v3.26.1
Revenue and Accounts Receivable
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue and Accounts Receivable Revenue and Accounts Receivable
The following table presents revenue recognized by the Company for the three and six months ended June 30, 2026 and 2025:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026202520262025
Investment Banking & Equities:
Advisory Fees$775,590 $697,744 $2,020,329 $1,255,093 
Underwriting Fees97,071 32,206 152,139 86,461 
Commissions and Related Revenue63,535 58,272 126,193 113,382 
Total Investment Banking & Equities$936,196 $788,222 $2,298,661 $1,454,936 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$23,655 $20,684 $46,298 $41,667 
Total Investment Management$23,655 $20,684 $46,298 $41,667 
Contract Balances
The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the six months ended June 30, 2026 and 2025 are as follows:
For the Six Months Ended June 30, 2026
Receivables
(Current)(1)
Receivables
(Long-term)(2)
Contract Assets (Current)(3)
Contract Assets (Long-term)(2)
Deferred Revenue
(Contract Liabilities)(4)
Balance at January 1, 2026$555,812 $129,853 $147,444 $27,905 $5,995 
Increase (Decrease)12,656 17,699 (100,287)3,938 6,686 
Balance at June 30, 2026$568,468 $147,552 $47,157 $31,843 $12,681 
For the Six Months Ended June 30, 2025
Receivables
(Current)(1)
Receivables
(Long-term)(2)
Contract Assets (Current)(3)
Contract Assets (Long-term)(2)
Deferred Revenue
(Contract Liabilities)(4)
Balance at January 1, 2025$421,502 $101,314 $62,379 $14,477 $3,582 
Increase62,473 11,644 14,969 1,726 2,695 
Balance at June 30, 2025$483,975 $112,958 $77,348 $16,203 $6,277 
(1)Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition.
(2)Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(3)Included in Other Current Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(4)Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date. Under ASC 606, revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period.
The Company recognized revenue of $25,517 and $33,321 on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026, respectively, and $5,931 and $11,041 for the three and six months ended June 30, 2025, respectively, that was initially included in deferred revenue within Other Current Liabilities on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition.
Generally, performance obligations under client arrangements will be settled within one year; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14.
The allowance for credit losses for the three and six months ended June 30, 2026 and 2025 is as follows:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026202520262025
Beginning Balance$2,810 $3,183 $2,983 $2,253 
Bad debt expense, net of reversals3,130 940 3,033 3,530 
Write-offs, foreign currency translation and other adjustments(419)(229)(495)(1,889)
Ending Balance$5,521 $3,894 $5,521 $3,894 
The change in the balance during the three and six months ended June 30, 2026 is primarily related to an increase in the Company's reserve for credit losses and the write-off of aged receivables.
For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets, primarily from the Company's private and secondary fund advisory businesses, as of June 30, 2026, by year of origination:
Amortized Carrying Value by Origination Year
20262025202420232022Total
Long-term Accounts Receivable and Long-term Contract Assets$61,722 $81,975 $27,368 $6,289 $2,041 $179,395