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Subsequent Events
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Stratos Wealth Holdings
On July 17, 2025, the Company entered into a definitive agreement with Stratos Wealth Holdings (Stratos), a family of companies focused on supporting the success of financial advisors across business models and affiliation structures. As part of the transaction, a newly formed entity will purchase the operating entities comprising the current Stratos business. The Company will pay a total cash consideration of approximately $527,000 for 57.5% of the equity of this entity. Certain legacy Stratos equity holders will continue to own 42.5%, which is subject to three equal put/call options at 36 months, 54 months and 72 months post-closing that, if fully exercised, will result in the Company owning 100.0% of the entity. Subject to applicable regulatory approval and other customary closing conditions, the transaction is expected to close in two
stages: the U.S.-based Stratos business, representing approximately 80.0% of the transaction value, is expected to close in the second half of 2025, and the Mexico-based NSC business is expected to close in the first half of 2026.
The strategic investment in Stratos is not a significant acquisition of assets or otherwise material to the operations or financial results of the Company.
LSV Global Equity Market Neutral Fund, LP
On July 24, 2025, the Company committed seed capital funding of $50,000 through a subscription agreement with the LSV Global Equity Market Neutral Fund, LP (LSV GEMNF), a limited partnership. LSV serves as the general partner and investment manager to the LSV GEMNF. The Company expects to provide the seed capital funding during the third quarter 2025, subject to approval by LSV of the admission of the Company as a limited partner to the LSV GEMNF.