Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2020

Revenue Recognition and Deferred Revenue [Abstract]

Revenue from Contracts with Customers

For the three and nine months ended September 30, 2020 and 2019, 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,
		2020		2019		2020		2019
		(dollars in thousands)
Revenue from contracts with customers		Operating Company
Investment banking
Underwriting fees		$	121,390	$	38,936	$	318,355	$	162,140
Strategic/financial advisory fees		39,431		17,889		101,061		49,565
Placement and sales agent fees		28,427		15,842		71,999		48,855
Expense reimbursements from clients		5,093		4,625		11,936		11,543
	Total investment banking revenue	194,341		77,292		503,351		272,103
Brokerage
Commissions		112,953		82,715		367,564		263,831
Trade conversion revenue		3,404		3,700		12,370		12,364
Equity research fees		4,605		4,235		13,632		13,180
	Total brokerage revenue from customers	120,962		90,650		393,566		289,375
Management fees		11,721		7,052		34,492		20,492
Incentive income		127		701		127		710
Total revenue from contracts with customers - Op Co		$	327,151	$	175,695	$	931,536	$	582,680

		Asset Company
Management fees		233		248		719		988
Incentive income		—		—		—		14
Total revenue from contracts with customers - Asset Co		233		248		719		1,002
Total revenue from contracts with customers		$	327,384	$	175,943	$	932,255	$	583,682