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Business Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information The Company's business segments are generally organized around its target markets. The Company’s reportable business segments are: Investment Managers – Provides an outsourced investment management operating platform to alternative and traditional asset managers, fund companies, and sovereign wealth funds; Private Banks – Provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers, and financial advisors worldwide; Investment Advisors – Provides investment management and investment processing platforms to affluent investors through a network of independent registered investment advisors, financial planners, and other investment professionals in the United States; Institutional Investors – Provides Outsourced Chief Investment Officer solutions, including investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems, higher education and other not-for-profit organizations worldwide; and Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States; hosted technology services to family offices and financial institutions; developing network and data protection services; entering new markets; and conducting other research and development activities. The Company's CODM is the chief executive officer who uses the reported measures of each business segment's profit or loss to allocate resources and assess performance by comparing historical, actual and forecasted amounts. The Company's CODM does not evaluate business segments using asset information. There are no inter-segment revenues for the three and nine months ended September 30, 2025 and 2024. The accounting policies of the reportable business segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The following tables highlight certain financial information about each of the business segments for the three months ended September 30, 2025 and 2024:
| Investment Managers |  | Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investments In New Businesses |  | Total
| For the Three Months Ended September 30, 2025
Total revenue | $ | 207,050 |  |  | $ | 143,994 |  |  | $ | 147,465 |  |  | $ | 71,826 |  |  | $ | 8,176 |  |  | $ | 578,511 |
Less: |  |  |  |  |  |  |  |  |  |  |
Operations & services | 89,335 |  |  | 54,044 |  |  | 46,211 |  |  | 21,010 |  |  | 1,810 |  |  | 212,410 |
Sales, marketing & client service | 11,240 |  |  | 10,723 |  |  | 8,819 |  |  | 9,820 |  |  | 3,844 |  |  | 44,446 |
Technology services & infrastructure | 12,887 |  |  | 28,809 |  |  | 9,074 |  |  | 1,678 |  |  | 1,603 |  |  | 54,051 |
Strategic initiatives & new business development | 8,316 |  |  | 21,305 |  |  | 13,389 |  |  | 4,168 |  |  | 3,471 |  |  | 50,649 |
Other segment expenses (1) | 4,156 |  |  | 5,882 |  |  | 1,635 |  |  | 1,392 |  |  | 1,135 |  |  | 14,200 |
Segment profit (loss) | $ | 81,116 |  |  | $ | 23,231 |  |  | $ | 68,337 |  |  | $ | 33,758 |  |  | $ | (3,687) |  |  | $ | 202,755 |
| Investment Managers |  | Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investments In New Businesses |  | Total
| For the Three Months Ended September 30, 2024
Total revenue | $ | 184,607 |  |  | $ | 138,734 |  |  | $ | 126,836 |  |  | $ | 71,626 |  |  | $ | 15,593 |  |  | $ | 537,396 |
Less: |  |  |  |  |  |  |  |  |  |  |
Operations & services | 82,140 |  |  | 50,749 |  |  | 40,121 |  |  | 21,217 |  |  | 4,779 |  |  | 199,006 |
Sales, marketing & client service | 9,515 |  |  | 9,928 |  |  | 8,122 |  |  | 10,162 |  |  | 4,681 |  |  | 42,408 |
Technology services & infrastructure | 11,008 |  |  | 27,754 |  |  | 8,590 |  |  | 1,504 |  |  | 1,373 |  |  | 50,229 |
