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Segment Operating Results
 3 Months Ended
Mar. 31, 2024
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 & Equities and Investment Management. The Investment Banking & Equities segment 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. The Investment Management segment 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, 2024 and 2023 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, including accretion, 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 and long-term accounts receivable
•Gains (losses) resulting from foreign currency exchange rate fluctuations and foreign currency exchange forward contracts used as an economic hedge
•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 for the three months ended March 31, 2023 include Special Charges, Including Business Realignment Costs, related to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in Mexico.
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, 2024 and 2023.
The following information presents each segment's contribution.
 For the Three Months Ended March 31,
 20242023
Investment Banking & Equities
Net Revenues(1)
$561,728 $554,811 
Operating Expenses482,838 449,080 
Other Expenses— 2,921 
Operating Income78,890 102,810 
Income from Equity Method Investments688 71 
Pre-Tax Income $79,578 $102,881 
Identifiable Segment Assets$2,879,890 $2,608,350 
Investment Management
Net Revenues(1)
$19,087 $17,332 
Operating Expenses13,857 13,238 
Operating Income5,230 4,094 
Income from Equity Method Investments1,637 1,397 
Pre-Tax Income$6,867 $5,491 
Identifiable Segment Assets$126,098 $142,122 
Total
Net Revenues(1)
$580,815 $572,143 
Operating Expenses496,695 462,318 
Other Expenses— 2,921 
Operating Income84,120 106,904 
Income from Equity Method Investments2,325 1,468 
Pre-Tax Income$86,445 $108,372 
Identifiable Segment Assets$3,005,988 $2,750,472 
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
 For the Three Months Ended March 31,
 20242023
Investment Banking & Equities(A)
$28,117 $21,301 
Investment Management388 1,374 
Total Other Revenue, net$28,505 $22,675 
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $4,188 and $4,171 for the three months ended March 31, 2024 and 2023, respectively.
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,
 20242023
Net Revenues:(1)
United States$455,236 $395,188 
Europe and Other96,928 152,527 
Latin America146 1,753 
Total$552,310 $549,468 
(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, 2024December 31, 2023
Total Assets:
United States$2,593,982 $3,146,756 
Europe and Other412,006 556,542 
Total$3,005,988 $3,703,298