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Revenue

9 Months Ended

Sep. 30, 2025

Revenue [Abstract]

Revenue

Note 11. Revenue

The following table presents our total revenue disaggregated by revenue type for the three and nine months ended September 30, 2025 and 2024 (in thousands):

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Underwriting		$	32,745			$	1,971			$	57,828			$	6,360
Commissions			8,881				1,161				14,570				3,246
Account advisory and management fees			269				638				555				1,409
Carried interest fees			8,704				-				19,204				-
Other			222				273				869				569
Total		$	50,821			$	4,043			$	93,026			$	11,584

X

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

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