0001047469-15-008326.txt : 20151104 0001047469-15-008326.hdr.sgml : 20151104 20151104161618 ACCESSION NUMBER: 0001047469-15-008326 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151104 DATE AS OF CHANGE: 20151104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Moelis & Co CENTRAL INDEX KEY: 0001596967 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 464500216 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36418 FILM NUMBER: 151197095 BUSINESS ADDRESS: STREET 1: 399 PARK AVENUE, 5TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: (212) 883-3800 MAIL ADDRESS: STREET 1: 399 PARK AVENUE, 5TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 10-Q 1 a2226455z10-q.htm 10-Q

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TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q


(Mark One)
ý		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2015
Or
o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 001-36418

Moelis & Company
(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)		46-4500216 (I.R.S. Employer Identification No.)
399 Park Avenue, 5th Floor, New York NY (Address of principal executive offices)		10022 (Zip Code)

(212) 883-3800
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ý Yes o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ý Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer or a smaller reporting company. See definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer o		Accelerated filer o		Non-accelerated filer ý (Do not check if a smaller reporting company)		Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act). o Yes ý No

As of October 28, 2015, there were 20,203,279 shares of Class A common stock, par value $0.01 per share, and 31,358,729 shares of Class B common stock, par value $0.01 per share, outstanding.

Table of Contents

TABLE OF CONTENTS



Part I. Financial Information
Item 1.	Financial Statements	3
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	50
Part II. Other Information
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51
Item 3.	Defaults Upon Senior Securities	51
Item 4.	Mine Safety Disclosures	51
Item 5.	Other Information	51
Item 6.	Exhibits	52
Signatures		53

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated and Combined Financial Statements (Unaudited)

		Page

Condensed Consolidated and Combined Statements of Financial Condition as of September 30, 2015 and December 31, 2014			4
Condensed Consolidated and Combined Statements of Operations for the three and nine months ended September 30, 2015 and 2014			5
Condensed Consolidated and Combined Statements of Comprehensive Income for the three and nine months ended September 30, 2015 and 2014			6
Condensed Consolidated and Combined Statements of Cash Flows for the nine months ended September 30, 2015 and 2014			7
Condensed Consolidated and Combined Statements of Changes in Equity for the nine months ended September 30, 2015 and 2014			8
Notes to Condensed Consolidated and Combined Financial Statements			9

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Moelis & Company

Condensed Consolidated and Combined Statements of Financial Condition

(Unaudited)

(dollars in thousands, except per share amounts)

	September 30, 2015			December 31, 2014

Assets
Cash and cash equivalents	$	87,836		$	197,944
Restricted cash		847			833
Receivables:
Accounts receivable, net of allowance for doubtful accounts of $1,776 and $1,552 as of September 30, 2015 and December 31, 2014, respectively		34,103			22,987
Other receivables		6,259			4,907

Total receivables		40,362			27,894
Deferred compensation		8,495			5,652
Investments at fair value (cost basis $112,986 and $39,999 as of September 30, 2015 and December 31, 2014, respectively)		113,002			39,997
Equity method investments		18,231			17,416
Equipment and leasehold improvements, net		8,288			7,338
Deferred tax asset		164,434			160,137
Prepaid expenses and other assets		9,413			7,038

Total assets	$	450,908		$	464,249



Liabilities and Equity
Compensation payable	$	73,327		$	135,920
Accounts payable and accrued expenses		17,328			19,888
Amount due pursuant to tax receivable agreement		120,897			119,738
Deferred revenue		7,078			5,152
Other liabilities		9,704			9,166

Total liabilities		228,334			289,864

Commitments and Contingencies (See Note 13)
Class A common stock, par value $0.01 per share (1,000,000,000 shares authorized, 20,400,849 issued and 20,158,230 outstanding at September 30, 2015; 1,000,000,000 authorized, 19,770,893 issued and outstanding at December 31, 2014)		204			198
Class B common stock, par value $0.01 per share (1,000,000,000 shares authorized, 31,358,729 issued and outstanding at September 30, 2015; 1,000,000,000 authorized, 31,621,542 issued and outstanding at December 31, 2014)		314			316
Treasury stock, at cost; 242,619 and 0 shares as of September 30, 2015 and December 31, 2014, respectively		(7,006	)		—
Additional paid-in-capital		175,654			136,896
Retained earnings (accumulated deficit)		(18,353	)		(24,118	)
Accumulated other comprehensive income (loss)		66			85

Total Moelis & Company equity		150,879			113,377
Noncontrolling interests		71,695			61,008

Total equity		222,574			174,385

Total liabilities and equity	$	450,908		$	464,249

See notes to the condensed consolidated and combined financial statements (unaudited).

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Moelis & Company

Condensed Consolidated and Combined Statements of Operations

(Unaudited)

(dollars in thousands, except per share amounts)

	Three Months Ended September 30,					Nine Months Ended September 30,

	2015			2014		2015			2014
Revenues	$	151,789		$	128,651	$	377,074		$	374,855
Expenses
Compensation and benefits		86,277			68,148		211,333			300,793
Occupancy		3,836			3,560		11,228			10,195
Professional fees		5,116			5,995		12,813			14,588
Communication, technology and information services		4,862			3,945		13,403			11,589
Travel and related expenses		5,951			8,083		16,695			19,433
Depreciation and amortization		646			542		1,954			1,636
Other expenses		5,192			2,605		15,586			14,220

Total expenses		111,880			92,878		283,012			372,454

Operating income (loss)		39,909			35,773		94,062			2,401
Other income and (expenses)		(456	)		617		(474	)		622
Income (loss) from equity method investments		450			1,105		3,510			(2,966	)

Income (loss) before income taxes		39,903			37,495		97,098			57
Provision for income taxes		5,273			4,710		15,652			5,790

Net income (loss)		34,630			32,785		81,446			(5,733	)
Net income (loss) attributable to noncontrolling interests		24,540			26,285		58,889			6,777

Net income (loss) attributable to Moelis & Company	$	10,090		$	6,500	$	22,557		$	(12,510	)



Weighted-average shares of Class A common stock outstanding
Basic		20,184,835			15,262,343		19,919,675			15,262,940



Diluted		21,466,021			16,205,254		21,105,523			15,262,940



Net income (loss) per share attributable to holders of shares of Class A common stock
Basic	$	0.50		$	0.43	$	1.13		$	(0.82	)



Diluted	$	0.47		$	0.40	$	1.07		$	(0.82	)



Dividends declared per share of Class A common stock	$	0.30		$	0.20	$	0.70		$	0.20

See notes to the condensed consolidated and combined financial statements (unaudited).

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Moelis & Company

Condensed Consolidated and Combined Statements of Comprehensive Income

(Unaudited)

(dollars in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,

	2015			2014			2015			2014
Net income (loss)	$	34,630		$	32,785		$	81,446		$	(5,733	)
Foreign currency translation adjustment, net of tax		(1,583	)		(3,156	)		(17	)		(1,442	)

Other comprehensive income (loss)		(1,583	)		(3,156	)		(17	)		(1,442	)

Comprehensive income (loss)		33,047			29,629			81,429			(7,175	)
Less: Comprehensive income (loss) attributable to noncontrolling interests		23,546			24,017			58,891			5,740

Comprehensive income (loss) attributable to Moelis & Company	$	9,501		$	5,612		$	22,538		$	(12,915	)

See notes to the condensed consolidated and combined financial statements (unaudited).

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Moelis & Company

Condensed Consolidated and Combined Statements of Cash Flows

(Unaudited)

(dollars in thousands)

	Nine Months Ended September 30,

	2015			2014
Cash flows from operating activities
Net income (loss)	$	81,446		$	(5,733	)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Bad debt expense		668			1,496
Depreciation and amortization		1,954			1,636
(Income) loss from equity method investments		(3,510	)		2,966
Equity-based compensation		33,337			112,726
Deferred tax provision		595			(295	)
Other		484			3,244
Changes in assets and liabilities:
Accounts receivable		(11,913	)		4,738
Other receivables		(1,376	)		(3,234	)
Prepaid expenses and other assets		(2,397	)		1,018
Deferred compensation		(2,863	)		(1,181	)
Compensation payable		(62,206	)		(7,998	)
Accounts payable and accrued expenses		(2,233	)		7,667
Deferred revenue		1,925			484
Dividends received		2,473			—
Other liabilities		540			294

Net cash provided by (used in) operating activities		36,924			117,828

Cash flows from investing activities
Purchase of investments		(129,984	)		(91,107	)
Proceeds from sales of investments		57,000			83,237
Return of capital from equity method investments		221			—
Investment in equity method investments		—			(4,445	)
Note payments received from employees		—			831
Notes issued to employees		—			(119	)
Purchase of equipment and leasehold improvements		(2,902	)		(2,381	)
Change in restricted cash		(32	)		(131	)

Net cash provided by (used in) investing activities		(75,697	)		(14,115	)

Cash flows from financing activities
Pre-offering distribution to partners		—			(195,017	)
Dividends and distributions		(64,394	)		(57,884	)
IPO related proceeds (net of $10,316 of offering costs)		—			163,682
Distributions of IPO proceeds to partners		—			(139,429	)
Other cash contributions from (distributions to) Parent		—			(34,730	)
Purchase of treasury stock		(7,006	)		—
Cash proceeds from issuance of Class B common stock		—			500
Class A partnership units and other equity purchased		(90	)		—
Excess tax benefits from equity-based compensation		449			—
Other		—			(938	)

Net cash provided by (used in) financing activities		(71,041	)		(263,816	)

Effect of exchange rate fluctuations on cash and cash equivalents		(294	)		(823	)
Net increase (decrease) in cash and cash equivalents		(110,108	)		(160,926	)
Cash and cash equivalents, beginning of period		197,944			303,024

Cash and cash equivalents, end of period	$	87,836		$	142,098



Supplemental cash flow disclosure:
Cash paid during the period for:
Income taxes	$	19,280		$	2,877
Other non-cash activity
Initial establishment of deferred tax assets, net of amounts payable under tax receivable agreement	$	—		$	10,854
Capitalized offering costs paid in prior or subsequent period	$	—		$	1,575
Tax benefit related to settlement of appreciation units	$	—		$	4,308
Establishment of deferred tax asset related to reorganization	$	—		$	3,261
Increase in deferred tax asset related to IPO	$	—		$	1,302
Other non-cash distributions	$	—		$	1,724
Class A Partnership Units or other equity converted into Class A Common Stock	$	4,478		$	—
Dividend equivalents issued	$	2,732		$	—

See notes to the condensed consolidated and combined financial statements (unaudited).

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Moelis & Company

Condensed Consolidated and Combined Statements of Changes in Equity

(Unaudited)

(dollars in thousands, except per share amounts)

	Shares

	Shares																				Retained Earnings (Accumulated Deficit)						Accumulated Other Comprehensive Income (Loss)
	Class A Common Stock			Class B Common Stock			Treasury Stock			Class A Common Stock		Class B Common Stock			Treasury Stock			Additional Paid-In Capital			Retained Earnings (Accumulated Deficit)			Parent Company Investment			Accumulated Other Comprehensive Income (Loss)			Noncontrolling Interests			Total Equity
Balance as of January 1, 2015		19,770,893			31,621,542			—		$	198	$	316		$	—		$	136,896		$	(24,118	)	$	—		$	85		$	61,008			174,385
Net income (loss)		—			—			—			—		—			—			—			22,557			—			—			58,889			81,446
Equity-based compensation		84,841			(5,412	)		—			1		—			—			30,479			—			—			—			2,857			33,337
Other comprehensive income (loss)		—			—			—			—		—			—			—			—			—			(19	)		2			(17	)
Dividends and distributions		—			—			—			—		—			—			2,732			(16,792	)		—			—			(50,334	)		(64,394	)
Treasury Stock Purchases		—			—			(242,619	)		—		—			(7,006	)		—			—			—			—			—			(7,006	)
Class A Partnership Units and other equity purchased or converted into Class A Common Stock		545,115			(257,401	)		—			5		(2	)		—			5,112			—			—			—			(727	)		4,388
Net excess tax benefit from equity-based compensation		—			—			—			—		—			—			435			—			—			—			—			435

Balance as of September 30, 2015		20,400,849			31,358,729			(242,619	)	$	204	$	314		$	(7,006	)	$	175,654		$	(18,353	)	$	—		$	66		$	71,695		$	222,574



Balance as of January 1, 2014		—			—			—		$	—	$	—		$	—		$	—		$	—		$	308,444		$	926		$	—		$	309,370
Net income (loss)		—			—			—			—		—			—			—			—			29,768			—			—			29,768
Net cash distributions to Parent		—			—			—			—		—			—			—			—			(80,983	)		—			—			(80,983	)
Equity-based compensation		—			—			—			—		—			—			—			—			13,834			—			—			13,834
Equity-based contributions to joint venture and Parent's advisory board		—			—			—			—		—			—			—			—			1,223			—			—			1,223
Pre-offering distribution to partners		—			—			—			—		—			—			—			—			(195,017	)		—			—			(195,017	)
Other non-cash distributions		—			—			—			—		—			—			—			—			(1,105	)		—			—			(1,105	)
Other comprehensive income		—			—			—			—		—			—			—			—			—			1			—			1
Establishment of deferred tax asset related to reorganization		—			—			—			—		—			—			3,261			—			—			—			—			3,261
Reorganization of equity structure		7,699,851			—			—			77		—			—			12,475			—			(76,164	)		—			63,612			—
Issuance of Class B common stock		—			36,158,698			—			—		362			—			138			—			—			—			—			500

Balance post-reorganization		7,699,851			36,158,698			—			77		362			—			15,874			—			—			927			63,612			80,852
Issuance of Class A common stock in connection with IPO		7,483,442			—			—			75		—			—			162,032			—			—			—			—			162,107
Net income (loss)		—			—			—			—		—			—			—			(12,510	)		—			—			(22,991	)		(35,501	)
Distributions of IPO proceeds to partners		—			—			—			—		—			—			(139,429	)		—			—			—			—			(139,429	)
Dividends and distributions		—			—			—			—		—			—			437			(3,007	)		—			—			(8,324	)		(10,894	)
Equity-based compensation		77,693			—			—			1		—			—			33,185			—			—			—			65,706			98,892
Equity-based compensation to joint venture and global advisory board		—			—			—			—		—			—			5,692			—			—			—			123			5,815
Initial establishment of deferred tax assets, net of amounts payable under tax receivable agreement		—			—			—			—		—			—			10,854			—			—			—			—			10,854
Increase in deferred tax asset related to IPO		—			—			—			—		—			—			1,302			—			—			—			—			1,302
Tax benefit related to settlement of appreciation units		—			—			—			—		—			—			4,308			—			—			—			—			4,308
Other comprehensive income (loss)		—			—			—			—		—			—			—			—			—			(406	)		(1,037	)		(1,443	)
Other		(180	)		(9,518	)		—			—		—			—			112			—			—			—			(2,287	)		(2,175	)

Balance as of September 30, 2014		15,260,806			36,149,180			—		$	153	$	362		$	—		$	94,367		$	(15,517	)	$	—		$	521		$	94,802		$	174,688

See notes to the condensed consolidated and combined financial statements (unaudited).

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements

(Unaudited)

(dollars in thousands)

1. ORGANIZATION AND BASIS OF PRESENTATION

The accompanying condensed consolidated and combined financial statements include the accounts and operations of Moelis & Company since its initial public offering ("IPO") in April of 2014, along with the historical carved out accounts and operations of the advisory business of Moelis & Company Holdings LP (the "Parent" or "Old Holdings") prior to Moelis & Company's IPO (Moelis & Company and the advisory business of the Parent are referred to as the "Company," "we," "our," or "us").

Prior to the Company's IPO, the Parent operated as a Delaware limited partnership that commenced operations during 2007. The general partner of the Parent was Moelis & Company Holdings GP LLC. The sole member of Moelis & Company Holdings GP LLC was Moelis & Company Manager LLC ("Manager"), which was wholly-owned by certain co-founding partners. In April of 2014, Old Holdings reorganized its business in connection with the IPO of 7,475,000 shares of Moelis & Company Class A common stock. Following the reorganization, the advisory business is now held under Moelis & Company Group LP ("Group LP"), a U.S. Delaware limited partnership, and Group LP is controlled by Moelis & Company. The net assets associated with the advisory operations were distributed to Group LP at their carrying amounts. The details of the reorganization and IPO are described further in Note 4.

The Company's activities as an investment banking advisory firm constitute a single business segment offering clients, including corporations, governments and financial sponsors, a range of advisory services with expertise across all major industries in mergers and acquisitions, recapitalizations and restructurings and other corporate finance matters.

Basis of Presentation—The condensed consolidated and combined financial statements of Moelis & Company include its partnership interests in Group LP, its equity interest in the sole general partner of Group LP, Moelis & Company Group GP LLC ("Group GP"), and its interests in its subsidiaries. Moelis & Company will operate and control all of the business and affairs of Group LP and its operating entity subsidiaries indirectly through its equity interest in Group GP. The Company operates through the following subsidiaries:

•

Moelis & Company LLC ("Moelis U.S."), a Delaware limited liability company, a registered broker-dealer with the U.S. Securities and Exchange Commission ("SEC") and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

•

Moelis & Company International Holdings LLC ("Moelis International"), a Delaware limited liability company, owns the following entities:

•

Moelis & Company UK LLP ("Moelis UK"), a limited liability partnership registered under the laws of England and Wales. In addition to the United Kingdom, Moelis UK maintains operations through the following branches:

•: Moelis & Company UK LLP, French Branch (French branch) (previously operated as a subsidiary named Moelis & Company France SAS through June 4, 2015)
•: Moelis & Company Europe Limited, Frankfurt am Main (German branch)
•: Moelis & Company UK LLP, DIFC Branch (Dubai branch)

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

1. ORGANIZATION AND BASIS OF PRESENTATION (Continued)

•: 50% of Moelis Australia Holdings PTY Limited ("Moelis Australia Holdings", or the "Australian JV"), a joint venture with Magic Trust Trustee PTY Limited (the "Trust").
•: Moelis & Company Asia Limited ("Moelis Asia"), a limited company incorporated in Hong Kong licensed under the Hong Kong Securities and Futures Ordinance to provide financial advisory services. In addition to Hong Kong, Moelis Asia maintains operations in Beijing China through Moelis & Company Consulting (Beijing) Company Limited.
•: Moelis & Company India Private Limited, a private limited company incorporated in Mumbai, India.
•: Moelis & Company Assessoria Financeira Ltda. ("Moelis Brazil"), a limited liability company incorporated in São Paulo, Brazil.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting—The Company prepared the accompanying condensed consolidated and combined financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). As permitted by the interim reporting rules and regulations set forth by the SEC, the condensed consolidated and combined financial statements presented exclude certain financial information and footnote disclosures normally included in audited financial statements prepared in accordance with U.S. GAAP. In the opinion of the Company's management, the accompanying unaudited condensed consolidated and combined financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to fairly present the accompanying unaudited condensed consolidated and combined financial statements. These unaudited condensed consolidated and combined financial statements should be read in conjunction with the consolidated and combined audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014.

Consolidation—The Company's policy is to consolidate (i) entities in which it has a controlling financial interest, (ii) variable interest entities where the Company has a variable interest and is deemed to be the primary beneficiary and (iii) limited partnerships where the Company is the general partner, unless the presumption of control is overcome. When the Company does not have a controlling interest in an entity, but exerts significant influence over the entity's operating and financial decisions, the Company applies the equity method of accounting in which it records in earnings its share of income or losses of the entity. All intercompany balances and transactions with the Company's subsidiaries have been eliminated in consolidation.

Use of Estimates—The preparation of condensed consolidated and combined financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary.

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

In preparing the condensed consolidated and combined financial statements, management makes estimates and assumptions regarding:

•: the adequacy of the allowance for doubtful accounts;
•: the realization of deferred taxes;
•: the measurement of equity-based compensation; and
•: other matters that affect the reported amounts and disclosures of contingencies in the financial statements.

Cash and Cash Equivalents—Cash and cash equivalents include all short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase.

As of September 30, 2015, the Company had cash equivalents of $29,419 (December 31, 2014: $128,739) invested primarily in government securities money market funds and U.S. Treasury Bills. Additionally, as of September 30, 2015, the Company had cash of $58,417 (December 31, 2014: $69,205) maintained in U.S. and non-U.S. bank accounts, of which most U.S. bank account balances exceeded the FDIC coverage limit of $250.

Restricted Cash—The Company held cash of $847 and $833 as of September 30, 2015 and December 31, 2014, respectively, in restricted collateral deposits primarily held by certain non-U.S. subsidiaries.

Receivables—The accompanying condensed consolidated and combined statements of financial condition present accounts receivable balances net of allowance for doubtful accounts based on the Company's assessment of the collectability of customer accounts.

The Company maintains an allowance for doubtful accounts that, in management's opinion, provides for an adequate reserve to cover losses that may be incurred. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, age of the accounts receivable, and the current economic conditions that may affect a customer's ability to pay such amounts owed to the Company.

After concluding that a reserved accounts receivable is no longer collectible, the Company will charge-off the receivable. This is determined based on several factors including the age of the accounts receivable and the credit worthiness of the customer. This has the effect of reducing both the gross receivable and the allowance for doubtful accounts.

Deferred Compensation—Deferred compensation costs represent arrangements with certain employees whereby cash payments are subject to a required period of service subsequent to payment by the Company. These amounts are charged to expenses over the period that the employee is required to provide services in order to vest in the payment.

Financial Instruments at Fair Value—Fair value is generally based on quoted prices, however if quoted market prices are not available, fair value is determined based on other relevant factors,

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

including dealer price quotations, price activity for equivalent instruments and valuation pricing models. The Company established a fair value hierarchy which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of instrument, the characteristics specific to the instrument and the state of the marketplace (including the existence and transparency of transactions between market participants). Financial instruments with readily-available actively quoted prices or for which fair value can be measured from actively-quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs:

Level 1—Quoted prices (unadjusted) are available in active markets for identical instruments that the Company has the ability to access as of the reporting date. The Company, to the extent that it holds such instruments, does not adjust the quoted price for these instruments, even in situations in which the Company holds a large position and a sale could reasonably affect the quoted price.

Level 2—Pricing inputs are observable for the instruments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level 1. Fair value is determined through the use of models or other valuation methodologies.

Level 3—Pricing inputs are unobservable for the instruments and include situations where there is little, if any, market activity for the investments. The inputs into the determination of fair value require significant judgment or estimation by the Company's management.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the instrument.

For level 3 investments in which pricing inputs are unobservable and limited market activity exists, management's determination of fair value is based on the best information available, may incorporate management's own assumptions and involves a significant degree of judgment.

Equity Method Investments—The Company accounts for its equity method investments under the equity method of accounting as the Company does not control these entities but has the ability to exercise significant influence. The amounts recorded on the condensed consolidated and combined financial statements of financial condition reflects the Company's share of contributions made to, distributions received from, and the equity earnings and losses of, the investments. The Company reflects its share of gains and losses of the investment in income (loss) from equity method investments in the condensed consolidated and combined statements of operations.

Equipment and Leasehold Improvements—Office equipment and furniture and fixtures are stated at cost less accumulated depreciation, which is determined using the straight-line method over the estimated useful lives of the assets, ranging from three to seven years, respectively. Leasehold

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Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

improvements are stated at cost less accumulated amortization, which is determined using the straight-line method over the lesser of the term of the lease or the estimated useful life of the asset.

Major renewals and improvements are capitalized and minor replacements, maintenance and repairs are charged to expenses as incurred. Upon retirement or disposal of assets, the cost and related accumulated depreciation or amortization are removed from the condensed consolidated and combined statements of financial condition and any gain or loss is reflected in the condensed consolidated and combined statements of operations.

Deferred Tax Asset and Amount Due Pursuant to Tax Receivable Agreement—In conjunction with the IPO, the Company is treated for U.S. federal income tax purposes as having directly purchased Class A partnership units in Group LP from the existing unitholders. In the future, additional Group LP Class A partnership units may be exchanged for shares of Class A common stock in the Company. The initial purchase and these future exchanges are expected to result in an increase in the tax basis of Group LP's assets attributable to the Company's interest in Group LP. These increases in the tax basis of Group LP's assets attributable to the Company's interest in Group LP would not have been available but for this initial purchase and future exchanges. Such increases in tax basis are likely to increase (for tax purposes) depreciation and amortization deductions and therefore reduce the amount of income tax the Company would otherwise be required to pay in the future. As a result, the Company records a deferred tax asset for such increase in tax basis.

The Company has entered into a tax receivable agreement with its eligible Managing Directors that will provide for the payment by the Company to its eligible Managing Directors of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of (a) the increases in tax basis attributable to exchanges by its eligible Managing Directors and (b) tax benefits related to imputed interest deemed to be paid by the Company as a result of this tax receivable agreement. The Company expects to benefit from the remaining 15% of cash savings, if any, in income tax that it realizes and record any such estimated tax benefits as an increase to additional paid-in-capital. For purposes of the tax receivable agreement, cash savings in income tax will be computed by comparing the Company's actual income tax liability to the amount of such taxes that it would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Group LP as a result of the exchanges and had it not entered into the tax receivable agreement. The term of the tax receivable agreement commenced upon consummation of the IPO and will continue until all such tax benefits have been utilized or expired, unless the Company exercises its right to terminate the tax receivable agreement for an amount based on an agreed value of payments remaining to be made under the agreement. The Company has recorded the estimated tax benefits related to the increase in tax basis and imputed interest as a result of the initial purchase described above as a deferred tax asset in the condensed consolidated and combined statements of financial condition. The amount due to its eligible Managing Directors related to the tax receivable agreement as a result of the initial purchase described above is recorded as amount due pursuant to tax receivable agreement in the condensed consolidated and combined statements of financial condition. The amounts recorded for the deferred tax asset and the liability for our obligations under the tax receivable agreement are estimates. Any adjustments to our estimates subsequent to their initial establishment will be included in net income (loss). Future exchanges of

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Class A partnership units in Group LP for Class A common shares in the Company will be accounted for in a similar manner.

Revenue and Expense Recognition—The Company recognizes revenues from providing advisory services when earned and collection is reasonably assured. Upfront fees are recognized over the estimated period that the related services are performed. Transaction-related fees are recognized when all services for a transaction have been provided, specified conditions have been met and the transaction closes. Underwriting revenues are recognized when the offering is deemed complete and is presented net of related expenses. Deferred revenues are recorded for fees received that have not yet been earned. Expenses are reflected on the condensed consolidated and combined statements of operations, net of client reimbursements. Reimbursable expenses billed to clients totaled $3,639 and $2,793 for the three months ended September 30, 2015 and 2014, respectively, and $9,510 and $7,520 for the nine months ended September 30, 2015 and 2014, respectively.

Equity-based Compensation—The Company recognizes the cost of employee services received in exchange for an equity instrument award. The cost is based on its grant-date fair value amortized over the service period required by the award's vesting terms. Prior to the Company's IPO, the measurement of the grant-date fair value required the Company's Parent to make estimates about its future operating results and the appropriate risk-adjusted discount rates. The methods used to estimate the fair value of equity-based compensation generally included the market approach and the income approach, each of which involve a significant degree of judgment. Under the market approach, fair value is determined with reference to observable valuation measures for comparable companies (e.g., multiplying a key performance metric of the comparable company by a relevant valuation multiple-adjusted for differences between the Company's Parent and the referenced comparable). Under the income approach, fair value is determined by converting future amounts (e.g., cash flows or earnings) to a single present amount (discounted) using current expectations about those future amounts. Subsequent to the Company's IPO, the grant-date fair value of equity awards is based on quoted market prices at the time of grant. The Company recognizes such amounts in compensation and benefits expenses in the accompanying condensed consolidated and combined statements of operations and as an increase to equity in the accompanying condensed consolidated and combined statements of financial condition and changes in equity. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the vesting of restricted stock units ("RSUs"). The Company records dividends in kind, net of forfeitures, on outstanding RSUs as a dividend payment and a charge to equity. Dividends in kind on RSUs are subject to the same vesting conditions as the underlying RSUs on which they were accrued. Dividends in kind will be forfeited if the award does not vest. See Note 9 for further discussion.

For the purposes of calculating diluted net income (loss) per share to holders of Class A common stock, unvested service-based awards are included in the diluted weighted average shares of Class A common stock outstanding using the treasury stock method. See Note 8 for further discussion.

The Company generally permits a retiring employee to retain and not forfeit certain qualifying incentive RSUs granted during employment if at retirement the employee (i) is at least 54 years old and (ii) has provided at least 8 consecutive years of service to the Company. Any such RSUs will

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Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

continue to vest on their applicable vesting schedule, subject to noncompetition and other terms. Over time a greater number of employees may become retirement eligible and the related requisite service period over which we will expense these awards will be shorter than the stated vesting period. Any unvested RSUs prior to meeting the stated requisite service period or retirement eligibility date are eligible to receive dividends in kind; however, the right to dividends in kind will be forfeited if the underlying award does not vest.

Income Taxes—Prior to the Company's reorganization and IPO of Moelis & Company, the Company had been primarily subject to the New York City unincorporated business tax ("UBT") and certain other foreign, state and local taxes as applicable. The Company's operations were historically comprised of entities that are organized as limited liability companies and limited partnerships. For U.S. federal income tax purposes, taxes related to income earned by these entities represent obligations of the individual partners and members and have historically not been reflected in the condensed consolidated and combined statements of financial condition. In connection with the Company's reorganization and IPO, the Company became subject to U.S. corporate federal and state income tax on its allocable share of results of operations from Group LP.

The Company accounts for income taxes in accordance with ASC 740, "Accounting for Income Taxes" ("ASC 740"), which requires the recognition of tax benefits or expenses on temporary differences between the financial reporting and tax bases of its assets and liabilities by applying the enacted tax rates in effect for the year in which the differences are expected to reverse. Such net tax effects on temporary differences are reflected on the Company's condensed consolidated and combined statements of financial condition as deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when the Company believes that it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

ASC 740-10 prescribes a two-step approach for the recognition and measurement of tax benefits associated with the positions taken or expected to be taken in a tax return that affect amounts reported in the financial statements. The Company has reviewed and will continue to review the conclusions reached regarding uncertain tax positions, which may be subject to review and adjustment at a later date based on ongoing analyses of tax laws, regulations and interpretations thereof. For the three and nine months ended September 30, 2015 and 2014, no unrecognized tax benefit was recorded. To the extent that the Company's assessment of the conclusions reached regarding uncertain tax positions changes as a result of the evaluation of new information, such change in estimate will be recorded in the period in which such determination is made. The Company reports income tax-related interest and penalties, if applicable, as a component of income tax expense. For the three and nine months ended September 30, 2015 and 2014, no such amounts were recorded.

Foreign Currency Translation—Assets and liabilities held in non-U.S. dollar denominated (functional) currencies are translated into U.S. dollars at exchange rates in effect at the end of the reporting period. Revenues and expenses are translated at average exchange rates during the reporting period. A charge or credit is recorded to other comprehensive income to reflect the translation of these amounts to the extent the non-U.S. currency is designated the functional currency of the subsidiary.

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Non-functional currency related transaction gains and losses are immediately recorded in the condensed consolidated and combined statements of operations.

3. RECENT ACCOUNTING PRONOUNCEMENTS

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires a company to recognize revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for services provided. The amendment requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. The amendments in this update are effective prospectively during interim and annual periods beginning after December 15, 2017, with early adoption prohibited. The Company is currently assessing the impact the adoption of ASU 2014-09 will have on its condensed consolidated and combined financial statements.

In January 2015, the FASB issued ASU No. 2015-01, "Income Statement—Extraordinary and Unusual Items" ("ASU 2015-01"). ASU 2015-01 eliminates the concept of extraordinary items under U.S. GAAP. The amendments in this update are effective prospectively during interim and annual periods beginning after December 15, 2015, with early adoption permitted. The amendments may also be applied retrospectively to all prior periods in the financial statements. The adoption of ASU 2015-01 will not have a material impact on the Company's condensed consolidated and combined financial statements.

In February 2015, the FASB issued ASU No. 2015-02, "Amendments to the Consolidation Analysis" ("ASU No. 2015-02") to provide consolidation guidance for limited partnerships, limited liability companies and securitization structures. In addition to reducing the number of consolidation models, the new standard places more emphasis on risk of loss when determining a controlling financial interest. ASU No. 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of ASU 2015-02 will not have a material impact on the Company's condensed consolidated and combined financial statements.

4. BUSINESS CHANGES AND DEVELOPMENTS

Moelis Brazil

In August 2014, the Company established Moelis Brazil, a new corporate entity located in São Paulo, Brazil for the purpose of providing investment banking advisory services to clients in Brazil and increasing the global reach of the Company. The Company owns a 94% interest in Moelis Brazil and the remaining 6% is owned by senior bankers of the newly formed entity. As the majority owner of Moelis Brazil, the Company consolidates its financial results.

Reorganization and Initial Public Offering

In April 2014, Old Holdings reorganized its business in connection with the IPO of Class A common stock by Moelis & Company, a newly-formed Delaware corporation. Following the reorganization, the advisory operations are owned by Group LP and Group LP is controlled by Moelis & Company. The shareholders are entitled to receive a portion of the economics of the

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

4. BUSINESS CHANGES AND DEVELOPMENTS (Continued)

operations through their direct ownership interests in shares of Class A common stock of Moelis & Company. The existing owners of Group LP will continue to receive the majority of the economics of the operations, as noncontrolling interest holders, primarily through direct and indirect ownership interests in Group LP partnership units. As a corporation, Moelis & Company is subject to United States federal and state corporate income taxes, which results in a material increase in the applicable tax rates and current tax expense incurred post reorganization.

Group LP has one principal class of units, Class A partnership units. Group LP issued Class A partnership units to Moelis & Company and to certain existing holders of Old Holdings units. Following the reorganization, each Group LP Class A partnership unit (not held by Moelis & Company or its subsidiaries) is exchangeable into one share of Moelis & Company Class A common stock. In addition, Group LP issued Class B partnership units to Moelis & Company. The Class B partnership units correspond with the economic rights of shares of Moelis & Company Class B common stock. The economic rights of Class B common stock are based on the ratio of the Class B subscription price to the initial public offering price of shares of Class A common stock (.00055 to 1), and the aggregate number of shares of Class B common stock may be converted to Class A common stock (up to a maximum of 20,000 shares). Holders of shares of Class B common stock are entitled to receive dividends of the same type as any dividends payable on outstanding shares of Class A common stock at a ratio of .00055 to 1.

Group LP Class A partnership unitholders have no voting rights by virtue of their ownership of Group LP Class A partnership units, except for the limited rights described in Group LP's Amended and Restated Agreement of Limited Partnership. Moelis & Company Partner Holdings LP holds all shares of Class B common stock, enabling it initially to exercise majority voting control over Moelis & Company. Among other items, Class B common stock contains a condition (the "Class B Condition") that calls for Mr. Moelis to maintain a defined minimum equity stake. So long as the Class B Condition is satisfied, each share of Class B common stock entitles its holder to ten votes for each share held of record on all matters submitted to a vote of stockholders. Shares of Class B common stock are generally not transferrable and, if transferred other than in the limited circumstances set forth in Moelis & Company's Amended and Restated Certificate of Incorporation, such shares shall automatically convert into a number of shares of Class A common stock, or dollar equivalent, set forth in Moelis & Company's Amended and Restated Certificate of Incorporation. Upon failure of the Class B Condition, each share of Class B common stock will have one vote for each share held. Each share of Class B common stock may, at the option of the holder, be converted into a number of shares of Class A common stock, or dollar set forth in Moelis & Company's Amended and Restated Certificate of Incorporation.

In connection with the reorganization and IPO described above, several transactions took place which impacted the Company's condensed consolidated and combined financial statements including the following:

•: A pre-offering distribution to the partners of Old Holdings of $195,017 reflected within financing activities in the consolidated and combined statements of cash flows and in the condensed consolidated and combined statements of changes in equity;

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

4. BUSINESS CHANGES AND DEVELOPMENTS (Continued)

•

The purchase by Moelis & Company of Class A partnership units directly from Group LP with the proceeds of the IPO. The proceeds received related to the issuance of Class A common stock in connection with the IPO is recorded net of underwriting discounts, commissions and offering expenses. Net cash received of $163,682 during the nine months ended September 30, 2014 is reflected within financing activities in the condensed consolidated and combined statements of cash flows. Net proceeds recorded in the condensed consolidated and combined statements of changes in equity of $162,107 during the period ended September 30, 2014, adjusts for IPO related expenses paid during 2013 and any accruals remaining as of September 30, 2014;

•

The one-time cash distribution of $139,429 by Group LP to the partners of Old Holdings of a portion of the proceeds arising from the sale of Class A partnership units to Moelis & Company is reflected within financing activities in the condensed consolidated and combined statements of cash flows and in the condensed consolidated and combined statements of changes in equity;

•

The tax impact associated with the one-time cash distribution to certain partners of Old Holdings is treated as an acquisition for U.S. federal income tax purposes of Class A partnership units in Group LP from certain partners of Old Holdings. This transaction resulted in a deferred tax asset of which approximately $60,946 is attributable to exchanges by certain of the partners of Old Holdings who are party to the tax receivable agreement. Pursuant to this agreement, 85% (or $51,804) of the tax benefits associated with this portion of the deferred tax asset are payable to certain partners of Old Holdings over the next 15 years and is recorded as amount due pursuant to tax receivable agreement in the condensed consolidated and combined statements of financial condition. The remaining tax benefit is allocable to the Company and is recorded in additional paid-in-capital.

