Segment Operating Results (Tables)

6 Months Ended

Jun. 30, 2021

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,
	2021		2020		2021		2020
Investment Banking
Net Revenues(1)	$	670,820	$	495,374	$	1,318,105	$	909,030
Operating Expenses	468,160		399,476		924,686		739,271
Other Expenses(2)	—		9,163		7		34,389
Operating Income	202,660		86,735		393,412		135,370
Income from Equity Method Investments	549		65		718		601
Pre-Tax Income	$	203,209	$	86,800	$	394,130	$	135,971
Identifiable Segment Assets	$	2,775,859	$	2,358,662	$	2,775,859	$	2,358,662
Investment Management
Net Revenues(1)	$	17,045	$	11,701	$	32,070	$	25,052
Operating Expenses	12,692		11,707		24,261		24,358
Other Expenses(2)	—		—		—		32
Operating Income (Loss)	4,353		(6)		7,809		662
Income from Equity Method Investments	2,845		2,248		5,700		4,840
Pre-Tax Income	$	7,198	$	2,242	$	13,509	$	5,502
Identifiable Segment Assets	$	171,589	$	140,927	$	171,589	$	140,927
Total
Net Revenues(1)	$	687,865	$	507,075	$	1,350,175	$	934,082
Operating Expenses	480,852		411,183		948,947		763,629
Other Expenses(2)	—		9,163		7		34,421
Operating Income	207,013		86,729		401,221		136,032
Income from Equity Method Investments	3,394		2,313		6,418		5,441
Pre-Tax Income	$	210,407	$	89,042	$	407,639	$	141,473
Identifiable Segment Assets	$	2,947,448	$	2,499,589	$	2,947,448	$	2,499,589

(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,
	2021		2020		2021		2020
Investment Banking(A)	$	11,233	$	11,039	$	13,817	$	(10,553)
Investment Management	862		(1,252)		938		(648)
Total Other Revenue, net	$	12,095	$	9,787	$	14,755	$	(11,201)

(A)Other Revenue, net, from Investment Banking includes interest expense on the Notes Payable of $4,306 and $8,876 for the three and six months ended June 30, 2021, respectively, and $4,534 and $9,376 for the three and six months ended June 30, 2020, respectively.

(2)Other Expenses are as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Investment Banking
Amortization of LP Units	$	—	$	—	$	—	$	1,067


Special Charges, Including Business Realignment Costs	—		8,558		—		32,202

Acquisition and Transition Costs	—		98		7		106

Intangible Asset Amortization	—		507		—		1,014
Total Investment Banking	—		9,163		7		34,389
Investment Management


Special Charges, Including Business Realignment Costs	—		—		—		32


Total Investment Management	—		—		—		32
Total Other Expenses	$	—	$	9,163	$	7	$	34,421

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,
	2021		2020		2021		2020
Net Revenues:(1)
United States	$	528,322	$	391,977	$	988,970	$	757,377
Europe and Other	145,117		100,224		343,731		180,245
Latin America	2,331		5,087		2,719		7,661
Total	$	675,770	$	497,288	$	1,335,420	$	945,283

(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, 2021		December 31, 2020
Total Assets:
United States	$	2,433,168	$	2,862,343
Europe and Other	514,280		508,545

Total	$	2,947,448	$	3,370,888