Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Revenue from Contract with Customer

Revenue from Contracts with Customers For the three and nine months ended September 30, 2021 and 2020, 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,
		2021		2020		2021		2020
		(dollars in thousands)
Revenue from contracts with customers		Operating Company
Investment banking
Underwriting fees		$	91,108	$	121,390	$	334,092	$	318,355
Strategic/financial advisory fees		129,158		39,431		303,232		101,061
Placement and sales agent fees		49,561		28,427		153,485		71,999
Expense reimbursements from clients		3,705		5,093		12,538		11,936
	Total investment banking revenue	273,532		194,341		803,347		503,351
Brokerage
Commissions		120,624		112,953		410,821		367,564
Trade conversion revenue		3,707		3,404		11,685		12,370
Equity research fees		5,109		4,605		14,700		13,632
	Total brokerage revenue from customers	129,440		120,962		437,206		393,566
Management fees		15,109		11,721		55,376		34,492
Incentive income		6		127		2,433		127
Total revenue from contracts with customers - Op Co		$	418,087	$	327,151	$	1,298,362	$	931,536
		Asset Company
Management fees		225		233		695		719
Incentive income		—		—		—		—
Total revenue from contracts with customers - Asset Co		225		233		695		719
Total revenue from contracts with customers		$	418,312	$	327,384	$	1,299,057	$	932,255