SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company’s reportable segments offer different products and services and are managed separately, as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed to determine the allocation of resources and to assess its performance. The Company’s principal operating activities are included in its Financial Advisory and Asset Management business segments as described in Note 1. In addition, as described in Note 1, the Company records selected other activities in its Corporate segment.

The Company’s segment information for the three month and six month periods ended June 30, 2024 and 2023 is prepared using the following methodology:

•Revenue and expenses directly associated with each segment are included in determining operating income.

•Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including revenue, headcount, square footage and other factors.

•Segment assets are based on those directly associated with each segment, and include an allocation of certain assets relating to various segments, based on the most relevant measures applicable, including headcount, square footage and other factors.

The Company records other revenue, interest income and interest expense among the various segments based on the segment in which the underlying asset or liability is reported.

Each segment’s operating expenses include (i) compensation and benefits expenses incurred directly in support of the businesses and (ii) other operating expenses, which include directly incurred expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, human resources, legal, information technology, facilities management and senior management activities.

Management evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets:

		Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Financial Advisory	Net Revenue	$	411,308	$	352,477	$	864,815	$	630,051
	Operating Expenses	370,824		439,445		798,832		768,180
	Operating Income (Loss)	$	40,484	$	(86,968)	$	65,983	$	(138,129)
Asset Management	Net Revenue	$	285,487	$	288,313	$	580,963	$	572,357
	Operating Expenses	235,405		269,219		497,085		517,270
	Operating Income	$	50,082	$	19,094	$	83,878	$	55,087
Corporate	Net Revenue (Loss)	$	(11,446)	$	2,324	$	4,324	$	(16,858)
	Operating Expenses	15,480		44,523		35,984		47,097
	Operating Loss	$	(26,926)	$	(42,199)	$	(31,660)	$	(63,955)
Total	Net Revenue	$	685,349	$	643,114	$	1,450,102	$	1,185,550
	Operating Expenses	621,709		753,187		1,331,901		1,332,547
	Operating Income (Loss)	$	63,640	$	(110,073)	$	118,201	$	(146,997)

	As Of
	June 30, 2024		December 31, 2023
Total Assets
Financial Advisory	$	1,154,804	$	1,154,483
Asset Management	1,126,422		1,232,364
Corporate	2,245,968		2,248,934
Total	$	4,527,194	$	4,635,781