Segment Operating Results (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Information Regarding Operations By Segment

The following information presents each segment's contribution.

	For the Three Months Ended March 31,
	2025		2024
Investment Banking & Equities
Net Revenues(1)	$	674,532	$	561,728
Employee Compensation and Benefits	448,029		377,287
Non-Compensation(2)	119,774		105,551
Operating Income	106,729		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 Benefits	11,796		10,418
Non-Compensation(2)	4,046		3,439
Operating Income	4,455		5,230
Income from Equity Method Investments	917		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 Benefits	459,825		387,705
Non-Compensation(2)	123,820		108,990
Operating Income	111,184		84,120
Income from Equity Method Investments	879		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,
	2025		2024
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,
	2025		2024
Investment Banking & Equities
Occupancy and Equipment Rental	$	25,103	$	21,403
Professional Fees	31,094		30,063
Travel and Related Expenses	21,811		18,973
Communications and Information Services	22,302		18,464
Depreciation and Amortization	5,893		6,209
Execution, Clearing and Custody Fees	2,883		2,923
Other Operating Expenses	10,688		7,516
Total Non-Compensation	$	119,774	$	105,551
Investment Management
Occupancy and Equipment Rental	$	628	$	541
Professional Fees	1,519		1,156
Travel and Related Expenses	207		249
Communications and Information Services	842		703
Depreciation and Amortization	83		84
Execution, Clearing and Custody Fees	463		418
Other Operating Expenses	304		288
Total Non-Compensation	$	4,046	$	3,439
Total
Occupancy and Equipment Rental	$	25,731	$	21,944
Professional Fees	32,613		31,219
Travel and Related Expenses	22,018		19,222
Communications and Information Services	23,144		19,167
Depreciation and Amortization	5,976		6,293
Execution, Clearing and Custody Fees	3,346		3,341
Other Operating Expenses	10,992		7,804
Total Non-Compensation	$	123,820	$	108,990

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 Three Months Ended March 31,
	2025		2024
Net Revenues:(1)
Americas(2)	$	587,905	$	479,147
Europe, Middle East and Africa ("EMEA")	72,657		70,521
Asia-Pacific	27,135		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.

Assets by Geographic Areas

The Company's total assets are located in the following geographical areas:

	March 31, 2025		December 31, 2024
Total Assets:
Americas(1)	$	2,714,896	$	3,496,519
EMEA(2)	503,298		614,494
Asia-Pacific	52,921		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.