XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.25.3

Business Acquisitions and Divestitures | 9 Months Ended
--- | ---
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Business Acquisitions and Divestitures | Business Acquisitions and Divestitures 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, and the Mexico-based NSC business. The strategic investment in Stratos is not a significant acquisition of assets or otherwise material to the operations or financial results of the Company. LifeYield In December 2024, the Company acquired LifeYield, LLC (LifeYield). The total purchase price for LifeYield included a contingent consideration subject to the achievement of certain post-closing performance measurements determined during a time period up to four years from the closing date. During the nine months ended September 30, 2025, the Company recorded an adjustment of $1,109 to finalize the calculation of the contingent consideration which reduced the amount of goodwill recorded through the acquisition. Also during the nine months ended September 30, 2025, the Company made an adjustment of $1,467 which reduced the fair value of the contingent consideration. This fair value adjustment to the contingent consideration is reflected in Facilities, supplies and other costs on the Consolidated Statement of Operations. As of September 30, 2025, the contingent consideration of $9,252 is included in Other long-term liabilities on the accompanying Consolidated Balance Sheet. XPS Pensions (Nexus) Limited In November 2023, the Company's wholly-owned operating subsidiary in the United Kingdom, SIEL, acquired all of the outstanding equity of XPS Pensions (Nexus) Limited, principal employer and scheme funder of the National Pensions Trust (NPT), from its parent company, XPS Pensions Group PLC (XPS). The total purchase price for XPS Pensions (Nexus) Limited included a contingent consideration payable to the sellers subject to the achievement of certain post-closing performance measurements determined during intervals occurring within two years immediately following the closing date. During the second quarter 2025, the Company determined the achievement of the performance measurements would not be met and wrote off $2,587 representing the remaining balance of the contingent consideration obligation to the sellers. The gain from the write off of the contingent consideration is reflected in Facilities, supplies and other costs on the Consolidated Statement of Operations. Family Office Services On February 27, 2025, the Company announced the entry into a definitive agreement with Aquiline Capital Partners LP (Aquiline) to acquire the Company's Family Office Services business. On June 30, 2025, all conditions subject to closing the transaction were satisfied. The Company received gross proceeds of $116,020 from the sale and recognized a gain of $94,412, net of transaction costs and certain other purchase price adjustments. The Company's gain from the divestiture is included in Gain on sale of business on the accompanying Consolidated Statement of Operations. Prior to the divestiture, the results of operations of the Family Office Services business were reported in the Company's Investments in New Businesses segment.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration