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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summarized Financial Information by Operating Group

Summarized financial information regarding the Company’s operating groups is shown in the following tables. Corporate and Other includes any expenses not allocated to the operating groups and corporate-related items, including interest expense. Intersegment revenue and expenses are eliminated through Corporate and Other. Service center expenses and other overhead are allocated to the Company’s operating groups based on either revenue or headcount as applicable to each expense.

			For the Year Ended December 31, 2025
(in thousands)			Insurance Advisory Solutions						Underwriting, Capacity & Technology Solutions						Mainstreet Insurance Solutions						Corporate and Other						Total
Revenues:
Commission revenue(1)			$	572,256					$	420,093					$	265,183					$	(71,063)					$	1,186,469
Profit-sharing revenue			52,969						16,051						25,070						—						94,090
Consulting and service fee revenue			89,334						5,939						100						—						95,373
Policy fee and installment fee revenue			—						78,642						—						—						78,642
Assumed premium earned			—						22,571						—						—						22,571
Other income			8,415						1,294						7,195						(369)						16,535
Investment income			4,350						4,862						199						1,793						11,204
Total revenue			727,324						549,452						297,747						(69,639)						1,504,884
Expenses:
Inside advisor commissions			175,335						683						31,684						5						207,707
Fixed compensation			220,444						63,350						40,784						11,023						335,601
Benefits and other			88,144						33,989						26,406						9,560						158,099
Share-based compensation			25,680						16,344						5,328						23,761						71,113
Severance			2,096						2,246						505						1,943						6,790
Colleague earnout incentives			(1,671)						(108)						—						—						(1,779)
Colleague compensation and benefits			510,028						116,504						104,707						46,292						777,531
Outside commissions(1)			11,431						264,910						74,802						(71,432)						279,711
Selling expense			24,119						6,382						15,094						8,939						54,534
Operating expense			61,101						68,503						23,859						29,760						183,223
Administrative expense			58,800						22,730						42,085						134,394						258,009
All other expenses, net(2)			3,905						(1,740)						1,988						1,877						6,030
Total expense			669,384						477,289						262,535						149,830						1,559,038
Net income (loss)			$	57,940					$	72,163					$	35,212					$	(219,469)					$	(54,154)
Other segment disclosures:
Change in fair value of contingent consideration			$	5,544					$	(1,405)					$	1,455					$	—					$	5,594
Depreciation and amortization expense			57,957						21,770						41,810						6,293						127,830
Interest expense (income), net			(1)						393						61						120,975						121,428
Loss (gain) on divestitures			(1,901)						—						—						1,611						(290)
Loss on extinguishment and modification of debt			—						—						—						6,226						6,226
Capital expenditures			7,140						13,566						13,703						5,118						39,527
			At December 31, 2025
Total assets			$	2,293,873					$	758,085					$	712,639					$	97,623					$	3,862,220

__________

(1)    During the year ended December 31, 2025, the IAS operating group recorded commission revenue shared with other operating groups of $0.4 million and the UCTS operating group recorded commission revenue shared with other operating groups of $71.1 million. Commission revenue shared within the same operating group and passed through to other operating groups is eliminated through Corporate and Other.

(2)    All other expenses, net includes change in fair value of contingent consideration, gain or loss on divestitures, other income (expense), net, share of net earnings of equity method investee and income tax expense.

