Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
REVENUE        
Net commissions and fees $ 389,846 $ 246,065 $ 701,190 $ 453,150
Fiduciary investment income 166 259 280 1,366
Total revenue 390,012 246,324 701,470 454,516
EXPENSES        
Compensation and benefits 236,801 156,811 451,287 298,113
General and administrative 30,685 21,868 58,230 50,385
Amortization 27,319 9,118 55,113 19,149
Depreciation 1,222 851 2,422 1,629
Change in contingent consideration 1,723   2,313 1,032
Total operating expenses 297,750 188,648 569,365 370,308
OPERATING INCOME 92,262 57,676 132,105 84,208
Interest expense 18,986 6,759 39,031 15,436
Income from equity method investment in related party 353   434 87
Other non-operating income (loss) (7,890) 555 (29,336) (2,492)
INCOME BEFORE INCOME TAXES 65,739 51,472 64,172 66,367
Income tax expense 2,332 1,585 4,566 3,162
NET INCOME 63,407 49,887 59,606 63,205
Net income (loss) attributable to non-controlling interests, net of tax   (54) 2,450 946
NET INCOME ATTRIBUTABLE TO MEMBERS $ 63,407 $ 49,941 $ 57,156 $ 62,259