Segment Operating Results (Tables)

9 Months Ended

Sep. 30, 2020

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,
	2020		2019		2020		2019
Investment Banking
Net Revenues(1)	$	385,463	$	388,012	$	1,294,493	$	1,305,586
Operating Expenses	318,655		311,697		1,057,926		1,008,985
Other Expenses(2)	7,703		7,917		42,092		22,084
Operating Income	59,105		68,398		194,475		274,517
Income from Equity Method Investments	570		282		1,171		756
Pre-Tax Income	$	59,675	$	68,680	$	195,646	$	275,273
Identifiable Segment Assets	$	2,460,068	$	2,018,087	$	2,460,068	$	2,018,087
Investment Management
Net Revenues(1)	$	17,052	$	14,186	$	42,104	$	42,985
Operating Expenses	12,171		12,040		36,529		36,206
Other Expenses(2)	300		200		332		308
Operating Income	4,581		1,946		5,243		6,471
Income from Equity Method Investments	2,541		2,280		7,381		6,470
Pre-Tax Income	$	7,122	$	4,226	$	12,624	$	12,941
Identifiable Segment Assets	$	185,390	$	193,016	$	185,390	$	193,016
Total
Net Revenues(1)	$	402,515	$	402,198	$	1,336,597	$	1,348,571
Operating Expenses	330,826		323,737		1,094,455		1,045,191
Other Expenses(2)	8,003		8,117		42,424		22,392
Operating Income	63,686		70,344		199,718		280,988
Income from Equity Method Investments	3,111		2,562		8,552		7,226
Pre-Tax Income	$	66,797	$	72,906	$	208,270	$	288,214
Identifiable Segment Assets	$	2,645,458	$	2,211,103	$	2,645,458	$	2,211,103

(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,
	2020		2019		2020			2019
Investment Banking(A)	$	4,449	$	2,709	$	(5,704	)	$	16,432
Investment Management	3,027		1,536		2,379			5,533
Total Other Revenue, net	$	7,476	$	4,245	$	(3,325	)	$	21,965

(A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable and lines of credit of $4,218 and $13,594 for the three and nine months ended September 30, 2020, respectively, and $3,786 and $8,354 for the three and nine months ended September 30, 2019, respectively.

(2) Other Expenses are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Investment Banking
Amortization of LP Units and Certain Other Awards	$	—	$	4,551	$	1,067	$	12,346
Special Charges, Including Business Realignment Costs	7,380		1,029		39,582		3,087
Acquisition and Transition Costs	154		180		260		180
Intangible Asset and Other Amortization	169		2,157		1,183		6,471
Total Investment Banking	7,703		7,917		42,092		22,084
Investment Management
Special Charges, Including Business Realignment Costs	—		—		32		—
Acquisition and Transition Costs	300		200		300		308
Total Investment Management	300		200		332		308
Total Other Expenses	$	8,003	$	8,117	$	42,424	$	22,392

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,
	2020		2019		2020		2019
Net Revenues:(1)
United States	$	285,271	$	317,203	$	1,042,248	$	977,870
Europe and Other	104,197		77,779		284,442		337,207
Latin America	5,571		2,971		13,232		11,529
Total	$	395,039	$	397,953	$	1,339,922	$	1,326,606

(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, 2020		December 31, 2019
Total Assets:
United States	$	2,260,680	$	2,158,347
Europe and Other	339,921		373,822
Latin America	44,857		66,444
Total	$	2,645,458	$	2,598,613