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Segment Operating Results (Tables) | 9 Months Ended
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Sep. 30, 2019
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,
| 2019 |  | 2018 |  | 2019 |  | 2018
Investment Banking |  |  |  |  |  |  |
Net Revenues(1) | $ | 388,012 |  |  | $ | 366,834 |  |  | $ | 1,305,586 |  |  | $ | 1,252,709 |
Operating Expenses | 311,697 |  |  | 287,809 |  |  | 1,008,985 |  |  | 946,629 |
Other Expenses(2) | 7,917 |  |  | 7,888 |  |  | 22,084 |  |  | 21,805 |
Operating Income | 68,398 |  |  | 71,137 |  |  | 274,517 |  |  | 284,275 |
Income from Equity Method Investments | 282 |  |  | — |  |  | 756 |  |  | 297 |
Pre-Tax Income | $ | 68,680 |  |  | $ | 71,137 |  |  | $ | 275,273 |  |  | $ | 284,572 |
Identifiable Segment Assets | $ | 2,018,087 |  |  | $ | 1,294,106 |  |  | $ | 2,018,087 |  |  | $ | 1,294,106 |
Investment Management |  |  |  |  |  |  |
Net Revenues(1) | $ | 14,186 |  |  | $ | 14,425 |  |  | $ | 42,985 |  |  | $ | 40,590 |
Operating Expenses | 12,040 |  |  | 11,022 |  |  | 36,206 |  |  | 32,973 |
Other Expenses(2) | 200 |  |  | — |  |  | 308 |  |  | 21 |
Operating Income | 1,946 |  |  | 3,403 |  |  | 6,471 |  |  | 7,596 |
Income from Equity Method Investments | 2,280 |  |  | 2,298 |  |  | 6,470 |  |  | 6,545 |
Pre-Tax Income | $ | 4,226 |  |  | $ | 5,701 |  |  | $ | 12,941 |  |  | $ | 14,141 |
Identifiable Segment Assets | $ | 193,016 |  |  | $ | 411,501 |  |  | $ | 193,016 |  |  | $ | 411,501 |
Total |  |  |  |  |  |  |
Net Revenues(1) | $ | 402,198 |  |  | $ | 381,259 |  |  | $ | 1,348,571 |  |  | $ | 1,293,299 |
Operating Expenses | 323,737 |  |  | 298,831 |  |  | 1,045,191 |  |  | 979,602 |
Other Expenses(2) | 8,117 |  |  | 7,888 |  |  | 22,392 |  |  | 21,826 |
Operating Income | 70,344 |  |  | 74,540 |  |  | 280,988 |  |  | 291,871 |
Income from Equity Method Investments | 2,562 |  |  | 2,298 |  |  | 7,226 |  |  | 6,842 |
Pre-Tax Income | $ | 72,906 |  |  | $ | 76,838 |  |  | $ | 288,214 |  |  | $ | 298,713 |
Identifiable Segment Assets | $ | 2,211,103 |  |  | $ | 1,705,607 |  |  | $ | 2,211,103 |  |  | $ | 1,705,607 |
(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,
| 2019 |  | 2018 |  | 2019 |  | 2018
Investment Banking(A) | $ | 2,709 |  |  | $ | 4,108 |  |  | $ | 16,432 |  |  | $ | 3,219 |
Investment Management | 1,536 |  |  | 1,747 |  |  | 5,533 |  |  | 3,987 |
Total Other Revenue, net | $ | 4,245 |  |  | $ | 5,855 |  |  | $ | 21,965 |  |  | $ | 7,206 |
(A) | Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and lines of credit of $3,786 and $8,354 for the three and nine months ended September 30, 2019, respectively, and $2,300 and $6,861 for the three and nine months ended September 30, 2018, respectively.
(2) | Other Expenses are as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Investment Banking |  |  |  |  |  |  |
Amortization of LP Units and Certain Other Awards | $ | 4,551 |  |  | $ | 3,764 |  |  | $ | 12,346 |  |  | $ | 11,470 |
Special Charges | 1,029 |  |  | 1,967 |  |  | 3,087 |  |  | 3,864 |
Acquisition and Transition Costs | 180 |  |  | — |  |  | 180 |  |  | — |
Intangible Asset and Other Amortization | 2,157 |  |  | 2,157 |  |  | 6,471 |  |  | 6,471 |
Total Investment Banking | 7,917 |  |  | 7,888 |  |  | 22,084 |  |  | 21,805 |
Investment Management |  |  |  |  |  |  |
Acquisition and Transition Costs | 200 |  |  | — |  |  | 308 |  |  | 21 |
Total Investment Management | 200 |  |  | — |  |  | 308 |  |  | 21 |
Total Other Expenses | $ | 8,117 |  |  | $ | 7,888 |  |  | $ | 22,392 |  |  | $ | 21,826 |
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,
| 2019 |  | 2018 |  | 2019 |  | 2018
Net Revenues:(1) |  |  |  |  |  |  |
United States | $ | 317,203 |  |  | $ | 290,944 |  |  | $ | 977,870 |  |  | $ | 1,023,686 |
Europe and Other | 77,779 |  |  | 82,063 |  |  | 337,207 |  |  | 239,226 |
Latin America | 2,971 |  |  | 2,397 |  |  | 11,529 |  |  | 23,181 |
Total | $ | 397,953 |  |  | $ | 375,404 |  |  | $ | 1,326,606 |  |  | $ | 1,286,093 |
(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, 2019 |  | December 31, 2018
Total Assets: |  |  |
United States | $ | 1,867,620 |  |  | $ | 1,757,589 |
Europe and Other | 280,056 |  |  | 298,917 |
Latin America | 63,427 |  |  | 69,161 |
Total | $ | 2,211,103 |  |  | $ | 2,125,667 |

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