Segment Operating Results (Tables)

6 Months Ended

Jun. 30, 2018

Information Regarding Operations By Segment

The following information presents each segment's contribution.



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2018		2017			2018		2017
Investment Banking
Net Revenues⁽¹⁾	$	435,675	$	356,409		$	885,875	$	727,179
Operating Expenses	327,137		269,717			658,820		551,309
Other Expenses⁽²⁾	5,880		33,894			13,917		14,915
Operating Income	102,658		52,798			213,138		160,955
Income (Loss) from Equity Method Investments	297		113			297		(36		)
Pre-Tax Income	$	102,955	$	52,911		$	213,435	$	160,919
Identifiable Segment Assets	$	1,354,810	$	1,135,094		$	1,354,810	$	1,135,094
Investment Management
Net Revenues⁽¹⁾	$	12,802	$	14,061		$	26,165	$	30,538
Operating Expenses	10,678		13,109			21,951		26,414
Other Expenses⁽²⁾	—		7,484			21		7,484
Operating Income (Loss)	2,124		(6,532		)	4,193		(3,360		)
Income from Equity Method Investments	2,122		1,957			4,247		3,716
Pre-Tax Income (Loss)	$	4,246	$	(4,575	)	$	8,440	$	356
Identifiable Segment Assets	$	257,714	$	316,192		$	257,714	$	316,192
Total
Net Revenues⁽¹⁾	$	448,477	$	370,470		$	912,040	$	757,717
Operating Expenses	337,815		282,826			680,771		577,723
Other Expenses⁽²⁾	5,880		41,378			13,938		22,399
Operating Income	104,782		46,266			217,331		157,595
Income from Equity Method Investments	2,419		2,070			4,544		3,680
Pre-Tax Income	$	107,201	$	48,336		$	221,875	$	161,275
Identifiable Segment Assets	$	1,612,524	$	1,451,286		$	1,612,524	$	1,451,286


(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,
	2018		2017			2018			2017
Investment Banking^(A)	$	539	$	(1,375	)	$	(889	)	$	(2,553	)
Investment Management^(B)	632		(1,410		)	2,240			(215		)
Total Other Revenue, net	$	1,171	$	(2,785	)	$	1,351		$	(2,768	)

(A)

Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $2,300 and $4,561 for the three and six months ended June 30, 2018, respectively, and $2,425 and $5,006 for the three and six months ended June 30, 2017, respectively. Also includes ($253) and ($263) of principal trading losses for the three and six months ended June 30, 2017, respectively, to conform to the current presentation.


(B)	Includes ($1,589) and ($525) of net realized and unrealized losses on private equity investments for the three and six months ended June 30, 2017, respectively, to conform to the current presentation.


(2)	Other Expenses are as follows:



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2017		2018		2017
Investment Banking
Amortization of LP Units / Interests and Certain Other Awards	$	3,723	$	17,102	$	7,706	$	(4,269	)
Special Charges	—		14,400		1,897		14,400
Intangible Asset and Other Amortization	2,157		2,392		4,314		4,784
Total Investment Banking	5,880		33,894		13,917		14,915
Investment Management
Special Charges	—		7,107		—		7,107
Acquisition and Transition Costs	—		377		21		377
Total Investment Management	—		7,484		21		7,484
Total Other Expenses	$	5,880	$	41,378	$	13,938	$	22,399

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 June 30,				For the Six Months Ended June 30,
	2018		2017		2018		2017
Net Revenues:⁽¹⁾
United States	$	346,225	$	274,652	$	732,742	$	537,752
Europe and Other	91,933		96,589		157,163		219,500
Latin America	9,148		2,014		20,784		3,233
Total	$	447,306	$	373,255	$	910,689	$	760,485

(1) Excludes Other Revenue, Including Interest and Investments, and Interest Expense.

Assets by Geographic Areas

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



	June 30, 2018		December 31, 2017
Total Assets:
United States	$	1,355,434	$	1,284,163
Europe and Other	188,487		234,984
Latin America	68,603		65,739
Total	$	1,612,524	$	1,584,886