•

Expenses related to the reorganization and IPO recorded in the condensed consolidated and combined statements of operations for the nine months ended September 30, 2014 include the following:

•: $87,601 of compensation and benefits expense associated with the one-time non-cash acceleration of unvested equity held by Managing Directors. Excluded from this acceleration was $10,349 of compensation and benefits expense associated with the amortization of equity held by Managing Directors during the three months ended March 31, 2014 which was subsequently accelerated upon completion of the IPO;
•: $763 of compensation and benefits expense associated with the amortization of RSUs granted in connection with the IPO (excludes expense associated with RSUs granted at the time of the IPO in connection with 2013 equity incentive compensation); amortization expense of RSUs granted in connection with the IPO will be recognized over a five year vesting period;
•: $2,046 of compensation and benefits expense associated with the amortization of stock options granted in connection with the IPO; amortization expense of stock options granted in connection with the IPO will be recognized over a five year vesting period;

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Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

4. BUSINESS CHANGES AND DEVELOPMENTS (Continued)

•: $4,014 of compensation and benefits expense associated with the issuance of cash (expense of $2,004) and fully vested shares of Class A common stock (expense of $2,010) in settlement of appreciation rights issued in prior years;
•: $1,240 of professional fees expense associated with the one-time non-cash acceleration of unvested equity held by non-employee members of Moelis & Company's Global Advisory Board; and
•: $4,916 of expenses associated with the one-time non-cash acceleration of unvested equity held by employees of the Australian JV. Half of the expenses associated with acceleration of equity held by employees of the Australian JV is included in other expenses and the other half is included in income (loss) from equity method investments.

Secondary Offering

In November 2014, the Company completed a secondary offering of 6,325,000 shares of Class A common stock in order to facilitate organized liquidity and increase the public float of its Class A common stock. In connection with the offering, the Company issued 4,509,400 shares of Class A common stock and used the proceeds to acquire the same quantity (4,509,400) of Group LP Class A partnership units. The remaining 1,815,600 shares of Class A common stock included in the offering were sold by current holders of Class A common stock, thus having no impact on the quantity of shares of Class A common stock outstanding. In addition, in connection with the Company's acquisition of Group LP Class A partnership units, 4,507,453 shares of Class B common stock were either purchased (1,509,131 shares for $28) or converted to Class A common stock (2,998,322 shares of Class B common stock converted to 1,658 shares of Class A common stock based on a conversion ratio of .00055 to 1). The Company did not retain any proceeds from the secondary offering.

Immediately following the secondary transactions described above;

•: 19,770,893 shares of Class A common stock were outstanding;
•: the Company owned 19,770,893 Group LP Class A partnership units and its economic ownership in Group LP increased from 28% to 36%;
•: the noncontrolling interest holders owned 34,479,961 Group LP Class A partnership units and their economic ownership in Group LP decreased from 72% to 64%;
•: Partner Holdings owned all 31,621,542 shares of Class B common stock, enabling it to exercise majority voting control of the Company. Class B common stock is entitled to an insignificant amount of economic participation in the Company.

This transaction is treated for U.S. federal income tax purposes as an acquisition of Class A partnership units in Group LP from certain partners of Group LP, which resulted in a deferred tax asset of which approximately $80,117 is attributable to exchanges by certain partners of Group LP who are party to the tax receivable agreement. Pursuant to the tax receivable agreement, 85% (or $68,099) of the tax benefits associated with this portion of the deferred tax asset are payable to certain partners of Group LP over the next 15 years and is recorded as amount due pursuant to tax receivable

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

4. BUSINESS CHANGES AND DEVELOPMENTS (Continued)

agreement in the consolidated and combined statements of financial condition. The remaining tax benefit is allocable to the Company and is recorded in additional paid-in-capital.

5. EQUITY METHOD INVESTMENTS

Investment in Joint Venture

On April 1, 2010, the Company entered into a 50-50 joint venture in Moelis Australia Holdings, investing a combination of cash and certain net assets of its wholly-owned subsidiary, Moelis Australia, in exchange for its interests. The remaining 50% is owned by an Australian trust established by and for the benefit of Moelis Australia senior executives.

For the three months ended September 30, 2015 and 2014, $163 and $1,105 of income was recorded on this investment, respectively, and for the nine months ended September 30, 2015 and 2014, $442 of income and $2,966 of loss was recorded on this investment, respectively.

During the nine months ended September 30, 2014, the Company made a cash contribution to Moelis Australia Holdings in the amount of $4,180. The Company treated this contribution as an increase in equity method investments in the condensed consolidated and combined financial statements.

Other Equity Method Investment

In June 2014, the Company made an investment of $265 into a general partner entity which invests third-party funds and is controlled by a related party, Moelis Asset Management LP. The Company has determined that it should account for this investment as an equity method investment on its condensed consolidated and combined financial statements. For the three and nine months ended September 30, 2015, $287 and $3,068 of income was recorded on this investment, respectively.

During the nine months ended September 30, 2015, the Company received cash distributions from this entity in the amount of $2,694.

6. EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Equipment and leasehold improvements, net consist of the following:

	September 30, 2015			December 31, 2014

Office equipment	$	10,427		$	9,387
Furniture and fixtures		2,858			2,258
Leasehold improvements		6,800			5,931

Total		20,085			17,576
Less accumulated depreciation and amortization		(11,797	)		(10,238	)

Equipment and leasehold improvements, net	$	8,288		$	7,338

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Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

6. EQUIPMENT AND LEASEHOLD IMPROVEMENTS (Continued)

Depreciation and amortization expenses for fixed assets totaled $646 and $542 for the three months ended September 30, 2015 and 2014, respectively, and $1,954 and $1,595 for the nine months ended September 30, 2015 and 2014, respectively.

7. FAIR VALUE MEASUREMENTS

The Company established a fair value hierarchy which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs:

Level 1—Quoted prices (unadjusted) are available in active markets for identical instruments that the Company has the ability to access as of the reporting date. The Company, to the extent that it holds such instruments, does not adjust the quoted price for these instruments, even in situations in which the Company holds a large position and a sale could reasonably affect the quoted price.

Level 2—Pricing inputs are observable for the instruments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level 1. Fair value is determined through the use of models or other valuation methodologies. The estimated fair values of government securities money markets and U.S. Treasury Bills classified in Level 2 as of September 30, 2015 and December 31, 2014 are based on quoted prices for recent trading activity in identical or similar instruments. The Company generally invests in U.S. Treasury Bills with maturities of less than twelve months.

Level 3—Pricing inputs are unobservable for the instruments and include situations in which there is little, if any, market activity for the investments. The inputs into the determination of fair value require significant judgment or estimation by the Company's management.

See Note 2 for further information on the Company's fair value hierarchy.

The following tables summarize the levels of the fair value hierarchy into which the Company's financial assets and liabilities fall as of September 30, 2015:

Financial assets:	Total		Level 1		Level 2		Level 3

Included in cash and cash equivalents
U.S. treasury bills	$	10,000	$	—	$	10,000	$	—
Government securities money market		19,419		—		19,419		—
Investments
U.S. treasury bills		113,002		—		113,002		—

Total financial assets	$	142,421	$	—	$	142,421	$	—

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Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

7. FAIR VALUE MEASUREMENTS (Continued)

The following table summarizes the levels of the fair value hierarchy into which the Company's financial assets fall as of December 31, 2014:

Financial assets:	Total		Level 1		Level 2		Level 3

Included in cash and cash equivalents
Government securities money market	$	128,739	$	—	$	128,739	$	—
Investments
U.S. treasury bills		39,997		—		39,997		—

Total financial assets	$	168,736	$	—	$	168,736	$	—

The Company's methodology for reclassifications impacting the fair value hierarchy is that transfers in/out of the respective category are reported at fair value as of the beginning of the period in which the reclassification occurred. There were no investments classified as Level 3 as of September 30, 2015. The changes to the Company's investment classified as Level 3 are as follows for the nine months ended September 30, 2014.

	Common Stock

January 1, 2014	$	1,904
Non-cash settlement of customer receivable		1,000
Distribution to Parent		(2,904	)

September 30, 2014	$	—



Unrealized gains (losses) related to investment still held as of September 30, 2014	$	—

There were no transfers between Level 1, Level 2 or Level 3 during the nine months ended September 30, 2015 and 2014.

Investment Risk Factors and Concentration of Investments

The Company's financial instruments are subject to the following risk factors:

Market Risk

Market risk represents the loss that can be caused by a change in the fair value of a financial instrument.

Currency Risk

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

8. NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS

The calculations of basic and diluted net income (loss) per share attributable to holders of shares of Class A common stock for the three and nine months ended September 30, 2015 and 2014 are presented below.

	Three Months Ended September 30,						Nine Months Ended September 30,

(dollars in thousands, except per share amounts)	2015			2014			2015			2014
Numerator:
Net income (loss) attributable to holders of shares of Class A common stock—basic	$	10,090		$	6,500		$	22,557		$	(12,510	)
Add (deduct) dilutive effect of:
Noncontrolling interests related to Class A partnership units			(a)			(a)			(a)			(a)

Net income (loss) attributable to holders of shares of Class A common stock—diluted	$	10,090		$	6,500		$	22,557		$	(12,510	)



Denominator:
Weighted average shares of Class A common stock outstanding—basic		20,184,835			15,262,343			19,919,675			15,262,940
Add (deduct) dilutive effect of:
Noncontrolling interests related to Class A partnership units			(a)			(a)			(a)			(a)
Weighted average number of incremental shares issuable from unvested restricted stock, RSUs and stock options, as calculated using the treasury stock method		1,281,186	(b)		942,911	(b)		1,185,848	(b)			(b)

Weighted average shares of Class A common stock outstanding—diluted		21,466,021			16,205,254			21,105,523			15,262,940



Net income (loss) per share attributable to holders of shares of Class A common stock
Basic	$	0.50		$	0.43		$	1.13		$	(0.82	)



Diluted	$	0.47		$	0.40		$	1.07		$	(0.82	)

The allocation of income (loss) to Class A shareholders only began following the IPO closing on April 22, 2014.

We have not included the impact of Class B common stock because these shares are entitled to an insignificant amount of economic participation.

(a): Class A partnership units may be exchanged for Moelis & Company Class A common stock on a one-for-one basis, subject to applicable lock-up, vesting and transfer restrictions. If all Class A partnership units were to be exchanged for Class A common stock, fully diluted Class A common stock outstanding would be 55,398,692 and 55,197,575 for the three months ended September 30, 2015 and 2014, respectively, and 55,303,354 and 54,254,664 for the nine months ended September 30, 2015 and 2014, respectively. In computing the dilutive effect, if any, that the aforementioned exchange would have on net income (loss) per share, net income (loss) available to holders of Class A common stock would be adjusted due to the elimination of the noncontrolling interests in consolidated entities associated with the Group LP Class A partnership units (including any tax impact). For the three and nine months ended September 30, 2015 and 2014, such exchange is not reflected in diluted net income (loss) per share as the assumed exchange is not dilutive.

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

8. NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS (Continued)

(b): During the three and nine months ended September 30, 2015 and 2014, certain shares of Moelis & Company's Class A common stock assumed to be issued pursuant to certain RSUs as calculated using the treasury stock method were antidilutive and therefore have been excluded from the calculation of diluted net income (loss) per share attributable to Moelis & Company. During the three months ended September 30, 2015 and 2014, the additional weighted average amount of RSUs that would have been included in this calculation if the effect were dilutive would have been 15,397 and 11,644 units, respectively, and 7,945 and 665,649 units for the nine months ended September 30, 2015 and September 30, 2014, respectively. Antidilution in the prior year is the result of the Company producing a loss for the nine months ended September 30, 2014. Additionally, during the three months ended September 30, 2015, the additional weighted average amount of options that would have been included in this calculation if the effect were dilutive would have been 1,049,977. No options were excluded from this calculation for the three months ended September 30, 2014 and the nine months ended September 30, 2015 and September 30, 2014.

9. EQUITY-BASED COMPENSATION

Partnership Units

Prior to the Company's restructuring and IPO, the Parent's ownership structure was comprised of common partners (principally outside investors) holding units and employees holding units, which collectively represented the partnership interests in the Parent and evidence of the right to receive distributions and allocations of net profit and losses as defined in the Parent Limited Partnership Agreement. The common partners contributed capital to the Parent and are not subject to vesting. Units granted to Managing Directors upon joining the Company and as part of annual incentive compensation generally vested based on service over five to eight years. Certain non-Managing Director employees were granted units as part of their incentive arrangements and these units generally vest based on service ratably over four years. In connection with the Company's restructuring and IPO, substantially all of the Managing Director partner equity subject to vesting had been accelerated. Units granted to non-Managing Director employees were not accelerated in connection with the Company's restructuring and IPO and continue to vest based on the original terms of the grant.

In connection with the reorganization and IPO, Group LP issued Class A partnership units to Moelis & Company and to certain existing holders of Old Holdings. Following the reorganization, a Group LP Class A partnership unit (not held by Moelis & Company or its subsidiaries) is exchangeable into one share of Moelis & Company Class A common stock and represents the Company's noncontrolling interests. As of September 30, 2015, partners held 33,933,414 Group LP partnership units, 639,821 of which were unvested and will continue to vest over their service life.

In relation to the vesting of units, the Company recognized compensation expenses of $945 and $886 for the three months ended September 30, 2015 and 2014, respectively, and expenses of $2,857 and $100,835 for the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015, there was $6,822 of unrecognized compensation expense related to unvested Class A partnership units. The Company expects to recognize the unrecognized compensation expense at September 30, 2015, over a weighted-average period of 2.4 years, using the graded vesting method.

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

9. EQUITY-BASED COMPENSATION (Continued)

2014 Omnibus Incentive Plan

In connection with the IPO, the Company adopted the Moelis & Company 2014 Omnibus Incentive Plan (the "Plan") to provide additional incentives to selected officers, employees, Managing Directors, non-employee directors, independent contractors, partners, senior advisors and consultants. The Plan provides for the issuance of incentive stock options ("ISOs"), nonqualified stock options, stock appreciation rights ("SARs"), restricted stock, RSUs, stock bonuses, other stock-based awards and cash awards.

In the first quarter of 2015, the Board of Directors authorized the repurchase of up to $25 million of shares of Class A common stock of the Company and/or Class A partnership units of Group LP with no expiration date. Under this share repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased will be opportunistic and measured in nature and will depend on a variety of factors, including price and market conditions. As of September 30, 2015, approximately $20 million of shares remain that may yet be purchased under the program.

Restricted Stock and Restricted Stock Units (RSUs)

Pursuant to the Plan and in connection with the Company's annual compensation process and ongoing hiring process, the Company has issued 2,615,660 RSUs in 2015 which generally vest over a service life of four to five years. For the three months ended September 30, 2015 and 2014, the Company recognized expenses of $10,826 and $4,509 respectively, and expenses of $27,398 and $7,835 for the nine months ended September 30, 2015 and 2014, respectively, in relation to these awards.

The following table summarizes activity related to restricted stock and RSUs for the nine months ended September 30, 2015 and 2014.

	Restricted Stock & RSUs

	2015					2014
	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Unvested Balance at January 1,		2,473,624		$	25.86		—		$	—
Granted		2,615,660			31.92		2,477,272			26.08
Forfeited		(36,903	)		28.79		(56,642	)		25.00
Vested		(92,717	)		27.45		(9,190	)		28.02

Unvested Balance at September 30,		4,959,664		$	28.93		2,411,440		$	26.10

As of September 30, 2015, the total compensation expense related to unvested restricted stock and RSUs not yet recognized was $88,882. The Company assumes a forfeiture rate of 3% annually based on expected turnover and periodically reassesses this rate. The weighted-average period over which this compensation expense is expected to be recognized at September 30, 2015 is 2.7 years.

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

9. EQUITY-BASED COMPENSATION (Continued)

During the nine months ended September 30, 2015, the Company repurchased 242,619 shares pursuant to the Company's share repurchase program, as well as shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the vesting of RSUs. The result of the repurchases was an increase of $7,006 in the treasury stock balance on the Company's condensed consolidated and combined statement of financial condition as of September 30, 2015.

Stock Options

Pursuant to the Plan, the Company issued 3,501,881 stock options in 2014 which vest over a five-year period. The Company estimated the fair value of stock option awards at grant using the Black-Scholes valuation model with the following assumptions:

	Assumptions

Expected life (in years)		6
Weighted-average risk free interest rate		1.91	%
Expected volatility		35	%
Dividend yield		2.72	%
Weighted-average fair value at grant date	$	6.70

On November 24, 2014 the Company paid a special dividend of $1.00 per share to common stock holders of record as of November 10, 2014. As required under Section 5 of the Company's 2014 Omnibus Incentive Plan, the Compensation Committee of the Company's Board of Directors equitably reduced the exercise price of the Company's outstanding options to purchase common stock by $1.00 from $25.00 per share to $24.00 per share.

The following table summarizes activity related to stock options for the nine months ended September 30, 2015 and 2014.

	Stock Options Outstanding

	2015					2014
	Number Outstanding			Weighted-Average Exercise Price Per Share		Number Outstanding			Weighted-Average Exercise Price Per Share
Outstanding at January 1,		3,296,906		$	24.00		—		$	—
Grants		—			—		3,501,881			24.00
Exercises		—			—		—			24.00
Forfeiture or expirations		(174,727	)		24.00		(130,975	)		24.00

Outstanding at September 30,		3,122,179		$	24.00		3,370,906		$	24.00

For the three months ended September 30, 2015 and 2014, the Company recognized expenses of $1,048 and $1,094, respectively, and expenses of $3,082 and $2,046 for the nine months ended September 30, 2015 and 2014, respectively, in relation to these stock options. As of September 30, 2015, the total compensation expense related to unvested stock options not yet recognized was $12,161. The Company assumes a forfeiture rate of 3% annually based on expected turnover and periodically

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

9. EQUITY-BASED COMPENSATION (Continued)

reassesses this rate. This compensation expense is expected to be recognized over a weighted-average period of 3.1 years.

10. STOCKHOLDERS EQUITY

Class A Common Stock

IPO and Reorganization

In April 2014, the Company issued 15,263,653 shares of Class A common stock as follows:

•: 7,699,851 shares in connection with the reorganization;
•: 7,475,000 shares in connection with the IPO; and
•: 88,802 shares in connection with the settlement of appreciation rights issued in prior years.

Secondary Offering

As of September 30, 2015, 20,400,849 shares of Class A common stock were issued and 20,158,230 shares were outstanding, due primarily to the IPO and secondary offering transactions described above.

Class B Common Stock

IPO and Reorganization

In conjunction with Moelis & Company's IPO of its Class A common stock, the Company issued 36,158,698 shares of Class B common stock. The economic rights of Class B common stock are based on the ratio of the Class B subscription price to the initial public offering price of shares of Class A common stock (.00055 to 1), and the aggregate number of shares of Class B common stock may be converted to Class A common stock (up to a maximum of 20,000 shares). Holders of shares of Class B common stock are entitled to receive dividends of the same type as any dividends payable on outstanding shares of Class A common stock at a ratio of .00055 to 1.

Secondary Offering

In connection with the secondary offering in November 2014, Partner Holdings surrendered 2,998,322 shares of Class B common stock and was issued 1,658 shares of Class A common stock at a conversion ratio of .00055 to 1. The Company also purchased 1,509,131 shares of Class B common stock from Partner Holdings for cash of $28 and subsequently cancelled those shares. The Company did not retain any proceeds from the secondary offering.

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

10. STOCKHOLDERS EQUITY (Continued)

As of September 30, 2015 and December 31, 2014, 31,358,729 and 31,621,542 shares of Class B common stock were issued and outstanding, respectively, due primarily to the IPO and secondary offering transactions described above.

Treasury Stock

Noncontrolling Interests

In connection with the Company's reorganization, Group LP issued Class A partnership units to Moelis & Company and to certain existing holders of Old Holdings. Following the reorganization, a Group LP Class A partnership unit (not held by Moelis & Company or its subsidiaries) is exchangeable into one share of Moelis & Company Class A common stock and represents the Company's noncontrolling interests (non-redeemable). As of September 30, 2015, partners held 33,933,414 Group LP partnership units, representing a 63% noncontrolling interest in Moelis & Company.

Moelis & Company operates and controls all of the business and affairs of Group LP and its operating entity subsidiaries indirectly through its equity interest in Group GP, and thus the 20,158,230 shares of Class A common stock outstanding at September 30, 2015 represents the controlling interest.

11. RELATED-PARTY TRANSACTIONS

Aircraft Lease—On April 21, 2010, Manager acquired an aircraft with funds received solely from its managing member (Mr. Moelis). Manager was obligated to bear all depreciation and other costs of operating the aircraft related to uses other than for the Company's business. To the extent the Company utilized the aircraft for business; the Company was obligated to incur such expenses. For the three and nine months ended September 30, 2014, the Company recorded expenses of $0 and $401 for use of the aircraft.

In connection with the restructuring and IPO, Manager could no longer operate the aircraft for use in the Company's business and as a result, the arrangement under which the plane was provided to the Company for its use was required to be restructured. Starting on April 15, 2014, the aircraft was used by the Company pursuant to a ten-year dry lease with Manager, the terms of which were comparable to the market rates of leasing from an independent third party. For the three and nine months ended September 30, 2014 the Company incurred $156 and $310 in lease costs to be paid to manager, respectively. Consistent with such dry lease arrangement, the Company was obligated to bear all the costs of operating the aircraft. While the primary use of the aircraft was for business purposes, because of the benefit afforded to the Company in terms of security and productivity while traveling for personal reasons, the Company entered into a timesharing agreement with Mr. Moelis to allow him to use the aircraft for personal use. Under such timesharing agreement, Mr. Moelis was required to reimburse the Company for the maximum amount of reimbursement allowed by applicable Federal

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

11. RELATED-PARTY TRANSACTIONS (Continued)

Aviation Administration rules. Such amounts are included in prepaid expenses and other assets on the condensed consolidated and combined statements of financial condition. During the third quarter of fiscal 2014, Manager sold the aircraft and the ten-year dry lease was terminated.

On August 30, 2014, Manager acquired a new aircraft with funds received solely from its managing member (Mr. Moelis). The aircraft is used and operated by the Company pursuant to a dry lease with Manager which terminates on December 31, 2019. The terms of the dry lease are comparable to the market rates of leasing from an independent third party. Pursuant to this dry lease arrangement, the lessee is obligated to bear its share of the costs of operating the aircraft. For the three months ended September 30, 2015 and 2014, the Company incurred $312 and $61 in aircraft lease costs to be paid to Manager, respectively, and $936 and $61 for the nine months ended September 30, 2015 and 2014, respectively. In addition, there are two other lessees of the aircraft; one of whom is Mr. Moelis and the other is Moelis Asset Management LP. These lessees share the lease, operating and related costs of the plane in proportion to their respective use pursuant to a cost sharing and operating agreement.

Promissory Notes—As of September 30, 2015, there were $119 of unsecured promissory notes from employees held by the Company (December 31, 2014: $119). Any outstanding balances are reflected in other receivables on the condensed consolidated and combined statements of financial condition. The notes held as of September 30, 2015 and December 31, 2014 bear a fixed interest rate of 4.00%. During the nine months ended September 30, 2015 and 2014, the Company received $0 and $831, respectively, of principal repayments and recognized interest income of $4 and $5, respectively, on such notes, which is included in other income and expenses on the condensed consolidated and combined statements of operations.

Expense Allocations—Prior to the Company's IPO in April of 2014, certain expenses have been allocated from the Parent based on the most relevant measure, including relative usage or proportion of the Company's headcount to that of the Parent. For the three and nine months ended September 30, 2014, $0 and $2,316 of occupancy expenses have been allocated to the Company, respectively, based on the proportion of the Company's headcount to that of the Parent. For the three and nine months ended September 30, 2014, $0 and $2,745 of communication, technology and information services expense have been allocated to the Company, respectively, based on a combination of relative usage and the proportion of the Company's headcount to that of the Parent. All other expenses were specifically identifiable to the Company.

Management believes the assumptions and allocations underlying the condensed consolidated and combined financial statements are reasonable and the allocated amounts are representative of the amounts that would have been recorded in the condensed consolidated and combined financial statements had the Company operated independent of the Parent for the historical periods presented.

Services Agreement—In connection with the Company's IPO, the Company entered into a services agreement with a related party, Moelis Asset Management LP, whereby the Company provides certain administrative services, technology, and office space to Moelis Asset Management LP for a fee. For the three months ended September 30, 2015 and 2014, this fee totaled $420 and $500, respectively, and $1,265 and $960 for the nine months ended September 30, 2015 and the year-to-date post-IPO period ended September 30, 2014, respectively. The amount of the fee is based upon the estimated usage and

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

11. RELATED-PARTY TRANSACTIONS (Continued)

related expense of all shared services between the Company and Moelis Asset Management LP during the relevant period, and will be assessed periodically by Management as per the terms of the agreement. As of September 30, 2015 and December 31, 2014 the Company had balances due from Moelis Asset Management LP of $0 and $79, respectively.

Joint Venture—As of September 30, 2015 and December 31, 2014, the Company had a net balance due from the Australian JV of $62 and $945, respectively, which are reflected in other receivables on the condensed consolidated and combined statements of financial condition. These balances consist of amounts due from the Australian JV for advisory services performed and billable expenses incurred on behalf of the Company during the period, offset by expenses paid by the Company on behalf of the Australian JV. The relationship between the Company and the Australian JV is governed by a services agreement.

Other Equity Method Investment—In June of 2014, the Company made an investment of $265 into an entity controlled by a related party, Moelis Asset Management LP. The Company has determined that it should account for this investment as an equity method investment on the condensed consolidated and combined financial statements. For the three months ended September 30, 2015 and 2014, income of $287 and $0 was recorded on this investment, respectively, and income of $3,068 and $0 was recorded on this investment for the nine months ended September 30, 2015 and 2014, respectively.

During the nine months ended September 30, 2015 and 2014, the Company received cash distributions from this entity in the amounts of $2,694 and $0, respectively.

Revenues—From time to time, the Company enters into advisory transactions with Moelis Asset Management LP and its affiliates. The Company earned revenues associated with such transactions of $1,299 and $2,769 for the three months ended September 30, 2015 and 2014, respectively, and $5,635 and $3,717 for the nine months ended September 30, 2015 and 2014, respectively.

12. REGULATORY REQUIREMENTS

Under the SEC Uniform Net Capital Rule (SEC Rule 15c3-1) Alternative Standard under Section (a)(1)(ii), the minimum net capital requirement is $250. At September 30, 2015, Moelis U.S. had net capital of $45,821, which was $45,571 in excess of its required net capital. At December 31, 2014, Moelis U.S. had net capital of $80,270 which was $80,020 in excess of its required net capital.

Moelis U.S. does not carry customer accounts and does not otherwise hold funds or securities for, or owe money or securities to, customers and accordingly is exempt under Section (k)(2)(ii) of SEC Rule 15c3-3.

At September 30, 2015, the aggregate regulatory net capital of Moelis UK was $18,104 which exceeded the minimum requirement by $18,048. At December 31, 2014, the aggregate regulatory net capital of Moelis UK was $22,980, which exceeded the minimum requirement by $22,919.

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

13. COMMITMENTS AND CONTINGENCIES

Bank Line of Credit—In May 2015 the Company renewed its unsecured revolving credit facility which increased the commitment amount and extended the maturity date to June 30, 2017. As of September 30, 2015, the commitment amount was $40,000.

Borrowings on the facility bear interest at the greater of a fixed rate of 3.50% per annum or at the borrower's option of (i) LIBOR plus 1% or (ii) Prime minus 1.50%. As of September 30, 2015 and 2014, the Company had no borrowings under the credit facility.

As of September 30, 2015, the Company's available credit under this facility was $31,745 as a result of the issuance of an aggregate amount of $8,255 of various standby letters of credit, which were required in connection with certain office lease and other agreements. The Company incurs a 1% per annum fee on the outstanding balance of issued letters of credit.

Leases—The Company maintains operating leases with expiration dates that extend through 2023. The Company incurred expense relating to its operating leases of $3,192 and $2,756 for the three months ended September 30, 2015 and 2014, respectively, and $9,577 and $8,501 for the nine months ended September 30, 2015 and 2014, respectively.

The future minimum rental payments required under the operating leases in place at September 30, 2015 are as follows:

Fiscal year ended	Amount

Remainder of 2015	$	3,881
2016		14,779
2017		14,521
2018		14,438
2019		14,406
Thereafter		11,660

Total	$	73,685

Contractual Arrangements—In the normal course of business, the Company enters into contracts that contain a variety of representations and warranties and which provide indemnification for specified losses, including certain indemnification of certain officers, directors and employees.

Joint Venture Put and Call Options—In connection with the Company's Australian JV, the Company granted a put option in April 2010 enabling the key senior Australian executive to sell his shares held in the Australian JV back to the Company at fair value. The put option can be exercised if the key senior Australian executive ceases to be employed by the Australian JV (including due to death, disability or resignation but excluding termination for cause) and following such cessation of employment, the key senior Australian executive, the remaining Australian executives and the Company are unable to agree upon a restructuring of the Australian JV. If the put option is exercised, the Company will be required to pay 50% of the purchase price upon exercise and the remaining balance within 18 months (in cash or listed stock). In addition, since April 2010, the Company has held a call option to purchase the shares from the Trust at fair value with payment terms equal to those called for under the put option.

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

13. COMMITMENTS AND CONTINGENCIES (Continued)

Legal—There are no legal actions pending or, to management's knowledge, threatened against the Company or any of its combined entities, other than ordinary course of business actions that we believe will not have a material adverse effect on our business or financial statements.

14. EMPLOYEE BENEFIT PLANS

The Company covers substantially all U.S. salaried employees with a defined contribution 401(k) plan. Each salaried employee of the Company who has attained the age of 21 is eligible to participate in the 401(k) plan on their first day of employment. Any employer contributions to the 401(k) plan are entirely at the discretion of the Company. The Company accrued expenses relating to employer matching contributions to the 401(k) plan for the three months ended September 30, 2015 and 2014 in the amount of $361 and $348, respectively, and $1,017 and $973 for the nine months ended September 30, 2015 and 2014, respectively.

15. INCOME TAXES

Prior to the Company's reorganization and IPO of Moelis & Company, the Company had been primarily subject to the New York City unincorporated business tax ("UBT") and certain other foreign, state and local taxes. The Company's operations were historically comprised of entities that are organized as limited liability companies and limited partnerships. For U.S. federal income tax purposes, taxes related to income earned by these entities represent obligations of the individual partners and members and have historically not been reflected in the condensed consolidated and combined statements of financial condition. In connection with the Company's reorganization and IPO, the Company became subject to U.S. corporate federal, state and local income tax on its allocable share of results of operations from Group LP.

The Company's provision for income taxes and effective tax rate were $5,273 and 13% and $4,710 and 13% for the three months ended September 30, 2015 and 2014, respectively. For the nine months ended September 30, 2015 and 2014, the Company's provision for income taxes was $15,652 on income before taxes of $97,098 and $5,790 on income before taxes of $57, respectively. The income tax provision for the aforementioned periods primarily reflects the effect of certain nondeductible expenses related to the vesting of Class A partnership units in Group LP in connection with the Company's reorganization and IPO in 2014 and the Company's allocable share of earnings from Group LP being subject to U.S. federal, state and local income tax at the prevailing corporate income tax rate following the Company's reorganization and IPO.

The Company recorded an increase in the net deferred tax asset of $4,297 for the nine months ended September 30, 2015, which primarily relates to the step-up in tax basis in Group LP assets resulting from the exchange of Class A partnership units in Group LP for Class A common stock during the nine month period. Approximately $769 of this deferred tax asset is attributable to exchanges by certain partners of Group LP who are party to the tax receivable agreement. Pursuant to this agreement, 85% (or $654) of the tax benefits associated with this portion of the deferred tax asset are payable to such exchanging partners over the next 15 years and recorded as amount due pursuant to tax receivable agreement in the condensed consolidated and combined statements of financial

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Moelis & Company

Notes to the Condensed Consolidated and Combined Financial Statements (Continued)

(Unaudited)

(dollars in thousands)

15. INCOME TAXES (Continued)

condition. The remaining tax benefit is allocable to the Company and is recorded in additional paid-in-capital.

16. BUSINESS INFORMATION

We do not allocate our revenue by the type of advice we provide because of the complexity of the transactions on which we may earn revenue and our comprehensive approach to client service. For example, a restructuring engagement may evolve to require a sale of all or a portion of the client, M&A assignments can develop from relationships established on prior restructuring engagements and capital markets expertise can be instrumental on both M&A and restructuring assignments.

There were no clients that accounted for more than 10% of revenues for the three and nine months ended September 30, 2015 and 2014. Since the financial markets are global in nature, the Company generally manages its business based on the operating results of the enterprise taken as whole, not by geographic region. The following table sets forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets, and therefore may not be reflective of the geography in which our clients are located.

	Three Months Ended September 30,				Nine Months Ended September 30,

	2015		2014		2015		2014
Revenues:
United States	$	130,704	$	102,099	$	295,221	$	291,818
Europe		18,461		22,583		67,456		68,810
Rest of World		2,624		3,969		14,397		14,227

Total	$	151,789	$	128,651	$	377,074	$	374,855

	September 30, 2015		December 31, 2014

Assets:
United States	$	380,880	$	378,573
Europe		48,329		52,975
Rest of World		21,699		32,701

Total	$	450,908	$	464,249

17. SUBSEQUENT EVENTS

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our unaudited condensed consolidated and combined financial statements and related notes included elsewhere in this Form 10-Q and our audited consolidated and combined financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014.

Forward-Looking Statements and Certain Factors that May Affect Our Business

The following discussion should be read in conjunction with our condensed consolidated and combined financial statements and the related notes that appear elsewhere in this Form 10-Q. We have made statements in this discussion that are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "intend," "predict," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, may include projections of our future financial performance, based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the numerous risks outlined under "Risk Factors" in our Annual Report on Form 10-K.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as a prediction of future events. We are under no duty to and we do not undertake any obligation to update or review any of these forward-looking statements after the date of this filing to conform our prior statements to actual results or revised expectations whether as a result of new information, future developments or otherwise.

Executive Overview

Moelis & Company is a leading global independent investment bank that provides innovative strategic advice and solutions to a diverse client base, including corporations, governments and financial sponsors. With 17 offices located in North and South America, Europe, the Middle East, Asia and Australia, we advise clients around the world on their most critical decisions, including mergers and acquisitions, recapitalizations and restructurings and other corporate finance matters.

We were founded in July 2007 by veteran investment bankers to create a global independent investment bank that offers multi-disciplinary solutions and exceptional transaction execution. We opened for business in New York and Los Angeles with a team of top tier advisory professionals. The dislocation in the financial services industry caused by the global financial crisis provided us with a unique opportunity to rapidly build a firm with global scale and broad advisory expertise, and we more than tripled our professional headcount from the end of 2008 through the end of 2011. Since our founding, we have added new Managing Directors with sector, regional or transactional expertise and with strong client relationships. In addition, we have established recruiting programs at top universities to hire talented junior professionals and instituted training programs to help develop them into advisory specialists.

We have added Managing Directors to expand our sector expertise, and currently provide capabilities across all major industries including Consumer, Retail & Restaurants; Financial Institutions;

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Financial Sponsors; General Industrials; Healthcare; Natural Resources; Real Estate, Gaming, Lodging & Leisure and Technology, Media & Telecommunications. In addition, we hired professionals to broaden our global reach and opened a network of offices, expanding into London in 2008, Sydney in 2009, Dubai in 2010, Hong Kong and Beijing in 2011, Frankfurt, Mumbai and Paris in 2012 and Melbourne and São Paulo in 2014. We also added regional capabilities in the U.S., opening offices in Boston in 2007, Chicago in 2008, Houston and Palo Alto in 2011 and Washington DC in 2014. We have developed additional areas of advisory expertise to complement our strong M&A capabilities and to meet the changing needs of our clients. Our early investment in recapitalization and restructuring talent in mid-2008 positioned us to capitalize on the significant increase in restructuring volume during the global financial crisis. In 2009, we added expertise in advising clients on capital markets matters and advising financial institutions on complex risk exposures. Most recently in 2014, we added capabilities to provide capital raising, secondary transaction and other advisory services to private fund sponsors and limited partners. Our ability to provide services to our clients across sectors and regions and through all phases of the business cycle has led to long-term client relationships and a diversified revenue base.

As of September 30, 2015, we served our clients globally with 463 advisory bankers. We plan to continue to grow our firm across sectors, geographies and products to deliver the most relevant advice and innovative solutions to our clients.

We generate revenues primarily from providing advisory services on transactions that are subject to individually negotiated engagement letters which set forth our fees. We generally generate fees at key transaction milestones, such as closing, the timing of which is outside of our control. As a result, revenues and net income in any period may not be indicative of full year results or the results of any other period and may vary significantly from year to year and quarter to quarter. The performance of our business depends on the ability of our professionals to build relationships with clients over many years by providing trusted advice and exceptional transaction execution.

Reorganization and Initial Public Offering

In April 2014, we reorganized our business in connection with Moelis & Company's IPO of Class A common stock. See Note 4 in these condensed consolidated and combined financial statements for further information. In connection with the reorganization and IPO, several transactions took place which had a significant impact on our results of operations for the three and nine months ended September 30, 2014 including the following:

•: $87,601 of compensation and benefits expense associated with the one-time non-cash acceleration of unvested equity held by Managing Directors. Excluded from this acceleration was $10,349 of compensation and benefits expense associated with the amortization of equity held by Managing Directors during the three months ended March 31, 2014 which was subsequently accelerated upon completion of the IPO;
•: $763 of compensation and benefits expense associated with the amortization of RSUs granted in connection with the IPO (excludes expense associated with RSUs granted at the time of the IPO in connection with 2013 equity incentive compensation); amortization expense of RSUs granted in connection with the IPO will be recognized over a five year vesting period;
•: $2,046 of compensation and benefits expense associated with the amortization of stock options granted in connection with the IPO; amortization expense of stock options granted in connection with the IPO will be recognized over a five year vesting period;
•: $4,014 of compensation and benefits expense associated with the issuance of cash (expense of $2,004) and fully vested shares of Class A common stock (expense of $2,010) in settlement of appreciation rights issued in prior years;

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•: $1,240 of professional fees expense associated with the one-time non-cash acceleration of unvested equity held by non-employee members of Moelis & Company's Global Advisory Board; and
•: $4,916 of expenses associated with the one-time non-cash acceleration of unvested equity held by employees of the Australian JV. Half of the expenses associated with acceleration of equity held by employees of the Australian JV is included in other expenses and the other half is included in income (loss) from equity method investments.

Secondary Offering of Class A Common Stock

Business Environment and Outlook

Economic and global financial conditions can materially affect our operational and financial performance. See "Risk Factors" in our Form 10-K for a discussion of some of the factors that can affect our performance. Revenues and net income in any period may not be indicative of full year results or the results of any other period and may vary significantly from year to year and quarter to quarter.

During the first nine months of 2015, the global M&A market continued to improve, although different trends emerged for large cap and mid cap M&A activity. While the value of announced transactions above $5 billion in value increased 56% and the corresponding number of transactions increased 42% over the prior year period, the value of announced transactions between $100 million and $5 billion increased only 3% and the corresponding number of transactions decreased 2% from the first nine months of 2014.

In the US, the value of announced transactions over $100 million increased 26% in the first nine months of 2015 while the corresponding number of transactions decreased 14% consistent with slower middle market activity. Similarly in Europe, the value of announced transactions over $100 million increased 9% in the first nine months of 2015 while the corresponding number of transactions decreased 6%. Despite declines in the number of announced transactions, we believe the fundamentals for a long term steadily improving M&A cycle remain in place. The current economic backdrop (strategic rationale for combinations, low interest rates, growth in financial sponsor assets) provides a solid foundation for global M&A, which we expect will offset a more subdued restructuring environment given the continuation of low interest rates and low default rates.

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Results of Operations

The following is a discussion of our results of operations for the three and nine months ended September 30, 2015 and 2014.

	Three Months Ended September 30,					Variance			Nine Months Ended September 30,						Variance

	Three Months Ended September 30,					2015 vs. 2014			Nine Months Ended September 30,						2015 vs. 2014
($ in thousands)	2015			2014		2015 vs. 2014			2015			2014			2015 vs. 2014
Revenues	$	151,789		$	128,651		18	%	$	377,074		$	374,855			1	%
Expenses:
Compensation and benefits		86,277			68,148		27	%		211,333			300,793			–30	%
Non-compensation expenses		25,603			24,730		4	%		71,679			71,661			0	%

Total operating expenses		111,880			92,878		20	%		283,012			372,454			–24	%
Operating income (loss)		39,909			35,773		12	%		94,062			2,401			N/M
Other income and (expenses)		(456	)		617		N/M			(474	)		622			N/M
Income (loss) from equity method investments		450			1,105		–59	%		3,510			(2,966	)		N/M

Income (loss) before income taxes		39,903			37,495		6	%		97,098			57			N/M
Provision for income taxes		5,273			4,710		12	%		15,652			5,790			N/M

Net income (loss)	$	34,630		$	32,785		6	%	$	81,446		$	(5,733	)		N/M

N/M = not meaningful

Revenues

We operate in a highly competitive environment. Each revenue-generating engagement is separately solicited, awarded and negotiated, and there are usually no long-term contracted sources of revenue. As a consequence, our fee-paying client engagements are not predictable, and high levels of revenues in one quarter are not necessarily predictive of continued high levels of revenues in future periods. To develop new business, our professionals maintain an active business dialogue with a large number of existing and potential clients. We add new clients each year as our bankers continue to expand their relationships, as we hire senior bankers who bring their client relationships and as we receive introductions from our relationship network of senior executives, board members, attorneys and other third parties. We also lose clients each year as a result of the sale or merger of clients, changes in clients' senior management, competition from other financial services firms and other causes.

We earn substantially all of our revenues from advisory engagements, and, in many cases, we are not paid until the successful completion of an underlying transaction. Complications that may terminate or delay a transaction include failure to agree upon final terms with the counterparty, failure to obtain required regulatory consents, failure to obtain board or stockholder approvals, failure to secure financing, adverse market conditions or unexpected operating or financial problems related to either party to the transaction. In these circumstances, we often do not receive advisory fees that would have been received if the transaction had been completed, despite the fact that we may have devoted considerable time and resources to the transaction. Barriers to the completion of a restructuring transaction may include a lack of anticipated bidders for the assets of our client or the inability of our client to restructure its operations or indebtedness due to a failure to reach agreement with its creditors. In these circumstances, our fees are generally limited to monthly retainer fees and reimbursement of certain out-of-pocket expenses.

We do not allocate our revenues by the type of advice we provide (M&A, recapitalizations and restructurings or other corporate finance matters) because of the complexity of the transactions on which we may earn revenues and our holistic approach to client service. For example, a restructuring

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engagement may evolve to require a sale of all or a portion of the client, M&A assignments can develop from relationships established on prior restructuring engagements and capital markets expertise can be instrumental on both M&A and restructuring assignments.

Three Months Ended September 30, 2015 versus 2014

Revenues were $151.8 million for the three months ended September 30, 2015 as compared with $128.7 million for the same period in 2014, representing an increase of 18%. The increase in revenues was primarily driven by increased M&A related activity and higher M&A related fees per completed transaction.

Nine Months Ended September 30, 2015 versus 2014

Revenues were $377.1 million for the nine months ended September 30, 2015 as compared with $374.9 million for the same period in 2014, representing an increase of 1%. We advised 213 total clients in the first nine months of 2015 (104 of whom paid fees equal to or greater than $1 million) as compared with 206 clients (99 of whom paid fees equal to or greater than $1 million) during the same period in 2014.

Operating Expenses

The following table sets forth information relating to our operating expenses, which are reported net of reimbursements by our clients:

	Three Months Ended September 30,						Variance			Nine Months Ended September 30,						Variance

	Three Months Ended September 30,						2015 vs. 2014			Nine Months Ended September 30,						2015 vs. 2014
($ in thousands)	2015			2014			2015 vs. 2014			2015			2014			2015 vs. 2014
Expenses:
Compensation and benefits	$	86,277		$	68,148			27	%	$	211,333		$	300,793			–30	%
% of revenues		57	%		53	%					56	%		80	%
Non-compensation expenses	$	25,603		$	24,730			4	%	$	71,679		$	71,661			0	%
% of revenues		17	%		19	%					19	%		19	%

Total operating expenses	$	111,880		$	92,878			20	%	$	283,012		$	372,454			–24	%
% of revenues		74	%		72	%					75	%		99	%
Income (loss) before income taxes	$	39,903		$	37,495			6	%	$	97,098		$	57			N/M
% of revenues		26	%		29	%					26	%		0	%

N/M = not meaningful

Our operating expenses are classified as compensation and benefits expenses and non-compensation expenses, and headcount is the primary driver of the level of our expenses. Compensation and benefits expenses account for the majority of our operating expenses. Non-compensation expenses, which include the costs of professional fees, travel and related expenses, communication, technology and information services, occupancy, depreciation and other expenses, generally have been less significant in comparison with compensation and benefits expenses. Expenses are recorded on the condensed consolidated and combined statements of operations, net of any expenses reimbursed by clients.

Three Months Ended September 30, 2015 versus 2014

Operating expenses were $111.9 million for the three months ended September 30, 2015 and represented 74% of revenues, compared with $92.9 million for the same period in 2014 which represented 72% of revenues. The increase in operating expenses was primarily driven by higher

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compensation expenses due to increased headcount. Our income before taxes increased, improving from income of $37.5 million for the three months ended September 30, 2014 to income of $39.9 million for the same period in 2015.

Nine Months Ended September 30, 2015 versus 2014

Operating expenses were $283.0 million for the nine months ended September 30, 2015 and represented 75% of revenues, compared with $372.5 million for the same period in 2014 which represented 99% of revenues. Our income before taxes improved from income of $0.1 million for the nine months ended September 30, 2014 to income of $97.1 million for the same period in 2015. Our income before income taxes in 2014 was adversely impacted by approximately $110.9 million of expense relating to the reorganization and IPO as described above in "Reorganization and Initial Public Offering."

Compensation and Benefits Expenses

Our compensation and benefits expenses are determined by management based on revenues earned, the competitiveness of the prevailing labor market and anticipated compensation requirements for our employees, the level of recruitment of new Managing Directors, the amount of compensation expenses amortized for equity awards and other relevant factors.

Our compensation expenses consist of base salary and benefits, annual incentive compensation payable as cash bonus awards, including certain amounts subject to clawback and contingent upon a required period of service ("contingent cash awards") and amortization of equity-based compensation awards. Base salary and benefits are paid ratably throughout the year. Equity awards are amortized into compensation expenses on a graded basis (based upon the fair value of the award at the time of grant) during the service period over which the award vests, which is typically four to five years. The awards are recorded within equity as they are expensed. Contingent cash awards are amortized into compensation expenses over the required service period, which is typically two to three years. Cash bonuses, which are accrued each quarter, are discretionary and dependent upon a number of factors including the performance of the Company and are generally paid during the first two months of each calendar year with respect to prior year performance. The equity component of the annual incentive award is determined with reference to the Company's estimate of grant date fair value, which in turn determines the number of equity awards granted subject to a vesting schedule.

Our compensation expenses are primarily based upon revenues, prevailing labor market conditions and other factors that can fluctuate, including headcount, and as a result, our compensation expenses may fluctuate materially in any particular period. Accordingly, the amount of compensation expenses recognized in any particular period may not be consistent with prior periods or indicative of future periods.

Three Months Ended September 30, 2015 versus 2014

For the three months ended September 30, 2015, compensation-related expenses of $86.3 million represented 57% of revenues, compared with $68.1 million which represented 53% of revenues in the prior year period. The increase in compensation expenses primarily relates to an increase in headcount in addition to increased equity amortization during 2015 as compared with 2014.

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bonus expenses, which generally represents the excess amount of total compensation over base compensation and amortization of equity and contingent cash awards, was $34.3 million and $29.0 million for the three months ended September 30, 2015 and 2014, respectively. The increase in discretionary cash bonus expense primarily relates to higher revenues earned.

Nine Months Ended September 30, 2015 versus 2014

For the nine months ended September 30, 2015, compensation-related expenses of $211.3 million represented 56% of revenues, compared with $300.8 million which represented 80% of revenues in the prior year period. Compensation expenses in 2014 were significantly impacted by approximately $104.8 million of expense relating to the reorganization and IPO as described above in "Reorganization and Initial Public Offering."

Our fixed compensation costs, which are primarily the sum of base salaries, payroll taxes and benefits and the amortization of previously issued equity and contingent cash awards, was $138.3 million and $205.9 million for the nine months ended September 30, 2015 and 2014, respectively. Excluding the expenses related to the reorganization and IPO, the increase in fixed compensation expense relates to an additional tranche of equity amortization and to an increase in headcount (which drives salaries and benefits) as compared to the prior year. The aggregate amount of discretionary cash bonus expenses, which generally represents the excess amount of total compensation over base compensation and amortization of equity and contingent cash awards, was $73.0 million and $94.9 million for the nine months ended September 30, 2015 and 2014, respectively. The decrease in discretionary cash bonus expense primarily results from higher fixed compensation levels due to increased headcount together with modest revenue growth.

Non-Compensation Expenses

Our non-compensation expenses include the costs of occupancy, professional fees, communication, technology and information services, travel and related expenses, depreciation and other expenses. Reimbursed client expenses are netted against non-compensation expenses.

Historically, our non-compensation expenses, particularly occupancy and travel costs associated with business development, have increased as we have increased headcount and the related non-compensation support costs which results from growing our business. This trend may continue as we expand into new sectors, geographies and products to serve our clients' evolving needs. In addition, we will experience increased non-compensation expenses in connection with having become a public company.

Three Months Ended September 30, 2015 versus 2014

For the three months ended September 30, 2015, non-compensation expenses of $25.6 million represented 17% of revenues, compared with $24.7 million which represented 19% of revenues in the prior year period. Non-compensation expense, which is related to headcount, increased when compared with 2014. As a percentage of revenue, non-compensation expense decreased due to increased revenues and the timing of our annual client event which was held during the third quarter of 2014 as compared with the fourth quarter of 2015.

Nine Months Ended September 30, 2015 versus 2014

For the nine months ended September 30, 2015 and 2014, non-compensation expenses were $71.7 million and represented 19% of revenues. Non-compensation expenses in 2014 were impacted by approximately $3.7 million of expense relating to the reorganization and IPO as described above in "Reorganization and Initial Public Offering". Excluding these expenses, non-compensation expenses increased for the nine months ended September 30, 2015 primarily due to increased headcount.

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Income (Loss) From Equity Method Investments

The Company accounts for its equity method investments under the equity method of accounting as the Company does not control these entities but has the ability to exercise significant influence. The amounts recorded on the condensed consolidated and combined financial statements of financial condition reflects the Company's share of contributions made to, distributions received from, and the equity earnings and losses of, the investments. The Company reflects its share of gains and losses of the investment in income (loss) from equity method investments in the condensed consolidated and combined statements of operations.

Investment in Joint Venture

On April 1, 2010, we entered into the Australian JV in Sydney, investing a combination of cash and certain net assets in exchange for a 50% interest in the Australian JV. The remaining 50% of the Australian JV is owned by an Australian trust established by and for the benefit of Australian executives. The Australian JV's primary business is offering advisory services, much like the Company. The Australian JV also has an equity capital markets and research, sales and trading business covering Australian public equity securities. The Australian JV expanded into Melbourne in 2014.

Three Months Ended September 30, 2015 versus 2014

Income (loss) from equity method investments related to our share of gains and losses of the Australian JV, was income of $0.1 and $1.1 million for the three months ended September 30, 2015 and 2014, respectively. During the three months ended September 30, 2015, the Australian JV's revenues decreased by 24% compared with the same period in 2014. The Australian JV generally derives revenues from a varying number of engagements each period which may result in revenues that vary significantly from period to period. Operating expenses decreased 6% during the three months ended September 30, 2015 when compared with the same period in 2014.

Nine Months Ended September 30, 2015 versus 2014

Income (loss) from equity method investments related to our share of gains and losses of the Australian JV, was income of $0.4 million and a loss of $3.0 million for the nine months ended September 30, 2015 and 2014, respectively. During the nine months ended September 30, 2015, the Australian JV's revenues increased by 15% compared with the same period in 2014. The Australian JV generally derives revenues from a varying number of engagements each period which may result in revenues that vary significantly from period to period. Operating expenses decreased 18% during the nine months ended September 30, 2015 when compared with the same period in 2014 primarily due to increased compensation expenses during 2014 associated with the one-time non-cash acceleration of unvested equity related to our IPO.

Other Equity Method Investment

In June 2014, the Company made an investment into a general partner entity which invests third-party funds and is controlled by a related party, Moelis Asset Management LP. The Company has determined that it should account for this investment as an equity method investment on its condensed consolidated and combined financial statements.

Three Months Ended September 30, 2015 versus 2014

Income (loss) from equity method investments related to our investment in an entity which invests in funds was $0.3 million for the three months ended September 30, 2015.

Nine Months Ended September 30, 2015 versus 2014

Income (loss) from equity method investments related to our investment in an entity which invests in funds was $3.1 million for the nine months ended September 30, 2015.

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Provision for Income Taxes

Three Months Ended September 30, 2015 versus 2014

During the three months ended September 30, 2015, the provision for income taxes was $5.3 million, which reflected an effective tax rate of 13%. The income tax provision and effective tax rate for the period primarily reflect the Company's allocable share of earnings from Group LP at the prevailing U.S. federal, state and local corporate income tax rate and the effect of the earnings of Group LP being subject to UBT and certain other foreign, state and local taxes.

During the three months ended September 30, 2014, the provision for income taxes was $4.7 million, which reflected an effective tax rate of 13%. The income tax provision and effective tax rate for the period primarily reflect the effect of the Company's allocable share of earnings from Group LP at the prevailing U.S. federal, state and local corporate income tax rate.

Nine Months Ended September 30, 2015 versus 2014

During the nine months ended September 30, 2015, the provision for income taxes was $15.7 million, which reflected an effective tax rate of 16%. The income tax provision and effective tax rate for the period primarily reflect the Company's allocable share of earnings from Group LP at the prevailing U.S. federal, state and local corporate income tax rate and the effect of the earnings of Group LP being subject to UBT and certain other foreign, state and local taxes.

During the nine months ended September 30, 2014, the provision for income taxes was $5.8 million on income before taxes of $0.1 million. The income tax provision for the period primarily reflects the effect of certain nondeductible expenses related to the vesting of Class A partnership units in Group LP in connection with the Company's reorganization and IPO. Only a portion of the earnings related to the post-IPO period was subject to U.S. federal, state and local income tax at the prevailing corporate income tax rate.

Liquidity and Capital Resources

Our current assets have historically comprised cash, short-term liquid investments and receivables related to fees earned from providing advisory services. Our current liabilities include accrued expenses, including accrued employee compensation. We pay a significant portion of incentive compensation during the first two months of each calendar year with respect to the prior year's results. We also distribute estimated partner tax payments in the first quarter of each year in respect of the prior year's operating results. Therefore, levels of cash generally decline during the first quarter of each year after incentive compensation has been paid to our employees and estimated tax payments have been distributed to partners. Cash then typically increases over the remainder of the year.

We evaluate our cash needs on a regular basis in light of current market conditions. Cash and cash equivalents include all short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. As of

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September 30, 2015 and December 31, 2014, the Company had cash equivalents of $29.4 million and $128.7 million, respectively, invested in U.S. Treasury Bills and government securities money market funds. Additionally, as of September 30, 2015 and December 31, 2014, the Company had cash of $58.4 million and $69.2 million, respectively, maintained in U.S. and non-U.S. bank accounts, of which most U.S. account balances exceeded the FDIC coverage limit of $250,000.

In addition to cash and cash equivalents, we hold U.S. Treasury Bills classified as investments on our statement of financial condition as they have original maturities of three months or more from the date of purchase. As of September 30, 2015 and December 31, 2014, the Company held $113.0 million and $40.0 million of U.S. Treasury Bills classified as investments, respectively.

Our liquidity is highly dependent upon cash receipts from clients which are generally dependent upon the successful completion of transactions as well as the timing of receivable collections, which typically occurs within 60 days of billing. As of September 30, 2015 and December 31, 2014 accounts receivable were $34.1 million and $23.0 million, respectively, net of allowances of $1.8 million and $1.6 million, respectively.

To provide for additional working capital and other general corporate purposes, we maintain a $40.0 million unsecured revolving credit facility that matures on June 30, 2017. Advances on the facility bear interest at the greater of a fixed rate of 3.50% per annum or at the Company's option of (i) LIBOR plus 1% or (ii) Prime minus 1.50%. As of September 30, 2015, the Company had no borrowings under the credit facility.

As of September 30, 2015, the Company's available credit under this facility was $31.7 million as a result of the issuance of an aggregate amount of $8.3 million of various standby letters of credit, which were required in connection with certain office leases and other agreements. The Company incurs a 1% per annum fee on the outstanding balances of issued letters of credit.

On October 28, 2015, the Board of Directors of Moelis & Company declared a quarterly dividend of $0.30 per share. The dividend will be paid on December 8, 2015 to Class A common stockholders of record on November 23, 2015. During the three months ended September 30, 2015 the Company declared and paid dividends of $0.30 per share.

Regulatory Capital

We actively monitor our regulatory capital base. Our principal subsidiaries are subject to regulatory requirements in their respective jurisdictions to ensure general financial soundness and liquidity. This requires, among other things, that we comply with certain minimum capital requirements, record-keeping, reporting procedures, experience and training requirements for employees and certain other requirements and procedures. These regulatory requirements may restrict the flow of funds to and from affiliates. See Note 12 of the condensed consolidated and combined financial statements as of September 30, 2015 for further information. These regulations differ in the United States, United Kingdom, Hong Kong and other countries in which we operate a registered broker-dealer. The license under which we operate in each such country is meant to be appropriate to conduct an advisory business. We believe that we provide each of our subsidiaries with sufficient capital and liquidity, consistent with their business and regulatory requirements.

Tax Receivable Agreement

In connection with the IPO, we entered into a tax receivable agreement with our eligible Managing Directors that provides for the payment to eligible Managing Directors of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we realize as a result of (a) the increases in tax basis attributable to exchanges by our eligible Managing Directors and (b) tax benefits related to imputed interest deemed to be paid by us as a result of this tax receivable

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agreement. The Company expects to benefit from the remaining 15% of cash savings, if any, in income tax that we realize.

In connection with the IPO, the Company made a one-time cash distribution to certain partners of Old Holdings which is treated as an acquisition for U.S. federal income tax purposes of Class A partnership units in Group LP from certain partners of Old Holdings. This transaction resulted in an estimated deferred tax asset of which approximately $60.9 million is attributable to exchanges by certain of the partners of Old Holdings who are party to the tax receivable agreement. Pursuant to this agreement, 85% (or $51.8 million) of the tax benefits associated with this portion of the deferred tax asset are payable to certain partners of Old Holdings over the next 15 years and recorded as amount due pursuant to tax receivable agreement in the condensed consolidated and combined statements of financial condition. The remaining tax benefit is allocable to the Company and is recorded in additional paid-in-capital.

In connection with the secondary offering in November 2014, the Company acquired Class A partnership units in Group LP from certain partners of Group LP. This transaction resulted in an estimated deferred tax asset of which approximately $80.1 million is attributable to exchanges by certain partners of Group LP who are party to the tax receivable agreement. Pursuant to the tax receivable agreement, 85% (or $68.1 million) of the tax benefits associated with this portion of the deferred tax asset are payable to certain partners of Group LP over the next 15 years and recorded as amount due pursuant to tax receivable agreement in the consolidated and combined statements of financial condition. The remaining tax benefit is allocable to the Company and is recorded in additional paid-in-capital.

In connection with the exchange of Class A partnership units in Group LP for Class A common stock in June 2015, the Company recorded an estimated deferred tax asset as a result of the increase in the tax basis of Group LP's assets attributable to the exchanges. Of this deferred tax asset, $769 is attributable to exchanges by certain partners of Group LP who are party to the tax receivable agreement. Pursuant to this agreement, 85% (or $654) of the tax benefits associated with this portion of the deferred tax asset are payable to such exchanging partners over the next 15 years and recorded as amount due pursuant to tax receivable agreement in the condensed consolidated and combined statements of financial condition. The remaining tax benefit is allocable to the Company and is recorded in additional paid-in-capital.

For purposes of the tax receivable agreement, cash savings in income tax will be computed by comparing our actual income tax liability to the amount of such taxes that we would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Group LP as a result of the exchanges and had we not entered into the tax receivable agreement. The term of the tax receivable agreement commenced upon consummation of the IPO and will continue until all such tax benefits have been utilized or expired, unless we exercise our right to terminate the tax receivable agreement for an amount based on an agreed value of payments remaining to be made under the agreement.

Payments made under the tax receivable agreement are required to be made within 225 days of the filing of our tax returns. Because we generally expect to receive the tax savings prior to making the cash payments to the eligible selling holders of Group LP partnership units, we do not expect the cash payments to have a material impact on our liquidity.

In addition, the tax receivable agreement provides that, upon a merger, asset sale, or other form of business combination or certain other changes of control or if, at any time, we elect an early termination of the tax receivable agreement, our (or our successor's) obligations with respect to exchanged or acquired units (whether exchanged or acquired before or after such change of control or early termination) will be based on certain assumptions, including that we would have sufficient taxable income to fully utilize the deductions arising from the increased tax deductions and tax basis and other

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benefits related to entering into the tax receivable agreement, and, in the case of an early termination election, that any units that have not been exchanged are deemed exchanged for the market value of the Class A common stock at the time of termination. Consequently, it is possible, in these circumstances, that the actual cash tax savings realized by us may be significantly less than the corresponding tax receivable agreement payments.

Cash Flows

Our operating cash flows are primarily influenced by the amount and timing of receipt of advisory fees, which are generally collected within 60 days of billing, and the payment of operating expenses, including payments of incentive compensation to our employees. We distribute estimated partner taxes and pay a significant portion of incentive compensation during the first two months of each calendar year with respect to the prior year's results. A summary of our operating, investing and financing cash flows is as follows:

	Nine Months Ended September 30,

($ in thousands)	2015			2014
Cash Provided By (Used In)
Operating Activities:
Net income (loss)	$	81,446		$	(5,733	)
Non-cash charges		33,528			121,773
Other operating activities		(78,050	)		1,788

Total operating activities		36,924			117,828
Investing Activities		(75,697	)		(14,115	)
Financing Activities		(71,041	)		(263,816	)
Effect of exchange rate changes		(294	)		(823	)

Net increase (decrease) in cash		(110,108	)		(160,926	)
Cash and cash equivalents, beginning of period		197,944			303,024

Cash and cash equivalents, end of period	$	87,836		$	142,098

Nine Months Ended September 30, 2015

Cash and cash equivalents were $87.8 million at September 30, 2015, a decrease of $110.1 million from $197.9 million of cash and cash equivalents at December 31, 2014. Operating activities resulted in a net inflow of $36.9 million primarily attributable to cash collected from clients during the period, offset by discretionary bonuses earned in 2014 and paid in 2015. Investing activities resulted in a net outflow of $75.7 million primarily attributable to the purchase of investments, partially offset by proceeds from sales of investments. Financing activities resulted in a net outflow of $71.0 million primarily related to the payment of the quarterly dividends and tax distributions.

Nine Months Ended September 30, 2014

Cash and cash equivalents were $142.1 million at September 30, 2014, a decrease of $160.9 million from $303.0 million of cash and cash equivalents at December 31, 2013. Operating activities resulted in a net inflow of $117.8 million primarily attributable to the impact of non-cash equity compensation charges on net income (loss). Investing activities resulted in net outflow of $14.1 million primarily attributable to purchases of investments, partially offset by proceeds from sales of investments. Financing activities resulted in a net outflow of $263.8 million primarily related to the pre and post offering distributions to partners and tax distributions to partners, partially offset by net proceeds received related to the issuance of Class A common stock.

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Contractual Obligations

The following table sets forth information relating to our contractual obligations as of September 30, 2015:

	Payment Due by Period

($ in thousands)	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Operating Leases	$	73,685	$	14,954	$	29,056	$	24,546	$	5,129

Total	$	73,685	$	14,954	$	29,056	$	24,546	$	5,129

The commitment table above excludes contractual amounts owed under the tax receivable agreement because the ultimate amount and timing of the amounts due are not presently known. As of September 30, 2015, a total payable of $120.9 million has been recorded in amount due pursuant to tax receivable agreement in the consolidated and combined financial statements representing management's best estimate of the amounts currently expected to be owed under the tax receivable agreement. Payments made under the tax receivable agreement are required to be made within 225 days of the filing of our tax returns. Because we generally expect to receive the tax savings prior to making the cash payments to the eligible selling holders of Group LP partnership units, we do not expect the cash payments to have a material impact on our liquidity. As of September 30, 2015, no payments have been made under the tax receivable agreement. We expect to make a payment of approximately $1.6 million under the tax receivable agreement in the fourth quarter of 2015.

In connection with the Company's Australian JV, the Company granted a put option enabling the key senior Australian executive to sell his shares held in the Australian JV back to the Company at fair value upon certain defined exit events. If the put option is exercised, the Company will be required to pay 50% of the purchase price upon exercise and the remaining balance within 18 months (in cash or listed stock). In addition, the Company holds a call option, exercisable upon the occurrence of certain defined events, to purchase the shares from the Australian Trust at fair value with the same payment terms as called for under the put option, described above.

Off-Balance Sheet Arrangements

We do not invest in any off-balance sheet vehicles that provide liquidity, capital resources, market or credit risk support, or engage in any activities that expose us to any liability that is not reflected in our combined financial statements except for those described under "Contractual Obligations" above.

Market Risk and Credit Risk

Our business is not capital-intensive and we do not invest in derivative instruments or, generally, borrow through issuing debt. As a result, we are not subject to significant market risk (including interest rate risk, foreign currency exchange rate risk and commodity price risk) or credit risk.

Risks Related to Cash and Short-Term Investments

Our cash and cash equivalents include all short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. We invest most of our cash in U.S. Treasury Bills and government securities money market funds. Cash is maintained in U.S. and non-U.S. bank accounts. Most U.S. account balances exceed the FDIC coverage limit. In addition to cash and cash equivalents, we hold U.S. Treasury Bills and bank time deposits classified as investments on our statement of financial condition as they have original maturities of three months or more (but less than twelve months) from the date of purchase.

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We believe our cash and short-term investments are not subject to any material interest rate risk, equity price risk, credit risk or other market risk.

Credit Risk

We regularly review our accounts receivable and allowance for doubtful accounts by considering factors such as historical experience, credit quality, age of the accounts receivable, and the current economic conditions that may affect a customer's ability to pay such amounts owed to the Company. We maintain an allowance for doubtful accounts that, in our opinion, provides for an adequate reserve to cover losses that may be incurred. See "—Critical Accounting Policies—Accounts Receivable and Allowance for Doubtful Accounts."

Exchange Rate Risk

The Company is exposed to the risk that the exchange rate of the U.S. dollar relative to other currencies may have an adverse effect on the reported value of the Company's non-U.S. dollar denominated assets and liabilities. Non-functional currency-related transaction gains and losses are recorded in the condensed consolidated and combined statements of operations. In addition, the reported amounts of our revenues may be affected by movements in the rate of exchange between the pound sterling and the euro and the U.S. dollar, in which our financial statements are denominated. For the three months ended September 30, 2015 and 2014, the net impact of the fluctuation of foreign currencies in other comprehensive income (loss) in the condensed combined statements of comprehensive income was a loss of $1.6 million and a loss of $3.2 million, respectively, and a nominal impact and a loss of $1.4 million for the nine months ended September 30, 2015 and 2014, respectively. We have not entered into any transactions to hedge our exposure to these foreign currency fluctuations through the use of derivative instruments or other methods.

Critical Accounting Policies

We believe that the critical accounting policies included below represent those that are most important to the presentation of our financial condition and results of operations and require management's most difficult, subjective and complex judgment.

The preparation of combined financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period for which they are determined to be necessary.

Prior to our IPO in April of 2014, certain expenses have been allocated from Old Holdings based on the most relevant measure, including relative usage or proportion of the Company's headcount to that of Old Holdings. Occupancy expenses have been allocated to the Company based on the proportion of the Company's headcount to that of Old Holdings, and communication, technology and information services expenses have been allocated to the Company based on a combination of relative usage and the proportion of the Company's headcount to that of Old Holdings. All other expenses were specifically identifiable to the Company. Management believes the assumptions and allocations underlying the condensed consolidated and combined financial statements are reasonable, and the allocated amounts are representative of the amounts that would have been recorded in the condensed consolidated and combined financial statements had the Company operated independent of Old Holdings for the historical periods presented.

In connection with the Company's IPO, the Company entered into a services agreement with a related party, Moelis Asset Management LP, whereby the Company provides certain administrative

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services and office space to Moelis Asset Management LP for a fee. See Note 11 for further information.

All intercompany balances and transactions within the Company have been eliminated.

Revenue and Expense Recognition

The Company recognizes revenues from providing advisory services when earned and collection is reasonably assured. Upfront fees and retainers are recognized over the estimated period during which the related services are to be performed. Transaction-related fees are recognized when all services for a transaction have been provided, specified conditions have been met and the transaction closes. Deferred revenues are recorded for fees received that have not yet been earned. Expenses are recorded on the combined financial statements, net of client reimbursements.

Accounts Receivable and Allowance for Doubtful Accounts

The accompanying combined statements of financial condition present accounts receivable balances net of allowance for doubtful accounts based on the Company's assessment of the collectability of customer accounts.

Equity-based Compensation

The Company recognizes the cost of employee services received in exchange for an equity instrument award. The cost is based on its grant-date fair value amortized over the service period required by the award's vesting terms. Prior to the Company's IPO, the measurement of the grant-date fair value required Old Holdings to make estimates about its future operating results and the appropriate risk-adjusted discount rates. The methods used to estimate the fair value of equity-based compensation generally included the market approach and the income approach, each of which involve a significant degree of judgment. Under the market approach, fair value is determined with reference to observable valuation measures for comparable companies (e.g., multiplying a key performance metric of the comparable company by a relevant valuation multiple-adjusted for differences between Old Holdings and the referenced comparable). Under the income approach, fair value is determined by converting future amounts (e.g., cash flows or earnings) to a single present amount (discounted) using current expectations about those future amounts. Subsequent to the Company's IPO, the grant-date fair value of equity awards is based on quoted market prices at the time of grant. The Company recognizes such amounts in compensation and benefits expenses in the accompanying condensed consolidated and combined statements of operations and as an increase to equity in the accompanying condensed consolidated and combined statements of financial condition and changes in equity. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the vesting of restricted stock units. The Company records dividends in kind, net of forfeitures, on outstanding restricted stock units as a dividend payment and a charge to equity. Dividends in kind on RSUs are subject to the same vesting conditions as the underlying RSUs on which they were accrued. Dividends in kind will be forfeited if the award does not vest.

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The Company has a retirement plan whereby a retiring employee generally will not forfeit certain qualifying incentive RSUs granted during employment if at retirement the employee (i) is at least 54 years old and (ii) has provided at least 8 consecutive years of service to the Company. Any such RSUs will continue to vest on their applicable vesting schedule, subject to noncompetition and other terms. Over time a greater number of employees may become retirement eligible and the related requisite service period over which we will expense these awards will be shorter than the stated vesting period. Any unvested RSUs prior to meeting the stated requisite service period or retirement eligibility date are eligible to receive dividends in kind; however, the right to dividends in kind will be forfeited if the underlying award does not vest.

Equity Method Investments

Income Taxes

Prior to the Company's reorganization and IPO, the Company had been primarily subject to the New York City UBT and certain other foreign, state and local taxes as applicable. The Company's operations were historically comprised of entities that are organized as limited liability companies and limited partnerships. For U.S. federal income tax purposes, taxes related to income earned by these entities represent obligations of the individual partners and members and have historically not been reflected in the condensed consolidated and combined statements of financial condition. In connection with the Company's reorganization and IPO, the Company became subject to U.S. corporate federal and state income tax on its allocable share of results of operations from Group LP.

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penalties, if applicable, as a component of income tax expense. For the three and nine months ended September 30, 2015 and 2014, no such amounts were recorded.

Recent Accounting Developments

For a discussion of recently issued accounting developments and their impact or potential impact on our combined financial statements, see Note 3—Recent Accounting Pronouncements, of the condensed consolidated and combined financial statements included in this 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative disclosures about market risk are set forth above in "Item 2—Management's Discussion and Analysis of Financial Condition and Results of Operations—Market Risk and Credit Risk"

Item 4. Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of the Company's disclosure controls and procedures (as defined in rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")). Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

No change in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company is from time to time involved in legal proceedings incidental to the ordinary course of business. We do not believe any such proceedings will have a material adverse effect on our results of operations.

Item 1A. Risk Factors

There have been no material changes to the Risk Factors described in Part I "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission ("SEC") as supplemented by the additional risk factor described in Part II "Item 1A. Risk Factors—Our share price may decline due to the large number of shares eligible for future sale and for exchange" in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales

None.

