Segment Operating Results (Tables)

3 Months Ended

Mar. 31, 2023

Information Regarding Operations By Segment

The following information presents each segment's contribution.


	For the Three Months Ended March 31,
	2023		2022
Investment Banking & Equities
Net Revenues(1)	$	554,811	$	704,301
Operating Expenses	449,080		500,572
Other Expenses	2,921		—
Operating Income	102,810		203,729
Income from Equity Method Investments	71		374
Pre-Tax Income	$	102,881	$	204,103
Identifiable Segment Assets	$	2,608,350	$	2,787,619
Investment Management
Net Revenues(1)	$	17,332	$	18,553
Operating Expenses	13,238		12,918

Operating Income	4,094		5,635
Income from Equity Method Investments	1,397		2,138
Pre-Tax Income	$	5,491	$	7,773
Identifiable Segment Assets	$	142,122	$	150,745
Total
Net Revenues(1)	$	572,143	$	722,854
Operating Expenses	462,318		513,490
Other Expenses	2,921		—
Operating Income	106,904		209,364
Income from Equity Method Investments	1,468		2,512
Pre-Tax Income	$	108,372	$	211,876
Identifiable Segment Assets	$	2,750,472	$	2,938,364

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


	For the Three Months Ended March 31,
	2023		2022
Investment Banking & Equities(A)	$	21,301	$	(7,467)
Investment Management	1,374		1,438
Total Other Revenue, net	$	22,675	$	(6,029)

(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $4,171 and $4,250 for the three months ended March 31, 2023 and 2022, respectively.

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 March 31,
	2023		2022
Net Revenues:(1)
United States	$	395,188	$	610,731
Europe and Other	152,527		112,065
Latin America	1,753		6,087
Total	$	549,468	$	728,883

(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:



	March 31, 2023		December 31, 2022
Total Assets:
United States	$	2,195,361	$	2,902,153
Europe and Other	555,111		718,770

Total	$	2,750,472	$	3,620,923