Revenues and Business Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Revenues and Business Information

Revenues and Business Information

The Company's activities as an investment bank and institutional securities firm constitute a single business segment. The substantial majority of the Company's net revenues and long-lived assets are located in the U.S.

Reportable financial results are as follows:

	Year Ended December 31,
(Amounts in thousands)	2022			2021			2020
Capital Markets
Investment banking
Advisory services	$	776,428		$	1,026,138		$	443,327
Corporate financing	125,342			362,797			295,333
Municipal financing	107,739			164,284			119,816
Total investment banking	1,009,509			1,553,219			858,476
Institutional brokerage
Equity brokerage	210,314			154,067			161,445
Fixed income services	194,953			233,510			196,308
Total institutional brokerage	405,267			387,577			357,753
Interest income	20,365			6,967			13,164
Investment income/(loss)	(23)			94,032			23,265
Total revenues	1,435,118			2,041,795			1,252,658
Interest expense	9,480			10,734			14,445
Net revenues	1,425,638			2,031,061			1,238,213
Non-interest expenses	1,291,269			1,589,549			1,169,665
Pre-tax income	$	134,369		$	441,512		$	68,548
Pre-tax margin	9.4		%	21.7		%	5.5		%