Strategic initiatives & new business development | 8,584 |  |  | 21,317 |  |  | 11,790 |  |  | 3,210 |  |  | 5,930 |  |  | 50,831 |
Other segment expenses (1) | 2,871 |  |  | 5,349 |  |  | 1,529 |  |  | 1,758 |  |  | 1,677 |  |  | 13,184 |
Segment profit (loss) | $ | 70,489 |  |  | $ | 23,637 |  |  | $ | 56,684 |  |  | $ | 33,775 |  |  | $ | (2,847) |  |  | $ | 181,738 |
(1) Other segment expenses for each reportable segment includes professional services, occupancy and certain overhead expenses. A reconciliation of the total segment profit to income from operations on the Consolidated Statements of Operations for the three months ended September 30, 2025 and 2024 is as follows:
| 2025 |  | 2024
Total segment profit | $ | 202,755 |  |  | $ | 181,738 |
Corporate overhead expenses | (42,794) |  |  | (37,906) |
Income from operations | $ | 159,961 |  |  | $ | 143,832 |
Other income and expense items to reconcile income from operations to income before income taxes on the Consolidated Statements of Operations include net gain from investments, interest and dividend income, interest expense, gain on sale of business, other income, equity in the earnings of unconsolidated affiliates and net gain from consolidated variable interest entities. These items are not allocated to the Company's segments. The following tables provide additional information for the three months ended September 30, 2025 and 2024 pertaining to the business segments:
| Capital Expenditures (2) |  | Depreciation
| 2025 |  | 2024 |  | 2025 |  | 2024
Investment Managers | $ | 6,054 |  |  | $ | 7,196 |  |  | $ | 1,788 |  |  | $ | 1,659 |
Private Banks | 6,479 |  |  | 2,764 |  |  | 2,681 |  |  | 2,620 |
Investment Advisors | 2,978 |  |  | 1,092 |  |  | 1,889 |  |  | 2,254 |
Institutional Investors | 761 |  |  | 740 |  |  | 474 |  |  | 614 |
Investments in New Businesses | 258 |  |  | 124 |  |  | 122 |  |  | 186 |
Total from business segments | $ | 16,530 |  |  | $ | 11,916 |  |  | $ | 6,954 |  |  | $ | 7,333 |
Corporate overhead | 450 |  |  | 222 |  |  | 531 |  |  | 1,008 |
| $ | 16,980 |  |  | $ | 12,138 |  |  | $ | 7,485 |  |  | $ | 8,341 |
(2) Capital expenditures include additions to property and equipment and capitalized software.
| Amortization
| 2025 |  | 2024
Investment Managers | $ | 1,301 |  |  | $ | 80 |
Private Banks | 5,427 |  |  | 5,147 |
Investment Advisors | 2,473 |  |  | 2,169 |
Institutional Investors | 1,956 |  |  | 1,851 |
Investments in New Businesses | 416 |  |  | 1,096 |
Total from business segments | $ | 11,573 |  |  | $ | 10,343 |
Corporate overhead | 339 |  |  | 70 |
| $ | 11,912 |  |  | $ | 10,413 |
The following tables highlight certain financial information about each of business segment for the nine months ended September 30, 2025 and 2024:
| Investment Managers |  | Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investments In New Businesses |  | Total
| For the Nine Months Ended September 30, 2025
Total revenue | $ | 594,165 |  |  | $ | 423,157 |  |  | $ | 421,234 |  |  | $ | 209,675 |  |  | $ | 41,225 |  |  | $ | 1,689,456 |
Less: |  |  |  |  |  |  |  |  |  |  |
Operations & services | 263,945 |  |  | 157,576 |  |  | 130,048 |  |  | 62,401 |  |  | 12,408 |  |  | 626,378 |
Sales, marketing & client service | 31,573 |  |  | 29,756 |  |  | 28,251 |  |  | 29,574 |  |  | 13,569 |  |  | 132,723 |
Technology services & infrastructure | 39,407 |  |  | 85,412 |  |  | 26,849 |  |  | 4,810 |  |  | 4,473 |  |  | 160,951 |
Strategic initiatives & new business development | 20,987 |  |  | 65,185 |  |  | 37,191 |  |  | 8,994 |  |  | 13,993 |  |  | 146,350 |
