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Segment Operating Results (Tables)

12 Months Ended

Dec. 31, 2022

Information Regarding Operations By Segment

The following information presents each segment's contribution.


	For the Years Ended December 31,
		2022		2021		2020
Investment Banking & Equities
Net Revenues(1)		$	2,696,125	$	3,223,889	$	2,217,386
Operating Expenses		2,009,913		2,125,871		1,637,542
Other Expenses(2)		3,126		7		49,112
Operating Income		683,086		1,098,011		530,732
Income from Equity Method Investments		1,217		1,337		1,546
Pre-Tax Income		$	684,303	$	1,099,348	$	532,278
Identifiable Segment Assets		$	3,446,075	$	3,605,332	$	3,186,864
Investment Management
Net Revenues(1)		$	65,923	$	65,610	$	46,519
Operating Expenses		52,967		52,629		50,473
Other Expenses(2)		—		8,554		345
Operating Income (Loss)		12,956		4,427		(4,299)
Income from Equity Method Investments		6,782		12,824		12,852
Pre-Tax Income		$	19,738	$	17,251	$	8,553
Identifiable Segment Assets		$	174,848	$	197,325	$	184,024
Total
Net Revenues(1)		$	2,762,048	$	3,289,499	$	2,263,905
Operating Expenses		2,062,880		2,178,500		1,688,015
Other Expenses(2)		3,126		8,561		49,457
Operating Income		696,042		1,102,438		526,433
Income from Equity Method Investments		7,999		14,161		14,398
Pre-Tax Income		$	704,041	$	1,116,599	$	540,831
Identifiable Segment Assets		$	3,620,923	$	3,802,657	$	3,370,888

(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:


	For the Years Ended December 31,
		2022		2021		2020
Investment Banking & Equities(A)		$	(25,668)	$	19,370	$	(20,770)
Investment Management(B)		1,440		(174)		(7,878)
Total Other Revenue, net		$	(24,228)	$	19,196	$	(28,648)

(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $16,850, $17,586 and $18,197 for the years ended December 31, 2022, 2021 and 2020, respectively. Other Revenue, net, also includes a loss of $21,070 related to the release of cumulative foreign exchange losses resulting from the sale and wind-down of the Company's businesses in Mexico for the year ended December 31, 2020.

(B)Other Revenue, net, from the Investment Management segment includes a net loss of $3,441 related to the sale of the Company's ECB businesses and a loss of $6,295 related to the release of cumulative foreign exchange losses resulting from the sale and wind-down of the Company's businesses in Mexico for the year ended December 31, 2020.

(2)Other Expenses are as follows:


	For the Years Ended December 31,
		2022		2021		2020
Investment Banking & Equities
Amortization of LP Units and Certain Other Awards		$	—	$	—	$	1,067


Special Charges, Including Business Realignment Costs		3,126		—		46,600

Acquisition and Transition Costs		—		7		262

Intangible Asset and Other Amortization		—		—		1,183
Total Investment Banking & Equities		3,126		7		49,112
Investment Management


Special Charges, Including Business Realignment Costs		—		8,554		45
Acquisition and Transition Costs		—		—		300

Total Investment Management		—		8,554		345
Total Other Expenses		$	3,126	$	8,561	$	49,457

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 Years Ended December 31,
		2022		2021		2020
Net Revenues:(1)
United States		$	1,989,387	$	2,553,806	$	1,768,901
Europe and Other		787,658		710,660		497,102
Latin America		9,231		5,837		26,550
Total		$	2,786,276	$	3,270,303	$	2,292,553

(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:


	December 31,
	2022		2021
Total Assets:
United States	$	2,902,153	$	3,199,435
Europe and Other	718,770		603,222

Total	$	3,620,923	$	3,802,657