Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

The CODM utilizes consolidated net income as the primary metric to monitor budget versus actual results, assess the

performance of the business, and make decisions regarding resource allocation. The following table provides information

about the Company’s revenue and includes a reconciliation to net income:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Net commissions and fees	$840,857	$680,248	$1,516,985	$1,218,135
Fiduciary investment income	14,313	15,193	28,351	29,352
Total revenue	$855,170	$695,441	$1,545,336	$1,247,487

Compensation-related expense1	453,414	383,960	850,842	713,982
General and administrative expense2	93,350	63,790	185,587	128,592
Other segment items3	45,557	49,266	92,241	103,836

Depreciation and amortization	72,556	32,814	140,180	62,882
Change in contingent consideration	(759)	1,243	(14,801)	1,178
Interest income	(1,482)	(5,392)	(4,585)	(13,387)
Interest expense	59,816	36,520	117,427	73,915
Income from equity method investments	(5,156)	(3,722)	(10,093)	(9,328)
Income tax expense	13,026	18,691	68,456	25,117
Other non-operating loss (income)	143	233	(234)	1,985
Net income	$124,705	$118,038	$120,316	$158,715

1 Compensation-related expense includes salaries, commissions, bonus compensation, benefits, payroll taxes, and

contractor costs, and excludes equity-based compensation expense, acquisition, and restructuring related expenses.

2 General and administrative expense includes travel and entertainment, professional services, occupancy, IT related costs,

and other operating costs, and excludes acquisition and restructuring related expenses.

3 Other segment items include equity-based compensation expense, and acquisition and restructuring related compensation

and general and administrative expenses.

Revenue is primarily recognized based on the country in which the services are performed. The below table illustrates the

geographic regions for the Company’s revenue: