Revenues from Contracts with Customers

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Revenues from Contracts with Customers

3. REVENUES FROM CONTRACTS WITH CUSTOMERS

The following table provides a disaggregation of revenues recognized from contracts with customers for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
Advisory Fees	$	181,658	$	152,600
Placement Fees		60,351		50,383
Interest Income from Placement Fees and Other		2,122		1,780
Revenues from Contracts with Customers	$	244,131	$	204,763

Remaining Performance Obligations and Revenue Recognized from Past Performance

As of March 31, 2022, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $40.8 million and the Company generally expects to recognize this revenue within the next twelve months. Such amounts relate to the Company’s performance obligations of providing capital advisory services and standing ready to perform.

The Company recognized revenue of $24.0 million and $7.2 million for the three months ended March 31, 2022 and 2021, respectively, related to performance obligations that were fully satisfied in prior periods, primarily due to constraints on variable consideration in prior periods being resolved. Such amounts related primarily to the provision of capital advisory services. The majority of Fee Revenue recognized by the Company during the three months ended March 31, 2022 and 2021 was predominantly related to performance obligations that were partially satisfied in prior periods.

Contract Balances

There were no significant impairments related to contract balances during the three months ended March 31, 2022 and 2021.

For the three months ended March 31, 2022 and 2021, $6.3 million and $4.7 million, respectively, of revenue was recognized that was included in the beginning balance of Deferred Revenue, primarily related to the Company’s performance obligation of standing ready to perform. In certain contracts, the Company receives customer deposits, which are also considered to be contract liabilities. As of March 31, 2022 and December 31, 2021, the Company recorded $1.1 million and $1.2 million, respectively, of customer deposits in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.