			For the Year Ended December 31, 2024
(in thousands)			Insurance Advisory Solutions						Underwriting, Capacity & Technology Solutions						Mainstreet Insurance Solutions						Corporate and Other						Total
Revenues:
Commission revenue(1)			$	569,434					$	388,810					$	250,825					$	(79,166)					$	1,129,903
Profit-sharing revenue			60,935						12,464						22,133						—						95,532
Consulting and service fee revenue			71,852						6,316						—						—						78,168
Policy fee and installment fee revenue			—						60,719						—						—						60,719
Other income			3,936						568						8,290						—						12,794
Investment income			5,779						4,062						35						2,045						11,921
Total revenue			711,936						472,939						281,283						(77,121)						1,389,037
Expenses:
Inside advisor commissions			167,695						1,618						29,560						—						198,873
Fixed compensation			206,029						53,453						38,601						4,965						303,048
Benefits and other			82,925						32,757						22,974						8,466						147,122
Share-based compensation			25,511						9,326						6,719						23,947						65,503
Severance			1,895						1,757						520						1,584						5,756
Colleague earnout incentives			39,315						2,602						—						—						41,917
Colleague compensation and benefits			523,370						101,513						98,374						38,962						762,219
Outside commissions(1)			11,009						260,204						77,782						(79,166)						269,829
Selling expense			23,098						4,414						15,754						6,866						50,132
Operating expense			54,714						36,602						19,449						28,172						138,937
Administrative expense			63,016						15,681						27,511						144,390						250,598
All other expenses, net(2)			(15,403)						(28,888)						495						2,199						(41,597)
Total expense			659,804						389,526						239,365						141,423						1,430,118
Net income (loss)			$	52,132					$	83,413					$	41,918					$	(218,544)					$	(41,081)
Other segment disclosures:
Change in fair value of contingent consideration			$	(10,458)					$	5,085					$	424					$	—					$	(4,949)
Depreciation and amortization expense			61,707						15,518						27,167						4,532						108,924
Interest expense (income), net			(4)						(26)						32						123,642						123,644
Gain on divestitures			(3,843)						(35,110)						—						—						(38,953)
Loss on extinguishment and modification of debt			—						—						—						15,113						15,113
Capital expenditures			6,110						17,626						8,897						8,416						41,049
			At December 31, 2024
Total assets			$	2,329,152					$	621,407					$	524,576					$	59,596					$	3,534,731

__________

(1)    During the year ended December 31, 2024, the UCTS operating group recorded commission revenue shared with other operating groups of $77.6 million and the MIS operating group recorded commission revenue shared within the same operating group of $1.6 million. Commission revenue shared within the same operating group and passed through to other operating groups is eliminated through Corporate and Other.

(2)    All other expenses, net includes change in fair value of contingent consideration, gain on divestitures, other income (expense), net and income tax expense.

			For the Year Ended December 31, 2023
(in thousands)			Insurance Advisory Solutions						Underwriting, Capacity & Technology Solutions						Mainstreet Insurance Solutions						Corporate and Other						Total
Revenues:
Commission revenue(1)			$	512,211					$	305,752					$	217,300					$	(67,711)					$	967,552
Profit-sharing revenue			56,549						21,174						15,714						—						93,437
Consulting and service fee revenue			68,481						6,156						—						—						74,637
Policy fee and installment fee revenue			—						65,386						—						—						65,386
Other income			5,102						4,031						1,683						—						10,816
Investment income			3,732						2,040						—						955						6,727
Total revenue			646,075						404,539						234,697						(66,756)						1,218,555
Expenses:
Inside advisor commissions			153,212						4,530						26,073						2,927						186,742
Fixed compensation			191,929						53,220						36,359						12,920						294,428
Benefits and other			79,500						26,974						20,808						8,729						136,011
Share-based compensation			3,693						3,727						1,343						47,458						56,221
Severance			3,362						469						1,196						13,487						18,514
Colleague earnout incentives			8,020						—						—						—						8,020
Colleague compensation and benefits			439,716						88,920						85,779						85,521						699,936
Outside commissions(1)			7,480						209,188						62,461						(67,711)						211,418
Selling expense			19,750						3,954						14,680						7,297						45,681
Operating expense			60,011						37,441						16,523						26,419						140,394
Administrative expense			56,962						17,124						23,821						123,879						221,786
All other expenses, net(2)			38,520						20,131						2,011						2,697						63,359
Total expense			622,439						376,758						205,275						178,102						1,382,574
Net income (loss)			$	23,636					$	27,781					$	29,422					$	(244,858)					$	(164,019)
Other segment disclosures:
Change in fair value of contingent consideration			$	38,306					$	20,930					$	1,847					$	—					$	61,083
Depreciation and amortization expense			55,339						16,584						23,418						3,061						98,402
Interest expense (income), net			(157)						—						(30)						119,652						119,465
Capital expenditures			1,330						7,571						3,482						8,993						21,376

__________

(1)    During the year ended December 31, 2023, the UCTS operating group recorded commission revenue shared with other operating groups of $65.9 million and the MIS operating group recorded commission revenue shared within the same operating group of $1.8 million. Commission revenue shared within the same operating group is eliminated through Corporate and Other.

(2)    All other expenses, net includes change in fair value of contingent consideration, other income (expense), net and income tax expense.

X

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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