Issuer Purchases of Equity Securities

Period		Average Price Paid Per Share			Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2)

July 1 - July 31, 2015	5,226	$	29.10	—	$	20.9 million
August 1 - August 31, 2015	—		20.00	43,832		20.0 million
September 1 - September 30, 2015	901		27.17	—		20.0 million

Total	6,127	$	21.08	43,832	$	20.0 million

(1): Comprised of treasury transactions arising from net settlement of equity awards to satisfy minimum tax obligations.
(2): In the first quarter of 2015, the Board of Directors authorized the repurchase of up to $25 million of shares of Class A common stock of the Company and/or Class A partnership units of Group LP with no expiration date. Under this share repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased will be opportunistic and measured in nature and will depend on a variety of factors, including price and market conditions.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

		Description

3.1		Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the SEC on April 22, 2014)

3.2		Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed with the SEC on April 22, 2014)

10.1		Advisory Units Agreement, dated as of April 30, 2015, by and among Sumitomo Mitsui Banking Corporation, SMBC Nikko Securities Inc., SMBC Capital Markets, Inc., Moelis & Company Group LP, Moelis & Company and Moelis & Company Group GP LLC (Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on May 1, 2015)

10.2		Assignment and Assumption of the Strategic Alliance Agreement, dated as of April 30, 2015, by and among Sumitomo Mitsui Banking Corporation, SMBC Nikko Securities Inc., SMBC Capital Markets, Inc., Moelis Asset Management LP, Moelis & Company Group LP, Moelis & Company and Moelis & Company Holdings GP LLC (Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on May 1, 2015)

10.3		Master Services Agreement, dated as of April 30, 2015, by and between Moelis & Company Group LP, Moelis Asset Management LP and certain subsidiaries of Moelis Asset Management LP (Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on May 1, 2015)

10.4		Statement of Terms and Conditions of the 2015 Restricted Stock Unit Award for NonEmployee Directors (Incorporated by reference to Exhibit 10.6 to the Company's Form 10-K filed on February 27, 2015)

31.1		Rule 13a-14(a) Certification of Chief Executive Officer of the Registrant in accordance with Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Rule 13a-14(a) Certification of Chief Financial Officer of the Registrant in accordance with Section 302 of the Sarbanes-Oxley Act of 2002

32.1	*	Section 1350 Certification of Chief Executive Officer of the Registrant in accordance with Section 906 of the Sarbanes-Oxley Act of 2002

32.2	*	Section 1350 Certification of Chief Financial Officer of the Registrant in accordance with Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema

101.CAL		XBRL Taxonomy Extension Calculation Linkbase

101.LAB		XBRL Taxonomy Extension Label Linkbase

101.PRE		XBRL Taxonomy Extension Presentation Linkbase

101.DEF		XBRL Taxonomy Extension Definition Linkbase

*: Document has been furnished, is not deemed filed and is not to be incorporated by reference into any of the Registrant's filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934 irrespective of any general incorporation language contained in any such filing.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized this 4^th day of November, 2015.


		MOELIS & COMPANY
		/s/ KENNETH MOELIS Kenneth Moelis Chief Executive Officer
		/s/ JOSEPH SIMON Joseph Simon Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

EX-31.1 2 a2226455zex-31_1.htm EX-31.1
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Exhibit 31.1

CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Kenneth Moelis, certify that:

1.

I have reviewed this Quarterly Report on Form 10-Q for the period ending September 30, 2015 of Moelis & Company as filed with the Securities and Exchange Commission on the date hereof;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) for the above registrant and have:

a.: designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.: [paragraph omitted in accordance with the Exchange Act Rule 13a-14(a)];
c.: evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.: disclosed in this report any changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and to the audit committee of the registrant's board of directors:

a.: all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.: any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


November 4, 2015		/s/ KENNETH MOELIS Kenneth Moelis Chief Executive Officer

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Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
EX-31.2 3 a2226455zex-31_2.htm EX-31.2
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Exhibit 31.2

CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Joseph Simon, certify that:

1.

I have reviewed this Quarterly Report on Form 10-Q for the period ending September 30, 2015 of Moelis & Company as filed with the Securities and Exchange Commission on the date hereof;

2.

3.

4.

a.: designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.: [paragraph omitted in accordance with the Exchange Act Rule 13a-14(a)];
c.: evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.: disclosed in this report any changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

a.: all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.: any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


November 4, 2015		/s/ JOSEPH SIMON Joseph Simon Chief Financial Officer

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Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
EX-32.1 4 a2226455zex-32_1.htm EX-32.1
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Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. § 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Kenneth Moelis, Chief Executive Officer of Moelis & Company (the "Company"), certifies with respect to the Quarterly Report of the Company on Form 10-Q for the quarterly period ended September 30, 2015 (the "Report") that, to the best of his knowledge:

(1): The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2): The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


November 4, 2015		/s/ KENNETH MOELIS Kenneth Moelis Chief Executive Officer

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Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
EX-32.2 5 a2226455zex-32_2.htm EX-32.2
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Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. § 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Joseph Simon, Chief Financial Officer of Moelis & Company (the "Company"), certifies with respect to the Quarterly Report of the Company on Form 10-Q for the quarterly period ended September 30, 2015 (the "Report") that, to the best of his knowledge:

(1): The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2): The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


November 4, 2015		/s/ JOSEPH SIMON Joseph Simon Chief Financial Officer

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Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
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2014-04-22 2014-09-30 0001596967 2014-04-22 2014-09-30 0001596967 us-gaap:CommonClassBMember 2015-10-28 0001596967 us-gaap:CommonClassAMember 2015-10-28 0001596967 2015-01-01 2015-09-30 iso4217:USD xbrli:shares mc:item xbrli:pure iso4217:USD xbrli:shares false --12-31 Q3 2015 2015-09-30 10-Q 0001596967 20203279 31358729 Yes Non-accelerated Filer Moelis & Co 139429000 139429000 3261000 3261000 1302000 1302000 10854000 10854000 435000 435000 4308000 4308000 15263653 401000 0 119738000 120897000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> 4. BUSINESS CHANGES AND DEVELOPMENTS Moelis Brazil         In August 2014, the Company established Moelis Brazil, a new corporate entity located in São Paulo, Brazil for the purpose of providing investment banking advisory services to clients in Brazil and increasing the global reach of the Company. The Company owns a 94% interest in Moelis Brazil and the remaining 6% is owned by senior bankers of the newly formed entity. As the majority owner of Moelis Brazil, the Company consolidates its financial results. Reorganization and Initial Public Offering         In April 2014, Old Holdings reorganized its business in connection with the IPO of Class A common stock by Moelis & Company, a newly-formed Delaware corporation. Following the reorganization, the advisory operations are owned by Group LP and Group LP is controlled by Moelis & Company. The shareholders are entitled to receive a portion of the economics of the operations through their direct ownership interests in shares of Class A common stock of Moelis & Company. The existing owners of Group LP will continue to receive the majority of the economics of the operations, as noncontrolling interest holders, primarily through direct and indirect ownership interests in Group LP partnership units. As a corporation, Moelis & Company is subject to United States federal and state corporate income taxes, which results in a material increase in the applicable tax rates and current tax expense incurred post reorganization.         Group LP has one principal class of units, Class A partnership units. Group LP issued Class A partnership units to Moelis & Company and to certain existing holders of Old Holdings units. Following the reorganization, each Group LP Class A partnership unit (not held by Moelis & Company or its subsidiaries) is exchangeable into one share of Moelis & Company Class A common stock. In addition, Group LP issued Class B partnership units to Moelis & Company. The Class B partnership units correspond with the economic rights of shares of Moelis & Company Class B common stock. The economic rights of Class B common stock are based on the ratio of the Class B subscription price to the initial public offering price of shares of Class A common stock (.00055 to 1), and the aggregate number of shares of Class B common stock may be converted to Class A common stock (up to a maximum of 20,000 shares). Holders of shares of Class B common stock are entitled to receive dividends of the same type as any dividends payable on outstanding shares of Class A common stock at a ratio of .00055 to 1.         Group LP Class A partnership unitholders have no voting rights by virtue of their ownership of Group LP Class A partnership units, except for the limited rights described in Group LP's Amended and Restated Agreement of Limited Partnership. Moelis & Company Partner Holdings LP holds all shares of Class B common stock, enabling it initially to exercise majority voting control over Moelis & Company. Among other items, Class B common stock contains a condition (the "Class B Condition") that calls for Mr. Moelis to maintain a defined minimum equity stake. So long as the Class B Condition is satisfied, each share of Class B common stock entitles its holder to ten votes for each share held of record on all matters submitted to a vote of stockholders. Shares of Class B common stock are generally not transferrable and, if transferred other than in the limited circumstances set forth in Moelis & Company's Amended and Restated Certificate of Incorporation, such shares shall automatically convert into a number of shares of Class A common stock, or dollar equivalent, set forth in Moelis & Company's Amended and Restated Certificate of Incorporation. Upon failure of the Class B Condition, each share of Class B common stock will have one vote for each share held. Each share of Class B common stock may, at the option of the holder, be converted into a number of shares of Class A common stock, or dollar set forth in Moelis & Company's Amended and Restated Certificate of Incorporation.         In connection with the reorganization and IPO described above, several transactions took place which impacted the Company's condensed consolidated and combined financial statements including the following: <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:15;margin-left:0pt;"> <tr style="CellSpacing:15;"> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="3" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> A pre-offering distribution to the partners of Old Holdings of $195,017 reflected within financing activities in the consolidated and combined statements of cash flows and in the condensed consolidated and combined statements of changes in equity; </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="3" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> The purchase by Moelis & Company of Class A partnership units directly from Group LP with the proceeds of the IPO. The proceeds received related to the issuance of Class A common stock in connection with the IPO is recorded net of underwriting discounts, commissions and offering expenses. Net cash received of $163,682 during the nine months ended September 30, 2014 is reflected within financing activities in the condensed consolidated and combined statements of cash flows. Net proceeds recorded in the condensed consolidated and combined statements of changes in equity of $162,107 during the period ended September 30, 2014, adjusts for IPO related expenses paid during 2013 and any accruals remaining as of September 30, 2014;  </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="3" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> The one-time cash distribution of $139,429 by Group LP to the partners of Old Holdings of a portion of the proceeds arising from the sale of Class A partnership units to Moelis & Company is reflected within financing activities in the condensed consolidated and combined statements of cash flows and in the condensed consolidated and combined statements of changes in equity;  </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="3" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> The tax impact associated with the one-time cash distribution to certain partners of Old Holdings is treated as an acquisition for U.S. federal income tax purposes of Class A partnership units in Group LP from certain partners of Old Holdings. This transaction resulted in a deferred tax asset of which approximately $60,946 is attributable to exchanges by certain of the partners of Old Holdings who are party to the tax receivable agreement. Pursuant to this agreement, 85% (or $51,804) of the tax benefits associated with this portion of the deferred tax asset are payable to certain partners of Old Holdings over the next 15 years and is recorded as amount due pursuant to tax receivable agreement in the condensed consolidated and combined statements of financial condition. The remaining tax benefit is allocable to the Company and is recorded in additional paid-in-capital.  </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="3" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> Expenses related to the reorganization and IPO recorded in the condensed consolidated and combined statements of operations for the nine months ended September 30, 2014 include the following:  </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="2" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> $87,601 of compensation and benefits expense associated with the one-time non-cash acceleration of unvested equity held by Managing Directors. Excluded from this acceleration was $10,349 of compensation and benefits expense associated with the amortization of equity held by Managing Directors during the three months ended March 31, 2014 which was subsequently accelerated upon completion of the IPO;  </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="2" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> $763 of compensation and benefits expense associated with the amortization of RSUs granted in connection with the IPO (excludes expense associated with RSUs granted at the time of the IPO in connection with 2013 equity incentive compensation); amortization expense of RSUs granted in connection with the IPO will be recognized over a five year vesting period;  </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="2" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> $2,046 of compensation and benefits expense associated with the amortization of stock options granted in connection with the IPO; amortization expense of stock options granted in connection with the IPO will be recognized over a five year vesting period; </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="2" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> $4,014 of compensation and benefits expense associated with the issuance of cash (expense of $2,004) and fully vested shares of Class A common stock (expense of $2,010) in settlement of appreciation rights issued in prior years;  </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="2" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> $1,240 of professional fees expense associated with the one-time non-cash acceleration of unvested equity held by non-employee members of Moelis & Company's Global Advisory Board; and  </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="2" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> $4,916 of expenses associated with the one-time non-cash acceleration of unvested equity held by employees of the Australian JV. Half of the expenses associated with acceleration of equity held by employees of the Australian JV is included in other expenses and the other half is included in income (loss) from equity method investments. </td> </tr> </table></div> Secondary Offering         In November 2014, the Company completed a secondary offering of 6,325,000 shares of Class A common stock in order to facilitate organized liquidity and increase the public float of its Class A common stock. In connection with the offering, the Company issued 4,509,400 shares of Class A common stock and used the proceeds to acquire the same quantity (4,509,400) of Group LP Class A partnership units. The remaining 1,815,600 shares of Class A common stock included in the offering were sold by current holders of Class A common stock, thus having no impact on the quantity of shares of Class A common stock outstanding. In addition, in connection with the Company's acquisition of Group LP Class A partnership units, 4,507,453 shares of Class B common stock were either purchased (1,509,131 shares for $28) or converted to Class A common stock (2,998,322 shares of Class B common stock converted to 1,658 shares of Class A common stock based on a conversion ratio of .00055 to 1). The Company did not retain any proceeds from the secondary offering.         Immediately following the secondary transactions described above; <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:15;margin-left:0pt;"> <tr style="CellSpacing:15;"> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="3" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> 19,770,893 shares of Class A common stock were outstanding;  </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="3" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> the Company owned 19,770,893 Group LP Class A partnership units and its economic ownership in Group LP increased from 28% to 36%;  </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="3" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> the noncontrolling interest holders owned 34,479,961 Group LP Class A partnership units and their economic ownership in Group LP decreased from 72% to 64%;  </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">             </td> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> •           </td> <td colspan="3" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> Partner Holdings owned all 31,621,542 shares of Class B common stock, enabling it to exercise majority voting control of the Company. Class B common stock is entitled to an insignificant amount of economic participation in the Company. </td> </tr> </table></div>         This transaction is treated for U.S. federal income tax purposes as an acquisition of Class A partnership units in Group LP from certain partners of Group LP, which resulted in a deferred tax asset of which approximately $80,117 is attributable to exchanges by certain partners of Group LP who are party to the tax receivable agreement. Pursuant to the tax receivable agreement, 85% (or $68,099) of the tax benefits associated with this portion of the deferred tax asset are payable to certain partners of Group LP over the next 15 years and is recorded as amount due pursuant to tax receivable agreement in the consolidated and combined statements of financial condition. The remaining tax benefit is allocable to the Company and is recorded in additional paid-in-capital. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> 1575000 0.00055 5652000 8495000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">           Deferred Compensation—Deferred compensation costs represent arrangements with certain employees whereby cash payments are subject to a required period of service subsequent to payment by the Company. These amounts are charged to expenses over the period that the employee is required to provide services in order to vest in the payment. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">           Deferred Tax Asset and Amount Due Pursuant to Tax Receivable Agreement—In conjunction with the IPO, the Company is treated for U.S. federal income tax purposes as having directly purchased Class A partnership units in Group LP from the existing unitholders. In the future, additional Group LP Class A partnership units may be exchanged for shares of Class A common stock in the Company. The initial purchase and these future exchanges are expected to result in an increase in the tax basis of Group LP's assets attributable to the Company's interest in Group LP. These increases in the tax basis of Group LP's assets attributable to the Company's interest in Group LP would not have been available but for this initial purchase and future exchanges. Such increases in tax basis are likely to increase (for tax purposes) depreciation and amortization deductions and therefore reduce the amount of income tax the Company would otherwise be required to pay in the future. As a result, the Company records a deferred tax asset for such increase in tax basis.         The Company has entered into a tax receivable agreement with its eligible Managing Directors that will provide for the payment by the Company to its eligible Managing Directors of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of (a) the increases in tax basis attributable to exchanges by its eligible Managing Directors and (b) tax benefits related to imputed interest deemed to be paid by the Company as a result of this tax receivable agreement. The Company expects to benefit from the remaining 15% of cash savings, if any, in income tax that it realizes and record any such estimated tax benefits as an increase to additional paid-in-capital. For purposes of the tax receivable agreement, cash savings in income tax will be computed by comparing the Company's actual income tax liability to the amount of such taxes that it would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Group LP as a result of the exchanges and had it not entered into the tax receivable agreement. The term of the tax receivable agreement commenced upon consummation of the IPO and will continue until all such tax benefits have been utilized or expired, unless the Company exercises its right to terminate the tax receivable agreement for an amount based on an agreed value of payments remaining to be made under the agreement. The Company has recorded the estimated tax benefits related to the increase in tax basis and imputed interest as a result of the initial purchase described above as a deferred tax asset in the condensed consolidated and combined statements of financial condition. The amount due to its eligible Managing Directors related to the tax receivable agreement as a result of the initial purchase described above is recorded as amount due pursuant to tax receivable agreement in the condensed consolidated and combined statements of financial condition. The amounts recorded for the deferred tax asset and the liability for our obligations under the tax receivable agreement are estimates. Any adjustments to our estimates subsequent to their initial establishment will be included in net income (loss). Future exchanges of Class A partnership units in Group LP for Class A common shares in the Company will be accounted for in a similar manner. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> 80117000 60946000 769000 0.85 P15Y P15Y 51804000 654000 P15Y 4297000 68099000 P21Y 2732000 0.00055 P2Y4M24D P2Y8M12D P3Y1M6D P54Y P8Y 1223000 1223000 5815000 5692000 123000 0.50 P18M 3261000 10854000 4511058 4507453 0.03 0.03 0 0 1181000 2863000 1302000 P12M 0.01 0.72 0.64 0.28 0.36 4509400 34479961 19770893 20000 80983000 80983000 2904000 1000000 0 0 0 0 2 1 31621542 1 1 1 10 1105000 1105000 1724000 33933414 139429000 139429000 195017000 195017000 195017000 195017000 -34730000 1240000 0.00055 27894000 40362000 P10Y 960000 500000 1265000 420000 1 7699851 7699851 -76164000 12475000 63612000 77000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">           Revenue and Expense Recognition—The Company recognizes revenues from providing advisory services when earned and collection is reasonably assured. Upfront fees are recognized over the estimated period that the related services are performed. Transaction-related fees are recognized when all services for a transaction have been provided, specified conditions have been met and the transaction closes. Underwriting revenues are recognized when the offering is deemed complete and is presented net of related expenses. Deferred revenues are recorded for fees received that have not yet been earned. Expenses are reflected on the condensed consolidated and combined statements of operations, net of client reimbursements. Reimbursable expenses billed to clients totaled $3,639 and $2,793 for the three months ended September 30, 2015 and 2014, respectively, and $9,510 and $7,520 for the nine months ended September 30, 2015 and 2014, respectively. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> 1815600 10349000 4916000 87601000 2046000 763000 1.00 2004000 4014000 2010000 1.00 6325000 88802 28 4308000 0.15 0.85 0.85 0.85 54254664 55197575 55303354 55398692

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<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> 9. EQUITY-BASED COMPENSATION Partnership Units         Prior to the Company's restructuring and IPO, the Parent's ownership structure was comprised of common partners (principally outside investors) holding units and employees holding units, which collectively represented the partnership interests in the Parent and evidence of the right to receive distributions and allocations of net profit and losses as defined in the Parent Limited Partnership Agreement. The common partners contributed capital to the Parent and are not subject to vesting. Units granted to Managing Directors upon joining the Company and as part of annual incentive compensation generally vested based on service over five to eight years. Certain non-Managing Director employees were granted units as part of their incentive arrangements and these units generally vest based on service ratably over four years. In connection with the Company's restructuring and IPO, substantially all of the Managing Director partner equity subject to vesting had been accelerated. Units granted to non-Managing Director employees were not accelerated in connection with the Company's restructuring and IPO and continue to vest based on the original terms of the grant.         In connection with the reorganization and IPO, Group LP issued Class A partnership units to Moelis & Company and to certain existing holders of Old Holdings. Following the reorganization, a Group LP Class A partnership unit (not held by Moelis & Company or its subsidiaries) is exchangeable into one share of Moelis & Company Class A common stock and represents the Company's noncontrolling interests. As of September 30, 2015, partners held 33,933,414 Group LP partnership units, 639,821 of which were unvested and will continue to vest over their service life.         In relation to the vesting of units, the Company recognized compensation expenses of $945 and $886 for the three months ended September 30, 2015 and 2014, respectively, and expenses of $2,857 and $100,835 for the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015, there was $6,822 of unrecognized compensation expense related to unvested Class A partnership units. The Company expects to recognize the unrecognized compensation expense at September 30, 2015, over a weighted-average period of 2.4 years, using the graded vesting method. 2014 Omnibus Incentive Plan         In connection with the IPO, the Company adopted the Moelis & Company 2014 Omnibus Incentive Plan (the "Plan") to provide additional incentives to selected officers, employees, Managing Directors, non-employee directors, independent contractors, partners, senior advisors and consultants. The Plan provides for the issuance of incentive stock options ("ISOs"), nonqualified stock options, stock appreciation rights ("SARs"), restricted stock, RSUs, stock bonuses, other stock-based awards and cash awards.         In the first quarter of 2015, the Board of Directors authorized the repurchase of up to $25 million of shares of Class A common stock of the Company and/or Class A partnership units of Group LP with no expiration date. Under this share repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased will be opportunistic and measured in nature and will depend on a variety of factors, including price and market conditions. As of September 30, 2015, approximately $20 million of shares remain that may yet be purchased under the program. Restricted Stock and Restricted Stock Units (RSUs)         Pursuant to the Plan and in connection with the Company's annual compensation process and ongoing hiring process, the Company has issued 2,615,660 RSUs in 2015 which generally vest over a service life of four to five years. For the three months ended September 30, 2015 and 2014, the Company recognized expenses of $10,826 and $4,509 respectively, and expenses of $27,398 and $7,835 for the nine months ended September 30, 2015 and 2014, respectively, in relation to these awards.         The following table summarizes activity related to restricted stock and RSUs for the nine months ended September 30, 2015 and 2014.                                                                                                                                                                                      <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Restricted Stock & RSUs </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Number of Shares </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted Average Grant Date Fair Value </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Number of Shares </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted Average Grant Date Fair Value </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Unvested Balance at January 1, </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,473,624 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.86 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Granted </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,615,660 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31.92 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,477,272 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26.08 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Forfeited </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(36,903 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28.79 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(56,642 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.00 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Vested </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(92,717 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27.45 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,190 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28.02 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Unvested Balance at September 30, </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,959,664 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28.93 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,411,440 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26.10 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>         As of September 30, 2015, the total compensation expense related to unvested restricted stock and RSUs not yet recognized was $88,882. The Company assumes a forfeiture rate of 3% annually based on expected turnover and periodically reassesses this rate. The weighted-average period over which this compensation expense is expected to be recognized at September 30, 2015 is 2.7 years.         During the nine months ended September 30, 2015, the Company repurchased 242,619 shares pursuant to the Company's share repurchase program, as well as shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the vesting of RSUs. The result of the repurchases was an increase of $7,006 in the treasury stock balance on the Company's condensed consolidated and combined statement of financial condition as of September 30, 2015. Stock Options         Pursuant to the Plan, the Company issued 3,501,881 stock options in 2014 which vest over a five-year period. The Company estimated the fair value of stock option awards at grant using the Black-Scholes valuation model with the following assumptions:                                                                                                                                                                                      <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Assumptions </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Expected life (in years) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Weighted-average risk free interest rate </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.91  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> % </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Expected volatility </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Dividend yield </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.72  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> % </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Weighted-average fair value at grant date </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.70  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>         On November 24, 2014 the Company paid a special dividend of $1.00 per share to common stock holders of record as of November 10, 2014. As required under Section 5 of the Company's 2014 Omnibus Incentive Plan, the Compensation Committee of the Company's Board of Directors equitably reduced the exercise price of the Company's outstanding options to purchase common stock by $1.00 from $25.00 per share to $24.00 per share.         The following table summarizes activity related to stock options for the nine months ended September 30, 2015 and 2014.                                                                                                                                                                                      <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Stock Options Outstanding </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Number Outstanding </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted-Average Exercise Price Per Share </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Number Outstanding </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted-Average Exercise Price Per Share </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Outstanding at January 1, </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,296,906 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.00 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Grants </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,501,881 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.00 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Exercises </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.00 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Forfeiture or expirations </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(174,727 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.00 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(130,975 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.00 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Outstanding at September 30, </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,122,179 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.00 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,370,906 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.00 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>         For the three months ended September 30, 2015 and 2014, the Company recognized expenses of $1,048 and $1,094, respectively, and expenses of $3,082 and $2,046 for the nine months ended September 30, 2015 and 2014, respectively, in relation to these stock options. As of September 30, 2015, the total compensation expense related to unvested stock options not yet recognized was $12,161. The Company assumes a forfeiture rate of 3% annually based on expected turnover and periodically reassesses this rate. This compensation expense is expected to be recognized over a weighted-average period of 3.1 years. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

10894000

-437000

8324000

3007000

64394000

-2732000

50334000

16792000

79000

945000

62000

-0.82

0.43

1.13

0.50

-0.82

0.40

1.07

0.47

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> 8. NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS         The calculations of basic and diluted net income (loss) per share attributable to holders of shares of Class A common stock for the three and nine months ended September 30, 2015 and 2014 are presented below.                                                                                                                                                                                      <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended September 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Nine Months Ended September 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;"> (dollars in thousands, except per share amounts)             </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Numerator: </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net income (loss) attributable to holders of shares of Class A common stock—basic </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,090 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,500 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,557 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,510 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Add (deduct) dilutive effect of: </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Noncontrolling interests related to Class A partnership units </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (a) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (a) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (a) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (a) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Net income (loss) attributable to holders of shares of Class A common stock—diluted </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,090 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,500 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,557 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,510 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Denominator: </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Weighted average shares of Class A common stock outstanding—basic </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,184,835 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,262,343 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,919,675 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,262,940 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Add (deduct) dilutive effect of: </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Noncontrolling interests related to Class A partnership units </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> (a) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> (a) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> (a) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> (a) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Weighted average number of incremental shares issuable from unvested restricted stock, RSUs and stock options, as calculated using the treasury stock method </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,281,186 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (b) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>942,911 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (b) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,185,848 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (b) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (b) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Weighted average shares of Class A common stock outstanding—diluted </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,466,021 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,205,254 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,105,523 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,262,940 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net income (loss) per share attributable to holders of shares of Class A common stock </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Basic </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.50 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.43 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.13 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.82 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Diluted </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.47 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.40 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.07 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.82 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div> <hr style="border-width:0;width:26%;height:1.5pt;color:black;background-color:black;" align="left"></hr> The allocation of income (loss) to Class A shareholders only began following the IPO closing on April 22, 2014. We have not included the impact of Class B common stock because these shares are entitled to an insignificant amount of economic participation. <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:15;margin-left:0pt;"> <tr style="CellSpacing:15;"> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> (a)           </td> <td colspan="4" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> Class A partnership units may be exchanged for Moelis & Company Class A common stock on a one-for-one basis, subject to applicable lock-up, vesting and transfer restrictions. If all Class A partnership units were to be exchanged for Class A common stock, fully diluted Class A common stock outstanding would be 55,398,692 and 55,197,575 for the three months ended September 30, 2015 and 2014, respectively, and 55,303,354 and 54,254,664 for the nine months ended September 30, 2015 and 2014, respectively. In computing the dilutive effect, if any, that the aforementioned exchange would have on net income (loss) per share, net income (loss) available to holders of Class A common stock would be adjusted due to the elimination of the noncontrolling interests in consolidated entities associated with the Group LP Class A partnership units (including any tax impact). For the three and nine months ended September 30, 2015 and 2014, such exchange is not reflected in diluted net income (loss) per share as the assumed exchange is not dilutive. </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> (b)           </td> <td colspan="4" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> During the three and nine months ended September 30, 2015 and 2014, certain shares of Moelis & Company's Class A common stock assumed to be issued pursuant to certain RSUs as calculated using the treasury stock method were antidilutive and therefore have been excluded from the calculation of diluted net income (loss) per share attributable to Moelis & Company. During the three months ended September 30, 2015 and 2014, the additional weighted average amount of RSUs that would have been included in this calculation if the effect were dilutive would have been 15,397 and 11,644 units, respectively, and 7,945 and 665,649 units for the nine months ended September 30, 2015 and September 30, 2014, respectively. Antidilution in the prior year is the result of the Company producing a loss for the nine months ended September 30, 2014. Additionally, during the three months ended September 30, 2015, the additional weighted average amount of options that would have been included in this calculation if the effect were dilutive would have been 1,049,977. No options were excluded from this calculation for the three months ended September 30, 2014 and the nine months ended September 30, 2015 and September 30, 2014. </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

0.13

-823000

-294000

300793000

68148000

211333000

86277000

135920000

73327000

6822000

88882000

12161000

2473000

0.94

0.06

0.50

265000

17416000

18231000

449000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">           The following tables summarize the levels of the fair value hierarchy into which the Company's financial assets and liabilities fall as of September 30, 2015:                                                                                                                                                                                      <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Financial assets: </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Level 3 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Included in cash and cash equivalents </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> U.S. treasury bills </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,000  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,000  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Government securities money market </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,419  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,419  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Investments </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> U.S. treasury bills </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>113,002  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>113,002  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Total financial assets </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,421  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,421  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>         The following table summarizes the levels of the fair value hierarchy into which the Company's financial assets fall as of December 31, 2014:                                                                                                                                                                                      <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Financial assets: </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Level 3 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Included in cash and cash equivalents </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Government securities money market </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128,739  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128,739  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Investments </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> U.S. treasury bills </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,997  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,997  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Total financial assets </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>168,736  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>168,736  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> The changes to the Company's investment classified as Level 3 are as follows for the nine months ended September 30, 2014.                                                                                                                                                                                      <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Common Stock </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> January 1, 2014 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,904 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Non-cash settlement of customer receivable </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Distribution to Parent </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,904 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> September 30, 2014 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Unrealized gains (losses) related to investment still held as of September 30, 2014 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> 7. FAIR VALUE MEASUREMENTS         The Company established a fair value hierarchy which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs: Level 1—Quoted prices (unadjusted) are available in active markets for identical instruments that the Company has the ability to access as of the reporting date. The Company, to the extent that it holds such instruments, does not adjust the quoted price for these instruments, even in situations in which the Company holds a large position and a sale could reasonably affect the quoted price. Level 2—Pricing inputs are observable for the instruments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level 1. Fair value is determined through the use of models or other valuation methodologies. The estimated fair values of government securities money markets and U.S. Treasury Bills classified in Level 2 as of September 30, 2015 and December 31, 2014 are based on quoted prices for recent trading activity in identical or similar instruments. The Company generally invests in U.S. Treasury Bills with maturities of less than twelve months. Level 3—Pricing inputs are unobservable for the instruments and include situations in which there is little, if any, market activity for the investments. The inputs into the determination of fair value require significant judgment or estimation by the Company's management.         See Note 2 for further information on the Company's fair value hierarchy.         The following tables summarize the levels of the fair value hierarchy into which the Company's financial assets and liabilities fall as of September 30, 2015:                                                                                                                                                                                      <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Financial assets: </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Level 3 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Included in cash and cash equivalents </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> U.S. treasury bills </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,000  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,000  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Government securities money market </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,419  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,419  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Investments </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> U.S. treasury bills </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>113,002  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>113,002  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Total financial assets </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,421  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,421  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>         The following table summarizes the levels of the fair value hierarchy into which the Company's financial assets fall as of December 31, 2014:                                                                                                                                                                                      <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Financial assets: </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Level 3 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Included in cash and cash equivalents </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Government securities money market </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128,739  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128,739  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Investments </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> U.S. treasury bills </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,997  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,997  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Total financial assets </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>168,736  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>168,736  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>         The Company's methodology for reclassifications impacting the fair value hierarchy is that transfers in/out of the respective category are reported at fair value as of the beginning of the period in which the reclassification occurred. There were no investments classified as Level 3 as of September 30, 2015. The changes to the Company's investment classified as Level 3 are as follows for the nine months ended September 30, 2014.                                                                                                                                                                                      <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Common Stock </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> January 1, 2014 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,904 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Non-cash settlement of customer receivable </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Distribution to Parent </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,904 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> September 30, 2014 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Unrealized gains (losses) related to investment still held as of September 30, 2014 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>         There were no transfers between Level 1, Level 2 or Level 3 during the nine months ended September 30, 2015 and 2014. Investment Risk Factors and Concentration of Investments         The Company's financial instruments are subject to the following risk factors: Market Risk         Market risk represents the loss that can be caused by a change in the fair value of a financial instrument. Currency Risk         The Company is exposed to the risk that the exchange rate of the U.S. dollar relative to other currencies may have an adverse effect on the reported value of the Company's non-U.S. dollar denominated or based assets and liabilities. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

1904000

57000

37495000

97098000

39903000

-2966000

1105000

3510000

3068000

442000

450000

287000

163000

2877000

19280000

5790000

4710000

15652000

5273000

7667000

-2233000

-4738000

11913000

484000

1925000

-7998000

-62206000

294000

540000

3234000

1376000

-1018000

2397000

131000

32000

942911

1185848

1281186

5000

4000

374855000

291818000

14227000

68810000

128651000

102099000

3969000

22583000

377074000

295221000

14397000

67456000

151789000

130704000

2624000

18461000

39999000

112986000

39997000

113002000

8255000

289864000

228334000

464249000

450908000

40000000

31745000

61008000

71695000

0.63

80270000

22980000

45821000

18104000

-263816000

-71041000

-14115000

-75697000

117828000

36924000

-35501000

-22991000

-12510000

6777000

26285000

58889000

24540000

-12510000

6500000

22557000

10090000

-12510000

6500000

22557000

10090000

622000

617000

-474000

-456000

119000

10195000

3560000

11228000

3836000

372454000

92878000

283012000

111880000

2401000

35773000

94062000

39909000

73685000

14406000

14438000

14521000

14779000

11660000

3881000

8501000

2756000

9577000

3192000

119000

-1442000

-3156000

-17000

-1583000

-1442000

-3156000

-17000

-1583000

1000

-1443000

-406000

-1037000

-17000

-19000

2000

14220000

2605000

15586000

5192000

9166000

9704000

-3244000

-484000

4907000

6259000

13834000

7006000

90000

57884000

64394000

10316000

4445000

265000

4180000

91107000

129984000

2381000

2902000

7038000

9413000

2694000

221000

163682000

500000

-938000

83237000

57000000

14588000

5995000

12813000

5116000

29768000

-5733000

32785000

81446000

58889000

22557000

34630000

17576000

2258000

5931000

9387000

20085000

2858000

6800000

10427000

7338000

8288000

P7Y

P3Y

1496000

668000

7520000

2793000

9510000

3639000

310000

61000

2745000

2316000

156000

61000

936000

312000

0.0400

831000

833000

847000

-24118000

-18353000

3717000

2769000

5635000

1299000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">                                                                                                                                                                                      <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended September 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Nine Months Ended September 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;"> (dollars in thousands, except per share amounts)             </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Numerator: </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net income (loss) attributable to holders of shares of Class A common stock—basic </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,090 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,500 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,557 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,510 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Add (deduct) dilutive effect of: </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Noncontrolling interests related to Class A partnership units </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (a) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (a) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (a) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (a) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Net income (loss) attributable to holders of shares of Class A common stock—diluted </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,090 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,500 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,557 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,510 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Denominator: </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Weighted average shares of Class A common stock outstanding—basic </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,184,835 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,262,343 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,919,675 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,262,940 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Add (deduct) dilutive effect of: </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Noncontrolling interests related to Class A partnership units </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> (a) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> (a) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> (a) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> (a) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Weighted average number of incremental shares issuable from unvested restricted stock, RSUs and stock options, as calculated using the treasury stock method </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,281,186 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (b) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>942,911 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (b) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,185,848 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (b) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> (b) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Weighted average shares of Class A common stock outstanding—diluted </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,466,021 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,205,254 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,105,523 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,262,940 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net income (loss) per share attributable to holders of shares of Class A common stock </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Basic </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.50 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.43 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.13 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.82 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Diluted </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.47 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.40 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.07 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.82 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div> <hr style="border-width:0;width:26%;height:1.5pt;color:black;background-color:black;" align="left"></hr>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:15;margin-left:0pt;"> <tr style="CellSpacing:15;"> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:04.00%;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> <td valign="middle" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;">   </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> (a)           </td> <td colspan="4" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> Class A partnership units may be exchanged for Moelis & Company Class A common stock on a one-for-one basis, subject to applicable lock-up, vesting and transfer restrictions. If all Class A partnership units were to be exchanged for Class A common stock, fully diluted Class A common stock outstanding would be 55,398,692 and 55,197,575 for the three months ended September 30, 2015 and 2014, respectively, and 55,303,354 and 54,254,664 for the nine months ended September 30, 2015 and 2014, respectively. In computing the dilutive effect, if any, that the aforementioned exchange would have on net income (loss) per share, net income (loss) available to holders of Class A common stock would be adjusted due to the elimination of the noncontrolling interests in consolidated entities associated with the Group LP Class A partnership units (including any tax impact). For the three and nine months ended September 30, 2015 and 2014, such exchange is not reflected in diluted net income (loss) per share as the assumed exchange is not dilutive. </td> </tr> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> (b)           </td> <td colspan="4" valign="top" style="width:auto;padding:0.8pt 0.8pt 0.8pt 0.8pt;"> During the three and nine months ended September 30, 2015 and 2014, certain shares of Moelis & Company's Class A common stock assumed to be issued pursuant to certain RSUs as calculated using the treasury stock method were antidilutive and therefore have been excluded from the calculation of diluted net income (loss) per share attributable to Moelis & Company. During the three months ended September 30, 2015 and 2014, the additional weighted average amount of RSUs that would have been included in this calculation if the effect were dilutive would have been 15,397 and 11,644 units, respectively, and 7,945 and 665,649 units for the nine months ended September 30, 2015 and September 30, 2014, respectively. Antidilution in the prior year is the result of the Company producing a loss for the nine months ended September 30, 2014. Additionally, during the three months ended September 30, 2015, the additional weighted average amount of options that would have been included in this calculation if the effect were dilutive would have been 1,049,977. No options were excluded from this calculation for the three months ended September 30, 2014 and the nine months ended September 30, 2015 and September 30, 2014. </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

