Segment Operating Results (Tables)

9 Months Ended

Sep. 30, 2022

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,
	2022		2021		2022		2021
Investment Banking
Net Revenues(1)	$	560,518	$	806,918	$	1,880,069	$	2,125,023
Operating Expenses	433,599		556,277		1,404,711		1,480,963
Other Expenses(2)	—		—		532		7
Operating Income	126,919		250,641		474,826		644,053
Income from Equity Method Investments	451		564		989		1,282
Pre-Tax Income	$	127,370	$	251,205	$	475,815	$	645,335
Identifiable Segment Assets	$	2,986,364	$	3,097,453	$	2,986,364	$	3,097,453
Investment Management
Net Revenues(1)	$	16,419	$	16,637	$	50,639	$	48,707
Operating Expenses	12,939		13,571		39,520		37,832
Other Expenses(2)	—		8,554		—		8,554
Operating Income (Loss)	3,480		(5,488)		11,119		2,321
Income from Equity Method Investments	1,576		3,117		5,824		8,817
Pre-Tax Income (Loss)	$	5,056	$	(2,371)	$	16,943	$	11,138
Identifiable Segment Assets	$	164,905	$	174,435	$	164,905	$	174,435
Total
Net Revenues(1)	$	576,937	$	823,555	$	1,930,708	$	2,173,730
Operating Expenses	446,538		569,848		1,444,231		1,518,795
Other Expenses(2)	—		8,554		532		8,561
Operating Income	130,399		245,153		485,945		646,374
Income from Equity Method Investments	2,027		3,681		6,813		10,099
Pre-Tax Income	$	132,426	$	248,834	$	492,758	$	656,473
Identifiable Segment Assets	$	3,151,269	$	3,271,888	$	3,151,269	$	3,271,888

(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,
	2022		2021		2022		2021
Investment Banking(A)	$	(5,603)	$	(2,559)	$	(40,066)	$	11,258
Investment Management	778		(323)		1,915		615
Total Other Revenue, net	$	(4,825)	$	(2,882)	$	(38,151)	$	11,873

(A)Other Revenue, net, from Investment Banking includes interest expense on the Notes Payable and lines of credit of $4,188 and $12,696 for the three and nine months ended September 30, 2022, respectively, and $4,393 and $13,269 for the three and nine months ended September 30, 2021, respectively.

(2)Other Expenses are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Investment Banking
Special Charges, Including Business Realignment Costs	$	—	$	—	$	532	$	—
Acquisition and Transition Costs	—		—		—		7
Total Investment Banking	—		—		532		7
Investment Management
Special Charges, Including Business Realignment Costs	—		8,554		—		8,554
Total Investment Management	—		8,554		—		8,554
Total Other Expenses	$	—	$	8,554	$	532	$	8,561

Revenues Derived from Clients 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,
	2022		2021		2022		2021
Net Revenues:(1)
United States	$	374,571	$	659,158	$	1,408,491	$	1,648,128
Europe and Other	206,893		165,065		553,926		508,796
Latin America	298		2,214		6,442		4,933
Total	$	581,762	$	826,437	$	1,968,859	$	2,161,857

(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, 2022		December 31, 2021
Total Assets:
United States	$	2,565,503	$	3,199,435
Europe and Other	585,766		603,222
Total	$	3,151,269	$	3,802,657