Segment Operating Results (Tables)

6 Months Ended

Jun. 30, 2020

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,
	2020			2019		2020		2019
Investment Banking
Net Revenues(1)	$	495,374		$	516,386	$	909,030	$	917,574
Operating Expenses	399,476			385,378		739,271		697,288
Other Expenses(2)	9,163			6,909		34,389		14,167
Operating Income	86,735			124,099		135,370		206,119
Income from Equity Method Investments	65			219		601		474
Pre-Tax Income	$	86,800		$	124,318	$	135,971	$	206,593
Identifiable Segment Assets	$	2,358,662		$	1,749,339	$	2,358,662	$	1,749,339
Investment Management
Net Revenues(1)	$	11,701		$	14,660	$	25,052	$	28,799
Operating Expenses	11,707			11,925		24,358		24,166
Other Expenses(2)	—			—		32		108
Operating Income (Loss)	(6		)	2,735		662		4,525
Income from Equity Method Investments	2,248			2,234		4,840		4,190
Pre-Tax Income	$	2,242		$	4,969	$	5,502	$	8,715
Identifiable Segment Assets	$	140,927		$	190,410	$	140,927	$	190,410
Total
Net Revenues(1)	$	507,075		$	531,046	$	934,082	$	946,373
Operating Expenses	411,183			397,303		763,629		721,454
Other Expenses(2)	9,163			6,909		34,421		14,275
Operating Income	86,729			126,834		136,032		210,644
Income from Equity Method Investments	2,313			2,453		5,441		4,664
Pre-Tax Income	$	89,042		$	129,287	$	141,473	$	215,308
Identifiable Segment Assets	$	2,499,589		$	1,939,749	$	2,499,589	$	1,939,749

(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,
	2020			2019		2020			2019
Investment Banking(A)	$	11,254		$	7,236	$	(10,153	)	$	13,723
Investment Management	(1,252		)	2,241		(648		)	3,997
Total Other Revenue, net	$	10,002		$	9,477	$	(10,801	)	$	17,720

(A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable and lines of credit of $4,534 and $9,376 for the three and six months ended June 30, 2020, respectively, and $2,304 and $4,568 for the three and six months ended June 30, 2019, respectively.

(2) Other Expenses are as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2020		2019		2020		2019
Investment Banking
Amortization of LP Units and Certain Other Awards	$	—	$	3,723	$	1,067	$	7,795
Special Charges, Including Business Realignment Costs	8,558		1,029		32,202		2,058
Acquisition and Transition Costs	98		—		106		—
Intangible Asset and Other Amortization	507		2,157		1,014		4,314
Total Investment Banking	9,163		6,909		34,389		14,167
Investment Management
Special Charges, Including Business Realignment Costs	—		—		32		—
Acquisition and Transition Costs	—		—		—		108
Total Investment Management	—		—		32		108
Total Other Expenses	$	9,163	$	6,909	$	34,421	$	14,275

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,
	2020		2019		2020		2019
Net Revenues:(1)
United States	$	391,762	$	386,545	$	756,977	$	660,667
Europe and Other	100,224		130,144		180,245		259,428
Latin America	5,087		4,880		7,661		8,558
Total	$	497,073	$	521,569	$	944,883	$	928,653

(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, 2020		December 31, 2019
Total Assets:
United States	$	2,138,684	$	2,158,347
Europe and Other	316,430		373,822
Latin America	44,475		66,444
Total	$	2,499,589	$	2,598,613