SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Select Financial Information and Reconciliation of Adjusted Operating Income (Loss) to Consolidated


	Three Months Ended September 30, 2025
	Financial Advisory		Asset Management		Corporate		Total
Net Revenue (Loss) - U.S. GAAP Basis	$	427,335	$	327,029	$	(6,286)	$	748,078
Adjusted Compensation and Benefits Expense	273,214		155,920		45,513		474,647
Adjusted Non-compensation Expense	52,098		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 Advisory		Asset Management		Corporate		Total
Net Revenue (Loss) - U.S. GAAP Basis	$	1,292,000	$	907,607	$	(7,481)	$	2,192,126
Adjusted Compensation and Benefits Expense	830,218		438,402		131,576		1,400,196
Adjusted Non-compensation Expense	157,085		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 Advisory		Asset Management		Corporate		Total
Net Revenue - U.S. GAAP Basis	$	370,917	$	293,878	$	120,071	$	784,866
Adjusted Compensation and Benefits Expense	238,360		145,695		42,248		426,303
Adjusted Non-compensation Expense	49,333		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 Advisory		Asset Management		Corporate		Total
Net Revenue - U.S. GAAP Basis	$	1,235,732	$	874,841	$	124,395	$	2,234,968
Adjusted Compensation and Benefits Expense	815,764		430,711		124,425		1,370,900
Adjusted Non-compensation Expense	148,310		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,
	2025		2024		2025		2024
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.