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Segment Operating Results (Tables)

9 Months Ended

Sep. 30, 2018

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,
	2018				2017				2018				2017
Investment Banking
Net Revenues(1)	$	366,834			$	388,299			$	1,252,709			$	1,115,478
Operating Expenses	287,809				293,264				946,629				844,573
Other Expenses(2)	7,888				11,748				21,805				26,663
Operating Income	71,137				83,287				284,275				244,242
Income (Loss) from Equity Method Investments	—				(75		)		297				(111		)
Pre-Tax Income	$	71,137			$	83,212			$	284,572			$	244,131
Identifiable Segment Assets	$	1,294,106			$	1,239,812			$	1,294,106			$	1,239,812
Investment Management
Net Revenues(1)	$	14,425			$	18,302			$	40,590			$	48,840
Operating Expenses	11,022				14,027				32,973				40,441
Other Expenses(2)	—				492				21				7,976
Operating Income	3,403				3,783				7,596				423
Income from Equity Method Investments	2,298				1,902				6,545				5,618
Pre-Tax Income	$	5,701			$	5,685			$	14,141			$	6,041
Identifiable Segment Assets	$	411,501			$	321,223			$	411,501			$	321,223
Total
Net Revenues(1)	$	381,259			$	406,601			$	1,293,299			$	1,164,318
Operating Expenses	298,831				307,291				979,602				885,014
Other Expenses(2)	7,888				12,240				21,826				34,639
Operating Income	74,540				87,070				291,871				244,665
Income from Equity Method Investments	2,298				1,827				6,842				5,507
Pre-Tax Income	$	76,838			$	88,897			$	298,713			$	250,172
Identifiable Segment Assets	$	1,705,607			$	1,561,035			$	1,705,607			$	1,561,035

(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,
	2018				2017				2018				2017
Investment Banking(A)	$	4,108			$	(878	)		$	3,219			$	(3,431	)
Investment Management(B)	1,747				2,018				3,987				1,803
Total Other Revenue, net	$	5,855			$	1,140			$	7,206			$	(1,628	)

(A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $2,300 and $6,861 for the three and nine months ended September 30, 2018, respectively, and $2,488 and $7,494 for the three and nine months ended September 30, 2017, respectively. Also includes ($343) and ($606) of principal trading losses for the three and nine months ended September 30, 2017, respectively, to conform to the current presentation.

(B) Includes $1,952 and $1,427 of net realized and unrealized gains on private equity investments for the three and nine months ended September 30, 2017, respectively, to conform to the current presentation.

(2) Other Expenses are as follows:

	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2018				2017				2018				2017
Investment Banking
Amortization of LP Units / Interests and Certain Other Awards	$	3,764			$	9,249			$	11,470			$	4,980
Special Charges	1,967				—				3,864				14,400
Acquisition and Transition Costs	—				107				—				107
Intangible Asset and Other Amortization	2,157				2,392				6,471				7,176
Total Investment Banking	7,888				11,748				21,805				26,663
Investment Management
Special Charges	—				—				—				7,107
Acquisition and Transition Costs	—				492				21				869
Total Investment Management	—				492				21				7,976
Total Other Expenses	$	7,888			$	12,240			$	21,826			$	34,639

Revenues Derived from Clients and Private Equity Funds by Geographical Areas

.

The Company's revenues were derived from clients located and managed in the following geographical areas:

	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2018				2017				2018				2017
Net Revenues:(1)
United States	$	290,944			$	305,062			$	1,023,686			$	842,814
Europe and Other	82,063				94,654				239,226				314,154
Latin America	2,397				5,745				23,181				8,978
Total	$	375,404			$	405,461			$	1,286,093			$	1,165,946

(1) Excludes Other Revenue, Including Interest and Investments, and Interest Expense.

Assets by Geographic Areas

.

The Company's total assets are located in the following geographical areas:

	September 30, 2018				December 31, 2017
Total Assets:
United States	$	1,438,902			$	1,284,163
Europe and Other	200,020				234,984
Latin America	66,685				65,739
Total	$	1,705,607			$	1,584,886

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