Segment Operating Results (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Information Regarding Operations By Segment

The following information presents each segment's contribution.

	For the Three Months Ended March 31,
	2018		2017
Investment Banking
Net Revenues(1)	$	450,200	$	370,770
Operating Expenses	331,683		281,592
Other Expenses(2)	8,037		(18,979		)
Operating Income	110,480		108,157
Income (Loss) from Equity Method Investments	—		(149		)
Pre-Tax Income	$	110,480	$	108,008
Identifiable Segment Assets	$	1,148,662	$	1,077,509
Investment Management
Net Revenues(1)	$	13,363	$	16,477
Operating Expenses	11,273		13,305
Other Expenses(2)	21		—
Operating Income	2,069		3,172
Income from Equity Method Investments	2,125		1,759
Pre-Tax Income	$	4,194	$	4,931
Identifiable Segment Assets	$	268,991	$	355,253
Total
Net Revenues(1)	$	463,563	$	387,247
Operating Expenses	342,956		294,897
Other Expenses(2)	8,058		(18,979		)
Operating Income	112,549		111,329
Income from Equity Method Investments	2,125		1,610
Pre-Tax Income	$	114,674	$	112,939
Identifiable Segment Assets	$	1,417,653	$	1,432,762

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

	For the Three Months Ended March 31,
	2018			2017
Investment Banking(A)	$	(1,428	)	$	(1,178	)
Investment Management(B)	1,608			1,195
Total Other Revenue, net	$	180		$	17

(A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $2,261 and $2,581 for the three months ended March 31, 2018 and 2017, respectively. Also includes ($10) of principal trading losses for the three months ended March 31, 2017 to conform to the current presentation.

(B) Includes $1,064 of net realized and unrealized gains on private equity investments for the three months ended March 31, 2017 to conform to the current presentation.

(2) Other Expenses are as follows:

Revenues Derived from Clients and Private Equity Funds by Geographical Areas

.

The Company's revenues were derived from clients located and managed in the following geographical areas:

	For the Three Months Ended March 31,
	2018		2017
Net Revenues:(1)
United States	$	386,517	$	263,100
Europe and Other	65,230		122,911
Latin America	11,636		1,219
Total	$	463,383	$	387,230

(1) Excludes Other Revenue, Including Interest and Investments, and Interest Expens

Assets by Geographic Areas

.

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

	March 31, 2018		December 31, 2017
Total Assets:
United States	$	1,175,193	$	1,284,163
Europe and Other	169,620		234,984
Latin America	72,840		65,739
Total	$	1,417,653	$	1,584,886