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SEGMENT INFORMATION
 9 Months Ended
Sep. 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 selected 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;
•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; and
•The gain on sale of an owned office building.
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 September 30, 2025
Financial AdvisoryAsset ManagementCorporateTotal
Net Revenue (Loss) - U.S. GAAP Basis$427,335 $327,029 $(6,286)$748,078 
Adjusted Compensation and Benefits Expense273,214 155,920 45,513 474,647 
Adjusted Non-compensation Expense52,098 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 AdvisoryAsset ManagementCorporateTotal
Net Revenue (Loss) - U.S. GAAP Basis$1,292,000 $907,607 $(7,481)$2,192,126 
Adjusted Compensation and Benefits Expense830,218 438,402 131,576 1,400,196 
Adjusted Non-compensation Expense157,085 187,321 109,512 453,918 
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 AdvisoryAsset ManagementCorporateTotal
Net Revenue - U.S. GAAP Basis$370,917 $293,878 $120,071 $784,866 
Adjusted Compensation and Benefits Expense238,360 145,695 42,248 426,303 
Adjusted Non-compensation Expense49,333 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 AdvisoryAsset ManagementCorporateTotal
Net Revenue - U.S. GAAP Basis$1,235,732 $874,841 $124,395 $2,234,968 
Adjusted Compensation and Benefits Expense815,764 430,711 124,425 1,370,900 
Adjusted Non-compensation Expense148,310 169,320 103,514 421,144 
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,
2025202420252024
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.