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Revenue and Accounts Receivable (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents revenue recognized by the Company for the three and nine months ended September 30, 2025 and 2024:
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025202420252024
Investment Banking & Equities:
Advisory Fees$883,712 $592,980 $2,138,805 $1,591,049 
Underwriting Fees43,730 44,132 130,191 130,666 
Commissions and Related Revenue62,816 54,559 176,198 155,996 
Total Investment Banking & Equities$990,258 $691,671 $2,445,194 $1,877,711 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$22,477 $20,555 $64,144 $58,454 
Total Investment Management$22,477 $20,555 $64,144 $58,454 
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 nine months ended September 30, 2025 and 2024 are as follows:
For the Nine Months Ended September 30, 2025
Receivables
(Current)(1)
Receivables
(Long-term)(2)
Contract Assets (Current)(3)
Contract Assets (Long-term)(2)
Deferred Revenue
(Contract Liabilities)(4)
Balance at January 1, 2025$421,502 $101,314 $62,379 $14,477 $3,582 
Increase (Decrease)101,819 11,925 (1,053)17,616 2,165 
Balance at September 30, 2025$523,321 $113,239 $61,326 $32,093 $5,747 
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
(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 
(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
The allowance for credit losses for the three and nine months ended September 30, 2025 and 2024 is as follows:
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025202420252024
Beginning Balance$3,894 $4,991 $2,253 $5,603 
Bad debt expense, net of reversals1,286 1,162 4,815 2,133 
Write-offs, foreign currency translation and other adjustments(3,016)— (4,904)(1,583)
Ending Balance$2,164 $6,153 $2,164 $6,153 
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 September 30, 2025, by year of origination:
Amortized Carrying Value by Origination Year
20252024202320222021Total
Long-term Accounts Receivable and Long-term Contract Assets$71,440 $52,474 $15,384 $5,856 $178 $145,332