Segment Operating Results (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Information Regarding Operations By Segment

The following information presents each segment's contribution.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Investment Banking
Net Revenues(1)	$	388,012	$	366,834	$	1,305,586	$	1,252,709
Operating Expenses	311,697		287,809		1,008,985		946,629
Other Expenses(2)	7,917		7,888		22,084		21,805
Operating Income	68,398		71,137		274,517		284,275
Income from Equity Method Investments	282		—		756		297
Pre-Tax Income	$	68,680	$	71,137	$	275,273	$	284,572
Identifiable Segment Assets	$	2,018,087	$	1,294,106	$	2,018,087	$	1,294,106
Investment Management
Net Revenues(1)	$	14,186	$	14,425	$	42,985	$	40,590
Operating Expenses	12,040		11,022		36,206		32,973
Other Expenses(2)	200		—		308		21
Operating Income	1,946		3,403		6,471		7,596
Income from Equity Method Investments	2,280		2,298		6,470		6,545
Pre-Tax Income	$	4,226	$	5,701	$	12,941	$	14,141
Identifiable Segment Assets	$	193,016	$	411,501	$	193,016	$	411,501
Total
Net Revenues(1)	$	402,198	$	381,259	$	1,348,571	$	1,293,299
Operating Expenses	323,737		298,831		1,045,191		979,602
Other Expenses(2)	8,117		7,888		22,392		21,826
Operating Income	70,344		74,540		280,988		291,871
Income from Equity Method Investments	2,562		2,298		7,226		6,842
Pre-Tax Income	$	72,906	$	76,838	$	288,214	$	298,713
Identifiable Segment Assets	$	2,211,103	$	1,705,607	$	2,211,103	$	1,705,607

(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,
	2019		2018		2019		2018
Investment Banking(A)	$	2,709	$	4,108	$	16,432	$	3,219
Investment Management	1,536		1,747		5,533		3,987
Total Other Revenue, net	$	4,245	$	5,855	$	21,965	$	7,206

(A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and lines of credit of $3,786 and $8,354 for the three and nine months ended September 30, 2019, respectively, and $2,300 and $6,861 for the three and nine months ended September 30, 2018, respectively.

(2) Other Expenses are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Investment Banking
Amortization of LP Units and Certain Other Awards	$	4,551	$	3,764	$	12,346	$	11,470
Special Charges	1,029		1,967		3,087		3,864
Acquisition and Transition Costs	180		—		180		—
Intangible Asset and Other Amortization	2,157		2,157		6,471		6,471
Total Investment Banking	7,917		7,888		22,084		21,805
Investment Management
Acquisition and Transition Costs	200		—		308		21
Total Investment Management	200		—		308		21
Total Other Expenses	$	8,117	$	7,888	$	22,392	$	21,826

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 September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Net Revenues:(1)
United States	$	317,203	$	290,944	$	977,870	$	1,023,686
Europe and Other	77,779		82,063		337,207		239,226
Latin America	2,971		2,397		11,529		23,181
Total	$	397,953	$	375,404	$	1,326,606	$	1,286,093

(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:

	September 30, 2019		December 31, 2018
Total Assets:
United States	$	1,867,620	$	1,757,589
Europe and Other	280,056		298,917
Latin America	63,427		69,161
Total	$	2,211,103	$	2,125,667