Segment Operating Results (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

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,
	2019		2018		2019		2018
Investment Banking
Net Revenues(1)	$	516,386	$	435,675	$	917,574	$	885,875
Operating Expenses	385,378		327,137		697,288		658,820
Other Expenses(2)	6,909		5,880		14,167		13,917
Operating Income	124,099		102,658		206,119		213,138
Income from Equity Method Investments	219		297		474		297
Pre-Tax Income	$	124,318	$	102,955	$	206,593	$	213,435
Identifiable Segment Assets	$	1,749,339	$	1,354,810	$	1,749,339	$	1,354,810
Investment Management
Net Revenues(1)	$	14,660	$	12,802	$	28,799	$	26,165
Operating Expenses	11,925		10,678		24,166		21,951
Other Expenses(2)	—		—		108		21
Operating Income	2,735		2,124		4,525		4,193
Income from Equity Method Investments	2,234		2,122		4,190		4,247
Pre-Tax Income	$	4,969	$	4,246	$	8,715	$	8,440
Identifiable Segment Assets	$	190,410	$	257,714	$	190,410	$	257,714
Total
Net Revenues(1)	$	531,046	$	448,477	$	946,373	$	912,040
Operating Expenses	397,303		337,815		721,454		680,771
Other Expenses(2)	6,909		5,880		14,275		13,938
Operating Income	126,834		104,782		210,644		217,331
Income from Equity Method Investments	2,453		2,419		4,664		4,544
Pre-Tax Income	$	129,287	$	107,201	$	215,308	$	221,875
Identifiable Segment Assets	$	1,939,749	$	1,612,524	$	1,939,749	$	1,612,524

(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,
	2019		2018		2019		2018
Investment Banking(A)	$	7,236	$	539	$	13,723	$	(889	)
Investment Management	2,241		632		3,997		2,240
Total Other Revenue, net	$	9,477	$	1,171	$	17,720	$	1,351

(A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and lines of credit of $2,304 and $4,568 for the three and six months ended June 30, 2019, respectively, and $2,300 and $4,561 for the three and six months ended June 30, 2018, respectively.

(2) Other Expenses are as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2019		2018		2019		2018
Investment Banking
Amortization of LP Units and Certain Other Awards	$	3,723	$	3,723	$	7,795	$	7,706
Special Charges	1,029		—		2,058		1,897
Intangible Asset and Other Amortization	2,157		2,157		4,314		4,314
Total Investment Banking	6,909		5,880		14,167		13,917
Investment Management
Acquisition and Transition Costs	—		—		108		21
Total Investment Management	—		—		108		21
Total Other Expenses	$	6,909	$	5,880	$	14,275	$	13,938

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,
	2019		2018		2019		2018
Net Revenues:(1)
United States	$	386,545	$	346,225	$	660,667	$	732,742
Europe and Other	130,144		91,933		259,428		157,163
Latin America	4,880		9,148		8,558		20,784
Total	$	521,569	$	447,306	$	928,653	$	910,689

(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, 2019		December 31, 2018
Total Assets:
United States	$	1,592,362	$	1,757,589
Europe and Other	281,959		298,917
Latin America	65,428		69,161
Total	$	1,939,749	$	2,125,667