Segment Operating Results (Tables)

9 Months Ended

Sep. 30, 2017

The following information presents each segment's contribution.



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2017			2016			2017			2016
Investment Banking
Net Revenues (1)	$	388,299		$	368,634		$	1,115,478		$	936,504
Operating Expenses	293,264			268,666			844,573			707,846
Other Expenses (2)	11,748			17,422			26,663			75,854
Operating Income	83,287			82,546			244,242			152,804
Income (Loss) from Equity Method Investments	(75		)	(112		)	(111		)	(94		)
Pre-Tax Income	$	83,212		$	82,434		$	244,131		$	152,710
Identifiable Segment Assets	$	1,239,812		$	1,114,565		$	1,239,812		$	1,114,565
Investment Management
Net Revenues (1)	$	18,302		$	17,680		$	48,840		$	58,179
Operating Expenses	14,027			14,843			40,441			46,357
Other Expenses (2)	492			298			7,976			811
Operating Income	3,783			2,539			423			11,011
Income from Equity Method Investments	1,902			1,290			5,618			4,223
Pre-Tax Income	$	5,685		$	3,829		$	6,041		$	15,234
Identifiable Segment Assets	$	321,223		$	347,065		$	321,223		$	347,065
Total
Net Revenues (1)	$	406,601		$	386,314		$	1,164,318		$	994,683
Operating Expenses	307,291			283,509			885,014			754,203
Other Expenses (2)	12,240			17,720			34,639			76,665
Operating Income	87,070			85,085			244,665			163,815
Income from Equity Method Investments	1,827			1,178			5,507			4,129
Pre-Tax Income	$	88,897		$	86,263		$	250,172		$	167,944
Identifiable Segment Assets	$	1,561,035		$	1,461,630		$	1,561,035		$	1,461,630


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



	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2017			2016		2017			2016
Investment Banking (A)	$	(535	)	$	200	$	(2,825	)	$	270
Investment Management (B)	66			522		376			337
Total Other Revenue, net	$	(469	)	$	722	$	(2,449	)	$	607


(A)	Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $2,488 and $7,494 for the three and nine months ended September 30, 2017, respectively, and $2,592 and $6,946 for the three and nine months ended September 30, 2016, respectively.


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


(2)	Other Expenses are as follows:



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2017		2016		2017		2016
Investment Banking
Amortization of LP Units / Interests and Certain Other Awards	$	9,249	$	13,859	$	4,980	$	66,356
Special Charges	—		—		14,400		—
Acquisition and Transition Costs	107		41		107		(692		)
Fair Value of Contingent Consideration	—		984		—		1,671
Intangible Asset and Other Amortization	2,392		2,538		7,176		8,519
Total Investment Banking	11,748		17,422		26,663		75,854
Investment Management
Special Charges	—		—		7,107		—
Acquisition and Transition Costs	492		298		869		702
Intangible Asset and Other Amortization	—		—		—		109
Total Investment Management	492		298		7,976		811
Total Other Expenses	$	12,240	$	17,720	$	34,639	$	76,665

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 September 30,				For the Nine Months Ended September 30,
	2017		2016		2017		2016
Net Revenues: (1)
United States	$	305,258	$	322,128	$	842,907	$	714,983
Europe and Other	94,705		54,690		314,205		247,371
Latin America	7,107		8,774		9,655		31,722
Total	$	407,070	$	385,592	$	1,166,767	$	994,076

(1) Excludes Other Revenue and Interest Expense.

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