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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Select Financial Information and Reconciliation of Adjusted Operating Income (Loss) to Consolidated |
| Three Months Ended September 30, 2025
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue (Loss) - U.S. GAAP Basis | $ | 427,335 |  |  | $ | 327,029 |  |  | $ | (6,286) |  |  | $ | 748,078 |
Adjusted Compensation and Benefits Expense | 273,214 |  |  | 155,920 |  |  | 45,513 |  |  | 474,647 |
Adjusted Non-compensation Expense | 52,098 |  |  | 64,513 |  |  | 32,054 |  |  | 148,665 |
Other Segment Items | (5,056) |  |  | (32,840) |  |  | 14,471 |  |  | (23,425) |
Adjusted Operating Income (Loss) | $ | 96,967 |  |  | $ | 73,756 |  |  | $ | (69,382) |  |  | $ | 101,341 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 618 |  |  | $ | 2,161 |  |  | $ | 4,881 |  |  | $ | 7,660 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 1,805 |  |  | $ | 1,564 |  |  | $ | 5,096 |  |  | $ | 8,465 |
| Nine Months Ended September 30, 2025
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue (Loss) - U.S. GAAP Basis | $ | 1,292,000 |  |  | $ | 907,607 |  |  | $ | (7,481) |  |  | $ | 2,192,126 |
Adjusted Compensation and Benefits Expense | 830,218 |  |  | 438,402 |  |  | 131,576 |  |  | 1,400,196 |
Adjusted Non-compensation Expense | 157,085 |  |  | 187,321 |  |  | 109,512 |  |  | 453,918 |
Other Segment Items | (8,819) |  |  | (80,433) |  |  | 34,830 |  |  | (54,422) |
Adjusted Operating Income (Loss) | $ | 295,878 |  |  | $ | 201,451 |  |  | $ | (213,739) |  |  | $ | 283,590 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 3,718 |  |  | $ | 6,744 |  |  | $ | 18,067 |  |  | $ | 28,529 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 5,980 |  |  | $ | 4,352 |  |  | $ | 15,177 |  |  | $ | 25,509 |
| Three Months Ended September 30, 2024
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue - U.S. GAAP Basis | $ | 370,917 |  |  | $ | 293,878 |  |  | $ | 120,071 |  |  | $ | 784,866 |
Adjusted Compensation and Benefits Expense | 238,360 |  |  | 145,695 |  |  | 42,248 |  |  | 426,303 |
Adjusted Non-compensation Expense | 49,333 |  |  | 58,058 |  |  | 30,848 |  |  | 138,239 |
Other Segment Items | (2,110) |  |  | (22,368) |  |  | (114,474) |  |  | (138,952) |
Adjusted Operating Income (Loss) | $ | 81,114 |  |  | $ | 67,757 |  |  | $ | (67,499) |  |  | $ | 81,372 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 1,167 |  |  | $ | 3,803 |  |  | $ | 10,035 |  |  | $ | 15,005 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 2,007 |  |  | $ | 1,410 |  |  | $ | 5,536 |  |  | $ | 8,953 |
| Nine Months Ended September 30, 2024
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue - U.S. GAAP Basis | $ | 1,235,732 |  |  | $ | 874,841 |  |  | $ | 124,395 |  |  | $ | 2,234,968 |
Adjusted Compensation and Benefits Expense | 815,764 |  |  | 430,711 |  |  | 124,425 |  |  | 1,370,900 |
Adjusted Non-compensation Expense | 148,310 |  |  | 169,320 |  |  | 103,514 |  |  | 421,144 |
Other Segment Items | (12,355) |  |  | (62,178) |  |  | (83,314) |  |  | (157,847) |
Adjusted Operating Income (Loss) | $ | 259,303 |  |  | $ | 212,632 |  |  | $ | (186,858) |  |  | $ | 285,077 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 3,443 |  |  | $ | 11,323 |  |  | $ | 24,564 |  |  | $ | 39,330 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 6,422 |  |  | $ | 4,091 |  |  | $ | 16,733 |  |  | $ | 27,246 |
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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Adjusted Operating Income | $ | 101,341 |  |  | $ | 81,372 |  |  | $ | 283,590 |  |  | $ | 285,077 |
Adjustments: |  |  |  |  |  |  |
Operating income related to noncontrolling interests and similar arrangements (a) | 2,252 |  |  | 8,192 |  |  | 9,835 |  |  | 14,803 |
Interest expense (b) | (22,634) |  |  | (22,474) |  |  | (64,698) |  |  | (65,724) |
Amortization and other acquisition-related costs | (27) |  |  | (53) |  |  | (79) |  |  | (189) |
Expenses associated with senior management transition (c) | (6,148) |  |  | – |  |  | (6,148) |  |  | – |
Losses associated with cost-saving initiatives (d) | – |  |  | – |  |  | – |  |  | (587) |
Expenses associated with cost-saving initiatives | – |  |  | – |  |  | – |  |  | (48,142) |
Gain on sale of property (e) | – |  |  | 114,271 |  |  | – |  |  | 114,271 |
Expenses associated with sale of property (f) | – |  |  | (20,121) |  |  | – |  |  | (20,121) |
Benefit pursuant to tax receivable obligation ("TRA") (g) | 20,146 |  |  | – |  |  | 20,146 |  |  | – |
Operating Income - U.S. GAAP Basis | $ | 94,930 |  |  | $ | 161,187 |  |  | $ | 242,646 |  |  | $ | 279,388 |
_____________________ (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 expenses associated with the upcoming departure of an executive officer. (d)Represents the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss in the nine month period ended September 30, 2024. (e)Represents gain on the sale of an owned office building. (f)Represents estimated statutory profit sharing expenses associated with the sale of an owned office building. (g)Represents the effect of the periodic valuation of the TRA liability.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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