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Segment Operating Results
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Operating Results Segment Operating Results
Business Segments – The Company's business results are categorized into the following two segments: Investment Banking and Investment Management. Investment Banking includes providing advice to clients on significant mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. Investment Management includes Wealth Management and interests in private equity funds which are not managed by the Company.
The Company's segment information for the three months ended March 31, 2022 and 2021 is prepared using the following methodology:
•Revenue, expenses and income (loss) from equity method investments directly associated with each segment are included in determining pre-tax income.
•Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including headcount, square footage and other performance and time-based factors.
•Segment assets are based on those directly associated with each segment, or for certain assets shared across segments, those assets are allocated based on the most relevant measures applicable, including headcount and other factors.
•Investment gains and losses, interest income and interest expense are allocated between the segments based on the segment in which the underlying asset or liability is held.
Other Revenue, net, included in each segment's Net Revenues includes the following:
•Interest income and income (losses) on investment securities, including the Company's investment funds which are used as an economic hedge against the Company's deferred cash compensation program, certificates of deposit, cash and cash equivalents, long-term accounts receivable and on the Company’s debt security investment in G5 (through June 25, 2021, the date G5 repaid its outstanding debentures with the Company in full. See Note 7 for further information.)
•A gain on the sale of a portion of the Company's interests in ABS in the first quarter of 2022. See Note 7 for further information
•Gains (losses) resulting from foreign currency fluctuations
•Realized and unrealized gains and losses on interests in private equity funds which are not managed by the Company
•Interest expense associated with the Company’s Notes Payable and lines of credit
•Adjustments to amounts due pursuant to the Company’s tax receivable agreement, subsequent to its initial establishment, related to changes in enacted tax rates
Each segment's Operating Expenses include: a) employee compensation and benefits expenses that are incurred directly in support of the segment and b) non-compensation expenses, which include expenses for premises and occupancy, professional fees, travel and entertainment, communications and information services, execution, clearing and custody fees, equipment and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, legal, technology, human capital, facilities management and senior management activities.
Other Expenses includes Acquisition and Transition Costs incurred in connection with acquisitions, divestitures and other ongoing business development initiatives, primarily comprised of professional fees for legal and other services.
The Company evaluates segment results based on net revenues and pre-tax income, both including and excluding the impact of the Other Expenses.
No client accounted for more than 10% of the Company's Consolidated Net Revenues for the three months ended March 31, 2022.
The following information presents each segment's contribution.

 For the Three Months Ended March 31,
 20222021
Investment Banking
Net Revenues(1)
$704,301 $647,285 
Operating Expenses500,572 456,526 
Other Expenses(2)
— 7 
Operating Income203,729 190,752 
Income from Equity Method Investments374 169 
Pre-Tax Income $204,103 $190,921 
Identifiable Segment Assets$2,787,619 $2,576,598 
Investment Management
Net Revenues(1)
$18,553 $15,025 
Operating Expenses12,918 11,569 
Operating Income5,635 3,456 
Income from Equity Method Investments2,138 2,855 
Pre-Tax Income$7,773 $6,311 
Identifiable Segment Assets$150,745 $149,315 
Total
Net Revenues(1)
$722,854 $662,310 
Operating Expenses513,490 468,095 
Other Expenses(2)
— 7 
Operating Income209,364 194,208 
Income from Equity Method Investments2,512 3,024 
Pre-Tax Income$211,876 $197,232 
Identifiable Segment Assets$2,938,364 $2,725,913 
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
 For the Three Months Ended March 31,
 20222021
Investment Banking(A)
$(7,467)$2,584 
Investment Management1,438 76 
Total Other Revenue, net$(6,029)$2,660 
(A)Other Revenue, net, from Investment Banking includes interest expense on the Notes Payable and lines of credit of $4,250 and $4,570 for the three months ended March 31, 2022 and 2021, respectively.
(2)Other Expenses are as follows:
 For the Three Months Ended March 31,
 20222021
Investment Banking
Acquisition and Transition Costs$— $7 
Total Investment Banking— 7 
Investment Management
Total Investment Management— — 
Total Other Expenses$— $7 
Geographic Information – The Company manages its business based on the profitability of the enterprise as a whole.
The Company's revenues were derived from clients located and managed in the following geographical areas:
 For the Three Months Ended March 31,
 20222021
Net Revenues:(1)
United States$610,731 $460,648 
Europe and Other112,065 198,614 
Latin America6,087 388 
Total$728,883 $659,650 
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
The Company's total assets are located in the following geographical areas:
March 31, 2022December 31, 2021
Total Assets:
United States$2,446,819 $3,199,435 
Europe and Other491,545 603,222 
Total$2,938,364 $3,802,657