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Establishment Of Deferred Tax Assets From Initial Public Offering Net Of Amounts Payable Under Tax Receivable Agreement Initial establishment of deferred tax assets, net of amounts payable Represents the amount of IPO expenses that were capitalized and paid in prior or subsequent period. Capitalized IPO Expenses Paid in Prior or Subsequent Period Capitalized offering costs paid in prior or subsequent period Represents the tax benefit related to appreciation units in noncash investing or financing activities. Tax Benefit Related to Appreciation Units Tax benefit related to settlement of appreciation units Represents the amount of establishment of deferred tax asset related to reorganization in noncash investing activities. Establishment of Deferred Tax Asset Related to Reorganization Establishment of deferred tax asset related to reorganization Represents the amount of increase (decrease) in deferred tax assets related to initial public offering in noncash investing activities. Increase (Decrease) in Deferred Tax Asset Related to Initial Public Offering Increase in deferred tax asset related to IPO Represents amount of non-cash distributions made not otherwise specified in the taxonomy. Other Non Cash Distributions Other non-cash distributions Conversion of Stock, Amount Converted Class A Partnership Units or other equity converted into Class A Common Stock Amount of dividend equivalents issued in noncash transactions. Dividend Equivalents Issued Dividend equivalents issued Payments of Stock Issuance Costs Offering costs Condensed Consolidated and Combined Statements of Changes in Equity Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Additional Paid In Capital [Member] Additional Paid-In Capital Retained Earnings [Member] Retained Earnings (Accumulated Deficit). The amount of investment made in the reporting entity by the parent company. Parent Company Investment [Member] Parent Company Investment Accumulated Other Comprehensive Income [Member] Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest [Member] Noncontrolling Interests Increase (Decrease) in Stockholders' Equity [Roll Forward] Changes in Equity Shares, Outstanding Balance at end of the period (in shares) Balance at beginning of the period (in shares) Represents the amount of net cash distributions to the parent company during the period. Net Cash Distributions to Parent Net cash distributions to Parent Partners' Capital Account, Unit-based Compensation Equity-based compensation Represents the amount of decrease in additional paid in capital (APIC) for distributions to partners of parent. Adjustments to Additional Paid in Capital Distributions to Partners of Parent Distributions of IPO proceeds to partners Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures Equity-based compensation Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures Equity-based compensation (in shares) Dividends Dividends and distributions Treasury Stock, Value, Acquired, Cost Method Treasury Stock Purchases Treasury stock shares acquired Treasury Stock, Shares, Acquired Treasury Stock Purchases (in shares) Treasury stock shares acquired (in shares) Stock Issued During Period, Value, Conversion of Units Class A Partnership Units and other equity purchased or converted into Class A Common Stock Stock Issued During Period, Shares, Conversion of Units Class A Partnership Units and other equity purchased or converted into Class A Common Stock (in shares) This element represents the net amount of excess tax from equity-based compensation recognized during the period. Adjustments to Additional Paid in Capital, Net Excess Tax Benefit From Equity-based Compensation Net excess tax benefit from equity-based compensation Represents the amount of equity-based contributions given to joint venture and parent's advisory board during the period. Equity Based Contributions to Joint Venture and Parent Advisory Board Equity-based contributions to joint venture and Parent's advisory board Represents the pre-offering distribution to partners. Pre Offering Distribution to Partners Pre-offering distribution to partners Represents the amount of other non-cash distributions made during the period. Other Noncash Distributions Other non-cash distributions Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Other comprehensive income (loss) Represents the amount of increase in additional paid in capital (APIC) for establishment of deferred tax asset related to reorganization. Adjustments to Additional Paid in Capital Establishment of Deferred Tax Asset Related to Reorganization Establishment of deferred tax asset related to reorganization Represents the amount of increase in additional paid in capital (APIC) for initial establishment of deferred tax assets, net of amounts payable under tax receivable agreement. Adjustments to Additional Paid in Capital Initial Establishment of Deferred Tax Assets Net of Amounts Payable under Tax Receivable Agreement Initial establishment of deferred tax assets, net of amounts payable under tax receivable agreement Represents the amount of increase in additional paid in capital (APIC) for increase in deferred tax asset related to initial public offering. Adjustments to Additional Paid in Capital Increase in Deferred Tax Asset Related to Initial Public Offering Increase in deferred tax asset related to IPO Represents the amount of increase in additional paid in capital (APIC) for tax benefit related to appreciation units. Adjustments to Additional Paid in Capital Tax Benefit Related to Appreciation Units Tax benefit related to appreciation units Represents the value of reorganization of equity structure during the period. Reorganization of Equity Structure Value Reorganization of equity structure Represents the number of shares issued in reorganization of equity structure during the period. Reorganization of Equity Structure Shares Reorganization of equity structure (in shares) Stock Issued During Period, Value, New Issues Proceeds from IPO, net of expenses Issuance of common stock Stock Issued During Period, Shares, New Issues Common Stock issued (in shares) Issuance of common stock (in shares) Stockholders' Equity, Other Other Stockholders' Equity, Other Shares Other (in shares) Net Income (Loss) Attributable to Parent Net income (loss) ORGANIZATION AND BASIS OF PRESENTATION Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] ORGANIZATION AND BASIS OF PRESENTATION SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies [Text Block] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncements and Changes in Accounting Principles [Text Block] RECENT ACCOUNTING PRONOUNCEMENTS BUSINESS CHANGES AND DEVELOPMENTS The entire disclosure for business changes and developments. Business Changes and Developments Disclosure [Text Block] BUSINESS CHANGES AND DEVELOPMENTS EQUITY METHOD INVESTMENTS. Equity Method Investments and Joint Ventures Disclosure [Text Block] EQUITY METHOD INVESTMENTS EQUIPMENT AND LEASEHOLD IMPROVEMENTS Property, Plant and Equipment Disclosure [Text Block] EQUIPMENT AND LEASEHOLD IMPROVEMENTS FAIR VALUE MEASUREMENTS Fair Value Disclosures [Text Block] FAIR VALUE MEASUREMENTS EX-101.PRE 10 mc-20150930_pre.xml EX-101.PRE EX-101.DEF 11 mc-20150930_def.xml EX-101.DEF XML 12 R39.htm IDEA: XBRL DOCUMENT

BUSINESS CHANGES AND DEVELOPMENTS (Details 3) $ / shares in Units, $ in Thousands	1 Months Ended		9 Months Ended
	Nov. 30, 2014 USD ($) $ / shares shares	Apr. 30, 2014 shares	Sep. 30, 2015 shares	Dec. 31, 2014 shares	Oct. 31, 2014
Secondary Offering
Deferred tax asset attributable to exchanges by partners in connection with secondary offering \| $	$ 80,117
Percentage of tax benefits payable to partners under tax receivable agreement	85.00%		85.00%
Tax benefit payable to partners under tax receivable agreement in connection with secondary offering \| $	$ 68,099
Period for cash distribution payable to partners under tax receivable agreement for tax benefits	15 years
Class A common stock
Secondary Offering
Common stock, shares outstanding	19,770,893		20,158,230	19,770,893
Class A common stock \| Secondary Offering
Secondary Offering
Issuance of new and sale of existing common stock (in shares)	6,325,000
Issuance of common stock (in shares)	4,509,400
Number of existing shares sold during the period by current holders to new investors	1,815,600
Number of shares purchased and converted	4,511,058
Shares issued upon conversion	1,658
Class B common stock
Secondary Offering
Issuance of common stock (in shares)		36,158,698
Common stock, shares outstanding			31,358,729	31,621,542
Number of shares held by Partner Holdings, parent of the reporting entity	31,621,542
Class B common stock \| Secondary Offering
Secondary Offering
Number of shares purchased and converted	4,507,453
Number of shares repurchased and retired	1,509,131
Price per share of stock which was repurchased and retired \| $ / shares	$ 28
Shares converted	2,998,322
Conversion ratio	0.00055
Group LP
Secondary Offering
Limited partnership interest held by parent (as a percent)	36.00%				28.00%
Limited partnership interest held by noncontrolling interest (as a percent)	64.00%				72.00%
Group LP \| Class A partnership units
Secondary Offering
Number of limited partner units held by parent	19,770,893
Number of limited partner units held by noncontrolling interests	34,479,961
Group LP \| Class A partnership units \| Secondary Offering
Secondary Offering
Number of units acquired by parent	4,509,400
Group LP \| Class A common stock
Secondary Offering
Common stock, shares outstanding			20,158,230

XML 13 R54.htm IDEA: XBRL DOCUMENT

BUSINESS INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
BUSINESS INFORMATION (Details) $ in Thousands	Sep. 30, 2015 USD ($) item	Sep. 30, 2014 USD ($) item	Sep. 30, 2015 USD ($) item	Sep. 30, 2014 USD ($) item	Dec. 31, 2014 USD ($)
Business information
Total revenues	$ 151,789	$ 128,651	$ 377,074	$ 374,855
Total assets	$ 450,908		$ 450,908		$ 464,249
Client \| Revenue
Business information
Number of clients \| item	0	0	0	0
Client \| Revenue \| Minimum
Business information
Concentration risk (as a percent)	10.00%	10.00%	10.00%	10.00%
United States
Business information
Total revenues	$ 130,704	$ 102,099	$ 295,221	$ 291,818
Total assets	380,880		380,880		378,573
Europe
Business information
Total revenues	18,461	22,583	67,456	68,810
Total assets	48,329		48,329		52,975
Rest of world
Business information
Total revenues	2,624	$ 3,969	14,397	$ 14,227
Total assets	$ 21,699		$ 21,699		$ 32,701

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RELATED-PARTY TRANSACTIONS (Details)
$ in Thousands
3 Months Ended 5 Months Ended 9 Months Ended 12 Months Ended

Aug. 30, 2014

item

Apr. 15, 2014

Sep. 30, 2015

USD ($)

Sep. 30, 2014

USD ($)

Sep. 30, 2014

USD ($)

Sep. 30, 2015

USD ($)

Sep. 30, 2014

USD ($)

Dec. 31, 2014

USD ($)

Jun. 30, 2014

USD ($)

Related-party transactions

Aircraft operating expenses $ 0 $ 401

Principal repayments 831

Investment into the entity controlled by a related party $ 18,231 $ 18,231 $ 17,416

Income (loss) from equity method investments 450 1,105 3,510 (2,966)

Cash contribution made 4,445

Aircraft lease entered into during August 2014

Related-party transactions

Number of lessees of aircraft (other than the Company), including related party | item 2

Manager

Related-party transactions

Expenses 156 310

Manager | Aircraft lease entered into during April 2014

Related-party transactions

Aircraft lease term 10 years

Manager | Aircraft lease entered into during August 2014

Related-party transactions

Expenses 312 61 936 61

Number of lessees of aircraft who are a related party | item 1

Employees | Unsecured promissory notes

Related-party transactions

Unsecured promissory notes from employees 119 $ 119 $ 119

Interest rates (as a percent) 4.00% 4.00%

Principal repayments $ 0 831

Interest income recognized 4 5

Old Holdings | Expense allocation of occupancy expenses

Related-party transactions

Expenses 0 2,316

Old Holdings | Expense allocation of communication, technology and information service expense

Related-party transactions

Expenses 0 2,745

Moelis Australia Holdings

Related-party transactions

Due from related party 62 62 $ 945

Moelis Asset Management LP

Related-party transactions

Fee for services 420 500 $ 960 1,265

Due from related party 0 0 $ 79

Investment into the entity controlled by a related party $ 265

Income (loss) from equity method investments 287 0 3,068 0

Revenue from Related Parties $ 1,299 $ 2,769 5,635 3,717

Cash distributions $ 2,694 $ 0

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SUBSEQUENT EVENTS (Details) - Class A common stock - $ / shares
3 Months Ended 9 Months Ended

Oct. 28, 2015

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Subsequent Events

Dividends declared per share $ 0.30 $ 0.20 $ 0.70 $ 0.20

Subsequent event

Subsequent Events

Dividends declared per share $ 0.30

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EQUITY-BASED COMPENSATION (Details 2) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended

Nov. 24, 2014

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Weighted Average Grant Date Fair Value

Treasury stock shares acquired (in shares) 242,619

Treasury Stock, Value, Acquired, Cost Method $ 7,006

Restricted stock and RSUs

Equity-based compensation

Award issued (in shares) 2,615,660 2,477,272

Number of shares

Unvested Balance at the beginning of the period (in shares) 2,473,624

Granted (in shares) 2,615,660 2,477,272

Forfeited (in shares) (36,903) (56,642)

Vested (in shares) (92,717) (9,190)

Unvested Balance at the end of the period (in shares) 4,959,664 2,411,440 4,959,664 2,411,440 2,473,624

Weighted Average Grant Date Fair Value

Unvested Balance at the beginning of the period (in dollars per share) $ 25.86

Granted (in dollars per share) 31.92 $ 26.08

Forfeited (in dollars per share) 28.79 25.00

Vested (in dollars per share) 27.45 28.02

Unvested Balance at the end of the period (in dollars per share) $ 28.93 $ 26.10 $ 28.93 $ 26.10 $ 25.86

Total compensation expense not yet recognized $ 88,882 $ 88,882

Forfeiture rate (as a percent) 3.00%

Weighted average period to recognize compensation expense 2 years 8 months 12 days

RSUs

Equity-based compensation

Award issued (in shares) 2,615,660

Vesting period 5 years

Compensation expenses 10,826 $ 4,509 $ 27,398 $ 7,835

Number of shares

Granted (in shares) 2,615,660

RSUs | Minimum

Equity-based compensation

Vesting period 4 years

RSUs | Maximum

Equity-based compensation

Vesting period 5 years

Stock options

Equity-based compensation

Award issued (in shares) 3,501,881

Vesting period 5 years 5 years

Compensation expenses 1,048 $ 1,094 $ 3,082 $ 2,046

Number of shares

Granted (in shares) 3,501,881

Weighted Average Grant Date Fair Value

Total compensation expense not yet recognized $ 12,161 $ 12,161

Forfeiture rate (as a percent) 3.00%

Weighted average period to recognize compensation expense 3 years 1 month 6 days

Special dividend declared (in dollars per share) $ 1.00

Reduction to exercise price of options outstanding due to special dividend paid (in dollars per share) $ 1.00

Assumptions used to estimates fair value

Expected life (in years) 6 years

Weighted-average risk free interest rate (as a percent) 1.91%

Expected volatility (as a percent) 35.00%

Dividend yield (as a percent) 2.72%

Weighted - average fair value at grant date $ 6.70

Number Outstanding

Outstanding at the beginning of the period (in shares 3,296,906

Grants (in shares) 3,501,881

Forfeiture or expirations (in shares) (174,727) (130,975)

Outstanding at the end of the period (in shares 3,122,179 3,370,906 3,122,179 3,370,906 3,296,906

Weighted-Average Exercise Price Per Share

Outstanding at the beginning of the period (in dollars per share) $ 24.00

Grants (in dollars per share) $ 24.00

Exercises (in dollars per share) 24.00

Forfeiture or expirations (in dollars per share) 24.00 24.00

Outstanding at the end of the period (in dollars per share) $ 24.00 $ 24.00 $ 24.00 $ 24.00 $ 24.00

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ORGANIZATION AND BASIS OF PRESENTATION (Details)
1 Months Ended

Apr. 30, 2014

shares

Class A common stock | IPO

Organization and basis of presentation

Issuance of common stock (in shares) 7,475,000

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SUBSEQUENT EVENTS
9 Months Ended

Sep. 30, 2015

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

 On October 28, 2015, the Board of Directors of Moelis & Company declared a quarterly dividend of $0.30 per share. The dividend will be paid on December 8, 2015 to Class A common stockholders of record on November 23, 2015.

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COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Leases

Rent expense incurred relating to operating leases $ 3,192 $ 2,756 $ 9,577 $ 8,501

Future minimum rental payments

Remainder of 2015 3,881 3,881

2016 14,779 14,779

2017 14,521 14,521

2018 14,438 14,438

2019 14,406 14,406

Thereafter 11,660 11,660

Total 73,685 73,685

Unsecured revolving credit facility

Bank line of credit

Commitment amount $ 40,000 $ 40,000

Fixed rate of interest (as a percent) 3.50% 3.50%

Borrowings under the credit facility $ 0 $ 0 $ 0 $ 0

Available credit under the facility 31,745 $ 31,745

Unsecured revolving credit facility | LIBOR

Bank line of credit

Reference rate (as a percent) LIBOR

Interest rate margin (as a percent) 1.00%

Unsecured revolving credit facility | Prime

Bank line of credit

Reference rate (as a percent) Prime

Interest rate margin (as a percent) 1.50%

Standby letters of credit

Bank line of credit

Letters of credit outstanding $ 8,255 $ 8,255

Fee on the outstanding balances (as a percent) 1.00%

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FAIR VALUE MEASUREMENTS (Details) - USD ($)
$ in Thousands
9 Months Ended

Sep. 30, 2015

Dec. 31, 2014

Fair value measurements

Investments in securities $ 113,002 $ 39,997

Total financial assets 142,421 168,736

Government securities money market

Fair value measurements

Cash and cash equivalents $ 19,419 128,739

U.S. treasury bills

Fair value measurements

Maximum investment term 12 months

Cash and cash equivalents $ 10,000

Investments in securities 113,002 39,997

Level 2

Fair value measurements

Total financial assets 142,421 168,736

Level 2 | Government securities money market

Fair value measurements

Cash and cash equivalents 19,419 128,739

Level 2 | U.S. treasury bills

Fair value measurements

Cash and cash equivalents 10,000

Investments in securities 113,002 $ 39,997

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Total financial assets $ 0

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BUSINESS CHANGES AND DEVELOPMENTS (Details)
$ in Thousands
1 Months Ended 4 Months Ended 5 Months Ended 9 Months Ended

Nov. 30, 2014

Apr. 30, 2014

USD ($)

item

shares

Apr. 21, 2014

USD ($)

Sep. 30, 2014

USD ($)

Sep. 30, 2015

USD ($)

shares

Sep. 30, 2014

USD ($)

Aug. 31, 2014

Reorganization and initial public offering

IPO related proceeds (net of $10,316 of offering costs) $ 163,682

Proceeds from IPO, net of expenses $ 500 $ 162,107

Distribution of IPO proceeds to partners 139,429

Tax benefits associated with deferred tax asset payable to partners (as a percent) 85.00% 85.00%

Class A common stock

Reorganization and initial public offering

Number of shares of common stock to be issued upon exchange of a partnership unit | shares 1 1

Class B common stock

Reorganization and initial public offering

Ratio of subscription price to the initial public offering price of shares of common stock 0.00055

Aggregate number of shares of Class B common stock that may be converted into Class A common stock | shares 20,000

Dividends payable ratio to outstanding shares of publicly traded common stock 0.00055

Number of votes entitled to holder for each share of common stock held upon satisfaction of Class B Condition | item 10

Number of votes entitled to holder for each share of common stock held upon failure of Class B Condition | item 1

Moelis Brazil

Reorganization and initial public offering

Ownership percentage (as a percent) 94.00%

Moelis Brazil | Senior bankers

Reorganization and initial public offering

Ownership percentage (as a percent) 6.00%

Group LP

Reorganization and initial public offering

Number of principal classes of units | shares 1

Distribution of IPO proceeds to partners $ 139,429

Deferred tax assets attributable to exchanges by partners $ 769

Tax benefits associated with deferred tax asset payable to partners $ 654

Period of tax receivable agreement 15 years

Group LP | Class A common stock

Reorganization and initial public offering

IPO related proceeds (net of $10,316 of offering costs) 163,682

Proceeds from IPO, net of expenses $ 162,107

Old Holdings

Reorganization and initial public offering

Pre-offering distribution to partners 195,017

Deferred tax assets attributable to exchanges by partners $ 60,946

Tax benefits associated with deferred tax asset payable to partners (as a percent) 85.00%

Tax benefits associated with deferred tax asset payable to partners $ 51,804

Period of tax receivable agreement 15 years

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EMPLOYEE BENEFIT PLANS (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

EMPLOYEE BENEFIT PLANS

Minimum age required to be eligible to participate in the 401(k) plan 21 years

Expenses accrued relating to employer matching contributions $ 361 $ 348 $ 1,017 $ 973

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STOCKHOLDERS EQUITY (Details)
$ / shares in Units, $ in Thousands
1 Months Ended 9 Months Ended

Nov. 30, 2014

$ / shares

shares

Apr. 30, 2014

shares

Sep. 30, 2015

USD ($)

shares

Dec. 31, 2014

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STOCKHOLDERS EQUITY

Treasury stock shares acquired (in shares) 242,619

Treasury stock shares acquired | $ $ 7,006

Group LP

STOCKHOLDERS EQUITY

Number of units held by noncontrolling interest holders 33,933,414

Noncontrolling interests (as a percent) 63.00%

Class A common stock

STOCKHOLDERS EQUITY

Aggregate stock issuance (in shares) 15,263,653

Reorganization of equity structure (in shares) 7,699,851

Common Stock issued in connection with settlement of appreciation rights issued in prior years (in shares) 88,802

Common stock, shares issued 20,400,849 19,770,893

Common stock, shares outstanding 19,770,893 20,158,230 19,770,893

Number of shares of common stock to be issued upon exchange of a partnership unit 1 1

Class A common stock | IPO

STOCKHOLDERS EQUITY

Common Stock issued (in shares) 7,475,000

Class A common stock | Secondary Offering

STOCKHOLDERS EQUITY

Common Stock issued (in shares) 4,509,400

Issuance of new and sale of existing common stock (in shares) 6,325,000

Issuance of Class A common stock and acquisition of Class A partnership units in connection with secondary offering (in shares) 4,511,058

Shares issued upon conversion 1,658

Class A common stock | Group LP

STOCKHOLDERS EQUITY

Common stock, shares outstanding 20,158,230

Class B common stock

STOCKHOLDERS EQUITY

Common Stock issued (in shares) 36,158,698

Common stock, shares issued 31,358,729 31,621,542

Common stock, shares outstanding 31,358,729 31,621,542

Ratio of subscription price to the initial public offering price of shares of common stock 0.00055

Aggregate number of shares of Class B common stock that may be converted into Class A common stock 20,000

Dividends payable ratio to outstanding shares of publicly traded common stock 0.00055

Class B common stock | Secondary Offering

STOCKHOLDERS EQUITY

Issuance of Class A common stock and acquisition of Class A partnership units in connection with secondary offering (in shares) 4,507,453

Shares converted 2,998,322

Conversion ratio 0.00055

Number of shares repurchased and retired 1,509,131

Price per share of stock which was repurchased and retired | $ / shares $ 28

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ORGANIZATION AND BASIS OF PRESENTATION
9 Months Ended

Sep. 30, 2015

ORGANIZATION AND BASIS OF PRESENTATION

ORGANIZATION AND BASIS OF PRESENTATION

1. ORGANIZATION AND BASIS OF PRESENTATION

 The accompanying condensed consolidated and combined financial statements include the accounts and operations of Moelis & Company since its initial public offering ("IPO") in April of 2014, along with the historical carved out accounts and operations of the advisory business of Moelis & Company Holdings LP (the "Parent" or "Old Holdings") prior to Moelis & Company's IPO (Moelis & Company and the advisory business of the Parent are referred to as the "Company," "we," "our," or "us").

 Prior to the Company's IPO, the Parent operated as a Delaware limited partnership that commenced operations during 2007. The general partner of the Parent was Moelis & Company Holdings GP LLC. The sole member of Moelis & Company Holdings GP LLC was Moelis & Company Manager LLC ("Manager"), which was wholly-owned by certain co-founding partners. In April of 2014, Old Holdings reorganized its business in connection with the IPO of 7,475,000 shares of Moelis & Company Class A common stock. Following the reorganization, the advisory business is now held under Moelis & Company Group LP ("Group LP"), a U.S. Delaware limited partnership, and Group LP is controlled by Moelis & Company. The net assets associated with the advisory operations were distributed to Group LP at their carrying amounts. The details of the reorganization and IPO are described further in Note 4.

 The Company's activities as an investment banking advisory firm constitute a single business segment offering clients, including corporations, governments and financial sponsors, a range of advisory services with expertise across all major industries in mergers and acquisitions, recapitalizations and restructurings and other corporate finance matters.

 Basis of Presentation—The condensed consolidated and combined financial statements of Moelis & Company include its partnership interests in Group LP, its equity interest in the sole general partner of Group LP, Moelis & Company Group GP LLC ("Group GP"), and its interests in its subsidiaries. Moelis & Company will operate and control all of the business and affairs of Group LP and its operating entity subsidiaries indirectly through its equity interest in Group GP. The Company operates through the following subsidiaries:



•

Moelis & Company LLC ("Moelis U.S."), a Delaware limited liability company, a registered broker-dealer with the U.S. Securities and Exchange Commission ("SEC") and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").



•

Moelis & Company International Holdings LLC ("Moelis International"), a Delaware limited liability company, owns the following entities:





•

Moelis & Company UK LLP ("Moelis UK"), a limited liability partnership registered under the laws of England and Wales. In addition to the United Kingdom, Moelis UK maintains operations through the following branches:







•

Moelis & Company UK LLP, French Branch (French branch) (previously operated as a subsidiary named Moelis & Company France SAS through June 4, 2015)







•

Moelis & Company Europe Limited, Frankfurt am Main (German branch)







•

Moelis & Company UK LLP, DIFC Branch (Dubai branch)





•

50% of Moelis Australia Holdings PTY Limited ("Moelis Australia Holdings", or the "Australian JV"), a joint venture with Magic Trust Trustee PTY Limited (the "Trust").





•

Moelis & Company Asia Limited ("Moelis Asia"), a limited company incorporated in Hong Kong licensed under the Hong Kong Securities and Futures Ordinance to provide financial advisory services. In addition to Hong Kong, Moelis Asia maintains operations in Beijing China through Moelis & Company Consulting (Beijing) Company Limited.





•

Moelis & Company India Private Limited, a private limited company incorporated in Mumbai, India.





•

Moelis & Company Assessoria Financeira Ltda. ("Moelis Brazil"), a limited liability company incorporated in São Paulo, Brazil.

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FAIR VALUE MEASUREMENTS (Details 2) - USD ($)
$ in Thousands
9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Changes to the Company's investment classified as Level 3

Transfers between Level 1, Level 2 or Level 3 $ 0 $ 0

Common Stock

Changes to the Company's investment classified as Level 3

Balance at beginning of the period $ 1,904

Non-cash settlement of customer receivable 1,000

Distribution to Parent $ (2,904)

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NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS (Tables)
9 Months Ended

Sep. 30, 2015

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS

Schedule of calculation of basic and diluted net income (loss) per share



Three Months Ended
September 30,

Nine Months Ended
September 30,

(dollars in thousands, except per share amounts)

2015

2014

2015

2014

Numerator:

Net income (loss) attributable to holders of shares of Class A common stock—basic

$

10,090

$

6,500

$

22,557

$

(12,510
)

Add (deduct) dilutive effect of:

Noncontrolling interests related to Class A partnership units

(a)

(a)

(a)

(a)

Net income (loss) attributable to holders of shares of Class A common stock—diluted

$

10,090

$

6,500

$

22,557

$

(12,510
)

Denominator:

Weighted average shares of Class A common stock outstanding—basic

20,184,835

15,262,343

19,919,675

15,262,940

Add (deduct) dilutive effect of:

Noncontrolling interests related to Class A partnership units

(a)

(a)

(a)

(a)

Weighted average number of incremental shares issuable from unvested restricted stock, RSUs and stock options, as calculated using the treasury stock method

1,281,186
(b)

942,911
(b)

1,185,848
(b)

(b)

Weighted average shares of Class A common stock outstanding—diluted

21,466,021

16,205,254

21,105,523

15,262,940

Net income (loss) per share attributable to holders of shares of Class A common stock

Basic

$

0.50

$

0.43

$

1.13

$

(0.82
)

Diluted

$

0.47

$

0.40

$

1.07

$

(0.82
)

(a)

Class A partnership units may be exchanged for Moelis & Company Class A common stock on a one-for-one basis, subject to applicable lock-up, vesting and transfer restrictions. If all Class A partnership units were to be exchanged for Class A common stock, fully diluted Class A common stock outstanding would be 55,398,692 and 55,197,575 for the three months ended September 30, 2015 and 2014, respectively, and 55,303,354 and 54,254,664 for the nine months ended September 30, 2015 and 2014, respectively. In computing the dilutive effect, if any, that the aforementioned exchange would have on net income (loss) per share, net income (loss) available to holders of Class A common stock would be adjusted due to the elimination of the noncontrolling interests in consolidated entities associated with the Group LP Class A partnership units (including any tax impact). For the three and nine months ended September 30, 2015 and 2014, such exchange is not reflected in diluted net income (loss) per share as the assumed exchange is not dilutive.

(b)

During the three and nine months ended September 30, 2015 and 2014, certain shares of Moelis & Company's Class A common stock assumed to be issued pursuant to certain RSUs as calculated using the treasury stock method were antidilutive and therefore have been excluded from the calculation of diluted net income (loss) per share attributable to Moelis & Company. During the three months ended September 30, 2015 and 2014, the additional weighted average amount of RSUs that would have been included in this calculation if the effect were dilutive would have been 15,397 and 11,644 units, respectively, and 7,945 and 665,649 units for the nine months ended September 30, 2015 and September 30, 2014, respectively. Antidilution in the prior year is the result of the Company producing a loss for the nine months ended September 30, 2014. Additionally, during the three months ended September 30, 2015, the additional weighted average amount of options that would have been included in this calculation if the effect were dilutive would have been 1,049,977. No options were excluded from this calculation for the three months ended September 30, 2014 and the nine months ended September 30, 2015 and September 30, 2014.

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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended

Sep. 30, 2015

FAIR VALUE MEASUREMENTS

Summary of the levels of the fair value hierarchy into which the Company's financial assets and liabilities fall

 The following tables summarize the levels of the fair value hierarchy into which the Company's financial assets and liabilities fall as of September 30, 2015:



Financial assets:

Total

Level 1

Level 2

Level 3

Included in cash and cash equivalents

U.S. treasury bills

$

10,000

$

—

$

10,000

$

—

Government securities money market

19,419

—

19,419

—

Investments

U.S. treasury bills

113,002

—

113,002

—

Total financial assets

$

142,421

$

—

$

142,421

$

—

 The following table summarizes the levels of the fair value hierarchy into which the Company's financial assets fall as of December 31, 2014:



Financial assets:

Total

Level 1

Level 2

Level 3

Included in cash and cash equivalents

Government securities money market

$

128,739

$

—

$

128,739

$

—

Investments

U.S. treasury bills

39,997

—

39,997

—

Total financial assets

$

168,736

$

—

$

168,736

$

—

Schedule of changes to the Company's investment classified as Level 3

The changes to the Company's investment classified as Level 3 are as follows for the nine months ended September 30, 2014.



Common Stock

January 1, 2014

$

1,904

Non-cash settlement of customer receivable

1,000

Distribution to Parent

(2,904
)

September 30, 2014

$

—

Unrealized gains (losses) related to investment still held as of September 30, 2014

$

—

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NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Apr. 30, 2014

Numerator:

Net income (loss) attributable to holders of shares of Class A common stock - basic $ 10,090 $ 6,500 $ 22,557 $ (12,510)

Class A common stock

Numerator:

Net income (loss) attributable to holders of shares of Class A common stock - basic 10,090 6,500 22,557 (12,510)

Net income (loss) attributable to holders of shares of Class A common stock - diluted $ 10,090 $ 6,500 $ 22,557 $ (12,510)

Denominator:

Weighted average shares of Class A common stock outstanding - basic 20,184,835 15,262,343 19,919,675 15,262,940

Weighted average number of incremental shares issuable from unvested restricted stock, RSUs and stock options, as calculated using the treasury stock method 1,281,186 942,911 1,185,848

Weighted average shares of Class A common stock outstanding-diluted 21,466,021 16,205,254 21,105,523 15,262,940

Net income (loss) per share attributable to holders of shares of Class A common stock

Basic (in dollars per share) $ 0.50 $ 0.43 $ 1.13 $ (0.82)

Diluted (in dollars per share) $ 0.47 $ 0.40 $ 1.07 $ (0.82)

Number of shares of common stock to be issued upon exchange of a partnership unit 1 1 1

Fully diluted shares of common stock outstanding if all Class A partnership units were to be exchanged for common stock immediately following the reorganization 55,398,692 55,197,575 55,303,354 54,254,664

Class A common stock | Stock options

Net income (loss) per share attributable to holders of shares of Class A common stock

Number of antidilutive securities excluded from calculation of diluted income (loss) per share 1,049,977 0 0 0

Class A common stock | RSUs

Net income (loss) per share attributable to holders of shares of Class A common stock

Number of antidilutive securities excluded from calculation of diluted income (loss) per share 15,397 11,644 7,945 665,649

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EQUITY-BASED COMPENSATION (Tables)
9 Months Ended

Sep. 30, 2015

EQUITY-BASED COMPENSATION

Summary of activity related to restricted stock and RSUs



Restricted Stock & RSUs

2015

2014

Number of
Shares

Weighted Average
Grant Date
Fair Value

Number of
Shares

Weighted Average
Grant Date
Fair Value

Unvested Balance at January 1,

2,473,624

$

25.86

—

$

—

Granted

2,615,660

31.92

2,477,272

26.08

Forfeited

(36,903
)

28.79

(56,642
)

25.00

Vested

(92,717
)

27.45

(9,190
)

28.02

Unvested Balance at September 30,

4,959,664

$

28.93

2,411,440

$

26.10

Schedule of assumptions used to estimates the fair value of stock option using the Black-Scholes valuation model



Assumptions

Expected life (in years)

6

Weighted-average risk free interest rate

1.91
%

Expected volatility

35
%

Dividend yield

2.72
%

Weighted-average fair value at grant date

$

6.70

Summary of activity related to stock options



Stock Options Outstanding

2015

2014

Number
Outstanding

Weighted-Average
Exercise Price
Per Share

Number
Outstanding

Weighted-Average
Exercise Price
Per Share

Outstanding at January 1,

3,296,906

$

24.00

—

$

—

Grants

—

—

3,501,881

24.00

Exercises

—

—

—

24.00

Forfeiture or expirations

(174,727
)

24.00

(130,975
)

24.00

Outstanding at September 30,

3,122,179

$

24.00

3,370,906

$

24.00

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XML 33 R31.htm IDEA: XBRL DOCUMENT v3.3.0.814

COMMITMENTS AND CONTINGENCIES (Tables)
9 Months Ended

Sep. 30, 2015

COMMITMENTS AND CONTINGENCIES

Schedule of future minimum rental payments required under the operating leases in place

 The future minimum rental payments required under the operating leases in place at September 30, 2015 are as follows:



Fiscal year ended

Amount

Remainder of 2015

$

3,881

2016

14,779

2017

14,521

2018

14,438

2019

14,406

Thereafter

11,660

Total

$

73,685

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Condensed Consolidated and Combined Statements of Changes in Equity - USD ($)
$ in Thousands

Class A common stock

Common Stock

Class B common stock

Common Stock

Treasury Stock

Additional Paid-In Capital

Retained Earnings (Accumulated Deficit).

