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Revenue and Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents revenue recognized by the Company for the years ended December 31, 2024, 2023 and 2022:
For the Years Ended December 31,
202420232022
Investment Banking & Equities:
Advisory Fees$2,440,605 $1,963,857 $2,392,990 
Underwriting Fees157,067 111,016 122,596 
Commissions and Related Revenue214,045 202,789 206,207 
Total Investment Banking & Equities$2,811,717 $2,277,662 $2,721,793 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$79,550 $67,041 $64,483 
Total Investment Management$79,550 $67,041 $64,483 
Contract with Customer, Asset and Liability
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 years ended December 31, 2024 and 2023 are as follows:
For the Year Ended December 31, 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)49,896 7,625 (23,022)8,632 58 
Balance at December 31, 2024$421,502 $101,314 $62,379 $14,477 $3,582 
For the Year Ended December 31, 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)(13,525)29,550 (25,067)(2,183)(1,547)
Balance at December 31, 2023$371,606 $93,689 $85,401 $5,845 $3,524 
(1)Included in Accounts Receivable on the Consolidated Statements of Financial Condition.
(2)Included in Other Assets on the Consolidated Statements of Financial Condition.
(3)Included in Other Current Assets on the Consolidated Statements of Financial Condition.
(4)Included in Other Current Liabilities on the Consolidated Statements of Financial Condition.
Accounts Receivable, Allowance for Credit Loss
The allowance for credit losses for the years ended December 31, 2024 and 2023 is as follows:
For the Years Ended December 31,
20242023
Beginning Balance$5,603 $4,683 
Bad debt expense, net of reversals2,334 5,559 
Write-offs, foreign currency translation and other adjustments(5,684)(4,639)
Ending Balance$2,253 $5,603 
Accounts Receivable, Noncurrent, Credit Quality Indicator
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 December 31, 2024, by year of origination:
Amortized Carrying Value by Origination Year
20242023202220212020Total
Long-term Accounts Receivable and Long-term Contract Assets$79,311 $24,432 $10,719 $1,329 $— $115,791