Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Reportable Operating Segment Information

The table below shows a reconciliation of the Company’s net income or loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP to the Company’s total net income or loss in the consolidated statements of operations (in thousands):


	Year Ended December 31,
	2025		2024		2023
Revenue	$	838,692	$	731,593	$	639,111
Operating expenses:
Personnel costs(1)	818,290		462,394		403,294
Non-personnel costs(2)	146,690		131,330		111,267
Depreciation and amortization	9,005		8,325		7,691
Total operating expenses	$	973,985	$	602,049	$	522,252
Total operating (loss) income	$	(135,293)	$	129,544	$	116,859
Interest income	4,166		4,524		2,660
Interest expense	(1,436)		(64)		(138)
Other income, net	5,391		3,192		1,559
(Loss) income before taxes	$	(127,172)	$	137,196	$	120,940
Income tax expense	2,997		2,395		2,257
Net (loss) income	$	(130,169)	$	134,801	$	118,683

(1)Personnel costs during the year ended December 31, 2025 include equity restructuring costs of $193.2 million incurred in connection with the Reorganization Transactions.

(2)Non-personnel and other operating costs primarily include the provision for credit losses and costs such as occupancy, business development, training, recruiting, and annual discretionary bonus compensation.