XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.24.3

Revenue and Accounts Receivable (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue [Table Text Block] | The following table presents revenue recognized by the Company for the three and nine months ended September 30, 2024 and 2023:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Investment Banking & Equities: |  |  |  |  |  |  |  |  |
Advisory Fees | $ | 592,980 |  |  | $ | 467,401 |  |  | $ | 1,591,049 |  |  | $ | 1,304,519 |  |  |
Underwriting Fees | 44,132 |  |  | 30,814 |  |  | 130,666 |  |  | 91,897 |  |  |
Commissions and Related Revenue | 54,559 |  |  | 48,697 |  |  | 155,996 |  |  | 146,810 |  |  |
Total Investment Banking & Equities | $ | 691,671 |  |  | $ | 546,912 |  |  | $ | 1,877,711 |  |  | $ | 1,543,226 |  |  |
Investment Management: |  |  |  |  |  |  |  |  |
Asset Management and Administration Fees: |  |  |  |  |  |  |  |  |
Wealth Management | $ | 20,555 |  |  | $ | 17,304 |  |  | $ | 58,454 |  |  | $ | 49,837 |  |  |
Total Investment Management | $ | 20,555 |  |  | $ | 17,304 |  |  | $ | 58,454 |  |  | $ | 49,837 |  |  |
Contract with Customer, Asset and Liability [Table Text Block] | The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the nine months ended September 30, 2024 and 2023 are as follows:
| For the Nine Months Ended September 30, 2024
| Receivables (Current)(1) |  | Receivables (Long-term)(2) |  | Contract Assets (Current)(3) |  | Contract Assets (Long-term)(2) |  | Deferred Revenue (Current Contract Liabilities)(4) |  |
Balance at January 1, 2024 | $ | 371,606 |  |  | $ | 93,689 |  |  | $ | 85,401 |  |  | $ | 5,845 |  |  | $ | 3,524 |  |  |
Increase (Decrease) | 43,888 |  |  | 3,945 |  |  | 25,076 |  |  | (3,170) |  |  | 1,082 |  |  |
Balance at September 30, 2024 | $ | 415,494 |  |  | $ | 97,634 |  |  | $ | 110,477 |  |  | $ | 2,675 |  |  | $ | 4,606 |  |  |
| For the Nine Months Ended September 30, 2023
| Receivables (Current)(1) |  | Receivables (Long-term)(2) |  | Contract Assets (Current)(3) |  | Contract Assets (Long-term)(2) |  | Deferred Revenue (Current Contract Liabilities)(4) |  |
Balance at January 1, 2023 | $ | 385,131 |  |  | $ | 64,139 |  |  | $ | 110,468 |  |  | $ | 8,028 |  |  | $ | 5,071 |  |  |
Increase (Decrease) | (52,138) |  |  | 14,878 |  |  | (67,412) |  |  | (622) |  |  | 3,092 |  |  |
Balance at September 30, 2023 | $ | 332,993 |  |  | $ | 79,017 |  |  | $ | 43,056 |  |  | $ | 7,406 |  |  | $ | 8,163 |  |  |
(1)Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition. (2)Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. (3)Included in Other Current Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. (4)Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | The allowance for credit losses for the three and nine months ended September 30, 2024 and 2023 is as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Beginning Balance | $ | 4,991 |  |  | $ | 8,712 |  |  | $ | 5,603 |  |  | $ | 4,683 |  |  |
Bad debt expense, net of reversals | 1,162 |  |  | (290) |  |  | 2,133 |  |  | 5,007 |  |  |
Write-offs, foreign currency translation and other adjustments | — |  |  | (3,268) |  |  | (1,583) |  |  | (4,536) |  |  |
Ending Balance | $ | 6,153 |  |  | $ | 5,154 |  |  | $ | 6,153 |  |  | $ | 5,154 |  |  |
Accounts Receivable, Noncurrent, Credit Quality Indicator [Table Text Block] | For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets primarily from the Company's private and secondary fund advisory businesses as of September 30, 2024, by year of origination:
| Amortized Carrying Value by Origination Year
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  | Total
Long-term Accounts Receivable and Long-term Contract Assets | $ | 40,038 |  |  | $ | 46,096 |  |  | $ | 10,403 |  |  | $ | 3,274 |  |  | $ | 498 |  |  |  |  |  |  | $ | 100,309 |

X
- Definition Tabular disclosure of allowance for credit loss on accounts receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 + Details
Name: | us-gaap_AccountsReceivableAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of credit quality indicator for accounts receivable, classified as noncurrent. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 + Details
Name: | us-gaap_AccountsReceivableNoncurrentCreditQualityIndicatorTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration