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10-K true 2025-12-31 --12-31 false 001-43014 Andersen Group Inc. DE 33-4630773 333 Bush Street Suite 1700 San Francisco CA 94104 415 764-2700 Class A common stock, $0.0001 par value ANDG NYSE No No Yes Yes Non-accelerated Filer true true false false false false 0 12650000 98826563 Portions of the Registrant's definitive proxy statement, or the 2026 Proxy Statement, relating to its annual meeting of stockholders to be held in 2026, or the 2026 Annual Meeting, to be filed with the Securities and Exchange Commission, or the SEC, within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates, are incorporated herein by reference where indicated. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, such proxy statement is not deemed to be a part hereof. <div style="text-align:justify;text-indent:18pt">Our ability to serve our clients depends on resilient technology and the secure handling of sensitive information. We rely on information systems and networks, often provided by third parties, to operate our business and deliver professional services. In the ordinary course, we process personal data and other confidential or proprietary information that is subject to contractual obligations and evolving privacy and security requirements.</div><div style="text-align:justify"> </div><div style="text-align:justify;text-indent:18pt">We have designed and are implementing a cybersecurity and information security program to manage risks to the confidentiality, integrity, and availability of our systems and the information we maintain or process. We continue to invest in enhancing our cybersecurity risk management practices and various other security controls. Our cybersecurity risk management activities are based on a hybrid of the NIST Cybersecurity Framework 2.0 and ISO 27001 standards, are coordinated with our broader enterprise risk management (ERM) processes and will continue to be integrated into our ERM program over time. Our program is designed to align cybersecurity risk identification, assessment, mitigation, and reporting with our ERM processes, including escalation protocols to senior management, our board’s risk and audit committees, and to the board of directors, as appropriate. </div><div style="text-align:justify"> </div><div style="text-align:justify;text-indent:18pt">Our cybersecurity and information security program is risk-based and is informed by generally accepted cybersecurity practices, internal and external assessments and testing, and threat intelligence, including information provided by third-party partners. We maintain processes to identify, assess, and prioritize cybersecurity risks based on likelihood and potential impact, including financial, operational, legal, and reputational considerations. We consider a range of threats, such as phishing and other social-engineering attacks (including those that may use deepfakes), credential theft, malware and ransomware, denial-of-service attacks, and supply‑chain events that affect critical service providers. </div><div style="text-align:justify;text-indent:18pt"> </div><div style="text-align:justify;text-indent:18pt">We have also designed our cybersecurity and information security program to be multi-tiered and we have implemented and continue to enhance several key elements, including:</div><div style="text-align:justify"> </div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt">•Developing and updating information security policies, standards, and procedures, including practices for data handling, identity and access management, incident response, and vendor management. We will continue to assess these materials in order to clarify roles and responsibilities, strengthen minimum control expectations for service providers, and enhance data handling standards. These policies will be reviewed periodically and updated to reflect evolving regulatory requirements, emerging threats, and changes in our business operations.</div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt">•Security monitoring and response supported by a combination of internal resources and a managed security service provider (MSSP) that assists with monitoring, triage, and incident response activities. </div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt">•Vulnerability management and independent testing, including periodic risk assessments and penetration testing, as well as tracking and prioritization of remediation efforts.</div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt">•Security awareness training for personnel, including periodic communications and exercises intended to reduce the risk of phishing and other user‑focused threats, including mandatory training for personnel and periodic simulated phishing exercises.</div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt">•Incident response preparedness, including response procedures and processes designed to support containment, investigation, recovery, fulfillment of relevant legal obligations, and post‑incident improvement. We have adopted an Incident Response Policy and maintain response procedures designed to support containment, investigation, recovery, and compliance with legal and regulatory obligations. We continue to enhance our documented response procedures, including our playbooks and escalation criteria. We are expanding our tabletop exercises and coordinate with our MSSP to support timely containment and recovery. We maintain defined escalation criteria to assess the severity and potential materiality of cybersecurity incidents, including processes to escalate incidents to senior management and, where appropriate, to the risk and audit committees and the board of directors.</div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt">•Business continuity and disaster recovery planning intended to support operations during and after disruptive events, including periodic testing of recovery capabilities and including disruptions at third‑party service providers.