Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Advisory revenues	$ 55,585	$ 88,051	$ 106,155	$ 174,820
Investment revenues	499	445	1,124	1,219
Total revenues	56,084	88,496	107,279	176,039
Expenses
Employee compensation and benefits	46,065	48,438	91,127	97,646
Occupancy and equipment rental	5,646	5,508	11,052	10,797
Depreciation and amortization	645	717	1,312	1,480
Information services	2,652	2,652	5,008	4,969
Professional fees	1,926	2,247	4,552	5,170
Travel related expenses	3,363	3,492	6,859	6,797
Other operating expenses	2,155	5,986	7,998	10,708
Total operating expenses	62,452	69,040	127,908	137,567
Total operating income (loss)	(6,368)	19,456	(20,629)	38,472
Interest expense	10,621	5,594	16,472	10,855
Income (loss) before taxes	(16,989)	13,862	(37,101)	27,617
Provision (benefit) for taxes	(4,292)	3,349	(9,018)	10,736
Net income (loss)	$ (12,697)	$ 10,513	$ (28,083)	$ 16,881
Average shares outstanding:
Basic (shares)	23,925,310	26,992,652	24,231,448	28,545,545
Diluted (shares)	23,925,310	27,921,821	24,231,448	29,224,878
Earnings (loss) per share:
Basic (usd per share)	$ (0.53)	$ 0.39	$ (1.16)	$ 0.59
Diluted (usd per share)	$ (0.53)	$ 0.38	$ (1.16)	$ 0.58