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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s reportable segments offer different products and services and are managed separately, as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed to determine the allocation of resources and to assess its performance. The Company’s principal operating activities are included in its Financial Advisory and Asset Management business segments as described in Note 1. In addition, as described in Note 1, the Company records selected other activities in its Corporate segment. The Company’s segment information for the three month and nine month periods ended September 30, 2023 and 2022 is prepared using the following methodology: •Revenue and expenses directly associated with each segment are included in determining operating income. •Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including headcount, square footage and other factors. •Segment assets are based on those directly associated with each segment, and include an allocation of certain assets relating to various segments, based on the most relevant measures applicable, including headcount, square footage and other factors. The Company records other revenue, interest income and interest expense among the various segments based on the segment in which the underlying asset or liability is reported. Each segment’s operating expenses include (i) compensation and benefits expenses incurred directly in support of the businesses and (ii) other operating expenses, which include directly incurred expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, human resources, legal, facilities management and senior management activities. Management evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Financial Advisory | Net Revenue | $ | 266,048 |  |  | $ | 456,521 |  |  | $ | 896,099 |  |  | $ | 1,254,621 |  |  |  |  |
| Operating Expenses | 295,609 |  |  | 341,578 |  |  | 1,063,789 |  |  | 956,410 |  |  |  |  |
| Operating Income (Loss) | $ | (29,561) |  |  | $ | 114,943 |  |  | $ | (167,690) |  |  | $ | 298,211 |  |  |  |  |
Asset Management | Net Revenue | $ | 284,855 |  |  | $ | 298,797 |  |  | $ | 857,212 |  |  | $ | 926,449 |  |  |  |  |
| Operating Expenses | 232,011 |  |  | 233,614 |  |  | 749,281 |  |  | 707,676 |  |  |  |  |
| Operating Income | $ | 52,844 |  |  | $ | 65,183 |  |  | $ | 107,931 |  |  | $ | 218,773 |  |  |  |  |
Corporate | Net Revenue (Loss) | $ | (26,985) |  |  | $ | (28,574) |  |  | $ | (43,843) |  |  | $ | (119,888) |  |  |  |  |
| Operating Expenses (Credit) | 1,155 |  |  | (6,590) |  |  | 48,252 |  |  | (46,612) |  |  |  |  |
| Operating Loss | $ | (28,140) |  |  | $ | (21,984) |  |  | $ | (92,095) |  |  | $ | (73,276) |  |  |  |  |
Total | Net Revenue | $ | 523,918 |  |  | $ | 726,744 |  |  | $ | 1,709,468 |  |  | $ | 2,061,182 |  |  |  |  |
| Operating Expenses | 528,775 |  |  | 568,602 |  |  | 1,861,322 |  |  | 1,617,474 |  |  |  |  |
| Operating Income (Loss) | $ | (4,857) |  |  | $ | 158,142 |  |  | $ | (151,854) |  |  | $ | 443,708 |  |  |  |  |
| As Of
| September 30, 2023 |  | December 31, 2022
Total Assets |  |  |
Financial Advisory | $ | 1,036,825 |  |  | $ | 1,099,921 |
Asset Management | 828,890 |  |  | 978,083 |
Corporate | 2,429,791 |  |  | 3,774,557 |
Total | $ | 4,295,506 |  |  | $ | 5,852,561 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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