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Segment Operating Results
 3 Months Ended
Mar. 31, 2025
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 Banking & Equities segment also includes an interest in Seneca Evercore, which is accounted for under the equity method of accounting, and previously included an interest in Luminis (through September 2024). The Investment Management segment includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as an interest in Atalanta Sosnoff, which is accounted for under the equity method of accounting, and previously included an interest in ABS (through July 2024).
The Company's segment information 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 against exchange rate risk for foreign currency denominated accounts receivable or other commitments
•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 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 corporate services. Such corporate services include, but are not limited to, accounting, tax, legal, technology, human capital, facilities management and senior management activities.
The Company evaluates segment results based on net revenues and pre-tax income. The Company's resources are allocated and performance is assessed by the Company's CEO and Chairman, whom the Company has determined to be the CODM. For both segments, the CODM reviews net revenues and pre-tax income against current and past performance on a quarterly basis when making decisions about allocating resources to the segments, inclusive of decisions regarding new hires, expansion into new geographical locations and entering into material contracts, including lease agreements and significant investments in technology. The CODM also uses these measures in determining appropriate levels of employee compensation.
No client accounted for more than 10% of the Company's Consolidated Net Revenues for the three months ended March 31, 2025 and 2024.
The following information presents each segment's contribution.
 For the Three Months Ended March 31,
 20252024
Investment Banking & Equities
Net Revenues(1)
$674,532 $561,728 
Employee Compensation and Benefits448,029 377,287 
Non-Compensation(2)
119,774 105,551 
Operating Income106,729 78,890 
Income (Loss) from Equity Method Investments(38)688 
Pre-Tax Income $106,691 $79,578 
Identifiable Segment Assets$3,178,276 $2,879,890 
Investment Management
Net Revenues(1)
$20,297 $19,087 
Employee Compensation and Benefits11,796 10,418 
Non-Compensation(2)
4,046 3,439 
Operating Income4,455 5,230 
Income from Equity Method Investments917 1,637 
Pre-Tax Income$5,372 $6,867 
Identifiable Segment Assets$92,839 $126,098 
Total
Net Revenues(1)
$694,829 $580,815 
Employee Compensation and Benefits459,825 387,705 
Non-Compensation(2)
123,820 108,990 
Operating Income111,184 84,120 
Income from Equity Method Investments879 2,325 
Pre-Tax Income$112,063 $86,445 
Identifiable Segment Assets$3,271,115 $3,005,988 
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
 For the Three Months Ended March 31,
 20252024
Investment Banking & Equities(A)
$7,818 $28,117 
Investment Management(686)388 
Total Other Revenue, net$7,132 $28,505 
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $4,193 and $4,188 for the three months ended March 31, 2025 and 2024, respectively.
(2)Non-Compensation expenses are as follows:
For the Three Months Ended March 31,
20252024
Investment Banking & Equities
Occupancy and Equipment Rental$25,103 $21,403 
Professional Fees31,094 30,063 
Travel and Related Expenses21,811 18,973 
Communications and Information Services22,302 18,464 
Depreciation and Amortization5,893 6,209 
Execution, Clearing and Custody Fees2,883 2,923 
Other Operating Expenses10,688 7,516 
Total Non-Compensation$119,774 $105,551 
Investment Management
Occupancy and Equipment Rental$628 $541 
Professional Fees1,519 1,156 
Travel and Related Expenses207 249 
Communications and Information Services842 703 
Depreciation and Amortization83 84 
Execution, Clearing and Custody Fees463 418 
Other Operating Expenses304 288 
Total Non-Compensation$4,046 $3,439 
Total
Occupancy and Equipment Rental$25,731 $21,944 
Professional Fees32,613 31,219 
Travel and Related Expenses22,018 19,222 
Communications and Information Services23,144 19,167 
Depreciation and Amortization5,976 6,293 
Execution, Clearing and Custody Fees3,346 3,341 
Other Operating Expenses10,992 7,804 
Total Non-Compensation$123,820 $108,990 
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,
 20252024
Net Revenues:(1)
Americas(2)
$587,905 $479,147 
Europe, Middle East and Africa ("EMEA")72,657 70,521 
Asia-Pacific27,135 2,642 
Total$687,697 $552,310 
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
(2)Primarily includes revenue attributable to the United States of $559,801 and $455,236 for the three months ended March 31, 2025 and 2024, respectively.
The Company's total assets are located in the following geographical areas:
March 31, 2025December 31, 2024
Total Assets:
Americas(1)
$2,714,896 $3,496,519 
EMEA(2)
503,298 614,494 
Asia-Pacific52,921 62,958 
Total$3,271,115 $4,173,971 
(1)Primarily includes assets located in the United States.
(2)Primarily includes assets located in the United Kingdom.