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Business Combinations and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Purchase, Cash and Equity Considerations |
(Dollars in Thousands) | Amount
Initial purchase price | $ | 8,740 |
Settlement of debt | 1,213 |
Contingent consideration | 5,743 |
Total purchase consideration transferred | $ | 15,696 |
(Dollars in Thousands) | PW Amount
Cash consideration | $ | 1,735 |
Equity consideration | 1,705 |
Deferred consideration | 3,328 |
Settlement of pre-existing relationships | 1,186 |
Total purchase consideration transferred | $ | 7,954 |
(Dollars in Thousands) | Amount
Cash consideration | $ | 69,013 |
Contingent consideration installments | 23,308 |
Payment of assumed liabilities | 793 |
Total purchase consideration transferred | $ | 93,114 |
Schedule of Assets Acquired, and Liabilities Assumed | The following table sets forth the preliminary fair values of the assets acquired and liabilities assumed in connection with the Kontora Acquisition:
(Dollars in Thousands) | Kontora Acquisition Date Fair Value
Cash and cash equivalents | $ | 3,440 |
Fees receivable | 2,702 |
Equity method investments | 28 |
Intangible assets | 14,075 |
Goodwill | 981 |
Operating lease right-of-use assets | 1,952 |
Deferred tax assets, net | 1,451 |
Other assets, net | 2,326 |
Total Assets Acquired | $ | 26,955 |
Accounts payable and accrued expenses | 526 |
Accrued compensation and profit sharing | 218 |
Debt, net of unamortized deferred financing cost | 732 |
Operating lease liability | 1,952 |
Deferred tax liability | 4,774 |
Other liabilities, net | 3,057 |
Total Liabilities Assumed | $ | 11,259 |
Total Assets Acquired and Liabilities Assumed | $ | 15,696 |
The following table sets forth the final fair values of the assets acquired, and liabilities assumed in connection with the Envoi Acquisition:
(Dollars in Thousands) | Envoi Acquisition Date Fair Value
Intangible assets | $ | 23,300 |
Goodwill | 10,824 |
Operating lease right-of-use assets | 196 |
Other assets | 157 |
Total Assets Acquired | 34,477 |
Accounts payable and accrued expenses | 1 |
Operating lease liabilities | 218 |
Total Liabilities Assumed | 219 |
Total Assets Acquired and Liabilities Assumed | $ | 34,258 |
The following table sets forth the final fair values of the assets acquired, and liabilities assumed in connection with the PW business combination:
(Dollars in Thousands) | PW Acquisition Date Fair Value
Cash and cash equivalents | $ | 269 |
Intangible assets | 9,700 |
Goodwill | 6,747 |
Other assets | 20 |
Total Assets Acquired | 16,736 |
Accounts payable and accrued expenses | 589 |
Other liabilities | 292 |
Deferred tax liability | 1,749 |
Total Liabilities Assumed | $ | 2,630 |
Total Assets Acquired and Liabilities Assumed | $ | 14,106 |
The following table sets forth the final fair values of the assets acquired and liabilities assumed in connection with the EEA Acquisition:
(Dollars in Thousands) | EEA Acquisition Date Fair Value
Cash and cash equivalents | $ | 218 |
Management/advisory fees receivable | 12 |
Intangible assets | 62,700 |
Goodwill | 30,094 |
Operating lease right-of-use assets | 2,326 |
Other assets | 1,181 |
Total Assets Acquired | 96,531 |
Accounts payable and accrued expenses | 79 |
Operating lease liabilities | 2,326 |
Other liabilities | 1,012 |
Total Liabilities Assumed | $ | 3,417 |
Total Assets Acquired and Liabilities Assumed | $ | 93,114 |
Schedule of Intangible Assets Acquired | Below is a summary of the intangible assets acquired in the Kontora Acquisition:
(Dollars in Thousands) | Kontora Acquisition Date Fair Value |  | Estimated Life (Years)
Brand | $ | 187 |  |  | 3
License | 4,385 |  |  | 15
Customer relationships | 9,443 |  |  | 15
Software | 60 |  |  | 3
Total Intangible Assets | $ | 14,075 |  |  |
The total purchase consideration is summarized below:
(Dollars in Thousands) | Envoi Amount
Cash consideration | $ | 25,258 |
Earn-out consideration | 9,000 |
Total purchase consideration transferred | $ | 34,258 |
Below is a summary of the intangible assets acquired in the Envoi Acquisition:
(Dollars in Thousands) | Envoi Acquisition Date Fair Value |  | Estimated Life (Years)
Customer Relationships | $ | 23,300 |  |  | 15
Total Intangible Assets | $ | 23,300 |  |  |
Below is a summary of the intangible assets acquired in the PW business combination:
(Dollars in Thousands) | PW Acquisition Date Fair Value |  | Estimated Life (Years)
Customer Relationships | $ | 9,700 |  |  | 14
Total Intangible Assets | $ | 9,700 |  |  |
Below is a summary of the intangible assets acquired in the EEA Acquisition:
(Dollars in Thousands) | EEA Acquisition Date Fair Value |  | Estimated Life (Years)
Trade Name | $ | 1,400 |  |  | 5
Customer Relationships | $ | 61,000 |  |  | 17
Developed Technology | $ | 300 |  |  | 5
Total Intangible Assets | $ | 62,700 |  |  |
Schedule of Business Acquisition, Pro Forma Information |
|  |  | For the Year Ended
(Dollars in Thousands) |  |  |  |  | December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
Total revenue |  |  |  |  | $ | 260,911 |  |  | $ | 221,297 |  |  | $ | 241,618 |
Net income (loss) |  |  |  |  | $ | (119,955) |  |  | $ | (102,245) |  |  | $ | (162,443) |

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