Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from External Customers by Products and Services

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

Property, Plant and Equipment Useful Life


Asset	Depreciable Lives	Depreciation and/or Amortization Method
Telecommunication and computer equipment	3 - 5 years	Straight-line
Computer software	3 - 4 years	Straight-line
Furniture and fixtures	5 years	Straight-line
Leasehold improvements	Term of Lease	Straight-line
Finance lease right-of-use asset	Term of Lease	Straight-line