Parent Company Investment

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interests

Total

Balance at beginning of period at Dec. 31, 2013 $ 308,444 $ 926 $ 309,370

Changes in Equity

Net income (loss) 29,768 29,768

Net cash distributions to Parent (80,983) (80,983)

Equity-based compensation 13,834 13,834

Equity-based contributions to joint venture and Parent's advisory board 1,223 1,223

Pre-offering distribution to partners (195,017) (195,017)

Other non-cash distributions (1,105) (1,105)

Other comprehensive income (loss) 1 1

Establishment of deferred tax asset related to reorganization $ 3,261 3,261

Reorganization of equity structure $ 77 12,475 (76,164) $ 63,612

Reorganization of equity structure (in shares) 7,699,851

Issuance of common stock $ 362 138 500

Issuance of common stock (in shares) 36,158,698

Balance at end of period at Apr. 21, 2014 $ 77 $ 362 15,874 927 63,612 80,852

Balance at end of the period (in shares) at Apr. 21, 2014 7,699,851 36,158,698

Balance at beginning of period at Dec. 31, 2013 $ 308,444 926 309,370

Changes in Equity

Net income (loss) (5,733)

Balance at end of period at Sep. 30, 2014 $ 153 $ 362 94,367 $ (15,517) 521 94,802 174,688

Balance at end of the period (in shares) at Sep. 30, 2014 15,260,806 36,149,180

Balance at beginning of period at Apr. 21, 2014 $ 77 $ 362 15,874 927 63,612 80,852

Balance at beginning of the period (in shares) at Apr. 21, 2014 7,699,851 36,158,698

Changes in Equity

Distributions of IPO proceeds to partners (139,429) (139,429)

Equity-based compensation $ 1 33,185 65,706 98,892

Equity-based compensation (in shares) 77,693

Dividends and distributions 437 (3,007) (8,324) (10,894)

Equity-based contributions to joint venture and Parent's advisory board 5,692 123 5,815

Other comprehensive income (loss) (406) (1,037) (1,443)

Initial establishment of deferred tax assets, net of amounts payable under tax receivable agreement 10,854 10,854

Increase in deferred tax asset related to IPO 1,302 1,302

Tax benefit related to appreciation units 4,308 4,308

Issuance of common stock $ 75 162,032 162,107

Issuance of common stock (in shares) 7,483,442

Other 112 (2,287) (2,175)

Other (in shares) (180) (9,518)

Net income (loss) (12,510) (22,991) (35,501)

Balance at end of period at Sep. 30, 2014 $ 153 $ 362 94,367 (15,517) 521 94,802 174,688

Balance at end of the period (in shares) at Sep. 30, 2014 15,260,806 36,149,180

Balance at beginning of period at Dec. 31, 2014 $ 198 $ 316 136,896 (24,118) 85 61,008 174,385

Balance at beginning of the period (in shares) at Dec. 31, 2014 19,770,893 31,621,542

Changes in Equity

Net income (loss) 22,557 58,889 81,446

Equity-based compensation $ 1 30,479 2,857 33,337

Equity-based compensation (in shares) 84,841 (5,412)

Dividends and distributions 2,732 (16,792) (50,334) (64,394)

Treasury Stock Purchases $ (7,006) $ (7,006)

Treasury Stock Purchases (in shares) (242,619) (242,619)

Class A Partnership Units and other equity purchased or converted into Class A Common Stock $ 5 $ (2) 5,112 (727) $ 4,388

Class A Partnership Units and other equity purchased or converted into Class A Common Stock (in shares) 545,115 (257,401)

Net excess tax benefit from equity-based compensation 435 435

Other comprehensive income (loss) (19) 2 (17)

Balance at end of period at Sep. 30, 2015 $ 204 $ 314 $ (7,006) $ 175,654 $ (18,353) $ 66 $ 71,695 $ 222,574

Balance at end of the period (in shares) at Sep. 30, 2015 20,400,849 31,358,729 (242,619)

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BUSINESS INFORMATION (Tables)
9 Months Ended

Sep. 30, 2015

BUSINESS INFORMATION

Schedule of geographical distribution of revenues and assets



Three Months Ended
September 30,

Nine Months Ended
September 30,

2015

2014

2015

2014

Revenues:

United States

$

130,704

$

102,099

$

295,221

$

291,818

Europe

18,461

22,583

67,456

68,810

Rest of World

2,624

3,969

14,397

14,227

Total

$

151,789

$

128,651

$

377,074

$

374,855



September 30,
2015

December 31,
2014

Assets:

United States

$

380,880

$

378,573

Europe

48,329

52,975

Rest of World

21,699

32,701

Total

$

450,908

$

464,249

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EQUITY METHOD INVESTMENTS (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Equity Method Investments

Income (loss) from equity method investments $ 450 $ 1,105 $ 3,510 $ (2,966)

Cash contribution made 4,445

Moelis Australia Holdings

Equity Method Investments

Ownership percentage (as a percent) 50.00% 50.00%

Moelis Australia Holdings

Equity Method Investments

Ownership percentage (as a percent) 50.00% 50.00%

Income (loss) from equity method investments $ 163 $ 1,105 $ 442 (2,966)

Cash contribution made 4,180

Entity controlled by Moelis Asset Management LP

Equity Method Investments

Income (loss) from equity method investments $ 287 3,068

Cash contribution made $ 265

Cash distributions $ 2,694

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INCOME TAXES ( Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Income taxes

Provision for income taxes $ 5,273 $ 4,710 $ 15,652 $ 5,790

Effective tax rate (as a percent) 13.00% 13.00%

Income before taxes $ 39,903 $ 37,495 97,098 $ 57

Net deferred tax asset increase 4,297

Group LP

Income taxes

Deferred tax assets attributable to exchanges by partners $ 769

Percentage of cash distribution to partners in connection to IPO attributable to exchanges by partners, payable to partners 85.00%

Cash distribution to partners in connection to IPO attributable to exchanges by partners, payable to partners $ 654

Period of tax receivable agreement 15 years

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Condensed Consolidated and Combined Statements of Financial Condition - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Assets

Cash and cash equivalents $ 87,836 $ 197,944

Restricted cash 847 833

Receivables:

Accounts receivable, net of allowance for doubtful accounts of $1,776 and $1,552 as of September 30, 2015 and December 31, 2014, respectively 34,103 22,987

Other receivables 6,259 4,907

Total receivables 40,362 27,894

Deferred compensation 8,495 5,652

Investments at fair value (cost basis $112,986 and $39,999 as of September 30, 2015 and December 31, 2014, respectively) 113,002 39,997

Equity method investments 18,231 17,416

Equipment and leasehold improvements, net 8,288 7,338

Deferred tax asset 164,434 160,137

Prepaid expenses and other assets 9,413 7,038

Total assets 450,908 464,249

Liabilities and Equity

Compensation payable 73,327 135,920

Accounts payable and accrued expenses 17,328 19,888

Amount due pursuant to tax receivable agreement 120,897 119,738

Deferred revenue 7,078 5,152

Other liabilities 9,704 9,166

Total liabilities $ 228,334 $ 289,864

Commitments and Contingencies (See Note 13)

Treasury stock, at cost; 242,619 and 0 shares as of September 30, 2015 and December 31, 2014, respectively $ (7,006)

Additional paid-in-capital 175,654 $ 136,896

Retained earnings (accumulated deficit) (18,353) (24,118)

Accumulated other comprehensive income (loss) 66 85

Total Moelis & Company equity 150,879 113,377

Noncontrolling interests 71,695 61,008

Total equity 222,574 174,385

Total liabilities and equity 450,908 464,249

Class A common stock

Liabilities and Equity

Common stock, par value $0.01 per share 204 198

Class B common stock

Liabilities and Equity

Common stock, par value $0.01 per share $ 314 $ 316

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Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.
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Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.
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Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits.
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Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.
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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
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Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
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The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet.
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Carrying amounts due as of the balance sheet date from parties or arising from transactions not otherwise specified in the taxonomy.
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Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets.
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Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
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The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.
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The cumulative amount of the reporting entity's undistributed earnings or deficit.
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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
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EQUITY-BASED COMPENSATION (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Apr. 30, 2014

Share repurchase program authorized first quarter 2015

Equity-based compensation

Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 20,000 $ 20,000

Class A common stock

Equity-based compensation

Number of shares of common stock to be issued upon exchange of a partnership unit 1 1 1

Class A common stock | Share repurchase program authorized first quarter 2015

Equity-based compensation

Share value authorized for repurchase $ 25,000 $ 25,000

Partnership units

Equity-based compensation

Units held by partners 33,933,414 33,933,414

Unvested units held by partners 639,821 639,821

Compensation expenses $ 945 $ 886 $ 2,857 $ 100,835

Unrecognized compensation expenses $ 6,822 $ 6,822

Weighted average period to recognize unrecognized compensation expense 2 years 4 months 24 days

Managing Directors | Partnership units | Minimum

Equity-based compensation

Vesting period 5 years

Managing Directors | Partnership units | Maximum

Equity-based compensation

Vesting period 8 years

Non-managing director employees | Partnership units

Equity-based compensation

Vesting period 4 years

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Condensed Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Cash flows from operating activities

Net income (loss) $ 81,446 $ (5,733)

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Bad debt expense 668 1,496

Depreciation and amortization 1,954 1,636

(Income) loss from equity method investments (3,510) 2,966

Equity-based compensation 33,337 112,726

Deferred tax provision 595 (295)

Other 484 3,244

Changes in assets and liabilities:

Accounts receivable (11,913) 4,738

Other receivables (1,376) (3,234)

Prepaid expenses and other assets (2,397) 1,018

Deferred compensation (2,863) (1,181)

Compensation payable (62,206) (7,998)

Accounts payable and accrued expenses (2,233) 7,667

Deferred revenue 1,925 484

Dividends received 2,473

Other liabilities 540 294

Net cash provided by (used in) operating activities 36,924 117,828

Cash flows from investing activities

Purchase of investments (129,984) (91,107)

Proceeds from sales of investments 57,000 83,237

Return of capital from equity method investments 221

Investment in equity method investments (4,445)

Note payments received from employees 831

Notes issued to employees (119)

Purchase of equipment and leasehold improvements (2,902) (2,381)

Change in restricted cash (32) (131)

Net cash provided by (used in) investing activities (75,697) (14,115)

Cash flows from financing activities

Pre-offering distribution to partners (195,017)

Dividends and distributions (64,394) (57,884)

IPO related proceeds (net of $10,316 of offering costs) 163,682

Distributions of IPO proceeds to partners (139,429)

Other cash contributions from (distributions to) Parent (34,730)

Purchase of treasury stock (7,006)

Cash proceeds from issuance of Class B common stock 500

Class A partnership units and other equity purchased (90)

Excess tax benefits from equity-based compensation 449

Other (938)

Net cash provided by (used in) financing activities (71,041) (263,816)

Effect of exchange rate fluctuations on cash and cash equivalents (294) (823)

Net increase (decrease) in cash and cash equivalents (110,108) (160,926)

Cash and cash equivalents, beginning of period 197,944 303,024

Cash and cash equivalents, end of period 87,836 142,098

Cash paid during the period for:

Income taxes 19,280 2,877

Other non-cash activity

Initial establishment of deferred tax assets, net of amounts payable 10,854

Capitalized offering costs paid in prior or subsequent period 1,575

Tax benefit related to settlement of appreciation units 4,308

Establishment of deferred tax asset related to reorganization 3,261

Increase in deferred tax asset related to IPO 1,302

Other non-cash distributions $ 1,724

Class A Partnership Units or other equity converted into Class A Common Stock 4,478

Dividend equivalents issued $ 2,732

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Thousands

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Dec. 31, 2014

Cash and Cash Equivalents

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EMPLOYEE BENEFIT PLANS
9 Months Ended

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EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

14. EMPLOYEE BENEFIT PLANS

 The Company covers substantially all U.S. salaried employees with a defined contribution 401(k) plan. Each salaried employee of the Company who has attained the age of 21 is eligible to participate in the 401(k) plan on their first day of employment. Any employer contributions to the 401(k) plan are entirely at the discretion of the Company. The Company accrued expenses relating to employer matching contributions to the 401(k) plan for the three months ended September 30, 2015 and 2014 in the amount of $361 and $348, respectively, and $1,017 and $973 for the nine months ended September 30, 2015 and 2014, respectively.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended

Nov. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Deferred Tax Asset and Amount Due Pursuant to Tax Receivable Agreement

Percentage of tax benefits payable to partners under tax receivable agreement 85.00% 85.00%

Remaining percentage of cash savings realized by the Company (as a percent) 15.00%

Revenue and Expense Recognition

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Unrecognized tax benefits, interest and penalties $ 0 $ 0 $ 0 $ 0

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Useful lives 3 years

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BUSINESS INFORMATION
9 Months Ended

Sep. 30, 2015

BUSINESS INFORMATION

BUSINESS INFORMATION

16. BUSINESS INFORMATION

 The Company's activities as an investment banking advisory firm constitute a single business segment offering clients, including corporations, governments and financial sponsors, a range of advisory services with expertise across all major industries in mergers and acquisitions, recapitalizations and restructurings and other corporate finance matters.

 We do not allocate our revenue by the type of advice we provide because of the complexity of the transactions on which we may earn revenue and our comprehensive approach to client service. For example, a restructuring engagement may evolve to require a sale of all or a portion of the client, M&A assignments can develop from relationships established on prior restructuring engagements and capital markets expertise can be instrumental on both M&A and restructuring assignments.

 There were no clients that accounted for more than 10% of revenues for the three and nine months ended September 30, 2015 and 2014. Since the financial markets are global in nature, the Company generally manages its business based on the operating results of the enterprise taken as whole, not by geographic region. The following table sets forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets, and therefore may not be reflective of the geography in which our clients are located.



Three Months Ended
September 30,

Nine Months Ended
September 30,

2015

2014

2015

2014

Revenues:

United States

$

130,704

$

102,099

$

295,221

$

291,818

Europe

18,461

22,583

67,456

68,810

Rest of World

2,624

3,969

14,397

14,227

Total

$

151,789

$

128,651

$

377,074

$

374,855



September 30,
2015

December 31,
2014

Assets:

United States

$

380,880

$

378,573

Europe

48,329

52,975

Rest of World

21,699

32,701

Total

$

450,908

$

464,249

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Condensed Consolidated and Combined Statements of Cash Flows (Parenthetical)
$ in Thousands
9 Months Ended

Sep. 30, 2014

USD ($)

Condensed Consolidated and Combined Statements of Cash Flows

Offering costs $ 10,316

X

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Condensed Consolidated and Combined Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Accounts receivable, allowance for doubtful accounts $ 1,776 $ 1,552

Investments at fair value, cost basis $ 112,986 $ 39,999

Treasury Stock, Shares 242,619 0

Class A common stock

Common stock, par value (in dollars per share) $ 0.01 $ 0.01

Common Stock, Shares Authorized 1,000,000,000 1,000,000,000

Common Stock, Shares, Issued 20,400,849 19,770,893

Common Stock, Shares, Outstanding 20,158,230 19,770,893

Class B common stock

Common stock, par value (in dollars per share) $ 0.01 $ 0.01

Common Stock, Shares Authorized 1,000,000,000 1,000,000,000

Common Stock, Shares, Issued 31,358,729 31,621,542

Common Stock, Shares, Outstanding 31,358,729 31,621,542

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EQUITY-BASED COMPENSATION
9 Months Ended

Sep. 30, 2015

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION

9. EQUITY-BASED COMPENSATION

Partnership Units

 Prior to the Company's restructuring and IPO, the Parent's ownership structure was comprised of common partners (principally outside investors) holding units and employees holding units, which collectively represented the partnership interests in the Parent and evidence of the right to receive distributions and allocations of net profit and losses as defined in the Parent Limited Partnership Agreement. The common partners contributed capital to the Parent and are not subject to vesting. Units granted to Managing Directors upon joining the Company and as part of annual incentive compensation generally vested based on service over five to eight years. Certain non-Managing Director employees were granted units as part of their incentive arrangements and these units generally vest based on service ratably over four years. In connection with the Company's restructuring and IPO, substantially all of the Managing Director partner equity subject to vesting had been accelerated. Units granted to non-Managing Director employees were not accelerated in connection with the Company's restructuring and IPO and continue to vest based on the original terms of the grant.

 In connection with the reorganization and IPO, Group LP issued Class A partnership units to Moelis & Company and to certain existing holders of Old Holdings. Following the reorganization, a Group LP Class A partnership unit (not held by Moelis & Company or its subsidiaries) is exchangeable into one share of Moelis & Company Class A common stock and represents the Company's noncontrolling interests. As of September 30, 2015, partners held 33,933,414 Group LP partnership units, 639,821 of which were unvested and will continue to vest over their service life.

 In relation to the vesting of units, the Company recognized compensation expenses of $945 and $886 for the three months ended September 30, 2015 and 2014, respectively, and expenses of $2,857 and $100,835 for the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015, there was $6,822 of unrecognized compensation expense related to unvested Class A partnership units. The Company expects to recognize the unrecognized compensation expense at September 30, 2015, over a weighted-average period of 2.4 years, using the graded vesting method.

2014 Omnibus Incentive Plan

 In connection with the IPO, the Company adopted the Moelis & Company 2014 Omnibus Incentive Plan (the "Plan") to provide additional incentives to selected officers, employees, Managing Directors, non-employee directors, independent contractors, partners, senior advisors and consultants. The Plan provides for the issuance of incentive stock options ("ISOs"), nonqualified stock options, stock appreciation rights ("SARs"), restricted stock, RSUs, stock bonuses, other stock-based awards and cash awards.

 In the first quarter of 2015, the Board of Directors authorized the repurchase of up to $25 million of shares of Class A common stock of the Company and/or Class A partnership units of Group LP with no expiration date. Under this share repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased will be opportunistic and measured in nature and will depend on a variety of factors, including price and market conditions. As of September 30, 2015, approximately $20 million of shares remain that may yet be purchased under the program.

Restricted Stock and Restricted Stock Units (RSUs)

 Pursuant to the Plan and in connection with the Company's annual compensation process and ongoing hiring process, the Company has issued 2,615,660 RSUs in 2015 which generally vest over a service life of four to five years. For the three months ended September 30, 2015 and 2014, the Company recognized expenses of $10,826 and $4,509 respectively, and expenses of $27,398 and $7,835 for the nine months ended September 30, 2015 and 2014, respectively, in relation to these awards.

 The following table summarizes activity related to restricted stock and RSUs for the nine months ended September 30, 2015 and 2014.



Restricted Stock & RSUs

2015

2014

Number of
Shares

Weighted Average
Grant Date
Fair Value

Number of
Shares

Weighted Average
Grant Date
Fair Value

Unvested Balance at January 1,

2,473,624

$

25.86

—

$

—

Granted

2,615,660

31.92

2,477,272

26.08

Forfeited

(36,903
)

28.79

(56,642
)

25.00

Vested

(92,717
)

27.45

(9,190
)

28.02

Unvested Balance at September 30,

4,959,664

$

28.93

2,411,440

$

26.10

 As of September 30, 2015, the total compensation expense related to unvested restricted stock and RSUs not yet recognized was $88,882. The Company assumes a forfeiture rate of 3% annually based on expected turnover and periodically reassesses this rate. The weighted-average period over which this compensation expense is expected to be recognized at September 30, 2015 is 2.7 years.

 During the nine months ended September 30, 2015, the Company repurchased 242,619 shares pursuant to the Company's share repurchase program, as well as shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the vesting of RSUs. The result of the repurchases was an increase of $7,006 in the treasury stock balance on the Company's condensed consolidated and combined statement of financial condition as of September 30, 2015.

Stock Options

 Pursuant to the Plan, the Company issued 3,501,881 stock options in 2014 which vest over a five-year period. The Company estimated the fair value of stock option awards at grant using the Black-Scholes valuation model with the following assumptions:



Assumptions

Expected life (in years)

6

Weighted-average risk free interest rate

1.91
%

Expected volatility

35
%

Dividend yield

2.72
%

Weighted-average fair value at grant date

$

6.70

 On November 24, 2014 the Company paid a special dividend of $1.00 per share to common stock holders of record as of November 10, 2014. As required under Section 5 of the Company's 2014 Omnibus Incentive Plan, the Compensation Committee of the Company's Board of Directors equitably reduced the exercise price of the Company's outstanding options to purchase common stock by $1.00 from $25.00 per share to $24.00 per share.

 The following table summarizes activity related to stock options for the nine months ended September 30, 2015 and 2014.



Stock Options Outstanding

2015

2014

Number
Outstanding

Weighted-Average
Exercise Price
Per Share

Number
Outstanding

Weighted-Average
Exercise Price
Per Share

Outstanding at January 1,

3,296,906

$

24.00

—

$

—

Grants

—

—

3,501,881

24.00

Exercises

—

—

—

24.00

Forfeiture or expirations

(174,727
)

24.00

(130,975
)

24.00

Outstanding at September 30,

3,122,179

$

24.00

3,370,906

$

24.00

 For the three months ended September 30, 2015 and 2014, the Company recognized expenses of $1,048 and $1,094, respectively, and expenses of $3,082 and $2,046 for the nine months ended September 30, 2015 and 2014, respectively, in relation to these stock options. As of September 30, 2015, the total compensation expense related to unvested stock options not yet recognized was $12,161. The Company assumes a forfeiture rate of 3% annually based on expected turnover and periodically reassesses this rate. This compensation expense is expected to be recognized over a weighted-average period of 3.1 years.

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Document and Entity Information - shares
9 Months Ended

Sep. 30, 2015

Oct. 28, 2015

Entity Registrant Name Moelis & Co

Entity Central Index Key 0001596967

Document Type 10-Q

Document Period End Date Sep. 30, 2015

Amendment Flag false

Current Fiscal Year End Date --12-31

Entity Current Reporting Status Yes

Entity Filer Category Non-accelerated Filer

Document Fiscal Year Focus 2015

Document Fiscal Period Focus Q3

Class A common stock

Entity Common Stock, Shares Outstanding 20,203,279

Class B common stock

Entity Common Stock, Shares Outstanding 31,358,729

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STOCKHOLDERS EQUITY
9 Months Ended

Sep. 30, 2015

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY

10. STOCKHOLDERS EQUITY

Class A Common Stock

IPO and Reorganization

 In April 2014, the Company issued 15,263,653 shares of Class A common stock as follows:



•

7,699,851 shares in connection with the reorganization;



•

7,475,000 shares in connection with the IPO; and



•

88,802 shares in connection with the settlement of appreciation rights issued in prior years.

Secondary Offering

 In November 2014, the Company completed a secondary offering of 6,325,000 shares of Class A common stock in order to facilitate organized liquidity and increase the public float of its Class A common stock. In connection with the offering, the shares of Class A common stock outstanding of the Company increased by 4,511,058 shares as a result of the Company acquiring additional Class A partnership units in Group LP. The Company did not retain any proceeds from the secondary offering.

 As of September 30, 2015, 20,400,849 shares of Class A common stock were issued and 20,158,230 shares were outstanding, due primarily to the IPO and secondary offering transactions described above.

Class B Common Stock

IPO and Reorganization

 In conjunction with Moelis & Company's IPO of its Class A common stock, the Company issued 36,158,698 shares of Class B common stock. The economic rights of Class B common stock are based on the ratio of the Class B subscription price to the initial public offering price of shares of Class A common stock (.00055 to 1), and the aggregate number of shares of Class B common stock may be converted to Class A common stock (up to a maximum of 20,000 shares). Holders of shares of Class B common stock are entitled to receive dividends of the same type as any dividends payable on outstanding shares of Class A common stock at a ratio of .00055 to 1.

Secondary Offering

 In connection with the secondary offering in November 2014, Partner Holdings surrendered 2,998,322 shares of Class B common stock and was issued 1,658 shares of Class A common stock at a conversion ratio of .00055 to 1. The Company also purchased 1,509,131 shares of Class B common stock from Partner Holdings for cash of $28 and subsequently cancelled those shares. The Company did not retain any proceeds from the secondary offering.

 As of September 30, 2015 and December 31, 2014, 31,358,729 and 31,621,542 shares of Class B common stock were issued and outstanding, respectively, due primarily to the IPO and secondary offering transactions described above.

Treasury Stock

 During the nine months ended September 30, 2015, the Company repurchased 242,619 shares pursuant to the Company's share repurchase program, as well as shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the vesting of RSUs. The result of the repurchases was an increase of $7,006 in the treasury stock balance on the Company's condensed consolidated and combined statement of financial condition as of September 30, 2015.

Noncontrolling Interests

 In connection with the Company's reorganization, Group LP issued Class A partnership units to Moelis & Company and to certain existing holders of Old Holdings. Following the reorganization, a Group LP Class A partnership unit (not held by Moelis & Company or its subsidiaries) is exchangeable into one share of Moelis & Company Class A common stock and represents the Company's noncontrolling interests (non-redeemable). As of September 30, 2015, partners held 33,933,414 Group LP partnership units, representing a 63% noncontrolling interest in Moelis & Company.

 Moelis & Company operates and controls all of the business and affairs of Group LP and its operating entity subsidiaries indirectly through its equity interest in Group GP, and thus the 20,158,230 shares of Class A common stock outstanding at September 30, 2015 represents the controlling interest.

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Condensed Consolidated and Combined Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Revenues $ 151,789 $ 128,651 $ 377,074 $ 374,855

Expenses

Compensation and benefits 86,277 68,148 211,333 300,793

Occupancy 3,836 3,560 11,228 10,195

Professional fees 5,116 5,995 12,813 14,588

Communication, technology and information services 4,862 3,945 13,403 11,589

Travel and related expenses 5,951 8,083 16,695 19,433

Depreciation and amortization 646 542 1,954 1,636

Other expenses 5,192 2,605 15,586 14,220

Total expenses 111,880 92,878 283,012 372,454

Operating income (loss) 39,909 35,773 94,062 2,401

Other income and (expenses) (456) 617 (474) 622

Income (loss) from equity method investments 450 1,105 3,510 (2,966)

Income (loss) before income taxes 39,903 37,495 97,098 57

Provision for income taxes 5,273 4,710 15,652 5,790

Net income (loss) 34,630 32,785 81,446 (5,733)

Net income (loss) attributable to noncontrolling interests 24,540 26,285 58,889 6,777

Net income (loss) attributable to Moelis & Company 10,090 6,500 22,557 (12,510)

Class A common stock

Expenses

Net income (loss) attributable to Moelis & Company $ 10,090 $ 6,500 $ 22,557 $ (12,510)

Weighted-average shares of Class A common stock outstanding

Basic (in shares) 20,184,835 15,262,343 19,919,675 15,262,940

Diluted (in shares) 21,466,021 16,205,254 21,105,523 15,262,940

Net income (loss) per share attributable to holders of shares of Class A common stock

Basic (in dollars per share) $ 0.50 $ 0.43 $ 1.13 $ (0.82)

Diluted (in dollars per share) 0.47 0.40 1.07 (0.82)

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BUSINESS CHANGES AND DEVELOPMENTS
9 Months Ended

Sep. 30, 2015

BUSINESS CHANGES AND DEVELOPMENTS

BUSINESS CHANGES AND DEVELOPMENTS

4. BUSINESS CHANGES AND DEVELOPMENTS

Moelis Brazil

 In August 2014, the Company established Moelis Brazil, a new corporate entity located in São Paulo, Brazil for the purpose of providing investment banking advisory services to clients in Brazil and increasing the global reach of the Company. The Company owns a 94% interest in Moelis Brazil and the remaining 6% is owned by senior bankers of the newly formed entity. As the majority owner of Moelis Brazil, the Company consolidates its financial results.

Reorganization and Initial Public Offering

 In April 2014, Old Holdings reorganized its business in connection with the IPO of Class A common stock by Moelis & Company, a newly-formed Delaware corporation. Following the reorganization, the advisory operations are owned by Group LP and Group LP is controlled by Moelis & Company. The shareholders are entitled to receive a portion of the economics of the operations through their direct ownership interests in shares of Class A common stock of Moelis & Company. The existing owners of Group LP will continue to receive the majority of the economics of the operations, as noncontrolling interest holders, primarily through direct and indirect ownership interests in Group LP partnership units. As a corporation, Moelis & Company is subject to United States federal and state corporate income taxes, which results in a material increase in the applicable tax rates and current tax expense incurred post reorganization.

 Group LP has one principal class of units, Class A partnership units. Group LP issued Class A partnership units to Moelis & Company and to certain existing holders of Old Holdings units. Following the reorganization, each Group LP Class A partnership unit (not held by Moelis & Company or its subsidiaries) is exchangeable into one share of Moelis & Company Class A common stock. In addition, Group LP issued Class B partnership units to Moelis & Company. The Class B partnership units correspond with the economic rights of shares of Moelis & Company Class B common stock. The economic rights of Class B common stock are based on the ratio of the Class B subscription price to the initial public offering price of shares of Class A common stock (.00055 to 1), and the aggregate number of shares of Class B common stock may be converted to Class A common stock (up to a maximum of 20,000 shares). Holders of shares of Class B common stock are entitled to receive dividends of the same type as any dividends payable on outstanding shares of Class A common stock at a ratio of .00055 to 1.

 Group LP Class A partnership unitholders have no voting rights by virtue of their ownership of Group LP Class A partnership units, except for the limited rights described in Group LP's Amended and Restated Agreement of Limited Partnership. Moelis & Company Partner Holdings LP holds all shares of Class B common stock, enabling it initially to exercise majority voting control over Moelis & Company. Among other items, Class B common stock contains a condition (the "Class B Condition") that calls for Mr. Moelis to maintain a defined minimum equity stake. So long as the Class B Condition is satisfied, each share of Class B common stock entitles its holder to ten votes for each share held of record on all matters submitted to a vote of stockholders. Shares of Class B common stock are generally not transferrable and, if transferred other than in the limited circumstances set forth in Moelis & Company's Amended and Restated Certificate of Incorporation, such shares shall automatically convert into a number of shares of Class A common stock, or dollar equivalent, set forth in Moelis & Company's Amended and Restated Certificate of Incorporation. Upon failure of the Class B Condition, each share of Class B common stock will have one vote for each share held. Each share of Class B common stock may, at the option of the holder, be converted into a number of shares of Class A common stock, or dollar set forth in Moelis & Company's Amended and Restated Certificate of Incorporation.

 In connection with the reorganization and IPO described above, several transactions took place which impacted the Company's condensed consolidated and combined financial statements including the following:



•

A pre-offering distribution to the partners of Old Holdings of $195,017 reflected within financing activities in the consolidated and combined statements of cash flows and in the condensed consolidated and combined statements of changes in equity;



•

The purchase by Moelis & Company of Class A partnership units directly from Group LP with the proceeds of the IPO. The proceeds received related to the issuance of Class A common stock in connection with the IPO is recorded net of underwriting discounts, commissions and offering expenses. Net cash received of $163,682 during the nine months ended September 30, 2014 is reflected within financing activities in the condensed consolidated and combined statements of cash flows. Net proceeds recorded in the condensed consolidated and combined statements of changes in equity of $162,107 during the period ended September 30, 2014, adjusts for IPO related expenses paid during 2013 and any accruals remaining as of September 30, 2014;



•

The one-time cash distribution of $139,429 by Group LP to the partners of Old Holdings of a portion of the proceeds arising from the sale of Class A partnership units to Moelis & Company is reflected within financing activities in the condensed consolidated and combined statements of cash flows and in the condensed consolidated and combined statements of changes in equity;



•

The tax impact associated with the one-time cash distribution to certain partners of Old Holdings is treated as an acquisition for U.S. federal income tax purposes of Class A partnership units in Group LP from certain partners of Old Holdings. This transaction resulted in a deferred tax asset of which approximately $60,946 is attributable to exchanges by certain of the partners of Old Holdings who are party to the tax receivable agreement. Pursuant to this agreement, 85% (or $51,804) of the tax benefits associated with this portion of the deferred tax asset are payable to certain partners of Old Holdings over the next 15 years and is recorded as amount due pursuant to tax receivable agreement in the condensed consolidated and combined statements of financial condition. The remaining tax benefit is allocable to the Company and is recorded in additional paid-in-capital.



•

Expenses related to the reorganization and IPO recorded in the condensed consolidated and combined statements of operations for the nine months ended September 30, 2014 include the following:





•

$87,601 of compensation and benefits expense associated with the one-time non-cash acceleration of unvested equity held by Managing Directors. Excluded from this acceleration was $10,349 of compensation and benefits expense associated with the amortization of equity held by Managing Directors during the three months ended March 31, 2014 which was subsequently accelerated upon completion of the IPO;





•

$763 of compensation and benefits expense associated with the amortization of RSUs granted in connection with the IPO (excludes expense associated with RSUs granted at the time of the IPO in connection with 2013 equity incentive compensation); amortization expense of RSUs granted in connection with the IPO will be recognized over a five year vesting period;





•

$2,046 of compensation and benefits expense associated with the amortization of stock options granted in connection with the IPO; amortization expense of stock options granted in connection with the IPO will be recognized over a five year vesting period;





•

$4,014 of compensation and benefits expense associated with the issuance of cash (expense of $2,004) and fully vested shares of Class A common stock (expense of $2,010) in settlement of appreciation rights issued in prior years;





•

$1,240 of professional fees expense associated with the one-time non-cash acceleration of unvested equity held by non-employee members of Moelis & Company's Global Advisory Board; and





•

$4,916 of expenses associated with the one-time non-cash acceleration of unvested equity held by employees of the Australian JV. Half of the expenses associated with acceleration of equity held by employees of the Australian JV is included in other expenses and the other half is included in income (loss) from equity method investments.

Secondary Offering

 In November 2014, the Company completed a secondary offering of 6,325,000 shares of Class A common stock in order to facilitate organized liquidity and increase the public float of its Class A common stock. In connection with the offering, the Company issued 4,509,400 shares of Class A common stock and used the proceeds to acquire the same quantity (4,509,400) of Group LP Class A partnership units. The remaining 1,815,600 shares of Class A common stock included in the offering were sold by current holders of Class A common stock, thus having no impact on the quantity of shares of Class A common stock outstanding. In addition, in connection with the Company's acquisition of Group LP Class A partnership units, 4,507,453 shares of Class B common stock were either purchased (1,509,131 shares for $28) or converted to Class A common stock (2,998,322 shares of Class B common stock converted to 1,658 shares of Class A common stock based on a conversion ratio of .00055 to 1). The Company did not retain any proceeds from the secondary offering.

 Immediately following the secondary transactions described above;



•

19,770,893 shares of Class A common stock were outstanding;



•

the Company owned 19,770,893 Group LP Class A partnership units and its economic ownership in Group LP increased from 28% to 36%;



•

the noncontrolling interest holders owned 34,479,961 Group LP Class A partnership units and their economic ownership in Group LP decreased from 72% to 64%;



•

Partner Holdings owned all 31,621,542 shares of Class B common stock, enabling it to exercise majority voting control of the Company. Class B common stock is entitled to an insignificant amount of economic participation in the Company.

 This transaction is treated for U.S. federal income tax purposes as an acquisition of Class A partnership units in Group LP from certain partners of Group LP, which resulted in a deferred tax asset of which approximately $80,117 is attributable to exchanges by certain partners of Group LP who are party to the tax receivable agreement. Pursuant to the tax receivable agreement, 85% (or $68,099) of the tax benefits associated with this portion of the deferred tax asset are payable to certain partners of Group LP over the next 15 years and is recorded as amount due pursuant to tax receivable agreement in the consolidated and combined statements of financial condition. The remaining tax benefit is allocable to the Company and is recorded in additional paid-in-capital.

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RECENT ACCOUNTING PRONOUNCEMENTS
9 Months Ended

Sep. 30, 2015

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

3. RECENT ACCOUNTING PRONOUNCEMENTS

 In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires a company to recognize revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for services provided. The amendment requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. The amendments in this update are effective prospectively during interim and annual periods beginning after December 15, 2017, with early adoption prohibited. The Company is currently assessing the impact the adoption of ASU 2014-09 will have on its condensed consolidated and combined financial statements.

 In January 2015, the FASB issued ASU No. 2015-01, "Income Statement—Extraordinary and Unusual Items" ("ASU 2015-01"). ASU 2015-01 eliminates the concept of extraordinary items under U.S. GAAP. The amendments in this update are effective prospectively during interim and annual periods beginning after December 15, 2015, with early adoption permitted. The amendments may also be applied retrospectively to all prior periods in the financial statements. The adoption of ASU 2015-01 will not have a material impact on the Company's condensed consolidated and combined financial statements.

 In February 2015, the FASB issued ASU No. 2015-02, "Amendments to the Consolidation Analysis" ("ASU No. 2015-02") to provide consolidation guidance for limited partnerships, limited liability companies and securitization structures. In addition to reducing the number of consolidation models, the new standard places more emphasis on risk of loss when determining a controlling financial interest. ASU No. 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of ASU 2015-02 will not have a material impact on the Company's condensed consolidated and combined financial statements.

