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Mergers and Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Estimated Fair Values of the Material Aggregate Assets and Liabilities Acquired | The following table summarizes the estimated fair value of the aggregate assets and liabilities acquired, inclusive of measurement period adjustments, during the nine months ended September 30, 2025:
| Velocity |  | USQ |  | 360 |  | JM Wilson |  | Total |
Cash and cash equivalents | $17,736 |  | $— |  | $412 |  | $— |  | $18,148 |
Commissions and fees receivable – net | 23,650 |  | 13,124 |  | 939 |  | 3,679 |  | 41,392 |
Fiduciary cash and receivables | 105,779 |  | 1,649 |  | 6,674 |  | 29,597 |  | 143,699 |
Goodwill | 366,249 |  | 20,539 |  | 16,615 |  | 47,187 |  | 450,590 |
Customer relationships 1 | 216,400 |  | 19,100 |  | 12,303 |  | 39,900 |  | 287,703 |
Other intangible assets | 12,000 |  | 200 |  | 67 |  | 300 |  | 12,567 |
Property and equipment – net | — |  | — |  | — |  | 494 |  | 494 |
Lease right-of-use assets | 3,757 |  | 612 |  | — |  | 305 |  | 4,674 |
Other current and non-current assets | 2,862 |  | 101 |  | 82 |  | 310 |  | 3,355 |
Total assets acquired | $748,433 |  | $55,325 |  | $37,092 |  | $121,772 |  | $962,622 |
Accounts payable and accrued liabilities | 5,305 |  | 193 |  | — |  | 389 |  | 5,887 |
Accrued compensation | 7,129 |  | 373 |  | 43 |  | 272 |  | 7,817 |
Fiduciary liabilities | 105,779 |  | 1,649 |  | 6,674 |  | 32,583 |  | 146,685 |
Operating lease liabilities | 3,757 |  | 612 |  | — |  | 305 |  | 4,674 |
Deferred tax liabilities | 57,298 |  | — |  | 1,546 |  | — |  | 58,844 |
Total liabilities assumed | $179,268 |  | $2,827 |  | $8,263 |  | $33,549 |  | $223,907 |
Net assets acquired | $569,165 |  | $52,498 |  | $28,829 |  | $88,223 |  | $738,715 |
1 The acquired customer relationships have a weighted average amortization period of 13.1 years.
Pro Forma Financial Information | The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place on the date indicated or of results that may occur in the future. The pre-acquisition Castel and US Assure results included in the pro forma figures below contain acquisition-related expenses that were not considered pro forma adjustments for the Company.
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Total revenue | $754,577 |  | $669,171 |  | $2,325,123 |  | $2,089,626 |
Net income (loss) | 69,433 |  | (32,450) |  | 246,109 |  | (81,107) |
Change in Contingent Consideration and Interest Expense | The table below summarizes the amounts recognized:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Change in contingent consideration | $11,968 |  | $(365) |  | $(2,833) |  | $813 |
Interest expense, net | 1,922 |  | 1,325 |  | 5,909 |  | 3,125 |
Total | $13,890 |  | $960 |  | $3,076 |  | $3,938 |

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