Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2020

Revenue Recognition and Deferred Revenue [Abstract]

Revenue from Contract with Customer

Revenue from Contracts with Customers

For the years ended December 31, 2020, 2019 and 2018, the following tables presents revenues from contracts with customers disaggregated by fee type and segment.

		Year Ended December 31,
		2020		2019		2018
		(dollars in thousands)
Revenue from contracts with customers		Operating Company
Investment banking
Underwriting fees		$	427,670	$	211,666	$	215,723
Strategic/financial advisory fees		190,958		79,208		81,733
Placement and sales agent fees		133,171		69,070		46,888
Expense reimbursements from clients		17,687		15,081		12,878
	Total investment banking revenue	769,486		375,025		357,222
Brokerage
Commissions		485,398		356,668		366,090
Trade conversion revenue		15,753		12,531		17,061
Equity research fees		19,757		19,006		20,184
	Total brokerage revenue from customers	520,908		388,205		403,335
Management fees		46,556		31,361		26,080
Incentive income		592		1,532		3,117
Total revenue from contracts with customers - Op Co		$	1,337,542	$	796,123	$	789,754
		Asset Company
Management fees		959		1,248		3,578
Incentive income		—		15		—
Total revenue from contracts with customers - Asset Co		959		1,263		3,578
Total revenue from contracts with customers		$	1,338,501	$	797,386	$	793,332