Business Information

6 Months Ended

Jun. 30, 2012

Business Information

Note 10 — Business Information

The Company’s activities as an investment banking firm constitute a single business segment, with two principal sources of revenue:

• Advisory, which includes engagements relating to mergers and acquisitions, financing advisory and restructuring, and private equity and real estate capital advisory services; and

• Investment, which includes the Company’s principal investments in merchant banking funds, Iridium and other investments and interest.

The following provides a breakdown of our revenues by source for the three and six month periods ended June 30, 2012 and 2011, respectively:

	For the Three Months Ended
	June 30, 2012				June 30, 2011
	Amount		% of Total		Amount		% of Total
	(in millions, unaudited)
Advisory revenues	$	45.1		95%	$	85.6		94%
Investment revenues		2.2		5%		5.2		6%
Total revenues	$	47.3		100%	$	90.8		100%
	For the Six Months Ended
	June 30, 2012				June 30, 2011
	Amount		% of Total		Amount		% of Total
	(in millions, unaudited)
Advisory revenues	$	118.4		91%	$	134.1		96%
Investment revenues		11.6		9%		5.0		4%
Total revenues	$	130.0		100%	$	139.1		100%

In reporting to management, the Company distinguishes the sources of its revenues between advisory and investment activities. However, management does not evaluate other financial data or operating results such as operating expenses, profit and loss or assets by its advisory and investment activities.