Segment Operating Results (Tables)

6 Months Ended

Jun. 30, 2017

The following information presents each segment's contribution.



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2017			2016		2017			2016
Investment Banking
Net Revenues (1)	$	356,409		$	328,157	$	727,179		$	567,870
Operating Expenses	269,717			246,916		551,309			439,180
Other Expenses (2)	33,894			23,404		14,915			58,432
Operating Income	52,798			57,837		160,955			70,258
Income (Loss) from Equity Method Investments	113			290		(36		)	18
Pre-Tax Income	$	52,911		$	58,127	$	160,919		$	70,276
Identifiable Segment Assets	$	1,135,094		$	964,009	$	1,135,094		$	964,009
Investment Management
Net Revenues (1)	$	14,061		$	22,499	$	30,538		$	40,499
Operating Expenses	13,109			17,300		26,414			31,514
Other Expenses (2)	7,484			431		7,484			513
Operating Income (Loss)	(6,532		)	4,768		(3,360		)	8,472
Income from Equity Method Investments	1,957			1,374		3,716			2,933
Pre-Tax Income (Loss)	$	(4,575	)	$	6,142	$	356		$	11,405
Identifiable Segment Assets	$	316,192		$	342,641	$	316,192		$	342,641
Total
Net Revenues (1)	$	370,470		$	350,656	$	757,717		$	608,369
Operating Expenses	282,826			264,216		577,723			470,694
Other Expenses (2)	41,378			23,835		22,399			58,945
Operating Income	46,266			62,605		157,595			78,730
Income from Equity Method Investments	2,070			1,664		3,680			2,951
Pre-Tax Income	$	48,336		$	64,269	$	161,275		$	81,681
Identifiable Segment Assets	$	1,451,286		$	1,306,650	$	1,451,286		$	1,306,650


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



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2017			2016		2017			2016
Investment Banking (A)	$	(1,122	)	$	983	$	(2,290	)	$	70
Investment Management (B)	179			244		310			(185		)
Total Other Revenue, net	$	(943	)	$	1,227	$	(1,980	)	$	(115	)


(A)	Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $2,425 and $5,006 for the three and six months ended June 30, 2017, respectively, and $2,876 and $4,354 for the three and six months ended June 30, 2016, respectively.


(B)	Investment Management Other Revenue, net, includes interest expense on the Notes Payable and the line of credit of $670 for six months ended June 30, 2016.


(2)	Other Expenses are as follows:



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2017		2016			2017			2016
Investment Banking
Amortization of LP Units / Interests and Certain Other Awards	$	17,102	$	20,738		$	(4,269	)	$	52,497
Special Charges	14,400		—			14,400			—
Acquisition and Transition Costs	—		(733		)	—			(733		)
Fair Value of Contingent Consideration	—		581			—			687
Intangible Asset and Other Amortization	2,392		2,818			4,784			5,981
Total Investment Banking	33,894		23,404			14,915			58,432
Investment Management
Special Charges	7,107		—			7,107			—
Acquisition and Transition Costs	377		404			377			404
Intangible Asset and Other Amortization	—		27			—			109
Total Investment Management	7,484		431			7,484			513
Total Other Expenses	$	41,378	$	23,835		$	22,399		$	58,945

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 June 30,				For the Six Months Ended June 30,
	2017		2016		2017		2016
Net Revenues: (1)
United States	$	274,484	$	218,945	$	537,649	$	392,855
Europe and Other	96,589		120,470		219,500		192,681
Latin America	340		10,014		2,548		22,948
Total	$	371,413	$	349,429	$	759,697	$	608,484

(1) Excludes Other Revenue and Interest Expense.

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