v3.25.4

Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table provides information about the Company’s revenue and includes a reconciliation to net income:
| Year Ended December 31, |
| 2025 |  | 2024 |  | 2023 |
Net commissions and fees | $2,994,582 |  | $2,455,671 |  | $2,026,596 |
Fiduciary investment income | 56,544 |  | 60,039 |  | 50,953 |
Total revenue | $3,051,126 |  | $2,515,710 |  | $2,077,549 |
Compensation-related expense 1 | 1,692,000 |  | 1,426,674 |  | 1,222,342 |
General and administrative expense 2 | 392,384 |  | 277,813 |  | 230,467 |
Other segment items 3 | 172,465 |  | 238,640 |  | 144,401 |
Depreciation and amortization | 287,515 |  | 167,630 |  | 115,837 |
Change in contingent consideration | 13,122 |  | (22,859) |  | 5,421 |
Interest income | (7,649) |  | (21,509) |  | (31,986) |
Interest expense | 230,033 |  | 179,957 |  | 151,493 |
Income from equity method investments | (21,236) |  | (18,231) |  | (8,731) |
Other non-operating loss (income) | (692) |  | 15,041 |  | 10,380 |
Income tax expense | 79,027 |  | 42,641 |  | 43,445 |
Net income | $214,157 |  | $229,913 |  | $194,480 |
1 Compensation-related expense includes salaries, commissions, bonus compensation, benefits, payroll taxes, and contractor costs, and excludes equity-based compensation expense, and acquisition and restructuring related expenses. 2 General and administrative expense includes travel and entertainment, professional services, occupancy, IT related costs, and other operating costs, and excludes acquisition and restructuring related expenses. 3 Other segment items include equity-based compensation expense, and acquisition and restructuring related compensation and general and administrative expenses.
Revenue from External Customers by Geographic Areas | Revenue is primarily recognized based on the country in which the services are performed. The following table illustrates the geographic regions for the Company’s revenue:
| Year Ended December 31, |
| 2025 |  | 2024 |  | 2023 |
United States | $2,864,242 |  | $2,391,980 |  | $2,022,579 |
Foreign | 186,884 |  | 123,730 |  | 54,970 |
Total revenue | $3,051,126 |  | $2,515,710 |  | $2,077,549 |

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- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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