Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment Useful Life



Asset	Depreciable Lives	Depreciation and/or Amortization Method
Telephone and computer equipment	3-5 years	Straight-line
Computer software	3-8 years	Straight-line
Furniture and fixtures	5 years	Straight-line
Leasehold improvements	Term of Lease	Straight-line
Finance lease right-of-use asset	5 years	Straight-line

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

For the three and six months ended June 30, 2019 and 2018, the following tables presents revenues from contracts with customers disaggregated by fee type and segment.



		Three Months Ended June 30,				Six Months Ended June 30,
		2019		2018		2019		2018
		(dollars in thousands)
Revenue from contracts with customers		Operating Company
Investment Banking
Underwriting fees		$	75,169	$	62,751	$	123,204	$	134,519
Strategic/financial advisory fees		11,131		14,498		31,676		28,858
Placement and sales agent fees		23,515		7,577		33,013		19,437
Expense reimbursements from clients		4,890		—		6,918		—
	Total Investment Banking Revenue	114,705		84,826		194,811		182,814
Brokerage
Commissions		96,341		91,008		181,116		185,303
Trade conversion revenue		4,559		5,815		8,665		9,337
Equity and credit research fees		5,355		5,724		8,945		9,563
	Total Brokerage Revenue from Customers	106,255		102,547		198,726		204,203
Management Fees		6,796		6,287		13,439		12,960
Incentive Income		8		48		8		64
Total revenue from contracts with customers - Op Co		$	227,764	$	193,708	$	406,984	$	400,041

		Asset Company
Management Fees		243		1,086		741		1,830
Incentive Income		—		—		15		—
Total revenue from contracts with customers - Asset Co		243		1,086		756		1,830
Total revenue from contracts with customers		$	228,007	$	194,794	$	407,740	$	401,871