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Business Combinations (Tables) | 6 Months Ended
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Jun. 30, 2026
Business Combination [Abstract] |
Schedule of Business Acquisitions | The table below provides a summary of the total consideration and the estimated purchase price allocations made for each of the business acquisitions that became effective during the six months ended June 30, 2026.
(in thousands) | CAC Group |  | Obie |  | Capstone |  | Totals
Cash consideration paid | $ | 445,535 |  |  | $ | 86,958 |  |  | $ | 35,396 |  |  | $ | 567,889 |
Fair value of contingent earnout consideration | 225,000 |  |  | 81,755 |  |  | 9,243 |  |  | 315,998 |
Fair value of equity interest | 494,778 |  |  | 8,393 |  |  | 7,390 |  |  | 510,561 |
Deferred payments(1) | 54,900 |  |  | 110,264 |  |  | — |  |  | 165,164 |
Total consideration | $ | 1,220,213 |  |  | $ | 287,370 |  |  | $ | 52,029 |  |  | $ | 1,559,612 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |  |
Cash | $ | 13,692 |  |  | $ | 1,962 |  |  | $ | 739 |  |  | 16,393 |
Fiduciary cash | 88,804 |  |  | 15,189 |  |  | — |  |  | 103,993 |
Assumed premiums, commissions and fees receivable | 43,869 |  |  | 607 |  |  | 698 |  |  | 45,174 |
Fiduciary receivables | 188,515 |  |  | 2,667 |  |  | — |  |  | 191,182 |
Prepaid expenses and other current assets | 2,044 |  |  | 272 |  |  | 39 |  |  | 2,355 |
Property and equipment | 8,778 |  |  | — |  |  | — |  |  | 8,778 |
Right-of-use assets | 26,494 |  |  | 808 |  |  | — |  |  | 27,302 |
Other assets | 5,728 |  |  | — |  |  | — |  |  | 5,728 |
Intangible assets | 410,245 |  |  | 121,688 |  |  | 19,050 |  |  | 550,983 |
Fiduciary liabilities | (277,319) |  |  | (17,856) |  |  | — |  |  | (295,175) |
Commissions payable | (45,172) |  |  | — |  |  | (168) |  |  | (45,340) |
Accrued expenses and other current liabilities | (15,507) |  |  | (5,553) |  |  | (530) |  |  | (21,590) |
Operating lease liabilities, less current portion | (22,050) |  |  | (808) |  |  | — |  |  | (22,858) |
Deferred tax liabilities | (115,997) |  |  | (26,211) |  |  | — |  |  | (142,208) |
Total identifiable net assets acquired | 312,124 |  |  | 92,765 |  |  | 19,828 |  |  | 424,717 |
Goodwill | 908,089 |  |  | 194,605 |  |  | 32,201 |  |  | 1,134,895 |
Net assets acquired | $ | 1,220,213 |  |  | $ | 287,370 |  |  | $ | 52,029 |  |  | $ | 1,559,612 |
Maximum potential contingent earnout consideration | $ | 250,000 |  |  | $ | 275,000 |  |  | $ | 19,855 |  |  | $ | 544,855 |
__________ (1) The non-current portion of deferred payment obligations totaling $129.4 million is reflected in other liabilities on the condensed consolidated balance sheet as of June 30, 2026 while the current portion is reflected in accrued expenses and other current liabilities as disclosed in Note 9.
Schedule of Weighted-Average Useful Lives of Intangible Assets Acquired in Business Combinations | The intangible assets acquired in connection with the partnerships have the following values and estimated weighted-average lives:
(in thousands, except weighted-average lives) | Amount |  | Weighted- Average Life
Acquired relationships | $ | 474,070 |  |  | 15.0 years
Trade names | 48,250 |  |  | 5.3 years
Software | 28,663 |  |  | 4.7 years
Schedule of Intangible Assets Future Amortization Expense, Business Combinations | Future annual estimated amortization expense for the next five years is as follows for intangible assets acquired in connection with the partnerships:
(in thousands) |  | Amount
For the remainder of 2026 |  | $ | 45,515 |
2027 |  | 79,025 |
2028 |  | 69,099 |
2029 |  | 61,040 |
2030 |  | 55,531 |
2031 |  | 36,063 |
Business Combination, Pro Forma Information | The following pro forma consolidated results of operations are provided for illustrative purposes only and have been presented as if the CAC Group, Obie, and Capstone partnerships occurred on January 1, 2025. This pro forma information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisition had occurred on that date, nor of the results that may be obtained in the future.
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(in thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Pro forma results: |  |  |  |  |  |  |  |
Revenues |  | $ | 492,939 |  |  | $ | 468,120 |  |  | $ | 1,025,174 |  |  | $ | 956,381 |
Net loss(1) |  | (55,981) |  |  | (31,136) |  |  | (40,209) |  |  | (45,824) |
__________ (1) A pproximately $17.7 million of non-recurring acquisition-related costs attributable to the CAC Group, Obie and Capstone partnerships incurred during the six months ended June 30, 2026 were recognized as a pro forma adjustment to net loss for the six months ended June 30, 2025, and correspondingly removed from pro forma net loss for the six months ended June 30, 2026.

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