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SEGMENT INFORMATION - Select Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2025 | Sep. 30, 2024
Segment Reporting Information [Line Items] |  |  |  |
Net Revenue (Loss) | $ 748,078 | $ 784,866 | $ 2,192,126 | $ 2,234,968
Adjusted Compensation and Benefits Expense | 474,647 | 426,303 | 1,400,196 | 1,370,900
Adjusted Non-compensation Expense | 148,665 | 138,239 | 453,918 | 421,144
Other Segment Items | (23,425) | (138,952) | (54,422) | (157,847)
Adjusted Operating Income (Loss) | 101,341 | 81,372 | 283,590 | 285,077
Interest income (included in net revenue) | 7,660 | 15,005 | 28,529 | 39,330
Depreciation and amortization of property (included in adjusted non-compensation expense) | 8,465 | 8,953 | 25,509 | 27,246
Financial Advisory |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Net Revenue (Loss) | 427,335 | 370,917 | 1,292,000 | 1,235,732
Adjusted Compensation and Benefits Expense | 273,214 | 238,360 | 830,218 | 815,764
Adjusted Non-compensation Expense | 52,098 | 49,333 | 157,085 | 148,310
Other Segment Items | (5,056) | (2,110) | (8,819) | (12,355)
Adjusted Operating Income (Loss) | 96,967 | 81,114 | 295,878 | 259,303
Interest income (included in net revenue) | 618 | 1,167 | 3,718 | 3,443
Depreciation and amortization of property (included in adjusted non-compensation expense) | 1,805 | 2,007 | 5,980 | 6,422
Asset Management |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Net Revenue (Loss) | 327,029 | 293,878 | 907,607 | 874,841
Adjusted Compensation and Benefits Expense | 155,920 | 145,695 | 438,402 | 430,711
Adjusted Non-compensation Expense | 64,513 | 58,058 | 187,321 | 169,320
Other Segment Items | (32,840) | (22,368) | (80,433) | (62,178)
Adjusted Operating Income (Loss) | 73,756 | 67,757 | 201,451 | 212,632
Interest income (included in net revenue) | 2,161 | 3,803 | 6,744 | 11,323
Depreciation and amortization of property (included in adjusted non-compensation expense) | 1,564 | 1,410 | 4,352 | 4,091
Corporate |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Net Revenue (Loss) | (6,286) | 120,071 | (7,481) | 124,395
Adjusted Compensation and Benefits Expense | 45,513 | 42,248 | 131,576 | 124,425
Adjusted Non-compensation Expense | 32,054 | 30,848 | 109,512 | 103,514
Other Segment Items | 14,471 | (114,474) | 34,830 | (83,314)
Adjusted Operating Income (Loss) | (69,382) | (67,499) | (213,739) | (186,858)
Interest income (included in net revenue) | 4,881 | 10,035 | 18,067 | 24,564
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ 5,096 | $ 5,536 | $ 15,177 | $ 16,733

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