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Segment Operating Results (Tables)

9 Months Ended

Sep. 30, 2021

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,
			2021						2020						2021						2020
Investment Banking
Net Revenues(1)			$	806,918					$	385,463					$	2,125,023					$	1,294,493
Operating Expenses			556,277						318,655						1,480,963						1,057,926
Other Expenses(2)			—						7,703						7						42,092
Operating Income			250,641						59,105						644,053						194,475
Income from Equity Method Investments			564						570						1,282						1,171
Pre-Tax Income			$	251,205					$	59,675					$	645,335					$	195,646
Identifiable Segment Assets			$	3,097,453					$	2,460,068					$	3,097,453					$	2,460,068
Investment Management
Net Revenues(1)			$	16,637					$	17,052					$	48,707					$	42,104
Operating Expenses			13,571						12,171						37,832						36,529
Other Expenses(2)			8,554						300						8,554						332
Operating Income (Loss)			(5,488)						4,581						2,321						5,243
Income from Equity Method Investments			3,117						2,541						8,817						7,381
Pre-Tax Income (Loss)			$	(2,371)					$	7,122					$	11,138					$	12,624
Identifiable Segment Assets			$	174,435					$	185,390					$	174,435					$	185,390
Total
Net Revenues(1)			$	823,555					$	402,515					$	2,173,730					$	1,336,597
Operating Expenses			569,848						330,826						1,518,795						1,094,455
Other Expenses(2)			8,554						8,003						8,561						42,424
Operating Income			245,153						63,686						646,374						199,718
Income from Equity Method Investments			3,681						3,111						10,099						8,552
Pre-Tax Income			$	248,834					$	66,797					$	656,473					$	208,270
Identifiable Segment Assets			$	3,271,888					$	2,645,458					$	3,271,888					$	2,645,458

(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,
			2021						2020						2021						2020
Investment Banking(A)			$	(2,559)					$	4,299					$	11,258					$	(6,254)
Investment Management			(323)						3,027						615						2,379
Total Other Revenue, net			$	(2,882)					$	7,326					$	11,873					$	(3,875)

(A)Other Revenue, net, from Investment Banking includes interest expense on the Notes Payable and lines of credit of $4,393 and $13,269 for the three and nine months ended September 30, 2021, respectively, and $4,218 and $13,594 for the three and nine months ended September 30, 2020, respectively.

(2)Other Expenses are as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2021						2020						2021						2020
Investment Banking
Amortization of LP Units			$	—					$	—					$	—					$	1,067
Special Charges, Including Business Realignment Costs			—						7,380						—						39,582
Acquisition and Transition Costs			—						154						7						260
Intangible Asset Amortization			—						169						—						1,183
Total Investment Banking			—						7,703						7						42,092
Investment Management
Special Charges, Including Business Realignment Costs			8,554						—						8,554						32
Acquisition and Transition Costs			—						300						—						300
Total Investment Management			8,554						300						8,554						332
Total Other Expenses			$	8,554					$	8,003					$	8,561					$	42,424

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,
			2021						2020						2021						2020
Net Revenues:(1)
United States			$	659,158					$	285,421					$	1,648,128					$	1,042,798
Europe and Other			165,065						104,197						508,796						284,442
Latin America			2,214						5,571						4,933						13,232
Total			$	826,437					$	395,189					$	2,161,857					$	1,340,472

(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, 2021						December 31, 2020
Total Assets:
United States			$	2,723,866					$	2,862,343
Europe and Other			548,022						508,545
Total			$	3,271,888					$	3,370,888

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