Segment Operating Results (Tables)

3 Months Ended

Mar. 31, 2017

The following information presents each segment's contribution.



	For the Three Months Ended March 31,
	2017			2016
Investment Banking
Net Revenues (1)	$	370,770		$	239,713
Operating Expenses	281,592			192,264
Other Expenses (2)	(18,979		)	35,028
Operating Income	108,157			12,421
Income (Loss) from Equity Method Investments	(149		)	(272		)
Pre-Tax Income	$	108,008		$	12,149
Identifiable Segment Assets	$	1,077,509		$	940,859
Investment Management
Net Revenues (1)	$	16,477		$	18,000
Operating Expenses	13,305			14,214
Other Expenses (2)	—			82
Operating Income	3,172			3,704
Income from Equity Method Investments	1,759			1,559
Pre-Tax Income	$	4,931		$	5,263
Identifiable Segment Assets	$	355,253		$	343,818
Total
Net Revenues (1)	$	387,247		$	257,713
Operating Expenses	294,897			206,478
Other Expenses (2)	(18,979		)	35,110
Operating Income	111,329			16,125
Income from Equity Method Investments	1,610			1,287
Pre-Tax Income	$	112,939		$	17,412
Identifiable Segment Assets	$	1,432,762		$	1,284,677


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



	For the Three Months Ended March 31,
	2017			2016
Investment Banking (A)	$	(1,168	)	$	(913	)
Investment Management (B)	131			(429		)
Total Other Revenue, net	$	(1,037	)	$	(1,342	)


(A)	Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $2,581 and $1,478 for the three months ended March 31, 2017 and 2016, respectively.


(B)	Investment Management Other Revenue, net, includes interest expense on the Notes Payable and the line of credit of $670 for the three months ended March 31, 2016.


(2)	Other Expenses are as follows:



	For the Three Months Ended March 31,
	2017			2016
Investment Banking
Amortization of LP Units / Interests and Certain Other Awards	$	(21,371	)	$	31,759
Fair Value of Contingent Consideration	—			106
Intangible Asset and Other Amortization	2,392			3,163
Total Investment Banking	(18,979		)	35,028
Investment Management
Intangible Asset and Other Amortization	—			82
Total Investment Management	—			82
Total Other Expenses	$	(18,979	)	$	35,110

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,
	2017		2016
Net Revenues: (1)
United States	$	263,165	$	173,910
Europe and Other	122,911		72,211
Latin America	2,208		12,934
Total	$	388,284	$	259,055

(1) Excludes Other Revenue and Interest Expense

The Company's total assets are located in the following geographical areas: