Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from External Customers by Products and Services

Investment Income

Investment income earned by the Company is generated from investing the Company's capital in various strategies.

Revenue from contracts with customers

For the three months ended March 31, 2020 and 2019, the following tables presents revenues from contracts with customers disaggregated by fee type and segment.


		Three Months Ended March 31,
		2020		2019
						(dollars in thousands)
Revenue from contracts with customers						Operating Company
Investment banking
Underwriting fees				$	63,270			$	48,036
Strategic/financial advisory fees						21,996				20,544
Placement and sales agent fees						17,596				9,498
Expense reimbursements from clients						2,166				2,028
	Total investment banking revenue			105,028				80,106
Brokerage
Commissions			132,208			87,359
Trade conversion revenue				4,639				4,106
Equity research fees						4,005				3,590
	Total brokerage revenue from customers			140,852				95,055
Management fees						11,346				6,643
Incentive income						—				—
Total revenue from contracts with customers - Op Co						$	257,226			$	181,804

						Asset Company
Management fees						258				498
Incentive income						—				15
Total revenue from contracts with customers - Asset Co						258				513
Total revenue from contracts with customers						$	257,484			$	182,317