Other segment expenses (3) | 8,869 |  |  | 16,307 |  |  | 5,045 |  |  | 4,016 |  |  | 4,346 |  |  | 38,583 |
Segment profit (loss) | $ | 229,384 |  |  | $ | 68,921 |  |  | $ | 193,850 |  |  | $ | 99,880 |  |  | $ | (7,564) |  |  | $ | 584,471 |
| Investment Managers |  | Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investments In New Businesses |  | Total
| For the Nine Months Ended September 30, 2024
Total revenue | $ | 537,128 |  |  | $ | 401,272 |  |  | $ | 370,141 |  |  | $ | 214,911 |  |  | $ | 44,509 |  |  | $ | 1,567,961 |
Less: |  |  |  |  |  |  |  |  |  |  |
Operations & services | 241,176 |  |  | 147,120 |  |  | 118,707 |  |  | 64,048 |  |  | 14,752 |  |  | 585,803 |
Sales, marketing & client service | 29,236 |  |  | 31,241 |  |  | 21,175 |  |  | 32,438 |  |  | 14,221 |  |  | 128,311 |
Technology services & infrastructure | 31,752 |  |  | 81,540 |  |  | 25,260 |  |  | 4,442 |  |  | 4,067 |  |  | 147,061 |
Strategic initiatives & new business development | 25,569 |  |  | 63,437 |  |  | 36,437 |  |  | 10,200 |  |  | 17,361 |  |  | 153,004 |
Other segment expenses (3) | 7,222 |  |  | 16,623 |  |  | 4,484 |  |  | 5,258 |  |  | 5,002 |  |  | 38,589 |
Segment profit (loss) | $ | 202,173 |  |  | $ | 61,311 |  |  | $ | 164,078 |  |  | $ | 98,525 |  |  | $ | (10,894) |  |  | $ | 515,193 |
(3) Other segment expenses for each reportable segment includes professional services, occupancy and certain overhead expenses. A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the nine months ended September 30, 2025 and 2024:
| 2025 |  | 2024
Total segment profit | $ | 584,471 |  |  | $ | 515,193 |
Corporate overhead expenses | (118,778) |  |  | (108,996) |
Income from operations | $ | 465,693 |  |  | $ | 406,197 |
Other income and expense items to reconcile income from operations to income before income taxes on the Consolidated Statements of Operations include net gain from investments, interest and dividend income, interest expense, gain on sale of business, other income, equity in the earnings of unconsolidated affiliates and net gain from consolidated variable interest entities. These items are not allocated to the Company's segments. The following tables provide additional information for the nine months ended September 30, 2025 and 2024:
| Capital Expenditures (4) |  | Depreciation
| 2025 |  | 2024 |  | 2025 |  | 2024
Investment Managers | $ | 16,690 |  |  | $ | 21,260 |  |  | $ | 3,582 |  |  | $ | 4,874 |
Private Banks | 16,192 |  |  | 13,782 |  |  | 7,634 |  |  | 8,356 |
Investment Advisors | 7,512 |  |  | 6,244 |  |  | 5,914 |  |  | 6,625 |
Institutional Investors | 1,859 |  |  | 2,589 |  |  | 1,287 |  |  | 1,816 |
Investments in New Businesses | 658 |  |  | 713 |  |  | 411 |  |  | 528 |
Total from business segments | $ | 42,911 |  |  | $ | 44,588 |  |  | $ | 18,828 |  |  | $ | 22,199 |
Corporate Overhead | 986 |  |  | 1,029 |  |  | 4,249 |  |  | 2,898 |
| $ | 43,897 |  |  | $ | 45,617 |  |  | $ | 23,077 |  |  | $ | 25,097 |
(4) Capital expenditures include additions to property and equipment and capitalized software.
| Amortization
| 2025 |  | 2024
Investment Managers | $ | 1,704 |  |  | $ | 161 |
Private Banks | 16,046 |  |  | 15,347 |
Investment Advisors | 7,342 |  |  | 6,439 |
Institutional Investors | 5,775 |  |  | 5,619 |
Investments in New Businesses | 1,707 |  |  | 3,461 |
Total from business segments | $ | 32,574 |  |  | $ | 31,027 |
Corporate Overhead | 497 |  |  | 257 |
| $ | 33,071 |  |  | $ | 31,284 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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