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Revenue and Accounts Receivable
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue and Accounts Receivable Revenue and Accounts Receivable
The following table presents revenue recognized by the Company for the three months ended March 31, 2025 and 2024:
For the Three Months Ended March 31,
20252024
Investment Banking & Equities:
Advisory Fees$557,349 $429,838 
Underwriting Fees54,255 55,535 
Commissions and Related Revenue55,110 48,238 
Total Investment Banking & Equities$666,714 $533,611 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$20,983 $18,699 
Total Investment Management$20,983 $18,699 
Contract Balances
The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the three months ended March 31, 2025 and 2024 are as follows:
For the Three Months Ended March 31, 2025
Receivables
(Current)(1)
Receivables
(Long-term)(2)
Contract Assets (Current)(3)
Contract Assets (Long-term)(2)
Deferred Revenue
(Contract Liabilities)(4)
Balance at January 1, 2025$421,502 $101,314 $62,379 $14,477 $3,582 
Increase (Decrease)47,645 12,152 (29,713)1,057 3,094 
Balance at March 31, 2025$469,147 $113,466 $32,666 $15,534 $6,676 
For the Three Months Ended March 31, 2024
Receivables
(Current)(1)
Receivables
(Long-term)(2)
Contract Assets (Current)(3)
Contract Assets (Long-term)(2)
Deferred Revenue
(Contract Liabilities)(4)
Balance at January 1, 2024$371,606 $93,689 $85,401 $5,845 $3,524 
Increase (Decrease)(39,867)(8,431)(56,789)2,816 1,940 
Balance at March 31, 2024$331,739 $85,258 $28,612 $8,661 $5,464 
(1)Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition.
(2)Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(3)Included in Other Current Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(4)Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date. Under ASC 606, "Revenue from Contracts with Customers" ("ASC 606"), revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period.
The Company recognized revenue of $5,110 and $4,865 on the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, respectively, that was initially included in deferred revenue within Other Current Liabilities on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition.
Generally, performance obligations under client arrangements will be settled within one year; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14.
The allowance for credit losses for the three months ended March 31, 2025 and 2024 is as follows:
For the Three Months Ended March 31,
20252024
Beginning Balance$2,253 $5,603 
Bad debt expense, net of reversals2,590 (567)
Write-offs, foreign currency translation and other adjustments(1,660)(278)
Ending Balance$3,183 $4,758 
The change in the balance during the three months ended March 31, 2025 is primarily related to an increase in the Company's reserve for credit losses and the write-off of aged receivables.
For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets, primarily from the Company's private and secondary fund advisory businesses, as of March 31, 2025, by year of origination:
Amortized Carrying Value by Origination Year
20252024202320222021Total
Long-term Accounts Receivable and Long-term Contract Assets$20,352 $76,801 $21,625 $8,971 $1,251 $129,000