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Revenue and Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents revenue recognized by the Company for the years ended December 31, 2025, 2024 and 2023:
For the Years Ended December 31,
202520242023
Investment Banking & Equities:
Advisory Fees$3,267,087 $2,440,605 $1,963,857 
Underwriting Fees179,647 157,067 111,016 
Commissions and Related Revenue242,685 214,045 202,789 
Total Investment Banking & Equities$3,689,419 $2,811,717 $2,277,662 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$87,356 $79,550 $67,041 
Total Investment Management$87,356 $79,550 $67,041 
Contract with Customer, Asset and Liability
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 years ended December 31, 2025 and 2024 are as follows:
For the Year Ended December 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 
Increase134,310 28,539 85,065 13,428 2,413 
Balance at December 31, 2025$555,812 $129,853 $147,444 $27,905 $5,995 
For the Year Ended December 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)49,896 7,625 (23,022)8,632 58 
Balance at December 31, 2024$421,502 $101,314 $62,379 $14,477 $3,582 
(1)Included in Accounts Receivable on the Consolidated Statements of Financial Condition.
(2)Included in Other Assets on the Consolidated Statements of Financial Condition.
(3)Included in Other Current Assets on the Consolidated Statements of Financial Condition.
(4)Included in Other Current Liabilities on the Consolidated Statements of Financial Condition.
Accounts Receivable, Allowance for Credit Loss
The allowance for credit losses for the years ended December 31, 2025 and 2024 is as follows:
For the Years Ended December 31,
20252024
Beginning Balance$2,253 $5,603 
Bad debt expense, net of reversals5,635 2,334 
Write-offs, foreign currency translation and other adjustments(4,905)(5,684)
Ending Balance$2,983 $2,253 
Accounts Receivable, Noncurrent, Credit Quality Indicator
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 December 31, 2025, by year of origination:
Amortized Carrying Value by Origination Year
20252024202320222021Total
Long-term Accounts Receivable and Long-term Contract Assets$102,611 $38,812 $11,923 $4,346 $66 $157,758