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Segment Operating Results (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Information Regarding Operations By Segment | The following information presents each segment's contribution.
|  |  | For the Years Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Investment Banking & Equities |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 2,898,489 |  |  | $ | 2,355,943 |  |  | $ | 2,696,125 |
Employee Compensation and Benefits |  |  |  |  | 1,927,928 |  |  | 1,617,449 |  |  | 1,658,076 |
Non-Compensation(2) |  |  |  |  | 456,257 |  |  | 393,308 |  |  | 351,837 |
Special Charges, Including Business Realignment Costs |  |  |  |  | 7,305 |  |  | 2,921 |  |  | 3,126 |
Operating Income |  |  |  |  | 506,999 |  |  | 342,265 |  |  | 683,086 |
Income from Equity Method Investments |  |  |  |  | 1,073 |  |  | 620 |  |  | 1,217 |
Pre-Tax Income |  |  |  |  | $ | 508,072 |  |  | $ | 342,885 |  |  | $ | 684,303 |
Identifiable Segment Assets |  |  |  |  | $ | 4,022,227 |  |  | $ | 3,541,886 |  |  | $ | 3,446,075 |
Investment Management |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 81,104 |  |  | $ | 70,006 |  |  | $ | 65,923 |
Employee Compensation and Benefits |  |  |  |  | 46,108 |  |  | 39,426 |  |  | 39,443 |
Non-Compensation(2) |  |  |  |  | 15,081 |  |  | 13,710 |  |  | 13,524 |
Operating Income |  |  |  |  | 19,915 |  |  | 16,870 |  |  | 12,956 |
Income from Equity Method Investments |  |  |  |  | 5,158 |  |  | 6,035 |  |  | 6,782 |
Pre-Tax Income |  |  |  |  | $ | 25,073 |  |  | $ | 22,905 |  |  | $ | 19,738 |
Identifiable Segment Assets |  |  |  |  | $ | 151,744 |  |  | $ | 161,412 |  |  | $ | 174,848 |
Total |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 2,979,593 |  |  | $ | 2,425,949 |  |  | $ | 2,762,048 |
Employee Compensation and Benefits |  |  |  |  | 1,974,036 |  |  | 1,656,875 |  |  | 1,697,519 |
Non-Compensation(2) |  |  |  |  | 471,338 |  |  | 407,018 |  |  | 365,361 |
Special Charges, Including Business Realignment Costs |  |  |  |  | 7,305 |  |  | 2,921 |  |  | 3,126 |
Operating Income |  |  |  |  | 526,914 |  |  | 359,135 |  |  | 696,042 |
Income from Equity Method Investments |  |  |  |  | 6,231 |  |  | 6,655 |  |  | 7,999 |
Pre-Tax Income |  |  |  |  | $ | 533,145 |  |  | $ | 365,790 |  |  | $ | 704,041 |
Identifiable Segment Assets |  |  |  |  | $ | 4,173,971 |  |  | $ | 3,703,298 |  |  | $ | 3,620,923 |
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Investment Banking & Equities(A) |  |  |  |  | $ | 86,772 |  |  | $ | 78,281 |  |  | $ | (25,668) |
Investment Management |  |  |  |  | 1,554 |  |  | 2,965 |  |  | 1,440 |
Total Other Revenue, net |  |  |  |  | $ | 88,326 |  |  | $ | 81,246 |  |  | $ | (24,228) |
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $16,768, $16,717 and $16,850 for the years ended December 31, 2024, 2023 and 2022, respectively. (2)Non-Compensation expenses are as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Investment Banking & Equities |  |  |  |  |  |  |  |  |
Occupancy and Equipment Rental |  |  |  |  | $ | 88,604 |  |  | $ | 82,180 |  |  | $ | 76,317 |
Professional Fees |  |  |  |  | 130,397 |  |  | 104,099 |  |  | 103,378 |
