0001466538--12-312019FYfalse112,45157,5836505162,6201,569721472114,504124,74132,84631,63026,39538,0930.010.0110,000,00010,000,000120,750120,750120,750120,750120,750,000120,750,00018,605,58115,336,8710.010.0162,500,00062,500,00047,215,93843,774,37128,610,35728,437,860216,912253,7720.010.0162,500,00062,500,000————fourP5YP4YP5Y1520.520.21P5Y.25P90DP30Doneone4.886.252.259.380.2809,8558.9472,404811.2510.481486.576.756.576.759.7511.2510.56.576.752020132.3152215212323171730—676.1797.8354035354035202020207.37.47.01.31.62.24,100—13.1—5—6.12.632141.2583108.08.5P2YP5YP2YP5YP4Y———————————0—————————0———0———0—68.9933.92.263.16.519.041.2258.4224.5258.456000006.730.36.5125,000,00062,500,0000.0162,500,0000.0110,000,0000.01210,000,000Economic Income (Loss) presents underwriting expenses net of investment banking revenues, expenses reimbursed from clients within their respective expense category. Economic Income (Loss) also records retainer fees, relating to investment banking activities, collectible during the period that would otherwise be deferred until closing for US GAAP reporting. Economic Income (Loss) brokerage revenues included net securities borrowed and securities loaned activities which are shown gross in interest income and interest expense for US GAAP. Economic Income (Loss) recognizes revenues (i) net of fund start-up costs and distribution fees paid to agents, (ii) records income from uncrystallized incentive fees and (iii) the Company's proportionate share of management and incentive fees of certain real estate operating entities, the healthcare royalty business and the activist business.Economic Income (Loss) recognizes Company income from proprietary trading (including interest and dividends ) for which the majority of this activity is shown in other income (loss) for US GAAP reporting.Reimbursement from affiliates is shown as a reduction of Economic Income expenses, but is included as a part of revenues under US GAAP. Economic Income (Loss) recognizes underwriting income from the Company's insurance related activities, net of expenses, within other revenue. The costs are recorded within expenses for US GAAP reporting.Aircraft lease revenue is shown net of expenses in investment income for Economic Income (Loss). Economic Income (Loss) excludes income taxes and acquisition related adjustments as management does not consider these items when evaluating the performance of the segment. Economic Income (Loss) recognizes the Company's proportionate share of expenses, for certain real estate operating entities and the activist business, for which the investments are recorded under the equity method of accounting for investments.Economic Income (Loss) excludes gain/(loss) on debt extinguishment.Economic Income (Loss) excludes the bargain purchase gain which resulted from the Convergex Group 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)
☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended:									December 31, 2019
or
☐			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:			001-34516

599 Lexington Avenue

New York, New York 10022

(212) 845-7900

(Address, including zip code, and telephone number, including area code, of registrant's principal executive office)

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐    No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐    No ☒

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 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. Yes ☒    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).  Yes  ☒    No ☐ 

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐    No ☒

The aggregate market value of Class A common stock held by non-affiliates of the registrant on June 30, 2019, the last business day of the registrant's most recently completed second fiscal quarter, based upon the closing sale price of the Class A common stock on the NASDAQ Global Market on that date was $488,181,217.

As of March 3, 2020 there were 28,656,136 shares of the registrant's Class A common stock outstanding.

Documents incorporated by reference:

Part III of this Annual Report on Form 10-K incorporates by reference information (to the extent specific sections are referred to herein) from the Registrant's Proxy Statement for its 2020 Annual Meeting of Stockholders.

TABLE OF CONTENTS

Item No.												Page No.
PART I
			1.						Business			1
			1A.						Risk Factors			6
			1B.						Unresolved Staff Comments			26
			2.						Properties			26
			3.						Legal Proceedings			26
			4.						Mine Safety Disclosures			27
PART II
			5.						Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			27
			6.						Selected Financial Data			29
			7.						Management's Discussion and Analysis of Financial Condition and Results of Operations			31
			7A.						Quantitative and Qualitative Disclosures about Market Risk			61
			8.						Financial Statements and Supplementary Data			63
			9.						Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			63
			9A.						Controls and Procedures			63
			9B.						Other Information			64
PART III
			10.						Directors, Executive Officers and Corporate Governance			64
			11.						Executive Compensation			64
			12.						Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			64
			13.						Certain Relationships and Related Transactions			64
			14.						Principal Accountant Fees and Services			64
PART IV
			15.						Exhibits and Financial Statement Schedules			64
			16.						Form 10-K Summary			67
Consolidated Financial Statements and Notes																					F-1
Supplemental Financial Information																					F-82
SIGNATURES

Special Note Regarding Forward-Looking Statements

We have included or incorporated by reference into our Annual Report on Form 10-K (the "Annual Report"), and from time to time may make in our public filings, press releases or other public documents, certain statements, including (without limitation) those under Item 1—"Business," Item 1A—"Risk Factors," Item 3—"Legal Proceedings," Item 7—"Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 7A—"Quantitative and Qualitative Disclosures about Market Risk" that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking terms such as "may," "might," "will," "would," "could," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "project," "possible," "potential," "intend," "seek" or "continue," the negative of these terms and other comparable terminology or similar expressions. In addition, our management may make forward-looking statements to analysts, representatives of the media and others. These forward-looking statements represent only the Company's beliefs regarding future events (many of which, by their nature, are inherently uncertain and beyond our control) and are predictions only, 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 those expressed or implied by the forward-looking statements. In particular, you should consider the risks outlined under Item 1A—"Risk Factors" in this Annual Report.

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 predictions of future events. We undertake no obligation to update any of these forward-looking statements after the date of this filing to conform our prior statements to actual results or revised expectations.