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Segment and Geographic Information | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Segment and Geographic Information | Note 17—Segment and Geographic Information As a global independent advisory firm, the Company provides a range of advisory services depending on the needs of its clients, including advice related to M&A execution, shareholder engagement advisory, financing and capital solutions, as well as underwriting and research services primarily for the energy and related industries. The Company provides advisory services to multiple industry sectors, geographic markets and clients, but the nature, process, delivery and regulatory complexities of advisory services are similar across the business. The Company is organized under an integrated approach to maximize the value of advice to clients by drawing upon the diversified expertise and broad relationships of its senior professionals. As such, the Company is managed on a consolidated basis, which results in one reportable segment: Advisory. The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, evaluates the performance of the Advisory segment and allocates resources based on consolidated net income (loss), as presented on the Consolidated Statements of Operations. The CODM uses consolidated net income (loss) to evaluate the profitability generated by segment assets and personnel and decides whether to reinvest any profits in the Advisory segment, such as through hiring, compensation management, and capital expenditures, or to return value to shareholders and partners, such as through share repurchases, cash-settled exchanges, net-settlement of equity-based awards, distributions, and dividends. The CODM is regularly provided with both actual and budgeted expense information on a consolidated basis that aligns with the expense categories as presented on the Consolidated Statements of Operations. The CODM does not review assets of the Advisory segment at a different level or category than what is presented as Total assets on the Consolidated Statements of Financial Condition. The accounting policies of the Company’s Advisory segment are the same as those described in Note 2—Summary of Significant Accounting Policies. For the three months ended March 31, 2026, no individual client accounted for more than 10% of aggregate revenues, and for the three months ended March 31, 2025, one individual client accounted for more than 10% of aggregate revenues. The following tables set forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets and therefore may not be indicative of the geography in which the Company’s clients are located:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Revenues |  |  |  |  |  |  |
United States |  |  |  |  | $ | 122,779 |  |  | $ | 177,958 |
United Kingdom |  |  |  |  | 18,081 |  |  | 11,301 |
Other international countries |  |  |  |  | 8,057 |  |  | 22,572 |
Total |  |  |  |  | $ | 148,917 |  |  | $ | 211,831 |
| March 31, 2026 |  | December 31, 2025
Assets |  |  |
United States | $ | 425,579 |  |  | $ | 588,736 |
United Kingdom | 125,368 |  |  | 149,365 |
Other international countries | 44,848 |  |  | 59,536 |
Total | $ | 595,795 |  |  | $ | 797,637 |

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- Definition The entire disclosure for reporting segments including data and tables. 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