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INCOME TAXES
9 Months Ended

Sep. 30, 2015

INCOME TAXES

INCOME TAXES

15. INCOME TAXES

 Prior to the Company's reorganization and IPO of Moelis & Company, the Company had been primarily subject to the New York City unincorporated business tax ("UBT") and certain other foreign, state and local taxes. The Company's operations were historically comprised of entities that are organized as limited liability companies and limited partnerships. For U.S. federal income tax purposes, taxes related to income earned by these entities represent obligations of the individual partners and members and have historically not been reflected in the condensed consolidated and combined statements of financial condition. In connection with the Company's reorganization and IPO, the Company became subject to U.S. corporate federal, state and local income tax on its allocable share of results of operations from Group LP.

 The Company's provision for income taxes and effective tax rate were $5,273 and 13% and $4,710 and 13% for the three months ended September 30, 2015 and 2014, respectively. For the nine months ended September 30, 2015 and 2014, the Company's provision for income taxes was $15,652 on income before taxes of $97,098 and $5,790 on income before taxes of $57, respectively. The income tax provision for the aforementioned periods primarily reflects the effect of certain nondeductible expenses related to the vesting of Class A partnership units in Group LP in connection with the Company's reorganization and IPO in 2014 and the Company's allocable share of earnings from Group LP being subject to U.S. federal, state and local income tax at the prevailing corporate income tax rate following the Company's reorganization and IPO.

 The Company recorded an increase in the net deferred tax asset of $4,297 for the nine months ended September 30, 2015, which primarily relates to the step-up in tax basis in Group LP assets resulting from the exchange of Class A partnership units in Group LP for Class A common stock during the nine month period. Approximately $769 of this deferred tax asset is attributable to exchanges by certain partners of Group LP who are party to the tax receivable agreement. Pursuant to this agreement, 85% (or $654) of the tax benefits associated with this portion of the deferred tax asset are payable to such exchanging partners over the next 15 years and recorded as amount due pursuant to tax receivable agreement in the condensed consolidated and combined statements of financial condition. The remaining tax benefit is allocable to the Company and is recorded in additional paid-in-capital.

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RELATED-PARTY TRANSACTIONS
9 Months Ended

Sep. 30, 2015

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

11. RELATED-PARTY TRANSACTIONS

 Aircraft Lease—On April 21, 2010, Manager acquired an aircraft with funds received solely from its managing member (Mr. Moelis). Manager was obligated to bear all depreciation and other costs of operating the aircraft related to uses other than for the Company's business. To the extent the Company utilized the aircraft for business; the Company was obligated to incur such expenses. For the three and nine months ended September 30, 2014, the Company recorded expenses of $0 and $401 for use of the aircraft.

 In connection with the restructuring and IPO, Manager could no longer operate the aircraft for use in the Company's business and as a result, the arrangement under which the plane was provided to the Company for its use was required to be restructured. Starting on April 15, 2014, the aircraft was used by the Company pursuant to a ten-year dry lease with Manager, the terms of which were comparable to the market rates of leasing from an independent third party. For the three and nine months ended September 30, 2014 the Company incurred $156 and $310 in lease costs to be paid to manager, respectively. Consistent with such dry lease arrangement, the Company was obligated to bear all the costs of operating the aircraft. While the primary use of the aircraft was for business purposes, because of the benefit afforded to the Company in terms of security and productivity while traveling for personal reasons, the Company entered into a timesharing agreement with Mr. Moelis to allow him to use the aircraft for personal use. Under such timesharing agreement, Mr. Moelis was required to reimburse the Company for the maximum amount of reimbursement allowed by applicable Federal Aviation Administration rules. Such amounts are included in prepaid expenses and other assets on the condensed consolidated and combined statements of financial condition. During the third quarter of fiscal 2014, Manager sold the aircraft and the ten-year dry lease was terminated.

 On August 30, 2014, Manager acquired a new aircraft with funds received solely from its managing member (Mr. Moelis). The aircraft is used and operated by the Company pursuant to a dry lease with Manager which terminates on December 31, 2019. The terms of the dry lease are comparable to the market rates of leasing from an independent third party. Pursuant to this dry lease arrangement, the lessee is obligated to bear its share of the costs of operating the aircraft. For the three months ended September 30, 2015 and 2014, the Company incurred $312 and $61 in aircraft lease costs to be paid to Manager, respectively, and $936 and $61 for the nine months ended September 30, 2015 and 2014, respectively. In addition, there are two other lessees of the aircraft; one of whom is Mr. Moelis and the other is Moelis Asset Management LP. These lessees share the lease, operating and related costs of the plane in proportion to their respective use pursuant to a cost sharing and operating agreement.

 Promissory Notes—As of September 30, 2015, there were $119 of unsecured promissory notes from employees held by the Company (December 31, 2014: $119). Any outstanding balances are reflected in other receivables on the condensed consolidated and combined statements of financial condition. The notes held as of September 30, 2015 and December 31, 2014 bear a fixed interest rate of 4.00%. During the nine months ended September 30, 2015 and 2014, the Company received $0 and $831, respectively, of principal repayments and recognized interest income of $4 and $5, respectively, on such notes, which is included in other income and expenses on the condensed consolidated and combined statements of operations.

 Expense Allocations—Prior to the Company's IPO in April of 2014, certain expenses have been allocated from the Parent based on the most relevant measure, including relative usage or proportion of the Company's headcount to that of the Parent. For the three and nine months ended September 30, 2014, $0 and $2,316 of occupancy expenses have been allocated to the Company, respectively, based on the proportion of the Company's headcount to that of the Parent. For the three and nine months ended September 30, 2014, $0 and $2,745 of communication, technology and information services expense have been allocated to the Company, respectively, based on a combination of relative usage and the proportion of the Company's headcount to that of the Parent. All other expenses were specifically identifiable to the Company.

 Management believes the assumptions and allocations underlying the condensed consolidated and combined financial statements are reasonable and the allocated amounts are representative of the amounts that would have been recorded in the condensed consolidated and combined financial statements had the Company operated independent of the Parent for the historical periods presented.

 Services Agreement—In connection with the Company's IPO, the Company entered into a services agreement with a related party, Moelis Asset Management LP, whereby the Company provides certain administrative services, technology, and office space to Moelis Asset Management LP for a fee. For the three months ended September 30, 2015 and 2014, this fee totaled $420 and $500, respectively, and $1,265 and $960 for the nine months ended September 30, 2015 and the year-to-date post-IPO period ended September 30, 2014, respectively. The amount of the fee is based upon the estimated usage and related expense of all shared services between the Company and Moelis Asset Management LP during the relevant period, and will be assessed periodically by Management as per the terms of the agreement. As of September 30, 2015 and December 31, 2014 the Company had balances due from Moelis Asset Management LP of $0 and $79, respectively.

 Joint Venture—As of September 30, 2015 and December 31, 2014, the Company had a net balance due from the Australian JV of $62 and $945, respectively, which are reflected in other receivables on the condensed consolidated and combined statements of financial condition. These balances consist of amounts due from the Australian JV for advisory services performed and billable expenses incurred on behalf of the Company during the period, offset by expenses paid by the Company on behalf of the Australian JV. The relationship between the Company and the Australian JV is governed by a services agreement.

 Other Equity Method Investment—In June of 2014, the Company made an investment of $265 into an entity controlled by a related party, Moelis Asset Management LP. The Company has determined that it should account for this investment as an equity method investment on the condensed consolidated and combined financial statements. For the three months ended September 30, 2015 and 2014, income of $287 and $0 was recorded on this investment, respectively, and income of $3,068 and $0 was recorded on this investment for the nine months ended September 30, 2015 and 2014, respectively.

 During the nine months ended September 30, 2015 and 2014, the Company received cash distributions from this entity in the amounts of $2,694 and $0, respectively.

 Revenues—From time to time, the Company enters into advisory transactions with Moelis Asset Management LP and its affiliates. The Company earned revenues associated with such transactions of $1,299 and $2,769 for the three months ended September 30, 2015 and 2014, respectively, and $5,635 and $3,717 for the nine months ended September 30, 2015 and 2014, respectively.

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FAIR VALUE MEASUREMENTS
9 Months Ended

Sep. 30, 2015

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

7. FAIR VALUE MEASUREMENTS

 The Company established a fair value hierarchy which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs:

Level 1—Quoted prices (unadjusted) are available in active markets for identical instruments that the Company has the ability to access as of the reporting date. The Company, to the extent that it holds such instruments, does not adjust the quoted price for these instruments, even in situations in which the Company holds a large position and a sale could reasonably affect the quoted price.

Level 2—Pricing inputs are observable for the instruments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level 1. Fair value is determined through the use of models or other valuation methodologies. The estimated fair values of government securities money markets and U.S. Treasury Bills classified in Level 2 as of September 30, 2015 and December 31, 2014 are based on quoted prices for recent trading activity in identical or similar instruments. The Company generally invests in U.S. Treasury Bills with maturities of less than twelve months.

Level 3—Pricing inputs are unobservable for the instruments and include situations in which there is little, if any, market activity for the investments. The inputs into the determination of fair value require significant judgment or estimation by the Company's management.

 See Note 2 for further information on the Company's fair value hierarchy.

 The following tables summarize the levels of the fair value hierarchy into which the Company's financial assets and liabilities fall as of September 30, 2015:



Financial assets:

Total

Level 1

Level 2

Level 3

Included in cash and cash equivalents

U.S. treasury bills

$

10,000

$

—

$

10,000

$

—

Government securities money market

19,419

—

19,419

—

Investments

U.S. treasury bills

113,002

—

113,002

—

Total financial assets

$

142,421

$

—

$

142,421

$

—

 The following table summarizes the levels of the fair value hierarchy into which the Company's financial assets fall as of December 31, 2014:



Financial assets:

Total

Level 1

Level 2

Level 3

Included in cash and cash equivalents

Government securities money market

$

128,739

$

—

$

128,739

$

—

Investments

U.S. treasury bills

39,997

—

39,997

—

Total financial assets

$

168,736

$

—

$

168,736

$

—

 The Company's methodology for reclassifications impacting the fair value hierarchy is that transfers in/out of the respective category are reported at fair value as of the beginning of the period in which the reclassification occurred. There were no investments classified as Level 3 as of September 30, 2015. The changes to the Company's investment classified as Level 3 are as follows for the nine months ended September 30, 2014.



Common Stock

January 1, 2014

$

1,904

Non-cash settlement of customer receivable

1,000

Distribution to Parent

(2,904
)

September 30, 2014

$

—

Unrealized gains (losses) related to investment still held as of September 30, 2014

$

—

 There were no transfers between Level 1, Level 2 or Level 3 during the nine months ended September 30, 2015 and 2014.

Investment Risk Factors and Concentration of Investments

 The Company's financial instruments are subject to the following risk factors:

Market Risk

 Market risk represents the loss that can be caused by a change in the fair value of a financial instrument.

Currency Risk

 The Company is exposed to the risk that the exchange rate of the U.S. dollar relative to other currencies may have an adverse effect on the reported value of the Company's non-U.S. dollar denominated or based assets and liabilities.

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EQUITY METHOD INVESTMENTS
9 Months Ended

Sep. 30, 2015

EQUITY METHOD INVESTMENTS.

EQUITY METHOD INVESTMENTS

5. EQUITY METHOD INVESTMENTS

Investment in Joint Venture

 On April 1, 2010, the Company entered into a 50-50 joint venture in Moelis Australia Holdings, investing a combination of cash and certain net assets of its wholly-owned subsidiary, Moelis Australia, in exchange for its interests. The remaining 50% is owned by an Australian trust established by and for the benefit of Moelis Australia senior executives.

 For the three months ended September 30, 2015 and 2014, $163 and $1,105 of income was recorded on this investment, respectively, and for the nine months ended September 30, 2015 and 2014, $442 of income and $2,966 of loss was recorded on this investment, respectively.

 During the nine months ended September 30, 2014, the Company made a cash contribution to Moelis Australia Holdings in the amount of $4,180. The Company treated this contribution as an increase in equity method investments in the condensed consolidated and combined financial statements.

Other Equity Method Investment

 In June 2014, the Company made an investment of $265 into a general partner entity which invests third-party funds and is controlled by a related party, Moelis Asset Management LP. The Company has determined that it should account for this investment as an equity method investment on its condensed consolidated and combined financial statements. For the three and nine months ended September 30, 2015, $287 and $3,068 of income was recorded on this investment, respectively.

 During the nine months ended September 30, 2015, the Company received cash distributions from this entity in the amount of $2,694.

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EQUIPMENT AND LEASEHOLD IMPROVEMENTS
9 Months Ended

Sep. 30, 2015

EQUIPMENT AND LEASEHOLD IMPROVEMENTS

EQUIPMENT AND LEASEHOLD IMPROVEMENTS

6. EQUIPMENT AND LEASEHOLD IMPROVEMENTS

 Equipment and leasehold improvements, net consist of the following:



September 30,
2015

December 31,
2014

Office equipment

$

10,427

$

9,387

Furniture and fixtures

2,858

2,258

Leasehold improvements

6,800

5,931

Total

20,085

17,576

Less accumulated depreciation and amortization

(11,797
)

(10,238
)

Equipment and leasehold improvements, net

$

8,288

$

7,338

 Depreciation and amortization expenses for fixed assets totaled $646 and $542 for the three months ended September 30, 2015 and 2014, respectively, and $1,954 and $1,595 for the nine months ended September 30, 2015 and 2014, respectively.

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NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS
9 Months Ended

Sep. 30, 2015

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS

8. NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS

 The calculations of basic and diluted net income (loss) per share attributable to holders of shares of Class A common stock for the three and nine months ended September 30, 2015 and 2014 are presented below.



Three Months Ended
September 30,

Nine Months Ended
September 30,

(dollars in thousands, except per share amounts)

2015

2014

2015

2014

Numerator:

Net income (loss) attributable to holders of shares of Class A common stock—basic

$

10,090

$

6,500

$

22,557

$

(12,510
)

Add (deduct) dilutive effect of:

Noncontrolling interests related to Class A partnership units

(a)

(a)

(a)

(a)

Net income (loss) attributable to holders of shares of Class A common stock—diluted

$

10,090

$

6,500

$

22,557

$

(12,510
)

Denominator:

Weighted average shares of Class A common stock outstanding—basic

20,184,835

15,262,343

19,919,675

15,262,940

Add (deduct) dilutive effect of:

Noncontrolling interests related to Class A partnership units

(a)

(a)

(a)

(a)

Weighted average number of incremental shares issuable from unvested restricted stock, RSUs and stock options, as calculated using the treasury stock method

1,281,186
(b)

942,911
(b)

1,185,848
(b)

(b)

Weighted average shares of Class A common stock outstanding—diluted

21,466,021

16,205,254

21,105,523

15,262,940

Net income (loss) per share attributable to holders of shares of Class A common stock

Basic

$

0.50

$

0.43

$

1.13

$

(0.82
)

Diluted

$

0.47

$

0.40

$

1.07

$

(0.82
)

The allocation of income (loss) to Class A shareholders only began following the IPO closing on April 22, 2014.

We have not included the impact of Class B common stock because these shares are entitled to an insignificant amount of economic participation.

(a)

Class A partnership units may be exchanged for Moelis & Company Class A common stock on a one-for-one basis, subject to applicable lock-up, vesting and transfer restrictions. If all Class A partnership units were to be exchanged for Class A common stock, fully diluted Class A common stock outstanding would be 55,398,692 and 55,197,575 for the three months ended September 30, 2015 and 2014, respectively, and 55,303,354 and 54,254,664 for the nine months ended September 30, 2015 and 2014, respectively. In computing the dilutive effect, if any, that the aforementioned exchange would have on net income (loss) per share, net income (loss) available to holders of Class A common stock would be adjusted due to the elimination of the noncontrolling interests in consolidated entities associated with the Group LP Class A partnership units (including any tax impact). For the three and nine months ended September 30, 2015 and 2014, such exchange is not reflected in diluted net income (loss) per share as the assumed exchange is not dilutive.

(b)

During the three and nine months ended September 30, 2015 and 2014, certain shares of Moelis & Company's Class A common stock assumed to be issued pursuant to certain RSUs as calculated using the treasury stock method were antidilutive and therefore have been excluded from the calculation of diluted net income (loss) per share attributable to Moelis & Company. During the three months ended September 30, 2015 and 2014, the additional weighted average amount of RSUs that would have been included in this calculation if the effect were dilutive would have been 15,397 and 11,644 units, respectively, and 7,945 and 665,649 units for the nine months ended September 30, 2015 and September 30, 2014, respectively. Antidilution in the prior year is the result of the Company producing a loss for the nine months ended September 30, 2014. Additionally, during the three months ended September 30, 2015, the additional weighted average amount of options that would have been included in this calculation if the effect were dilutive would have been 1,049,977. No options were excluded from this calculation for the three months ended September 30, 2014 and the nine months ended September 30, 2015 and September 30, 2014.

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ORGANIZATION AND BASIS OF PRESENTATION (Details 2)

Sep. 30, 2015

Moelis Australia Holdings

Equity Method Investments

Ownership percentage (as a percent) 50.00%

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COMMITMENTS AND CONTINGENCIES (Details 2) - Moelis Australia Holdings
9 Months Ended

Sep. 30, 2015

Joint venture put and call options

Percentage of purchase price to be paid immediately if the Parent is public and the put option is exercised 50.00%

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COMMITMENTS AND CONTINGENCIES
9 Months Ended

Sep. 30, 2015

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

13. COMMITMENTS AND CONTINGENCIES

 Bank Line of Credit—In May 2015 the Company renewed its unsecured revolving credit facility which increased the commitment amount and extended the maturity date to June 30, 2017. As of September 30, 2015, the commitment amount was $40,000.

 Borrowings on the facility bear interest at the greater of a fixed rate of 3.50% per annum or at the borrower's option of (i) LIBOR plus 1% or (ii) Prime minus 1.50%. As of September 30, 2015 and 2014, the Company had no borrowings under the credit facility.

 As of September 30, 2015, the Company's available credit under this facility was $31,745 as a result of the issuance of an aggregate amount of $8,255 of various standby letters of credit, which were required in connection with certain office lease and other agreements. The Company incurs a 1% per annum fee on the outstanding balance of issued letters of credit.

 Leases—The Company maintains operating leases with expiration dates that extend through 2023. The Company incurred expense relating to its operating leases of $3,192 and $2,756 for the three months ended September 30, 2015 and 2014, respectively, and $9,577 and $8,501 for the nine months ended September 30, 2015 and 2014, respectively.

 The future minimum rental payments required under the operating leases in place at September 30, 2015 are as follows:



Fiscal year ended

Amount

Remainder of 2015

$

3,881

2016

14,779

2017

14,521

2018

14,438

2019

14,406

Thereafter

11,660

Total

$

73,685

 Contractual Arrangements—In the normal course of business, the Company enters into contracts that contain a variety of representations and warranties and which provide indemnification for specified losses, including certain indemnification of certain officers, directors and employees.

 Joint Venture Put and Call Options—In connection with the Company's Australian JV, the Company granted a put option in April 2010 enabling the key senior Australian executive to sell his shares held in the Australian JV back to the Company at fair value. The put option can be exercised if the key senior Australian executive ceases to be employed by the Australian JV (including due to death, disability or resignation but excluding termination for cause) and following such cessation of employment, the key senior Australian executive, the remaining Australian executives and the Company are unable to agree upon a restructuring of the Australian JV. If the put option is exercised, the Company will be required to pay 50% of the purchase price upon exercise and the remaining balance within 18 months (in cash or listed stock). In addition, since April 2010, the Company has held a call option to purchase the shares from the Trust at fair value with payment terms equal to those called for under the put option.

 Legal—There are no legal actions pending or, to management's knowledge, threatened against the Company or any of its combined entities, other than ordinary course of business actions that we believe will not have a material adverse effect on our business or financial statements.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended

Sep. 30, 2015

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

 Basis of Accounting—The Company prepared the accompanying condensed consolidated and combined financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). As permitted by the interim reporting rules and regulations set forth by the SEC, the condensed consolidated and combined financial statements presented exclude certain financial information and footnote disclosures normally included in audited financial statements prepared in accordance with U.S. GAAP. In the opinion of the Company's management, the accompanying unaudited condensed consolidated and combined financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to fairly present the accompanying unaudited condensed consolidated and combined financial statements. These unaudited condensed consolidated and combined financial statements should be read in conjunction with the consolidated and combined audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014.

Consolidation

 Consolidation—The Company's policy is to consolidate (i) entities in which it has a controlling financial interest, (ii) variable interest entities where the Company has a variable interest and is deemed to be the primary beneficiary and (iii) limited partnerships where the Company is the general partner, unless the presumption of control is overcome. When the Company does not have a controlling interest in an entity, but exerts significant influence over the entity's operating and financial decisions, the Company applies the equity method of accounting in which it records in earnings its share of income or losses of the entity. All intercompany balances and transactions with the Company's subsidiaries have been eliminated in consolidation.

Use of Estimates

 Use of Estimates—The preparation of condensed consolidated and combined financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary.

 In preparing the condensed consolidated and combined financial statements, management makes estimates and assumptions regarding:



•

the adequacy of the allowance for doubtful accounts;



•

the realization of deferred taxes;



•

the measurement of equity-based compensation; and



•

other matters that affect the reported amounts and disclosures of contingencies in the financial statements.

Cash and Cash Equivalents

 Cash and Cash Equivalents—Cash and cash equivalents include all short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase.

 As of September 30, 2015, the Company had cash equivalents of $29,419 (December 31, 2014: $128,739) invested primarily in government securities money market funds and U.S. Treasury Bills. Additionally, as of September 30, 2015, the Company had cash of $58,417 (December 31, 2014: $69,205) maintained in U.S. and non-U.S. bank accounts, of which most U.S. bank account balances exceeded the FDIC coverage limit of $250.

Restricted Cash

 Restricted Cash—The Company held cash of $847 and $833 as of September 30, 2015 and December 31, 2014, respectively, in restricted collateral deposits primarily held by certain non-U.S. subsidiaries.

Receivables

 Receivables—The accompanying condensed consolidated and combined statements of financial condition present accounts receivable balances net of allowance for doubtful accounts based on the Company's assessment of the collectability of customer accounts.

 The Company maintains an allowance for doubtful accounts that, in management's opinion, provides for an adequate reserve to cover losses that may be incurred. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, age of the accounts receivable, and the current economic conditions that may affect a customer's ability to pay such amounts owed to the Company.

 After concluding that a reserved accounts receivable is no longer collectible, the Company will charge-off the receivable. This is determined based on several factors including the age of the accounts receivable and the credit worthiness of the customer. This has the effect of reducing both the gross receivable and the allowance for doubtful accounts.

Deferred Compensation

 Deferred Compensation—Deferred compensation costs represent arrangements with certain employees whereby cash payments are subject to a required period of service subsequent to payment by the Company. These amounts are charged to expenses over the period that the employee is required to provide services in order to vest in the payment.

Financial Instruments at Fair Value

 Financial Instruments at Fair Value—Fair value is generally based on quoted prices, however if quoted market prices are not available, fair value is determined based on other relevant factors, including dealer price quotations, price activity for equivalent instruments and valuation pricing models. The Company established a fair value hierarchy which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of instrument, the characteristics specific to the instrument and the state of the marketplace (including the existence and transparency of transactions between market participants). Financial instruments with readily-available actively quoted prices or for which fair value can be measured from actively-quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

 Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs:

Level 1—Quoted prices (unadjusted) are available in active markets for identical instruments that the Company has the ability to access as of the reporting date. The Company, to the extent that it holds such instruments, does not adjust the quoted price for these instruments, even in situations in which the Company holds a large position and a sale could reasonably affect the quoted price.

Level 2—Pricing inputs are observable for the instruments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level 1. Fair value is determined through the use of models or other valuation methodologies.

Level 3—Pricing inputs are unobservable for the instruments and include situations where there is little, if any, market activity for the investments. The inputs into the determination of fair value require significant judgment or estimation by the Company's management.

 In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the instrument.

 For level 3 investments in which pricing inputs are unobservable and limited market activity exists, management's determination of fair value is based on the best information available, may incorporate management's own assumptions and involves a significant degree of judgment.

Equity Method Investments

 Equity Method Investments—The Company accounts for its equity method investments under the equity method of accounting as the Company does not control these entities but has the ability to exercise significant influence. The amounts recorded on the condensed consolidated and combined financial statements of financial condition reflects the Company's share of contributions made to, distributions received from, and the equity earnings and losses of, the investments. The Company reflects its share of gains and losses of the investment in income (loss) from equity method investments in the condensed consolidated and combined statements of operations.

Equipment and Leasehold Improvements

 Equipment and Leasehold Improvements—Office equipment and furniture and fixtures are stated at cost less accumulated depreciation, which is determined using the straight-line method over the estimated useful lives of the assets, ranging from three to seven years, respectively. Leasehold improvements are stated at cost less accumulated amortization, which is determined using the straight-line method over the lesser of the term of the lease or the estimated useful life of the asset.

 Major renewals and improvements are capitalized and minor replacements, maintenance and repairs are charged to expenses as incurred. Upon retirement or disposal of assets, the cost and related accumulated depreciation or amortization are removed from the condensed consolidated and combined statements of financial condition and any gain or loss is reflected in the condensed consolidated and combined statements of operations.

Deferred Tax Asset and Amount Due Pursuant to Tax Receivable Agreement

 Deferred Tax Asset and Amount Due Pursuant to Tax Receivable Agreement—In conjunction with the IPO, the Company is treated for U.S. federal income tax purposes as having directly purchased Class A partnership units in Group LP from the existing unitholders. In the future, additional Group LP Class A partnership units may be exchanged for shares of Class A common stock in the Company. The initial purchase and these future exchanges are expected to result in an increase in the tax basis of Group LP's assets attributable to the Company's interest in Group LP. These increases in the tax basis of Group LP's assets attributable to the Company's interest in Group LP would not have been available but for this initial purchase and future exchanges. Such increases in tax basis are likely to increase (for tax purposes) depreciation and amortization deductions and therefore reduce the amount of income tax the Company would otherwise be required to pay in the future. As a result, the Company records a deferred tax asset for such increase in tax basis.

 The Company has entered into a tax receivable agreement with its eligible Managing Directors that will provide for the payment by the Company to its eligible Managing Directors of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of (a) the increases in tax basis attributable to exchanges by its eligible Managing Directors and (b) tax benefits related to imputed interest deemed to be paid by the Company as a result of this tax receivable agreement. The Company expects to benefit from the remaining 15% of cash savings, if any, in income tax that it realizes and record any such estimated tax benefits as an increase to additional paid-in-capital. For purposes of the tax receivable agreement, cash savings in income tax will be computed by comparing the Company's actual income tax liability to the amount of such taxes that it would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Group LP as a result of the exchanges and had it not entered into the tax receivable agreement. The term of the tax receivable agreement commenced upon consummation of the IPO and will continue until all such tax benefits have been utilized or expired, unless the Company exercises its right to terminate the tax receivable agreement for an amount based on an agreed value of payments remaining to be made under the agreement. The Company has recorded the estimated tax benefits related to the increase in tax basis and imputed interest as a result of the initial purchase described above as a deferred tax asset in the condensed consolidated and combined statements of financial condition. The amount due to its eligible Managing Directors related to the tax receivable agreement as a result of the initial purchase described above is recorded as amount due pursuant to tax receivable agreement in the condensed consolidated and combined statements of financial condition. The amounts recorded for the deferred tax asset and the liability for our obligations under the tax receivable agreement are estimates. Any adjustments to our estimates subsequent to their initial establishment will be included in net income (loss). Future exchanges of Class A partnership units in Group LP for Class A common shares in the Company will be accounted for in a similar manner.

Revenue and Expense Recognition

 Revenue and Expense Recognition—The Company recognizes revenues from providing advisory services when earned and collection is reasonably assured. Upfront fees are recognized over the estimated period that the related services are performed. Transaction-related fees are recognized when all services for a transaction have been provided, specified conditions have been met and the transaction closes. Underwriting revenues are recognized when the offering is deemed complete and is presented net of related expenses. Deferred revenues are recorded for fees received that have not yet been earned. Expenses are reflected on the condensed consolidated and combined statements of operations, net of client reimbursements. Reimbursable expenses billed to clients totaled $3,639 and $2,793 for the three months ended September 30, 2015 and 2014, respectively, and $9,510 and $7,520 for the nine months ended September 30, 2015 and 2014, respectively.

Equity-based Compensation

 Equity-based Compensation—The Company recognizes the cost of employee services received in exchange for an equity instrument award. The cost is based on its grant-date fair value amortized over the service period required by the award's vesting terms. Prior to the Company's IPO, the measurement of the grant-date fair value required the Company's Parent to make estimates about its future operating results and the appropriate risk-adjusted discount rates. The methods used to estimate the fair value of equity-based compensation generally included the market approach and the income approach, each of which involve a significant degree of judgment. Under the market approach, fair value is determined with reference to observable valuation measures for comparable companies (e.g., multiplying a key performance metric of the comparable company by a relevant valuation multiple-adjusted for differences between the Company's Parent and the referenced comparable). Under the income approach, fair value is determined by converting future amounts (e.g., cash flows or earnings) to a single present amount (discounted) using current expectations about those future amounts. Subsequent to the Company's IPO, the grant-date fair value of equity awards is based on quoted market prices at the time of grant. The Company recognizes such amounts in compensation and benefits expenses in the accompanying condensed consolidated and combined statements of operations and as an increase to equity in the accompanying condensed consolidated and combined statements of financial condition and changes in equity. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the vesting of restricted stock units ("RSUs"). The Company records dividends in kind, net of forfeitures, on outstanding RSUs as a dividend payment and a charge to equity. Dividends in kind on RSUs are subject to the same vesting conditions as the underlying RSUs on which they were accrued. Dividends in kind will be forfeited if the award does not vest. See Note 9 for further discussion.

 For the purposes of calculating diluted net income (loss) per share to holders of Class A common stock, unvested service-based awards are included in the diluted weighted average shares of Class A common stock outstanding using the treasury stock method. See Note 8 for further discussion.

 The Company generally permits a retiring employee to retain and not forfeit certain qualifying incentive RSUs granted during employment if at retirement the employee (i) is at least 54 years old and (ii) has provided at least 8 consecutive years of service to the Company. Any such RSUs will continue to vest on their applicable vesting schedule, subject to noncompetition and other terms. Over time a greater number of employees may become retirement eligible and the related requisite service period over which we will expense these awards will be shorter than the stated vesting period. Any unvested RSUs prior to meeting the stated requisite service period or retirement eligibility date are eligible to receive dividends in kind; however, the right to dividends in kind will be forfeited if the underlying award does not vest.

Income Taxes

 Income Taxes—Prior to the Company's reorganization and IPO of Moelis & Company, the Company had been primarily subject to the New York City unincorporated business tax ("UBT") and certain other foreign, state and local taxes as applicable. The Company's operations were historically comprised of entities that are organized as limited liability companies and limited partnerships. For U.S. federal income tax purposes, taxes related to income earned by these entities represent obligations of the individual partners and members and have historically not been reflected in the condensed consolidated and combined statements of financial condition. In connection with the Company's reorganization and IPO, the Company became subject to U.S. corporate federal and state income tax on its allocable share of results of operations from Group LP.

 The Company accounts for income taxes in accordance with ASC 740, "Accounting for Income Taxes" ("ASC 740"), which requires the recognition of tax benefits or expenses on temporary differences between the financial reporting and tax bases of its assets and liabilities by applying the enacted tax rates in effect for the year in which the differences are expected to reverse. Such net tax effects on temporary differences are reflected on the Company's condensed consolidated and combined statements of financial condition as deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when the Company believes that it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

 ASC 740-10 prescribes a two-step approach for the recognition and measurement of tax benefits associated with the positions taken or expected to be taken in a tax return that affect amounts reported in the financial statements. The Company has reviewed and will continue to review the conclusions reached regarding uncertain tax positions, which may be subject to review and adjustment at a later date based on ongoing analyses of tax laws, regulations and interpretations thereof. For the three and nine months ended September 30, 2015 and 2014, no unrecognized tax benefit was recorded. To the extent that the Company's assessment of the conclusions reached regarding uncertain tax positions changes as a result of the evaluation of new information, such change in estimate will be recorded in the period in which such determination is made. The Company reports income tax-related interest and penalties, if applicable, as a component of income tax expense. For the three and nine months ended September 30, 2015 and 2014, no such amounts were recorded.

Foreign Currency Translation

 Foreign Currency Translation—Assets and liabilities held in non-U.S. dollar denominated (functional) currencies are translated into U.S. dollars at exchange rates in effect at the end of the reporting period. Revenues and expenses are translated at average exchange rates during the reporting period. A charge or credit is recorded to other comprehensive income to reflect the translation of these amounts to the extent the non-U.S. currency is designated the functional currency of the subsidiary. Non-functional currency related transaction gains and losses are immediately recorded in the condensed consolidated and combined statements of operations.

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REGULATORY REQUIREMENTS (Details) - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Regulatory requirements

Minimum net capital requirement $ 250

Moelis US

Regulatory requirements

Net capital 45,821 $ 80,270

Net capital in excess of required net capital 45,571 80,020

Moelis UK

Regulatory requirements

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EQUIPMENT AND LEASEHOLD IMPROVEMENTS (Details) - USD ($)
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Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Equipment and leasehold improvements

Total $ 20,085 $ 20,085 $ 17,576

Less accumulated depreciation and amortization (11,797) (11,797) (10,238)

Equipment and leasehold improvements, net 8,288 8,288 7,338

Depreciation and amortization expenses 646 $ 542 1,954 $ 1,595

Office equipment

Equipment and leasehold improvements

Total 10,427 10,427 9,387

Furniture and fixtures

Equipment and leasehold improvements

Total 2,858 2,858 2,258

Leasehold improvements

Equipment and leasehold improvements

Total $ 6,800 $ 6,800 $ 5,931

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Condensed Consolidated and Combined Statements of Comprehensive Income - USD ($)
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Sep. 30, 2014

Sep. 30, 2015

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Condensed Consolidated and Combined Statements of Comprehensive Income

Net income (loss) $ 34,630 $ 32,785 $ 81,446 $ (5,733)

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Comprehensive income (loss) 33,047 29,629 81,429 (7,175)

Less : Comprehensive income (loss) attributable to noncontrolling interests 23,546 24,017 58,891 5,740

Comprehensive income (loss) attributable to Moelis & Company $ 9,501 $ 5,612 $ 22,538 $ (12,915)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended

Sep. 30, 2015

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 Basis of Accounting—The Company prepared the accompanying condensed consolidated and combined financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). As permitted by the interim reporting rules and regulations set forth by the SEC, the condensed consolidated and combined financial statements presented exclude certain financial information and footnote disclosures normally included in audited financial statements prepared in accordance with U.S. GAAP. In the opinion of the Company's management, the accompanying unaudited condensed consolidated and combined financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to fairly present the accompanying unaudited condensed consolidated and combined financial statements. These unaudited condensed consolidated and combined financial statements should be read in conjunction with the consolidated and combined audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014.

 Consolidation—The Company's policy is to consolidate (i) entities in which it has a controlling financial interest, (ii) variable interest entities where the Company has a variable interest and is deemed to be the primary beneficiary and (iii) limited partnerships where the Company is the general partner, unless the presumption of control is overcome. When the Company does not have a controlling interest in an entity, but exerts significant influence over the entity's operating and financial decisions, the Company applies the equity method of accounting in which it records in earnings its share of income or losses of the entity. All intercompany balances and transactions with the Company's subsidiaries have been eliminated in consolidation.

 Use of Estimates—The preparation of condensed consolidated and combined financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary.

 In preparing the condensed consolidated and combined financial statements, management makes estimates and assumptions regarding:



•

the adequacy of the allowance for doubtful accounts;



•

the realization of deferred taxes;



•

the measurement of equity-based compensation; and



•

other matters that affect the reported amounts and disclosures of contingencies in the financial statements.

 Cash and Cash Equivalents—Cash and cash equivalents include all short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase.

 As of September 30, 2015, the Company had cash equivalents of $29,419 (December 31, 2014: $128,739) invested primarily in government securities money market funds and U.S. Treasury Bills. Additionally, as of September 30, 2015, the Company had cash of $58,417 (December 31, 2014: $69,205) maintained in U.S. and non-U.S. bank accounts, of which most U.S. bank account balances exceeded the FDIC coverage limit of $250.

 Restricted Cash—The Company held cash of $847 and $833 as of September 30, 2015 and December 31, 2014, respectively, in restricted collateral deposits primarily held by certain non-U.S. subsidiaries.

 Receivables—The accompanying condensed consolidated and combined statements of financial condition present accounts receivable balances net of allowance for doubtful accounts based on the Company's assessment of the collectability of customer accounts.

 The Company maintains an allowance for doubtful accounts that, in management's opinion, provides for an adequate reserve to cover losses that may be incurred. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, age of the accounts receivable, and the current economic conditions that may affect a customer's ability to pay such amounts owed to the Company.

 After concluding that a reserved accounts receivable is no longer collectible, the Company will charge-off the receivable. This is determined based on several factors including the age of the accounts receivable and the credit worthiness of the customer. This has the effect of reducing both the gross receivable and the allowance for doubtful accounts.

