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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
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 by the Chief Operating Decision Maker (the “CODM”) to determine the allocation of resources and to assess its performance. The Company’s reportable segments are Financial Advisory, Asset Management, and Corporate, which are described in Note 1.
The Company’s CODM is the Company’s Chief Executive Officer. The CODM assesses the segments’ performance by each segment’s adjusted operating income (loss) attributable to each of the segments. The Company previously disclosed each segment’s U.S. GAAP operating income (loss) as the segment’s measure of profit or loss. Comparable prior year information has been recast to reflect the updated measure. Adjusted operating income (loss) is also used by the CODM to allocate compensation and non-compensation related resources to each segment.
The table below provides select financial information about the Company’s segments, including adjusted compensation and benefits expense and adjusted non-compensation expense (both of which are significant expense categories on which the CODM is regularly provided information), other segment items, and adjusted operating income (loss).
Adjusted compensation and benefits expense and adjusted non-compensation expense include costs directly incurred by each segment, with certain adjustments. Adjusted non-compensation expense includes expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services.
Other segment items include certain adjustments to calculate adjusted operating income (loss), including:
•Noncontrolling interests;
•Certain distribution, introducer and management fees paid to third parties and reimbursable deal costs;
•Provision for credit losses;
•Changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements;
•Interest expense, excluding interest expense incurred by LFB; and
•Losses associated with the closing of certain offices as part of the cost-saving initiatives, representing the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss.
Inter-segment revenues are not material for all periods presented.
The CODM does not regularly receive asset information by segment and does not use segment asset information to assess performance or allocate resources.

Three Months Ended June 30, 2025
Financial AdvisoryAsset ManagementCorporateTotal
Net Revenue - U.S. GAAP Basis$497,306 $292,478 $6,213 $795,997 
Adjusted Compensation and Benefits Expense317,036 139,655 47,572 504,263 
Adjusted Non-compensation Expense52,426 63,597 41,348 157,371 
Other Segment Items(5,947)(23,987)3,803 (26,131)
Adjusted Operating Income (Loss)$121,897 $65,239 $(78,904)$108,232 
Other Segment Disclosures:
Interest income (included in net revenue)$1,903 $2,136 $5,168 $9,207 
Depreciation and amortization of property
   (included in adjusted non-compensation
   expense)
$2,165 $1,407 $5,041 $8,613 
Six Months Ended June 30, 2025
Financial AdvisoryAsset ManagementCorporateTotal
Net Revenue (Loss) - U.S. GAAP Basis$864,665 $580,578 $(1,195)$1,444,048 
Adjusted Compensation and Benefits Expense557,004 282,482 86,063 925,549 
Adjusted Non-compensation Expense104,987 122,808 77,458 305,253 
Other Segment Items(3,763)(47,593)20,359 (30,997)
Adjusted Operating Income (Loss)$198,911 $127,695 $(144,357)$182,249 
Other Segment Disclosures:
Interest income (included in net revenue)$3,100 $4,583 $13,186 $20,869 
Depreciation and amortization of property
   (included in adjusted non-compensation
   expense)
$4,175 $2,788 $10,081 $17,044 
Three Months Ended June 30, 2024
Financial AdvisoryAsset ManagementCorporateTotal
Net Revenue (Loss) - U.S. GAAP Basis$411,308 $285,487 $(11,446)$685,349 
Adjusted Compensation and Benefits Expense275,324 134,318 42,222 451,864 
Adjusted Non-compensation Expense51,112 55,687 41,813 148,612 
Other Segment Items(3,372)(20,268)22,933 (707)
Adjusted Operating Income (Loss)$81,500 $75,214 $(72,548)$84,166 
Other Segment Disclosures:
Interest income (included in net revenue)$1,310 $3,809 $7,735 $12,854 
Depreciation and amortization of property
   (included in adjusted non-compensation
   expense)
$2,166 $1,392 $5,646 $9,204 
Six Months Ended June 30, 2024
Financial AdvisoryAsset ManagementCorporateTotal
Net Revenue - U.S. GAAP Basis$864,815 $580,963 $4,324 $1,450,102 
Adjusted Compensation and Benefits Expense577,404 285,016 82,177 944,597 
Adjusted Non-compensation Expense98,977 111,262 72,666 282,905 
Other Segment Items(10,245)(39,810)31,160 (18,895)
Adjusted Operating Income (Loss)$178,189 $144,875 $(119,359)$203,705 
Other Segment Disclosures:
Interest income (included in net revenue)$2,276 $7,520 $14,529 $24,325 
 Depreciation and amortization of property
   (included in adjusted non-compensation
   expense)
$4,415 $2,681 $11,197 $18,293 
The table below provides a reconciliation of the Company's consolidated adjusted operating income to the Company’s consolidated U.S. GAAP operating income.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Adjusted Operating Income$108,232 $84,166 $182,249 $203,705 
Adjustments:
Operating income related to noncontrolling interests and
   similar arrangements (a)		5,970 2,142 7,583 6,611 
Interest expense (b)(21,095)(22,600)(42,064)(43,250)
Amortization and other acquisition-related costs(26)(68)(52)(136)
Losses associated with cost-saving initiatives (c)– – – (587)
Expenses associated with cost-saving initiatives– – – (48,142)
Operating Income - U.S. GAAP Basis$93,081 $63,640 $147,716 $118,201 
_____________________
(a)Revenue and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.
(b)Interest expense (excluding interest expense incurred by LFB) is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business.
(c)Represents the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss in the six month period ended June 30, 2024.