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Segment Operating Results (Tables)
12 Months Ended
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,
 202420232022
Investment Banking & Equities
Net Revenues(1)
$2,898,489 $2,355,943 $2,696,125 
Employee Compensation and Benefits1,927,928 1,617,449 1,658,076 
Non-Compensation(2)
456,257 393,308 351,837 
Special Charges, Including Business Realignment Costs7,305 2,921 3,126 
Operating Income506,999 342,265 683,086 
Income from Equity Method Investments1,073 620 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 Benefits46,108 39,426 39,443 
Non-Compensation(2)
15,081 13,710 13,524 
Operating Income19,915 16,870 12,956 
Income from Equity Method Investments5,158 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 Benefits1,974,036 1,656,875 1,697,519 
Non-Compensation(2)
471,338 407,018 365,361 
Special Charges, Including Business Realignment Costs7,305 2,921 3,126 
Operating Income526,914 359,135 696,042 
Income from Equity Method Investments6,231 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,
 202420232022
Investment Banking & Equities(A)
$86,772 $78,281 $(25,668)
Investment Management1,554 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,
202420232022
Investment Banking & Equities
Occupancy and Equipment Rental$88,604 $82,180 $76,317 
Professional Fees130,397 104,099 103,378 
Travel and Related Expenses78,519 63,798 49,588 
Communications and Information Services78,555 68,937 60,181 
Depreciation and Amortization24,141 23,943 26,976 
Execution, Clearing and Custody Fees11,487 10,724 8,813 
Other Operating Expenses44,554 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 Fees5,329 4,702 4,910 
Travel and Related Expenses927 729 595 
Communications and Information Services2,919 2,666 2,461 
Depreciation and Amortization327 405 737 
Execution, Clearing and Custody Fees1,724 1,551 1,532 
Other Operating Expenses1,506 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 Fees135,726 108,801 108,288 
Travel and Related Expenses79,446 64,527 50,183 
Communications and Information Services81,474 71,603 62,642 
Depreciation and Amortization24,468 24,348 27,713 
Execution, Clearing and Custody Fees13,211 12,275 10,345 
Other Operating Expenses46,060 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,
 202420232022
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-Pacific56,402 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,
20242023
Total Assets:
Americas(1)
$3,496,519 $3,167,244 
EMEA(2)
614,494 481,558 
Asia-Pacific62,958 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.