v3.25.4

Segment Reporting (Tables)

12 Months Ended

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 expense1	1,692,000		1,426,674		1,222,342
General and administrative expense2	392,384		277,813		230,467
Other segment items3	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

X

- 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

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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

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