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v3.26.1

Segment Reporting | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Reporting | Note 18. Segment Reporting The accounting policies of the Company's single operating segment are the same as those described in the summary of significant accounting policies in Note 2. Customer Information No i ndividual client constituted more than 10% of the Company's total revenues for the three and six months ended June 30, 2026. No individual client constituted more than 10% of the Company's total revenues for the three and six months ended June 30, 2025. Refer to Note 4 f or further details provided on the Company's source of revenues. From time to time, a fund managed by the Company will constitute more than 10% of the Company's total revenue due to catch-up fees, which are described in Note 2. Catch-up fees are non-recurring in nature and as such these funds do not represent a concentration risk for the Company's revenue. Geographic Information The primary geographic region in which the Company invests is in the United States and the majority of its revenues are generated in the United States. For the three and six months ended June 30, 2026 and 2025, most of the Company's revenues were generated in the United States. No individual foreign country constituted more than 10% of the Company's revenues for the three and six months ended June 30, 2026 and 2025. The Company's long-lived assets consist of property and equipment, lease right-of-use assets, and finite-lived intangibles. No individual foreign country constituted more than 10% of the Company's long-lived assets as of June 30, 2026. As of December 31, 2025, 77% of the Company's long-lived assets were in the United States and 23% of the Company's long-lived assets were in Spain. Significant Segment Expense The following table presents information about reported segment revenue, segment profit or loss, and significant segment expenses for the three and six months ended June 30, 2026 and 2025:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Total Revenues |  | $ | 80,914 |  |  | $ | 72,704 |  |  | $ | 155,938 |  |  | $ | 140,371 |
Less: cash compensation and benefits, net of one-time expenses |  |  | (28,329 | ) |  |  | (25,571 | ) |  |  | (56,584 | ) |  |  | (51,204 | )
Less: stock-based compensation |  |  | (9,167 | ) |  |  | (11,056 | ) |  |  | (18,012 | ) |  |  | (17,621 | )
Less: management profit share (2) |  |  | (1,246 | ) |  |  | (991 | ) |  |  | (2,395 | ) |  |  | (2,153 | )
Less: professional fees, net of one-time expenses |  |  | (3,537 | ) |  |  | (3,868 | ) |  |  | (7,808 | ) |  |  | (7,318 | )
Less: general, administrative and other, net of one-time expenses |  |  | (7,079 | ) |  |  | (6,479 | ) |  |  | (13,890 | ) |  |  | (12,224 | )
Less: placement agent expenses |  |  | (2,526 | ) |  |  | (1,811 | ) |  |  | (4,674 | ) |  |  | (2,534 | )
Less: other segment items (1) |  |  | (20,545 | ) |  |  | (18,728 | ) |  |  | (34,401 | ) |  |  | (38,421 | )
Net income |  | $ | 8,485 |  |  | $ | 4,200 |  |  | $ | 18,174 |  |  | $ | 8,896 |
(1) Other segment items included in net income include (i) remeasurement of contingent consideration, amortization of intangibles, strategic alliance expense, income tax expense, interest expense, net, as well as other income, and (ii) one-time expenses excluded from the significant segment expenses. (2) M anagement profit share represents compensation expense attributable to variable compensation structures tied to the profitability of our business, paid to senior employees. The following table reconciles the components of cash compensation and benefits, net of one-time expenses to their equivalent GAAP measures, reported in the Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:
|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Compensation and benefits |  | $ | 38,743 |  |  | $ | 32,145 |  |  | $ | 77,229 |  |  | $ | 69,225 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  |  | (9,167 | ) |  |  | (11,056 | ) |  |  | (18,012 | ) |  |  | (17,621 | )
Management profit share (2) |  |  | (1,246 | ) |  |  | (991 | ) |  |  | (2,395 | ) |  |  | (2,153 | )
One-time expenses (1) |  |  | (1 | ) |  |  | 5,473 |  |  |  | (238 | ) |  |  | 1,753 |
Cash compensation and benefits, net of one-time expenses |  | $ | 28,329 |  |  | $ | 25,571 |  |  | $ | 56,584 |  |  | $ | 51,204 |
(1) The adjustments for one-time expenses relate primarily to (i) restructuring of the management team including signing bonus and severance; and (ii) acquisition-related expenses which reflect the actual costs incurred during the period for the acquisition of new businesses, which primarily consist of bonuses paid to employees directly related to the acquisition of new businesses. (2) Management profit share represents compensation expense attributable to variable compensation structures tied to the profitability of our business, paid to senior employees. The following table reconciles the components of professional fees, net of one-time expenses to their equivalent GAAP measures, reported in the Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:
|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Professional fees |  | $ | 6,078 |  |  | $ | 6,743 |  |  | $ | 11,900 |  |  | $ | 13,258 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
One-time expenses (1) |  |  | (2,541 | ) |  |  | (2,875 | ) |  |  | (4,092 | ) |  |  | (5,940 | )
Professional fees, net of one-time expenses |  | $ | 3,537 |  |  | $ | 3,868 |  |  | $ | 7,808 |  |  | $ | 7,318 |
(1) The adjustments for one-time expenses relate primarily to (i) restructuring of the management team including placement/search fees; (ii) acquisition-related expenses which reflect the actual costs incurred during the period for the acquisition of new businesses, which primarily consist of fees for professional services including legal, accounting, and advisory related to the acquisition; (iii) the cost of financing our business; and (iv) one-time advisory services related to technical accounting matters. The following table reconciles the components of general, administrative and other, net of one-time expenses to their equivalent GAAP measures, reported in the Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:
|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
General, administrative and other |  | $ | 10,331 |  |  | $ | 8,824 |  |  | $ | 20,012 |  |  | $ | 15,649 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Placement agent expenses |  |  | (2,526 | ) |  |  | (1,811 | ) |  |  | (4,674 | ) |  |  | (2,534 | )
One-time expenses (1) |  |  | (726 | ) |  |  | (534 | ) |  |  | (1,448 | ) |  |  | (891 | )
General, administrative and other, net of one-time expenses |  | $ | 7,079 |  |  | $ | 6,479 |  |  | $ | 13,890 |  |  | $ | 12,224 |
(1) The adjustments for one-time expenses relate primarily to (i) expenses that typically do not require us to pay them in cash in the current period (such as depreciation and amortization); (ii) the cost of financing our business; and (iii) acquisition-related expenses which reflect the actual costs incurred during the period for the acquisition of new businesses. Other Segment Information Interest expense is reported on the Consolidated Statements of Operations as interest expense, net. Interest income is reported on the Consolidated Statements of Operations within other income and was $0.3 million and $0.5 million for the three and six months ended June 30, 2026, respectively, and $0.3 million and $0.7 million for the three and six months ended June 30, 2025.

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