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Segment Operating Results (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Information Regarding Operations By Segment | The following information presents each segment's contribution.
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Investment Banking & Equities |  |  |  |  |  |  |  |  |
Net Revenues(1) | $ | 670,010 |  |  | $ | 482,246 |  |  | $ | 1,231,738 |  |  | $ | 1,037,057 |  |  |
Operating Expenses | 566,368 |  |  | 428,344 |  |  | 1,049,206 |  |  | 877,424 |  |  |
Other Expenses | — |  |  | — |  |  | — |  |  | 2,921 |  |  |
Operating Income | 103,642 |  |  | 53,902 |  |  | 182,532 |  |  | 156,712 |  |  |
Income from Equity Method Investments | 147 |  |  | 143 |  |  | 835 |  |  | 214 |  |  |
Pre-Tax Income | $ | 103,789 |  |  | $ | 54,045 |  |  | $ | 183,367 |  |  | $ | 156,926 |  |  |
Identifiable Segment Assets | $ | 3,176,797 |  |  | $ | 2,900,384 |  |  | $ | 3,176,797 |  |  | $ | 2,900,384 |  |  |
Investment Management |  |  |  |  |  |  |  |  |
Net Revenues(1) | $ | 19,214 |  |  | $ | 17,173 |  |  | $ | 38,301 |  |  | $ | 34,505 |  |  |
Operating Expenses | 14,613 |  |  | 13,359 |  |  | 28,470 |  |  | 26,597 |  |  |
Operating Income | 4,601 |  |  | 3,814 |  |  | 9,831 |  |  | 7,908 |  |  |
Income from Equity Method Investments | 1,710 |  |  | 1,399 |  |  | 3,347 |  |  | 2,796 |  |  |
Pre-Tax Income | $ | 6,311 |  |  | $ | 5,213 |  |  | $ | 13,178 |  |  | $ | 10,704 |  |  |
Identifiable Segment Assets | $ | 139,201 |  |  | $ | 151,060 |  |  | $ | 139,201 |  |  | $ | 151,060 |  |  |
Total |  |  |  |  |  |  |  |  |
Net Revenues(1) | $ | 689,224 |  |  | $ | 499,419 |  |  | $ | 1,270,039 |  |  | $ | 1,071,562 |  |  |
Operating Expenses | 580,981 |  |  | 441,703 |  |  | 1,077,676 |  |  | 904,021 |  |  |
Other Expenses | — |  |  | — |  |  | — |  |  | 2,921 |  |  |
Operating Income | 108,243 |  |  | 57,716 |  |  | 192,363 |  |  | 164,620 |  |  |
Income from Equity Method Investments | 1,857 |  |  | 1,542 |  |  | 4,182 |  |  | 3,010 |  |  |
Pre-Tax Income | $ | 110,100 |  |  | $ | 59,258 |  |  | $ | 196,545 |  |  | $ | 167,630 |  |  |
Identifiable Segment Assets | $ | 3,315,998 |  |  | $ | 3,051,444 |  |  | $ | 3,315,998 |  |  | $ | 3,051,444 |  |  |
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Investment Banking & Equities(A) | $ | 17,581 |  |  | $ | 19,442 |  |  | $ | 45,698 |  |  | $ | 40,743 |  |  |
Investment Management | 14 |  |  | 598 |  |  | 402 |  |  | 1,972 |  |  |
Total Other Revenue, net | $ | 17,595 |  |  | $ | 20,040 |  |  | $ | 46,100 |  |  | $ | 42,715 |  |  |
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $4,189 and $8,377 for the three and six months ended June 30, 2024, respectively, and $4,181 and $8,352 for the three and six months ended June 30, 2023, 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 June 30, |  | For the Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Net Revenues:(1) |  |  |  |  |  |  |  |  |
United States | $ | 534,510 |  |  | $ | 344,238 |  |  | $ | 989,746 |  |  | $ | 739,426 |  |  |
Europe and Other | 136,755 |  |  | 127,545 |  |  | 233,683 |  |  | 280,072 |  |  |
Latin America | 364 |  |  | 7,596 |  |  | 510 |  |  | 9,349 |  |  |
Total | $ | 671,629 |  |  | $ | 479,379 |  |  | $ | 1,223,939 |  |  | $ | 1,028,847 |  |  |
(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:
| June 30, 2024 |  | December 31, 2023
Total Assets: |  |  |
United States | $ | 2,888,834 |  |  | $ | 3,146,756 |
Europe and Other | 427,164 |  |  | 556,542 |
Total | $ | 3,315,998 |  |  | $ | 3,703,298 |

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