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Segment Operating Results
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 six months ended June 30, 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 and six months ended June 30, 2024 and 2023, respectively.
The following information presents each segment's contribution.
 For the Three Months Ended June 30, For the Six Months Ended June 30,
 2024202320242023
Investment Banking & Equities
Net Revenues(1)
$670,010 $482,246 $1,231,738 $1,037,057 
Operating Expenses566,368 428,344 1,049,206 877,424 
Other Expenses— — — 2,921 
Operating Income103,642 53,902 182,532 156,712 
Income from Equity Method Investments147 143 835 214 
Pre-Tax Income $103,789 $54,045 $183,367 $156,926 
Identifiable Segment Assets$3,176,797 $2,900,384 $3,176,797 $2,900,384 
Investment Management
Net Revenues(1)
$19,214 $17,173 $38,301 $34,505 
Operating Expenses14,613 13,359 28,470 26,597 
Operating Income4,601 3,814 9,831 7,908 
Income from Equity Method Investments1,710 1,399 3,347 2,796 
Pre-Tax Income$6,311 $5,213 $13,178 $10,704 
Identifiable Segment Assets$139,201 $151,060 $139,201 $151,060 
Total
Net Revenues(1)
$689,224 $499,419 $1,270,039 $1,071,562 
Operating Expenses580,981 441,703 1,077,676 904,021 
Other Expenses— — — 2,921 
Operating Income108,243 57,716 192,363 164,620 
Income from Equity Method Investments1,857 1,542 4,182 3,010 
Pre-Tax Income$110,100 $59,258 $196,545 $167,630 
Identifiable Segment Assets$3,315,998 $3,051,444 $3,315,998 $3,051,444 
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
 For the Three Months Ended June 30, For the Six Months Ended June 30,
 2024202320242023
Investment Banking & Equities(A)
$17,581 $19,442 $45,698 $40,743 
Investment Management14 598 402 1,972 
Total Other Revenue, net$17,595 $20,040 $46,100 $42,715 
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $4,189 and $8,377 for the three and six months ended June 30, 2024, respectively, and $4,181 and $8,352 for the three and six months ended June 30, 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 June 30, For the Six Months Ended June 30,
 2024202320242023
Net Revenues:(1)
United States$534,510 $344,238 $989,746 $739,426 
Europe and Other136,755 127,545 233,683 280,072 
Latin America364 7,596 510 9,349 
Total$671,629 $479,379 $1,223,939 $1,028,847 
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
The Company's total assets are located in the following geographical areas:
June 30, 2024December 31, 2023
Total Assets:
United States$2,888,834 $3,146,756 
Europe and Other427,164 556,542 
Total$3,315,998 $3,703,298