Segment Operating Results (Tables)

3 Months Ended

Mar. 31, 2013

Information Regarding Operations By Segment

The following information provides a reasonable representation of each segment’s contribution.

	For the Three Months Ended March 31,
	2013			2012
Investment Banking
Net Revenues (1)	$	131,596		$	83,785
Operating Expenses		105,066			78,976
Other Expenses (2)		9,855			16,107
Operating Income (Loss)		16,675			(11,298	)
Income from Equity Method Investments		170			1,628
Pre-Tax Income (Loss)	$	16,845		$	(9,670	)
Identifiable Segment Assets	$	526,549		$	449,359
Investment Management
Net Revenues (1)	$	19,826		$	19,013
Operating Expenses		20,807			19,250
Other Expenses (2)		750			608
Operating Income (Loss)		(1,731	)		(845	)
Income from Equity Method Investments		586			757
Pre-Tax Income (Loss)	$	(1,145	)	$	(88	)
Identifiable Segment Assets	$	449,940		$	492,758
Total
Net Revenues (1)	$	151,422		$	102,798
Operating Expenses		125,873			98,226
Other Expenses (2)		10,605			16,715
Operating Income (Loss)		14,944			(12,143	)
Income from Equity Method Investments		756			2,385
Pre-Tax Income (Loss)	$	15,700		$	(9,758	)
Identifiable Segment Assets	$	976,489		$	942,117

(1) Net revenues include Other Revenue, net, allocated to the segments as follows:

	For the Three Months Ended March 31,
	2013			2012
Investment Banking (A)	$	213		$	(710	)
Investment Management (B)		(1,713	)		(751	)
Total Other Revenue, net	$	(1,500	)	$	(1,461	)

(A) Investment Banking Other Revenue, net, includes interest expense on the Senior Notes of $1,088 and $1,070 for the three months ended March 31, 2013 and 2012, respectively.

(B) Investment Management Other Revenue, net, includes interest expense on the Senior Notes of $919 and $904 for the three months ended March 31, 2013 and 2012, respectively.

(2) Other Expenses are as follows:

	For the Three Months Ended March 31,
	2013		2012
Investment Banking
Amortization of LP Units and Certain Other Awards	$	4,909	$	4,216
Acquisition Related Compensation Charges		4,946		9,645
Intangible Asset Amortization		—		2,246
Total Investment Banking		9,855		16,107
Investment Management
Amortization of LP Units and Certain Other Awards		668		526
Intangible Asset Amortization		82		82
Total Investment Management		750		608
Total Other Expenses	$	10,605	$	16,715

Revenues Derived from Clients and Private Equity Funds by Geographical Areas

The Company’s revenues were derived from clients and private equity funds located and managed in the following geographical areas:

	For the Three Months Ended March 31,
	2013		2012
Net Revenues: (1)
United States	$	90,856	$	69,661
Europe and Other		39,471		24,322
Latin America		22,595		10,276
Total	$	152,922	$	104,259

(1) Excludes Other Revenue and Interest Expense.