Segment Operating Results (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Information Regarding Operations By Segment

The following information presents each segment's contribution.

	For the Years Ended December 31,
	2023		2022		2021
Investment Banking & Equities
Net Revenues(1)	$	2,355,943	$	2,696,125	$	3,223,889
Operating Expenses	2,010,757		2,009,913		2,125,871
Other Expenses(2)	2,921		3,126		7
Operating Income	342,265		683,086		1,098,011
Income from Equity Method Investments	620		1,217		1,337
Pre-Tax Income	$	342,885	$	684,303	$	1,099,348
Identifiable Segment Assets	$	3,541,886	$	3,446,075	$	3,605,332
Investment Management
Net Revenues(1)	$	70,006	$	65,923	$	65,610
Operating Expenses	53,136		52,967		52,629
Other Expenses(2)	—		—		8,554
Operating Income	16,870		12,956		4,427
Income from Equity Method Investments	6,035		6,782		12,824
Pre-Tax Income	$	22,905	$	19,738	$	17,251
Identifiable Segment Assets	$	161,412	$	174,848	$	197,325
Total
Net Revenues(1)	$	2,425,949	$	2,762,048	$	3,289,499
Operating Expenses	2,063,893		2,062,880		2,178,500
Other Expenses(2)	2,921		3,126		8,561
Operating Income	359,135		696,042		1,102,438
Income from Equity Method Investments	6,655		7,999		14,161
Pre-Tax Income	$	365,790	$	704,041	$	1,116,599
Identifiable Segment Assets	$	3,703,298	$	3,620,923	$	3,802,657

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

	For the Years Ended December 31,
	2023		2022		2021
Investment Banking & Equities(A)	$	78,281	$	(25,668)	$	19,370
Investment Management	2,965		1,440		(174)
Total Other Revenue, net	$	81,246	$	(24,228)	$	19,196

(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $16,717, $16,850 and $17,586 for the years ended December 31, 2023, 2022 and 2021, respectively.

(2)Other Expenses are as follows:

	For the Years Ended December 31,
	2023		2022		2021
Investment Banking & Equities
Special Charges, Including Business Realignment Costs	$	2,921	$	3,126	$	—
Acquisition and Transition Costs	—		—		7
Total Investment Banking & Equities	2,921		3,126		7
Investment Management
Special Charges, Including Business Realignment Costs	—		—		8,554
Total Investment Management	—		—		8,554
Total Other Expenses	$	2,921	$	3,126	$	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 Years Ended December 31,
	2023		2022		2021
Net Revenues:(1)
United States	$	1,719,337	$	1,989,387	$	2,553,806
Europe and Other	609,723		787,658		710,660
Latin America	15,643		9,231		5,837
Total	$	2,344,703	$	2,786,276	$	3,270,303

(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,
	2023		2022
Total Assets:
United States	$	3,146,756	$	2,902,153
Europe and Other	556,542		718,770
Total	$	3,703,298	$	3,620,923