Mergers and Acquisitions (Tables)

6 Months Ended

Jun. 30, 2025

The following table summarizes the estimated fair value of the aggregate assets and liabilities acquired during the six

months ended June 30, 2025:


	Velocity	USQ	360	Total
Cash and cash equivalents	$17,736	$—	$839	$18,575
Commissions and fees receivable – net	23,650	13,124	585	37,359
Fiduciary cash and receivables	105,779	1,649	5,486	112,914
Goodwill	363,926	20,539	16,622	401,087
Customer relationships1	216,400	19,100	12,303	247,803
Other intangible assets	12,000	200	67	12,267
Lease right-of-use assets	3,757	612	—	4,369
Other current and non-current assets	4,310	101	40	4,451
Total assets acquired	$747,558	$55,325	$35,942	$838,825
Accounts payable and accrued liabilities	5,042	193	—	5,235
Accrued compensation	7,457	373	81	7,911
Fiduciary liabilities	105,779	1,649	5,486	112,914
Operating lease liabilities	3,757	612	—	4,369
Deferred tax liabilities	57,298	—	1,546	58,844
Total liabilities assumed	$179,333	$2,827	$7,113	$189,273
Net assets acquired	$568,225	$52,498	$28,829	$649,552

1 The acquired customer relationships have a weighted average amortization period of 13.0 years.

The unaudited pro forma financial information is presented

for informational purposes only and is not indicative of the results of operations that would have been achieved if the

acquisitions had taken place on the date indicated or of results that may occur in the future. The pre-acquisition Castel

results included in the pro forma figures below contain acquisition-related expenses that were not considered pro forma

adjustments for the Company.

The table below summarizes the amounts recognized:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Change in contingent consideration	$(759)	$1,243	$(14,801)	$1,178
Interest expense, net	1,655	864	3,987	1,801
Total	$896	$2,107	$(10,814)	$2,979