v3.25.4
Mergers and Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Estimated Fair Values of The Aggregate Assets and Liabilities Acquired The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired, inclusive of
measurement period adjustments, during the year ended December 31, 2025:
Velocity
USQ
360
JM Wilson
SSRU
Total
Cash and cash equivalents
$17,736
$—
$548
$—
$8,200
$26,484
Commissions and fees receivable – net
23,650
13,124
571
2,887
3,293
43,525
Fiduciary cash and receivables
105,779
1,649
4,221
22,032
19,574
153,255
Goodwill
366,249
20,759
16,847
47,871
84,844
536,570
Customer relationships1
216,400
19,100
12,303
39,500
51,354
338,657
Other intangible assets
12,000
200
67
300
787
13,354
Property and equipment – net
—
—
—
494
1,397
1,891
Lease right-of-use assets
3,757
612
—
305
1,338
6,012
Other current and non-current assets
2,862
101
82
131
148
3,324
Total assets acquired
$748,433
$55,545
$34,639
$113,520
$170,935
$1,123,072
Accounts payable and accrued liabilities
5,305
193
—
389
2,527
8,414
Accrued compensation
7,129
373
43
231
1,030
8,806
Fiduciary liabilities
105,779
1,649
4,221
25,018
19,574
156,241
Operating lease liabilities
3,757
612
—
305
1,338
6,012
Deferred tax liabilities
57,298
—
1,546
—
14,025
72,869
Total liabilities assumed
$179,268
$2,827
$5,810
$25,943
$38,494
$252,342
Net assets acquired
$569,165
$52,718
$28,829
$87,577
$132,441
$870,730
1 The acquired customer relationships have a weighted-average amortization period of 13.3 years.
Summary of Unaudited 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 dates 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.
Year Ended December 31,
2025
2024
2023
Total revenue
$3,089,163
$2,802,256
$2,410,956
Net income
276,189
14,715
68,743
Summary of Change In Contingent Consideration And Interest Expense The table below summarizes the amounts recognized:
Year Ended December 31,
2025
2024
2023
Change in contingent consideration
$13,122
$(22,859)
$5,421
Interest expense, net
8,090
5,472
3,052
Total
$21,212
$(17,387)
$8,473