VARIABLE INTEREST ENTITIES	6 Months Ended
Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES The Company has entered into agreements to provide investment banking and advisory services to numerous investment funds (the “Funds”) that are considered variable interest entities (“VIEs”) under the accounting guidance. These Funds are established primarily to make and manage investments in equity or convertible debt securities of privately held companies that the Company, as investment advisor to the Funds, believes possess innovative or disruptive technologies and present opportunities for an initial public offering (“IPO”) or other similar liquidity event within approximately one to five years from the date of investment. The Funds intend to hold the investments until an IPO or other similar liquidity event and then to make distributions to its investors when contractually permitted, estimated approximately six months following such IPO or liquidity event. The Company earns fees from the Funds in the form of placement agent fees and carried interest. For placement agent fees, the Company receives a cash fee of generally 7% to 10% of the amount of raised capital for the Funds and the fee is recognized at the time the placement services occurred. The Company receives carried interest as a percentage allocation (8% to 15%) of the profits of the Funds as compensation for asset management services provided to the Funds and it is recognized at the time of distribution. Once fund investors have received distributions in an amount equal to one hundred percent (100%) of their total capital contributions, the Company as the manager of the Funds will be entitled to share in any profits of the Funds to the extent of the carried interest. As the fee arrangements under such agreements are arm's-length and contain customary terms and conditions and represent compensation that is considered fair value for the services provided, the fee arrangements are not considered variable interests and accordingly, the Company does not consolidate such VIEs. Placement agent fees attributable to such arrangements for the three months ended March 31, 2019 and 2018 were $6,111,000 and $2,074,000, respectively, and are included in investment banking in the condensed consolidated statements of operations. Placement agent fees attributable to such arrangements for the six months ended March 31, 2019 and 2018 were $25,090,000 and $8,290,000, respectively, and are included in investment banking in the condensed consolidated statements of operations. Carried interest is recognized and recorded at the time of distribution and all contingencies are resolved. For the three and six months ended March 31, 2019, no carried interest has been recorded as no distribution events have occurred related to the Funds. Based on the investment performance of the Funds as of March 31, 2019, unrecognized carried interest under a hypothetical distribution was $32,436,000 and the related compensation expense associated was $19,419,000. Carried interest is dependent on the market and will fluctuate until a distribution event occurs.

VARIABLE INTEREST ENTITIES

The Company has entered into agreements to provide investment banking and advisory services to numerous investment funds (the “Funds”) that are considered variable interest entities (“VIEs”) under the accounting guidance. These Funds are established primarily to make and manage investments in equity or convertible debt securities of privately held companies that the Company, as investment advisor to the Funds, believes possess innovative or disruptive technologies and present opportunities for an initial public offering (“IPO”) or other similar liquidity event within approximately one to five years from the date of investment. The Funds intend to hold the investments until an IPO or other similar liquidity event and then to make distributions to its investors when contractually permitted, estimated approximately six months following such IPO or liquidity event.

The Company earns fees from the Funds in the form of placement agent fees and carried interest. For placement agent fees, the Company receives a cash fee of generally 7% to 10% of the amount of raised capital for the Funds and the fee is recognized at the time the placement services occurred. The Company receives carried interest as a percentage allocation (8% to 15%) of the profits of the Funds as compensation for asset management services provided to the Funds and it is recognized at the time of distribution. Once fund investors have received distributions in an amount equal to one hundred percent (100%) of their total capital contributions, the Company as the manager of the Funds will be entitled to share in any profits of the Funds to the extent of the carried interest. As the fee arrangements under such agreements are arm's-length and contain customary terms and conditions and represent compensation that is considered fair value for the services provided, the fee arrangements are not considered variable interests and accordingly, the Company does not consolidate such VIEs.

Placement agent fees attributable to such arrangements for the three months ended March 31, 2019 and 2018 were $6,111,000 and $2,074,000, respectively, and are included in investment banking in the condensed consolidated statements of operations.

Placement agent fees attributable to such arrangements for the six months ended March 31, 2019 and 2018 were $25,090,000 and $8,290,000, respectively, and are included in investment banking in the condensed consolidated statements of operations.

Carried interest is recognized and recorded at the time of distribution and all contingencies are resolved. For the three and six months ended March 31, 2019, no carried interest has been recorded as no distribution events have occurred related to the Funds. Based on the investment performance of the Funds as of March 31, 2019, unrecognized carried interest under a hypothetical distribution was $32,436,000 and the related compensation expense associated was $19,419,000. Carried interest is dependent on the market and will fluctuate until a distribution event occurs.