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Segment Operating Results (Tables) | 9 Months Ended
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Sep. 30, 2023
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,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Investment Banking & Equities |  |  |  |  |  |  |  |  |
Net Revenues(1) | $ | 552,641 |  |  | $ | 560,518 |  |  | $ | 1,589,698 |  |  | $ | 1,880,069 |  |  |
Operating Expenses | 479,429 |  |  | 433,599 |  |  | 1,356,853 |  |  | 1,404,711 |  |  |
Other Expenses | — |  |  | — |  |  | 2,921 |  |  | 532 |  |  |
Operating Income | 73,212 |  |  | 126,919 |  |  | 229,924 |  |  | 474,826 |  |  |
Income from Equity Method Investments | 180 |  |  | 451 |  |  | 394 |  |  | 989 |  |  |
Pre-Tax Income | $ | 73,392 |  |  | $ | 127,370 |  |  | $ | 230,318 |  |  | $ | 475,815 |  |  |
Identifiable Segment Assets | $ | 3,068,495 |  |  | $ | 2,986,364 |  |  | $ | 3,068,495 |  |  | $ | 2,986,364 |  |  |
Investment Management |  |  |  |  |  |  |  |  |
Net Revenues(1) | $ | 17,579 |  |  | $ | 16,419 |  |  | $ | 52,084 |  |  | $ | 50,639 |  |  |
Operating Expenses | 13,965 |  |  | 12,939 |  |  | 40,562 |  |  | 39,520 |  |  |
Operating Income | 3,614 |  |  | 3,480 |  |  | 11,522 |  |  | 11,119 |  |  |
Income from Equity Method Investments | 1,484 |  |  | 1,576 |  |  | 4,280 |  |  | 5,824 |  |  |
Pre-Tax Income | $ | 5,098 |  |  | $ | 5,056 |  |  | $ | 15,802 |  |  | $ | 16,943 |  |  |
Identifiable Segment Assets | $ | 157,303 |  |  | $ | 164,905 |  |  | $ | 157,303 |  |  | $ | 164,905 |  |  |
Total |  |  |  |  |  |  |  |  |
Net Revenues(1) | $ | 570,220 |  |  | $ | 576,937 |  |  | $ | 1,641,782 |  |  | $ | 1,930,708 |  |  |
Operating Expenses | 493,394 |  |  | 446,538 |  |  | 1,397,415 |  |  | 1,444,231 |  |  |
Other Expenses | — |  |  | — |  |  | 2,921 |  |  | 532 |  |  |
Operating Income | 76,826 |  |  | 130,399 |  |  | 241,446 |  |  | 485,945 |  |  |
Income from Equity Method Investments | 1,664 |  |  | 2,027 |  |  | 4,674 |  |  | 6,813 |  |  |
Pre-Tax Income | $ | 78,490 |  |  | $ | 132,426 |  |  | $ | 246,120 |  |  | $ | 492,758 |  |  |
Identifiable Segment Assets | $ | 3,225,798 |  |  | $ | 3,151,269 |  |  | $ | 3,225,798 |  |  | $ | 3,151,269 |  |  |
(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,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Investment Banking & Equities(A) | $ | 5,729 |  |  | $ | (5,603) |  |  | $ | 46,472 |  |  | $ | (40,066) |  |  |
Investment Management | 275 |  |  | 778 |  |  | 2,247 |  |  | 1,915 |  |  |
Total Other Revenue, net | $ | 6,004 |  |  | $ | (4,825) |  |  | $ | 48,719 |  |  | $ | (38,151) |  |  |
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $4,184 and $12,536 for the three and nine months ended September 30, 2023, respectively, and $4,188 and $12,696 for the three and nine months ended September 30, 2022, respectively.
Revenues Derived from Clients 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,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Net Revenues:(1) |  |  |  |  |  |  |  |  |
United States | $ | 417,553 |  |  | $ | 374,571 |  |  | $ | 1,156,979 |  |  | $ | 1,408,491 |  |  |
Europe and Other | 145,065 |  |  | 206,893 |  |  | 425,137 |  |  | 553,926 |  |  |
Latin America | 1,598 |  |  | 298 |  |  | 10,947 |  |  | 6,442 |  |  |
Total | $ | 564,216 |  |  | $ | 581,762 |  |  | $ | 1,593,063 |  |  | $ | 1,968,859 |  |  |
(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, 2023 |  | December 31, 2022
Total Assets: |  |  |
United States | $ | 2,777,971 |  |  | $ | 2,902,153 |
Europe and Other | 447,827 |  |  | 718,770 |
Total | $ | 3,225,798 |  |  | $ | 3,620,923 |

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