Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment Useful Life



Asset	Depreciable Lives	Depreciation and/or Amortization Method
Telephone and computer equipment	5 years	Straight-line
Computer software	4 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 nine months ended September 30, 2019 and 2018, the following tables presents revenues from contracts with customers disaggregated by fee type and segment.



		Three Months Ended September 30,				Nine Months Ended September 30,
		2019		2018		2019		2018
		(dollars in thousands)
Revenue from contracts with customers		Operating Company
Investment Banking
Underwriting fees		$	38,936	$	46,537	$	162,140	$	181,056
Strategic/financial advisory fees		17,889		22,195		49,565		51,053
Placement and sales agent fees		15,842		13,191		48,855		32,628
Expense reimbursements from clients		4,625		—		11,543		—
	Total Investment Banking Revenue	77,292		81,923		272,103		264,737
Brokerage
Commissions		82,715		84,882		263,831		270,917
Trade conversion revenue		3,700		2,931		12,364		12,268
Equity and credit research fees		4,235		5,022		13,180		14,585
	Total Brokerage Revenue from Customers	90,650		92,835		289,375		297,770
Management Fees		7,052		6,595		20,492		19,556
Incentive Income		701		33		710		97
Total revenue from contracts with customers - Op Co		$	175,695	$	181,386	$	582,680	$	582,160

		Asset Company
Management Fees		248		951		988		2,780
Incentive Income		—		—		14		—
Total revenue from contracts with customers - Asset Co		248		951		1,002		2,780
Total revenue from contracts with customers		$	175,943	$	182,337	$	583,682	$	584,940