 |  |  | (21,500 | )
Income from Equity Method Investments | 1,290 |  |  | 1,457 |  |  | 4,223 |  |  | 3,796 |
Pre-Tax Income (Loss) | $ | 3,829 |  |  | $ | (21,867 | ) |  | $ | 15,234 |  |  | $ | (17,704 | )
Identifiable Segment Assets | $ | 347,065 |  |  | $ | 411,389 |  |  | $ | 347,065 |  |  | $ | 411,389 |
Total |  |  |  |  |  |  |
Net Revenues (1) | $ | 386,314 |  |  | $ | 308,951 |  |  | $ | 994,683 |  |  | $ | 815,030 |
Operating Expenses | 283,509 |  |  | 238,840 |  |  | 754,203 |  |  | 644,250 |
Other Expenses (2) | 17,720 |  |  | 58,213 |  |  | 76,665 |  |  | 116,773 |
Operating Income | 85,085 |  |  | 11,898 |  |  | 163,815 |  |  | 54,007 |
Income from Equity Method Investments | 1,178 |  |  | 929 |  |  | 4,129 |  |  | 4,034 |
Pre-Tax Income | $ | 86,263 |  |  | $ | 12,827 |  |  | $ | 167,944 |  |  | $ | 58,041 |
Identifiable Segment Assets | $ | 1,461,630 |  |  | $ | 1,330,389 |  |  | $ | 1,461,630 |  |  | $ | 1,330,389 |
(1) | Net revenues include Other Revenue, net, allocated to the segments as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Investment Banking (A) | $ | 200 |  |  | $ | 357 |  |  | $ | 270 |  |  | $ | (2,874 | )
Investment Management (B) | 522 |  |  | (779 | ) |  | 337 |  |  | (2,243 | )
Total Other Revenue, net | $ | 722 |  |  | $ | (422 | ) |  | $ | 607 |  |  | $ | (5,117 | )
(A) | Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $2,592 and $6,946 for the three and nine months ended September 30, 2016, respectively, and $1,452 and $4,889 for the three and nine months ended September 30, 2015, respectively.
(B) | Investment Management Other Revenue, net, includes interest expense on the Notes Payable and the line of credit of $670 for the nine months ended September 30, 2016 and $962 and $2,874 for the three and nine months ended September 30, 2015, respectively.
(2) | Other Expenses are as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Investment Banking |  |  |  |  |  |  |
Amortization of LP Units / Interests and Certain Other Awards | $ | 13,859 |  |  | $ | 21,980 |  |  | $ | 66,356 |  |  | $ | 66,123 |
Other Acquisition Related Compensation Charges | — |  |  | — |  |  | — |  |  | 1,537 |
Special Charges | — |  |  | — |  |  | — |  |  | 2,151 |
Acquisition and Transition Costs | 41 |  |  | 538 |  |  | (692 | ) |  | 1,928 |
Fair Value of Contingent Consideration | 984 |  |  | 2,797 |  |  | 1,671 |  |  | 2,797 |
Intangible Asset and Other Amortization | 2,538 |  |  | 4,816 |  |  | 8,519 |  |  | 10,632 |
Total Investment Banking | 17,422 |  |  | 30,131 |  |  | 75,854 |  |  | 85,168 |
Investment Management |  |  |  |  |  |  |
Special Charges | — |  |  | 28,000 |  |  | — |  |  | 31,348 |
Acquisition and Transition Costs | 298 |  |  | — |  |  | 702 |  |  | 11 |
Intangible Asset and Other Amortization | — |  |  | 82 |  |  | 109 |  |  | 246 |
Total Investment Management | 298 |  |  | 28,082 |  |  | 811 |  |  | 31,605 |
Total Other Expenses | $ | 17,720 |  |  | $ | 58,213 |  |  | $ | 76,665 |  |  | $ | 116,773 |
Revenues Derived from Clients and Private Equity Funds by Geographical Areas | The Company’s revenues were derived from clients and private equity funds located and managed in the following geographical areas:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Net Revenues: (1) |  |  |  |  |  |  |
United States | $ | 322,128 |  |  | $ | 238,231 |  |  | $ | 714,983 |  |  | $ | 603,239 |
Europe and Other | 54,690 |  |  | 61,838 |  |  | 247,371 |  |  | 189,976 |
Latin America | 8,774 |  |  | 9,304 |  |  | 31,722 |  |  | 26,932 |
Total | $ | 385,592 |  |  | $ | 309,373 |  |  | $ | 994,076 |  |  | $ | 820,147 |
(1) Excludes Other Revenue and Interest Expense
Assets by Geographic Areas | The Company’s total assets are located in the following geographical areas:
| September 30, 2016 |  | December 31, 2015
Total Assets: |  |  |
United States | $ | 1,196,511 |  |  | $ | 1,135,570 |
Europe and Other | 179,333 |  |  | 221,358 |
Latin America | 85,786 |  |  | 122,243 |
Total | $ | 1,461,630 |  |  | $ | 1,479,171 |

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