 Deferred Compensation—Deferred compensation costs represent arrangements with certain employees whereby cash payments are subject to a required period of service subsequent to payment by the Company. These amounts are charged to expenses over the period that the employee is required to provide services in order to vest in the payment.

 Financial Instruments at Fair Value—Fair value is generally based on quoted prices, however if quoted market prices are not available, fair value is determined based on other relevant factors, including dealer price quotations, price activity for equivalent instruments and valuation pricing models. The Company established a fair value hierarchy which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of instrument, the characteristics specific to the instrument and the state of the marketplace (including the existence and transparency of transactions between market participants). Financial instruments with readily-available actively quoted prices or for which fair value can be measured from actively-quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

 Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs:

Level 1—Quoted prices (unadjusted) are available in active markets for identical instruments that the Company has the ability to access as of the reporting date. The Company, to the extent that it holds such instruments, does not adjust the quoted price for these instruments, even in situations in which the Company holds a large position and a sale could reasonably affect the quoted price.

Level 2—Pricing inputs are observable for the instruments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level 1. Fair value is determined through the use of models or other valuation methodologies.

Level 3—Pricing inputs are unobservable for the instruments and include situations where there is little, if any, market activity for the investments. The inputs into the determination of fair value require significant judgment or estimation by the Company's management.

 In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the instrument.

 For level 3 investments in which pricing inputs are unobservable and limited market activity exists, management's determination of fair value is based on the best information available, may incorporate management's own assumptions and involves a significant degree of judgment.

 Equity Method Investments—The Company accounts for its equity method investments under the equity method of accounting as the Company does not control these entities but has the ability to exercise significant influence. The amounts recorded on the condensed consolidated and combined financial statements of financial condition reflects the Company's share of contributions made to, distributions received from, and the equity earnings and losses of, the investments. The Company reflects its share of gains and losses of the investment in income (loss) from equity method investments in the condensed consolidated and combined statements of operations.

 Equipment and Leasehold Improvements—Office equipment and furniture and fixtures are stated at cost less accumulated depreciation, which is determined using the straight-line method over the estimated useful lives of the assets, ranging from three to seven years, respectively. Leasehold improvements are stated at cost less accumulated amortization, which is determined using the straight-line method over the lesser of the term of the lease or the estimated useful life of the asset.

 Major renewals and improvements are capitalized and minor replacements, maintenance and repairs are charged to expenses as incurred. Upon retirement or disposal of assets, the cost and related accumulated depreciation or amortization are removed from the condensed consolidated and combined statements of financial condition and any gain or loss is reflected in the condensed consolidated and combined statements of operations.

 Deferred Tax Asset and Amount Due Pursuant to Tax Receivable Agreement—In conjunction with the IPO, the Company is treated for U.S. federal income tax purposes as having directly purchased Class A partnership units in Group LP from the existing unitholders. In the future, additional Group LP Class A partnership units may be exchanged for shares of Class A common stock in the Company. The initial purchase and these future exchanges are expected to result in an increase in the tax basis of Group LP's assets attributable to the Company's interest in Group LP. These increases in the tax basis of Group LP's assets attributable to the Company's interest in Group LP would not have been available but for this initial purchase and future exchanges. Such increases in tax basis are likely to increase (for tax purposes) depreciation and amortization deductions and therefore reduce the amount of income tax the Company would otherwise be required to pay in the future. As a result, the Company records a deferred tax asset for such increase in tax basis.

 The Company has entered into a tax receivable agreement with its eligible Managing Directors that will provide for the payment by the Company to its eligible Managing Directors of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of (a) the increases in tax basis attributable to exchanges by its eligible Managing Directors and (b) tax benefits related to imputed interest deemed to be paid by the Company as a result of this tax receivable agreement. The Company expects to benefit from the remaining 15% of cash savings, if any, in income tax that it realizes and record any such estimated tax benefits as an increase to additional paid-in-capital. For purposes of the tax receivable agreement, cash savings in income tax will be computed by comparing the Company's actual income tax liability to the amount of such taxes that it would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Group LP as a result of the exchanges and had it not entered into the tax receivable agreement. The term of the tax receivable agreement commenced upon consummation of the IPO and will continue until all such tax benefits have been utilized or expired, unless the Company exercises its right to terminate the tax receivable agreement for an amount based on an agreed value of payments remaining to be made under the agreement. The Company has recorded the estimated tax benefits related to the increase in tax basis and imputed interest as a result of the initial purchase described above as a deferred tax asset in the condensed consolidated and combined statements of financial condition. The amount due to its eligible Managing Directors related to the tax receivable agreement as a result of the initial purchase described above is recorded as amount due pursuant to tax receivable agreement in the condensed consolidated and combined statements of financial condition. The amounts recorded for the deferred tax asset and the liability for our obligations under the tax receivable agreement are estimates. Any adjustments to our estimates subsequent to their initial establishment will be included in net income (loss). Future exchanges of Class A partnership units in Group LP for Class A common shares in the Company will be accounted for in a similar manner.

 Revenue and Expense Recognition—The Company recognizes revenues from providing advisory services when earned and collection is reasonably assured. Upfront fees are recognized over the estimated period that the related services are performed. Transaction-related fees are recognized when all services for a transaction have been provided, specified conditions have been met and the transaction closes. Underwriting revenues are recognized when the offering is deemed complete and is presented net of related expenses. Deferred revenues are recorded for fees received that have not yet been earned. Expenses are reflected on the condensed consolidated and combined statements of operations, net of client reimbursements. Reimbursable expenses billed to clients totaled $3,639 and $2,793 for the three months ended September 30, 2015 and 2014, respectively, and $9,510 and $7,520 for the nine months ended September 30, 2015 and 2014, respectively.

 Equity-based Compensation—The Company recognizes the cost of employee services received in exchange for an equity instrument award. The cost is based on its grant-date fair value amortized over the service period required by the award's vesting terms. Prior to the Company's IPO, the measurement of the grant-date fair value required the Company's Parent to make estimates about its future operating results and the appropriate risk-adjusted discount rates. The methods used to estimate the fair value of equity-based compensation generally included the market approach and the income approach, each of which involve a significant degree of judgment. Under the market approach, fair value is determined with reference to observable valuation measures for comparable companies (e.g., multiplying a key performance metric of the comparable company by a relevant valuation multiple-adjusted for differences between the Company's Parent and the referenced comparable). Under the income approach, fair value is determined by converting future amounts (e.g., cash flows or earnings) to a single present amount (discounted) using current expectations about those future amounts. Subsequent to the Company's IPO, the grant-date fair value of equity awards is based on quoted market prices at the time of grant. The Company recognizes such amounts in compensation and benefits expenses in the accompanying condensed consolidated and combined statements of operations and as an increase to equity in the accompanying condensed consolidated and combined statements of financial condition and changes in equity. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the vesting of restricted stock units ("RSUs"). The Company records dividends in kind, net of forfeitures, on outstanding RSUs as a dividend payment and a charge to equity. Dividends in kind on RSUs are subject to the same vesting conditions as the underlying RSUs on which they were accrued. Dividends in kind will be forfeited if the award does not vest. See Note 9 for further discussion.

 For the purposes of calculating diluted net income (loss) per share to holders of Class A common stock, unvested service-based awards are included in the diluted weighted average shares of Class A common stock outstanding using the treasury stock method. See Note 8 for further discussion.

 The Company generally permits a retiring employee to retain and not forfeit certain qualifying incentive RSUs granted during employment if at retirement the employee (i) is at least 54 years old and (ii) has provided at least 8 consecutive years of service to the Company. Any such RSUs will continue to vest on their applicable vesting schedule, subject to noncompetition and other terms. Over time a greater number of employees may become retirement eligible and the related requisite service period over which we will expense these awards will be shorter than the stated vesting period. Any unvested RSUs prior to meeting the stated requisite service period or retirement eligibility date are eligible to receive dividends in kind; however, the right to dividends in kind will be forfeited if the underlying award does not vest.

 Income Taxes—Prior to the Company's reorganization and IPO of Moelis & Company, the Company had been primarily subject to the New York City unincorporated business tax ("UBT") and certain other foreign, state and local taxes as applicable. The Company's operations were historically comprised of entities that are organized as limited liability companies and limited partnerships. For U.S. federal income tax purposes, taxes related to income earned by these entities represent obligations of the individual partners and members and have historically not been reflected in the condensed consolidated and combined statements of financial condition. In connection with the Company's reorganization and IPO, the Company became subject to U.S. corporate federal and state income tax on its allocable share of results of operations from Group LP.

 The Company accounts for income taxes in accordance with ASC 740, "Accounting for Income Taxes" ("ASC 740"), which requires the recognition of tax benefits or expenses on temporary differences between the financial reporting and tax bases of its assets and liabilities by applying the enacted tax rates in effect for the year in which the differences are expected to reverse. Such net tax effects on temporary differences are reflected on the Company's condensed consolidated and combined statements of financial condition as deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when the Company believes that it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

 ASC 740-10 prescribes a two-step approach for the recognition and measurement of tax benefits associated with the positions taken or expected to be taken in a tax return that affect amounts reported in the financial statements. The Company has reviewed and will continue to review the conclusions reached regarding uncertain tax positions, which may be subject to review and adjustment at a later date based on ongoing analyses of tax laws, regulations and interpretations thereof. For the three and nine months ended September 30, 2015 and 2014, no unrecognized tax benefit was recorded. To the extent that the Company's assessment of the conclusions reached regarding uncertain tax positions changes as a result of the evaluation of new information, such change in estimate will be recorded in the period in which such determination is made. The Company reports income tax-related interest and penalties, if applicable, as a component of income tax expense. For the three and nine months ended September 30, 2015 and 2014, no such amounts were recorded.

 Foreign Currency Translation—Assets and liabilities held in non-U.S. dollar denominated (functional) currencies are translated into U.S. dollars at exchange rates in effect at the end of the reporting period. Revenues and expenses are translated at average exchange rates during the reporting period. A charge or credit is recorded to other comprehensive income to reflect the translation of these amounts to the extent the non-U.S. currency is designated the functional currency of the subsidiary. Non-functional currency related transaction gains and losses are immediately recorded in the condensed consolidated and combined statements of operations.

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EQUIPMENT AND LEASEHOLD IMPROVEMENTS (Tables)
9 Months Ended

Sep. 30, 2015

EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Schedule of equipment and leasehold improvements, net



September 30,
2015

December 31,
2014

Office equipment

$

10,427

$

9,387

Furniture and fixtures

2,858

2,258

Leasehold improvements

6,800

5,931

Total

20,085

17,576

Less accumulated depreciation and amortization

(11,797
)

(10,238
)

Equipment and leasehold improvements, net

$

8,288

$

7,338

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BUSINESS CHANGES AND DEVELOPMENTS (Details 2) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Mar. 31, 2014

Sep. 30, 2015

Sep. 30, 2014

Equity Method Investments

Professional fees expense associated with one-time non-cash acceleration of unvested equity $ 1,240

Class A common stock

Equity Method Investments

Compensation and benefits expense associated with issuance of cash and fully vested shares 4,014

Compensation and benefits expense associated with issuance of cash 2,004

Compensation and benefits expense associated with issuance of fully vested shares 2,010

Moelis Australia Holdings

Equity Method Investments

Expense associated with the one-time non-cash acceleration of unvested equity 4,916

RSUs

Equity Method Investments

Compensation and benefits expense associated with the amortization of equity awards granted in connection with the IPO $ 763

Vesting period 5 years

Stock options

Equity Method Investments

Compensation and benefits expense associated with the amortization of equity awards granted in connection with the IPO $ 2,046

Vesting period 5 years 5 years

Managing Directors

Equity Method Investments

Expense associated with the one-time non-cash acceleration of unvested equity $ 87,601

Expense associated with the non-cash acceleration of amortization of equity held prior to IPO $ 10,349

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REGULATORY REQUIREMENTS
9 Months Ended

Sep. 30, 2015

REGULATORY REQUIREMENTS

REGULATORY REQUIREMENTS

12. REGULATORY REQUIREMENTS

 Under the SEC Uniform Net Capital Rule (SEC Rule 15c3-1) Alternative Standard under Section (a)(1)(ii), the minimum net capital requirement is $250. At September 30, 2015, Moelis U.S. had net capital of $45,821, which was $45,571 in excess of its required net capital. At December 31, 2014, Moelis U.S. had net capital of $80,270 which was $80,020 in excess of its required net capital.

 Moelis U.S. does not carry customer accounts and does not otherwise hold funds or securities for, or owe money or securities to, customers and accordingly is exempt under Section (k)(2)(ii) of SEC Rule 15c3-3.

 At September 30, 2015, the aggregate regulatory net capital of Moelis UK was $18,104 which exceeded the minimum requirement by $18,048. At December 31, 2014, the aggregate regulatory net capital of Moelis UK was $22,980, which exceeded the minimum requirement by $22,919.

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RELATED-PARTY TRANSACTIONS (Details) $ in Thousands			3 Months Ended		5 Months Ended	9 Months Ended		12 Months Ended
RELATED-PARTY TRANSACTIONS (Details) $ in Thousands	Aug. 30, 2014 item	Apr. 15, 2014	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Jun. 30, 2014 USD ($)
Related-party transactions
Aircraft operating expenses				$ 0			$ 401
Principal repayments							831
Investment into the entity controlled by a related party			$ 18,231			$ 18,231		$ 17,416
Income (loss) from equity method investments			450	1,105		3,510	(2,966)
Cash contribution made							4,445
Aircraft lease entered into during August 2014
Related-party transactions
Number of lessees of aircraft (other than the Company), including related party \| item	2
Manager
Related-party transactions
Expenses				156			310
Manager \| Aircraft lease entered into during April 2014
Related-party transactions
Aircraft lease term		10 years
Manager \| Aircraft lease entered into during August 2014
Related-party transactions
Expenses			312	61		936	61
Number of lessees of aircraft who are a related party \| item	1
Employees \| Unsecured promissory notes
Related-party transactions
Unsecured promissory notes from employees			119			$ 119		$ 119
Interest rates (as a percent)						4.00%		4.00%
Principal repayments						$ 0	831
Interest income recognized						4	5
Old Holdings \| Expense allocation of occupancy expenses
Related-party transactions
Expenses				0			2,316
Old Holdings \| Expense allocation of communication, technology and information service expense
Related-party transactions
Expenses				0			2,745
Moelis Australia Holdings
Related-party transactions
Due from related party			62			62		$ 945
Moelis Asset Management LP
Related-party transactions
Fee for services			420	500	$ 960	1,265
Due from related party			0			0		$ 79
Investment into the entity controlled by a related party									$ 265
Income (loss) from equity method investments			287	0		3,068	0
Revenue from Related Parties			$ 1,299	$ 2,769		5,635	3,717
Cash distributions						$ 2,694	$ 0

SUBSEQUENT EVENTS (Details) - Class A common stock - $ / shares		3 Months Ended		9 Months Ended
	Oct. 28, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Subsequent Events
Dividends declared per share		$ 0.30	$ 0.20	$ 0.70	$ 0.20
Subsequent event
Subsequent Events
Dividends declared per share	$ 0.30

EQUITY-BASED COMPENSATION (Details 2) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 24, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Weighted Average Grant Date Fair Value
Treasury stock shares acquired (in shares)				242,619
Treasury Stock, Value, Acquired, Cost Method				$ 7,006
Restricted stock and RSUs
Equity-based compensation
Award issued (in shares)				2,615,660	2,477,272
Number of shares
Unvested Balance at the beginning of the period (in shares)				2,473,624
Granted (in shares)				2,615,660	2,477,272
Forfeited (in shares)				(36,903)	(56,642)
Vested (in shares)				(92,717)	(9,190)
Unvested Balance at the end of the period (in shares)		4,959,664	2,411,440	4,959,664	2,411,440	2,473,624
Weighted Average Grant Date Fair Value
Unvested Balance at the beginning of the period (in dollars per share)				$ 25.86
Granted (in dollars per share)				31.92	$ 26.08
Forfeited (in dollars per share)				28.79	25.00
Vested (in dollars per share)				27.45	28.02
Unvested Balance at the end of the period (in dollars per share)		$ 28.93	$ 26.10	$ 28.93	$ 26.10	$ 25.86
Total compensation expense not yet recognized		$ 88,882		$ 88,882
Forfeiture rate (as a percent)				3.00%
Weighted average period to recognize compensation expense				2 years 8 months 12 days
RSUs
Equity-based compensation
Award issued (in shares)				2,615,660
Vesting period					5 years
Compensation expenses		10,826	$ 4,509	$ 27,398	$ 7,835
Number of shares
Granted (in shares)				2,615,660
RSUs \| Minimum
Equity-based compensation
Vesting period				4 years
RSUs \| Maximum
Equity-based compensation
Vesting period				5 years
Stock options
Equity-based compensation
Award issued (in shares)						3,501,881
Vesting period				5 years	5 years
Compensation expenses		1,048	$ 1,094	$ 3,082	$ 2,046
Number of shares
Granted (in shares)						3,501,881
Weighted Average Grant Date Fair Value
Total compensation expense not yet recognized		$ 12,161		$ 12,161
Forfeiture rate (as a percent)				3.00%
Weighted average period to recognize compensation expense				3 years 1 month 6 days
Special dividend declared (in dollars per share)	$ 1.00
Reduction to exercise price of options outstanding due to special dividend paid (in dollars per share)	$ 1.00
Assumptions used to estimates fair value
Expected life (in years)				6 years
Weighted-average risk free interest rate (as a percent)				1.91%
Expected volatility (as a percent)				35.00%
Dividend yield (as a percent)				2.72%
Weighted - average fair value at grant date				$ 6.70
Number Outstanding
Outstanding at the beginning of the period (in shares				3,296,906
Grants (in shares)					3,501,881
Forfeiture or expirations (in shares)				(174,727)	(130,975)
Outstanding at the end of the period (in shares		3,122,179	3,370,906	3,122,179	3,370,906	3,296,906
Weighted-Average Exercise Price Per Share
Outstanding at the beginning of the period (in dollars per share)				$ 24.00
Grants (in dollars per share)					$ 24.00
Exercises (in dollars per share)					24.00
Forfeiture or expirations (in dollars per share)				24.00	24.00
Outstanding at the end of the period (in dollars per share)		$ 24.00	$ 24.00	$ 24.00	$ 24.00	$ 24.00

ORGANIZATION AND BASIS OF PRESENTATION (Details)	1 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Details)	Apr. 30, 2014 shares
Class A common stock \| IPO
Organization and basis of presentation
Issuance of common stock (in shares)	7,475,000

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	9 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair value measurements
Investments in securities	$ 113,002	$ 39,997
Total financial assets	142,421	168,736
Government securities money market
Fair value measurements
Cash and cash equivalents	$ 19,419	128,739
U.S. treasury bills
Fair value measurements
Maximum investment term	12 months
Cash and cash equivalents	$ 10,000
Investments in securities	113,002	39,997
Level 2
Fair value measurements
Total financial assets	142,421	168,736
Level 2 \| Government securities money market
Fair value measurements
Cash and cash equivalents	19,419	128,739
Level 2 \| U.S. treasury bills
Fair value measurements
Cash and cash equivalents	10,000
Investments in securities	113,002	$ 39,997
Level 3
Fair value measurements
Total financial assets	$ 0

BUSINESS CHANGES AND DEVELOPMENTS (Details) $ in Thousands	1 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
BUSINESS CHANGES AND DEVELOPMENTS (Details) $ in Thousands	Nov. 30, 2014	Apr. 30, 2014 USD ($) item shares	Apr. 21, 2014 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) shares	Sep. 30, 2014 USD ($)	Aug. 31, 2014
Reorganization and initial public offering
IPO related proceeds (net of $10,316 of offering costs)						$ 163,682
Proceeds from IPO, net of expenses			$ 500	$ 162,107
Distribution of IPO proceeds to partners						139,429
Tax benefits associated with deferred tax asset payable to partners (as a percent)	85.00%				85.00%
Class A common stock
Reorganization and initial public offering
Number of shares of common stock to be issued upon exchange of a partnership unit \| shares		1			1
Class B common stock
Reorganization and initial public offering
Ratio of subscription price to the initial public offering price of shares of common stock		0.00055
Aggregate number of shares of Class B common stock that may be converted into Class A common stock \| shares		20,000
Dividends payable ratio to outstanding shares of publicly traded common stock		0.00055
Number of votes entitled to holder for each share of common stock held upon satisfaction of Class B Condition \| item		10
Number of votes entitled to holder for each share of common stock held upon failure of Class B Condition \| item		1
Moelis Brazil
Reorganization and initial public offering
Ownership percentage (as a percent)							94.00%
Moelis Brazil \| Senior bankers
Reorganization and initial public offering
Ownership percentage (as a percent)							6.00%
Group LP
Reorganization and initial public offering
Number of principal classes of units \| shares		1
Distribution of IPO proceeds to partners		$ 139,429
Deferred tax assets attributable to exchanges by partners					$ 769
Tax benefits associated with deferred tax asset payable to partners					$ 654
Period of tax receivable agreement					15 years
Group LP \| Class A common stock
Reorganization and initial public offering
IPO related proceeds (net of $10,316 of offering costs)						163,682
Proceeds from IPO, net of expenses						$ 162,107
Old Holdings
Reorganization and initial public offering
Pre-offering distribution to partners		195,017
Deferred tax assets attributable to exchanges by partners		$ 60,946
Tax benefits associated with deferred tax asset payable to partners (as a percent)		85.00%
Tax benefits associated with deferred tax asset payable to partners		$ 51,804
Period of tax receivable agreement		15 years

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
EMPLOYEE BENEFIT PLANS
Minimum age required to be eligible to participate in the 401(k) plan			21 years
Expenses accrued relating to employer matching contributions	$ 361	$ 348	$ 1,017	$ 973

STOCKHOLDERS EQUITY (Details) $ / shares in Units, $ in Thousands	1 Months Ended		9 Months Ended
	Nov. 30, 2014 $ / shares shares	Apr. 30, 2014 shares	Sep. 30, 2015 USD ($) shares	Dec. 31, 2014 shares
STOCKHOLDERS EQUITY
Treasury stock shares acquired (in shares)			242,619
Treasury stock shares acquired \| $			$ 7,006
Group LP
STOCKHOLDERS EQUITY
Number of units held by noncontrolling interest holders			33,933,414
Noncontrolling interests (as a percent)			63.00%
Class A common stock
STOCKHOLDERS EQUITY
Aggregate stock issuance (in shares)		15,263,653
Reorganization of equity structure (in shares)		7,699,851
Common Stock issued in connection with settlement of appreciation rights issued in prior years (in shares)		88,802
Common stock, shares issued			20,400,849	19,770,893
Common stock, shares outstanding	19,770,893		20,158,230	19,770,893
Number of shares of common stock to be issued upon exchange of a partnership unit		1	1
Class A common stock \| IPO
STOCKHOLDERS EQUITY
Common Stock issued (in shares)		7,475,000
Class A common stock \| Secondary Offering
STOCKHOLDERS EQUITY
Common Stock issued (in shares)	4,509,400
Issuance of new and sale of existing common stock (in shares)	6,325,000
Issuance of Class A common stock and acquisition of Class A partnership units in connection with secondary offering (in shares)	4,511,058
Shares issued upon conversion	1,658
Class A common stock \| Group LP
STOCKHOLDERS EQUITY
Common stock, shares outstanding			20,158,230
Class B common stock
STOCKHOLDERS EQUITY
Common Stock issued (in shares)		36,158,698
Common stock, shares issued			31,358,729	31,621,542
Common stock, shares outstanding			31,358,729	31,621,542
Ratio of subscription price to the initial public offering price of shares of common stock		0.00055
Aggregate number of shares of Class B common stock that may be converted into Class A common stock		20,000
Dividends payable ratio to outstanding shares of publicly traded common stock		0.00055
Class B common stock \| Secondary Offering
STOCKHOLDERS EQUITY
Issuance of Class A common stock and acquisition of Class A partnership units in connection with secondary offering (in shares)	4,507,453
Shares converted	2,998,322
Conversion ratio	0.00055
Number of shares repurchased and retired	1,509,131
Price per share of stock which was repurchased and retired \| $ / shares	$ 28

FAIR VALUE MEASUREMENTS (Details 2) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Changes to the Company's investment classified as Level 3
Transfers between Level 1, Level 2 or Level 3	$ 0	$ 0
Common Stock
Changes to the Company's investment classified as Level 3
Balance at beginning of the period		$ 1,904
Non-cash settlement of customer receivable	1,000
Distribution to Parent	$ (2,904)

Condensed Consolidated and Combined Statements of Changes in Equity - USD ($) $ in Thousands	Class A common stock Common Stock	Class B common stock Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit).	Parent Company Investment	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Balance at beginning of period at Dec. 31, 2013						$ 308,444	$ 926		$ 309,370
Changes in Equity
Net income (loss)						29,768			29,768
Net cash distributions to Parent						(80,983)			(80,983)
Equity-based compensation						13,834			13,834
Equity-based contributions to joint venture and Parent's advisory board						1,223			1,223
Pre-offering distribution to partners						(195,017)			(195,017)
Other non-cash distributions						(1,105)			(1,105)
Other comprehensive income (loss)							1		1
Establishment of deferred tax asset related to reorganization				$ 3,261					3,261
Reorganization of equity structure	$ 77			12,475		(76,164)		$ 63,612
Reorganization of equity structure (in shares)	7,699,851
Issuance of common stock		$ 362		138					500
Issuance of common stock (in shares)		36,158,698
Balance at end of period at Apr. 21, 2014	$ 77	$ 362		15,874			927	63,612	80,852
Balance at end of the period (in shares) at Apr. 21, 2014	7,699,851	36,158,698
Balance at beginning of period at Dec. 31, 2013						$ 308,444	926		309,370
Changes in Equity
Net income (loss)									(5,733)
Balance at end of period at Sep. 30, 2014	$ 153	$ 362		94,367	$ (15,517)		521	94,802	174,688
Balance at end of the period (in shares) at Sep. 30, 2014	15,260,806	36,149,180
Balance at beginning of period at Apr. 21, 2014	$ 77	$ 362		15,874			927	63,612	80,852
Balance at beginning of the period (in shares) at Apr. 21, 2014	7,699,851	36,158,698
Changes in Equity
Distributions of IPO proceeds to partners				(139,429)					(139,429)
Equity-based compensation	$ 1			33,185				65,706	98,892
Equity-based compensation (in shares)	77,693
Dividends and distributions				437	(3,007)			(8,324)	(10,894)
Equity-based contributions to joint venture and Parent's advisory board				5,692				123	5,815
Other comprehensive income (loss)							(406)	(1,037)	(1,443)
Initial establishment of deferred tax assets, net of amounts payable under tax receivable agreement				10,854					10,854
Increase in deferred tax asset related to IPO				1,302					1,302
Tax benefit related to appreciation units				4,308					4,308
Issuance of common stock	$ 75			162,032					162,107
Issuance of common stock (in shares)	7,483,442
Other				112				(2,287)	(2,175)
Other (in shares)	(180)	(9,518)
Net income (loss)					(12,510)			(22,991)	(35,501)
Balance at end of period at Sep. 30, 2014	$ 153	$ 362		94,367	(15,517)		521	94,802	174,688
Balance at end of the period (in shares) at Sep. 30, 2014	15,260,806	36,149,180
Balance at beginning of period at Dec. 31, 2014	$ 198	$ 316		136,896	(24,118)		85	61,008	174,385
Balance at beginning of the period (in shares) at Dec. 31, 2014	19,770,893	31,621,542
Changes in Equity
Net income (loss)					22,557			58,889	81,446
Equity-based compensation	$ 1			30,479				2,857	33,337
Equity-based compensation (in shares)	84,841	(5,412)
Dividends and distributions				2,732	(16,792)			(50,334)	(64,394)
Treasury Stock Purchases			$ (7,006)						$ (7,006)
Treasury Stock Purchases (in shares)			(242,619)						(242,619)
Class A Partnership Units and other equity purchased or converted into Class A Common Stock	$ 5	$ (2)		5,112				(727)	$ 4,388
Class A Partnership Units and other equity purchased or converted into Class A Common Stock (in shares)	545,115	(257,401)
Net excess tax benefit from equity-based compensation				435					435
Other comprehensive income (loss)							(19)	2	(17)
Balance at end of period at Sep. 30, 2015	$ 204	$ 314	$ (7,006)	$ 175,654	$ (18,353)		$ 66	$ 71,695	$ 222,574
Balance at end of the period (in shares) at Sep. 30, 2015	20,400,849	31,358,729	(242,619)

EQUITY METHOD INVESTMENTS (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
EQUITY METHOD INVESTMENTS (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Method Investments
Income (loss) from equity method investments	$ 450	$ 1,105	$ 3,510	$ (2,966)
Cash contribution made				4,445
Moelis Australia Holdings
Equity Method Investments
Ownership percentage (as a percent)	50.00%		50.00%
Moelis Australia Holdings
Equity Method Investments
Ownership percentage (as a percent)	50.00%		50.00%
Income (loss) from equity method investments	$ 163	$ 1,105	$ 442	(2,966)
Cash contribution made				4,180
Entity controlled by Moelis Asset Management LP
Equity Method Investments
Income (loss) from equity method investments	$ 287		3,068
Cash contribution made				$ 265
Cash distributions			$ 2,694

INCOME TAXES ( Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES ( Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income taxes
Provision for income taxes	$ 5,273	$ 4,710	$ 15,652	$ 5,790
Effective tax rate (as a percent)	13.00%	13.00%
Income before taxes	$ 39,903	$ 37,495	97,098	$ 57
Net deferred tax asset increase			4,297
Group LP
Income taxes
Deferred tax assets attributable to exchanges by partners			$ 769
Percentage of cash distribution to partners in connection to IPO attributable to exchanges by partners, payable to partners			85.00%
Cash distribution to partners in connection to IPO attributable to exchanges by partners, payable to partners			$ 654
Period of tax receivable agreement			15 years

Condensed Consolidated and Combined Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 87,836	$ 197,944
Restricted cash	847	833
Receivables:
Accounts receivable, net of allowance for doubtful accounts of $1,776 and $1,552 as of September 30, 2015 and December 31, 2014, respectively	34,103	22,987
Other receivables	6,259	4,907
Total receivables	40,362	27,894
Deferred compensation	8,495	5,652
Investments at fair value (cost basis $112,986 and $39,999 as of September 30, 2015 and December 31, 2014, respectively)	113,002	39,997
Equity method investments	18,231	17,416
Equipment and leasehold improvements, net	8,288	7,338
Deferred tax asset	164,434	160,137
Prepaid expenses and other assets	9,413	7,038
Total assets	450,908	464,249
Liabilities and Equity
Compensation payable	73,327	135,920
Accounts payable and accrued expenses	17,328	19,888
Amount due pursuant to tax receivable agreement	120,897	119,738
Deferred revenue	7,078	5,152
Other liabilities	9,704	9,166
Total liabilities	$ 228,334	$ 289,864
Commitments and Contingencies (See Note 13)
Treasury stock, at cost; 242,619 and 0 shares as of September 30, 2015 and December 31, 2014, respectively	$ (7,006)
Additional paid-in-capital	175,654	$ 136,896
Retained earnings (accumulated deficit)	(18,353)	(24,118)
Accumulated other comprehensive income (loss)	66	85
Total Moelis & Company equity	150,879	113,377
Noncontrolling interests	71,695	61,008
Total equity	222,574	174,385
Total liabilities and equity	450,908	464,249
Class A common stock
Liabilities and Equity
Common stock, par value $0.01 per share	204	198
Class B common stock
Liabilities and Equity
Common stock, par value $0.01 per share	$ 314	$ 316

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Cash and Cash Equivalents
Cash equivalents	$ 29,419	$ 128,739
Cash	58,417	69,205
Restricted Cash
Cash in restricted collateral accounts	$ 847	$ 833

Condensed Consolidated and Combined Statements of Cash Flows (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2014 USD ($)
Condensed Consolidated and Combined Statements of Cash Flows
Offering costs	$ 10,316

Condensed Consolidated and Combined Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accounts receivable, allowance for doubtful accounts	$ 1,776	$ 1,552
Investments at fair value, cost basis	$ 112,986	$ 39,999
Treasury Stock, Shares	242,619	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	20,400,849	19,770,893
Common Stock, Shares, Outstanding	20,158,230	19,770,893
Class B common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	31,358,729	31,621,542
Common Stock, Shares, Outstanding	31,358,729	31,621,542

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Oct. 28, 2015
Entity Registrant Name	Moelis & Co
Entity Central Index Key	0001596967
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Class A common stock
Entity Common Stock, Shares Outstanding		20,203,279
Class B common stock
Entity Common Stock, Shares Outstanding		31,358,729

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Sep. 30, 2015
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	3. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires a company to recognize revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for services provided. The amendment requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. The amendments in this update are effective prospectively during interim and annual periods beginning after December 15, 2017, with early adoption prohibited. The Company is currently assessing the impact the adoption of ASU 2014-09 will have on its condensed consolidated and combined financial statements. In January 2015, the FASB issued ASU No. 2015-01, "Income Statement—Extraordinary and Unusual Items" ("ASU 2015-01"). ASU 2015-01 eliminates the concept of extraordinary items under U.S. GAAP. The amendments in this update are effective prospectively during interim and annual periods beginning after December 15, 2015, with early adoption permitted. The amendments may also be applied retrospectively to all prior periods in the financial statements. The adoption of ASU 2015-01 will not have a material impact on the Company's condensed consolidated and combined financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Amendments to the Consolidation Analysis" ("ASU No. 2015-02") to provide consolidation guidance for limited partnerships, limited liability companies and securitization structures. In addition to reducing the number of consolidation models, the new standard places more emphasis on risk of loss when determining a controlling financial interest. ASU No. 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of ASU 2015-02 will not have a material impact on the Company's condensed consolidated and combined financial statements.

EQUITY METHOD INVESTMENTS	9 Months Ended
EQUITY METHOD INVESTMENTS	Sep. 30, 2015
EQUITY METHOD INVESTMENTS.
EQUITY METHOD INVESTMENTS	5. EQUITY METHOD INVESTMENTS Investment in Joint Venture On April 1, 2010, the Company entered into a 50-50 joint venture in Moelis Australia Holdings, investing a combination of cash and certain net assets of its wholly-owned subsidiary, Moelis Australia, in exchange for its interests. The remaining 50% is owned by an Australian trust established by and for the benefit of Moelis Australia senior executives. For the three months ended September 30, 2015 and 2014, $163 and $1,105 of income was recorded on this investment, respectively, and for the nine months ended September 30, 2015 and 2014, $442 of income and $2,966 of loss was recorded on this investment, respectively. During the nine months ended September 30, 2014, the Company made a cash contribution to Moelis Australia Holdings in the amount of $4,180. The Company treated this contribution as an increase in equity method investments in the condensed consolidated and combined financial statements. Other Equity Method Investment In June 2014, the Company made an investment of $265 into a general partner entity which invests third-party funds and is controlled by a related party, Moelis Asset Management LP. The Company has determined that it should account for this investment as an equity method investment on its condensed consolidated and combined financial statements. For the three and nine months ended September 30, 2015, $287 and $3,068 of income was recorded on this investment, respectively. During the nine months ended September 30, 2015, the Company received cash distributions from this entity in the amount of $2,694.

COMMITMENTS AND CONTINGENCIES (Details 2) - Moelis Australia Holdings	9 Months Ended
	Sep. 30, 2015
Joint venture put and call options
Percentage of purchase price to be paid immediately if the Parent is public and the put option is exercised	50.00%
Period within which the remaining balance is to be paid if the parent is public and the put option is exercised	18 months

REGULATORY REQUIREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Regulatory requirements
Minimum net capital requirement	$ 250
Moelis US
Regulatory requirements
Net capital	45,821	$ 80,270
Net capital in excess of required net capital	45,571	80,020
Moelis UK
Regulatory requirements
Net capital	18,104	22,980
Net capital in excess of required net capital	$ 18,048	$ 22,919

BUSINESS CHANGES AND DEVELOPMENTS (Details 2) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Method Investments
Professional fees expense associated with one-time non-cash acceleration of unvested equity			$ 1,240
Class A common stock
Equity Method Investments
Compensation and benefits expense associated with issuance of cash and fully vested shares			4,014
Compensation and benefits expense associated with issuance of cash			2,004
Compensation and benefits expense associated with issuance of fully vested shares			2,010
Moelis Australia Holdings
Equity Method Investments
Expense associated with the one-time non-cash acceleration of unvested equity			4,916
RSUs
Equity Method Investments
Compensation and benefits expense associated with the amortization of equity awards granted in connection with the IPO			$ 763
Vesting period			5 years
Stock options
Equity Method Investments
Compensation and benefits expense associated with the amortization of equity awards granted in connection with the IPO			$ 2,046
Vesting period		5 years	5 years
Managing Directors
Equity Method Investments
Expense associated with the one-time non-cash acceleration of unvested equity			$ 87,601
Expense associated with the non-cash acceleration of amortization of equity held prior to IPO	$ 10,349