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Segment Operating Results (Tables)

9 Months Ended

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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