Travel and Related Expenses |  |  |  |  | 78,519 |  |  | 63,798 |  |  | 49,588 |
Communications and Information Services |  |  |  |  | 78,555 |  |  | 68,937 |  |  | 60,181 |
Depreciation and Amortization |  |  |  |  | 24,141 |  |  | 23,943 |  |  | 26,976 |
Execution, Clearing and Custody Fees |  |  |  |  | 11,487 |  |  | 10,724 |  |  | 8,813 |
Other Operating Expenses |  |  |  |  | 44,554 |  |  | 39,627 |  |  | 26,584 |
Total Non-Compensation |  |  |  |  | $ | 456,257 |  |  | $ | 393,308 |  |  | $ | 351,837 |
Investment Management |  |  |  |  |  |  |  |  |
Occupancy and Equipment Rental |  |  |  |  | $ | 2,349 |  |  | $ | 2,149 |  |  | $ | 2,120 |
Professional Fees |  |  |  |  | 5,329 |  |  | 4,702 |  |  | 4,910 |
Travel and Related Expenses |  |  |  |  | 927 |  |  | 729 |  |  | 595 |
Communications and Information Services |  |  |  |  | 2,919 |  |  | 2,666 |  |  | 2,461 |
Depreciation and Amortization |  |  |  |  | 327 |  |  | 405 |  |  | 737 |
Execution, Clearing and Custody Fees |  |  |  |  | 1,724 |  |  | 1,551 |  |  | 1,532 |
Other Operating Expenses |  |  |  |  | 1,506 |  |  | 1,508 |  |  | 1,169 |
Total Non-Compensation |  |  |  |  | $ | 15,081 |  |  | $ | 13,710 |  |  | $ | 13,524 |
Total |  |  |  |  |  |  |  |  |
Occupancy and Equipment Rental |  |  |  |  | $ | 90,953 |  |  | $ | 84,329 |  |  | $ | 78,437 |
Professional Fees |  |  |  |  | 135,726 |  |  | 108,801 |  |  | 108,288 |
Travel and Related Expenses |  |  |  |  | 79,446 |  |  | 64,527 |  |  | 50,183 |
Communications and Information Services |  |  |  |  | 81,474 |  |  | 71,603 |  |  | 62,642 |
Depreciation and Amortization |  |  |  |  | 24,468 |  |  | 24,348 |  |  | 27,713 |
Execution, Clearing and Custody Fees |  |  |  |  | 13,211 |  |  | 12,275 |  |  | 10,345 |
Other Operating Expenses |  |  |  |  | 46,060 |  |  | 41,135 |  |  | 27,753 |
Total Non-Compensation |  |  |  |  | $ | 471,338 |  |  | $ | 407,018 |  |  | $ | 365,361 |
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 Years Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Net Revenues:(1) |  |  |  |  |  |  |  |  |
Americas(2) |  |  |  |  | $ | 2,331,369 |  |  | $ | 1,826,861 |  |  | $ | 2,185,165 |
Europe, Middle East and Africa ("EMEA") |  |  |  |  | 503,496 |  |  | 469,694 |  |  | 534,784 |
Asia-Pacific |  |  |  |  | 56,402 |  |  | 48,148 |  |  | 66,327 |
Total |  |  |  |  | $ | 2,891,267 |  |  | $ | 2,344,703 |  |  | $ | 2,786,276 |
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense. (2)Primarily includes revenue attributable to the United States of $2,187,916, $1,719,337 and $1,989,387 for the years ended December 31, 2024, 2023 and 2022, respectively.
Assets by Geographic Areas | The Company's total assets are located in the following geographical areas:
| December 31,
| 2024 |  | 2023
Total Assets: |  |  |
Americas(1) | $ | 3,496,519 |  |  | $ | 3,167,244 |
EMEA(2) | 614,494 |  |  | 481,558 |
Asia-Pacific | 62,958 |  |  | 54,496 |
Total | $ | 4,173,971 |  |  | $ | 3,703,298 |
(1)Primarily includes assets located in the United States. (2)Primarily includes assets located in the United Kingdom.

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