</div><div> </div><div style="text-align:justify;text-indent:18pt">We evaluate cybersecurity considerations as part of our processes for selecting and overseeing third-party vendors that handle sensitive information or provide critical services. We are enhancing our vendor risk management program through expanded risk-based diligence, use of contractual safeguards, and ongoing monitoring of critical service providers. These processes include assessing vendor security controls prior to engagement and periodically thereafter, particularly for vendors that process sensitive data or support critical systems. Given our reliance on third‑party platforms (including data centers, software‑as‑a‑service, and cloud providers), we address security and resilience throughout the vendor lifecycle. </div><div style="text-align:justify">Even with these measures, no program can eliminate all risk, particularly when incidents originate at third parties we depend upon.</div><div style="text-align:justify;text-indent:18pt"> </div><div style="text-align:justify;text-indent:18pt">When implementing significant technological changes and integrating acquisitions, business combinations and other strategic initiatives, we also consider cybersecurity and data protection risks. We use integration runbooks to align relevant operations with our cybersecurity policies, procedures, and control expectations.</div>For a discussion of cybersecurity and technology-related risks relevant to our business, see Part I, Item 1A "Risk Factors—Risks Related to Information Technology, Infrastructure and Intellectual Property." We do not believe that any risks from known cybersecurity threats, including as a result of prior cybersecurity incidents, have materially affected us or are reasonably likely to materially affect us. This assessment is based on information known to us and our assessment of the nature, scope, and actual or potential impact of known cybersecurity threats and prior incidents, including considerations of financial impact, operational disruption, and reputational harm. This assessment is inherently uncertain and dependent on information available to us, and our processes for identifying, assessing and managing cybersecurity risks may not be sufficient to identify all such risks and incidents. Accordingly, cybersecurity threats or incidents could materially affect us in the future. We have designed and are implementing a cybersecurity and information security program to manage risks to the confidentiality, integrity, and availability of our systems and the information we maintain or process. We continue to invest in enhancing our cybersecurity risk management practices and various other security controls. Our cybersecurity risk management activities are based on a hybrid of the NIST Cybersecurity Framework 2.0 and ISO 27001 standards, are coordinated with our broader enterprise risk management (ERM) processes and will continue to be integrated into our ERM program over time. Our program is designed to align cybersecurity risk identification, assessment, mitigation, and reporting with our ERM processes, including escalation protocols to senior management, our board’s risk and audit committees, and to the board of directors, as appropriate. true true true false <div style="text-align:justify;text-indent:18pt">Our board of directors has overall responsibility for risk oversight, including oversight of cybersecurity and information technology risks. The board of directors carries out aspects of this oversight through the risk committee and audit committee. Cybersecurity and information technology risks are also addressed through our ERM processes, which are intended to support consistent identification, assessment, and escalation of key risks.</div><div style="text-align:justify;text-indent:18pt"> </div><div style="text-align:justify;text-indent:18pt">The risk committee oversees cybersecurity risk and receives periodic updates on key trends, program initiatives, program effectiveness, and assessment results from management. The audit committee oversees cybersecurity and receives similar updates for risks pertaining to the integrity of financial systems, financial reporting, and financial disclosure controls. Management also updates the risk and audit committees, as appropriate, regarding significant cybersecurity incidents and response activities. Both the risk committee and the audit committee report to the full board of directors regarding these matters on a regular basis.</div> <div style="text-align:justify;text-indent:18pt">Our board of directors has overall responsibility for risk oversight, including oversight of cybersecurity and information technology risks. The board of directors carries out aspects of this oversight through the risk committee and audit committee. Cybersecurity and information technology risks are also addressed through our ERM processes, which are intended to support consistent identification, assessment, and escalation of key risks.</div><div style="text-align:justify;text-indent:18pt"> </div><div style="text-align:justify;text-indent:18pt">The risk committee oversees cybersecurity risk and receives periodic updates on key trends, program initiatives, program effectiveness, and assessment results from management. The audit committee oversees cybersecurity and receives similar updates for risks pertaining to the integrity of financial systems, financial reporting, and financial disclosure controls. Management also updates the risk and audit committees, as appropriate, regarding significant cybersecurity incidents and response activities. Both the risk committee and the audit committee report to the full board of directors regarding these matters on a regular basis.</div> Our board of directors has overall responsibility for risk oversight, including oversight of cybersecurity and information technology risks. The board of directors carries out aspects of this oversight through the risk committee and audit committee. <div style="text-align:justify;text-indent:18pt">The risk committee oversees cybersecurity risk and receives periodic updates on key trends, program initiatives, program effectiveness, and assessment results from management. The audit committee oversees cybersecurity and receives similar updates for risks pertaining to the integrity of financial systems, financial reporting, and financial disclosure controls. Management also updates the risk and audit committees, as appropriate, regarding significant cybersecurity incidents and response activities. Both the risk committee and the audit committee report to the full board of directors regarding these matters on a regular basis.</div> true <div style="text-align:justify;text-indent:18pt">Cybersecurity risk management is coordinated by an interim Chief Information Security Officer (“CISO”) and a cross-functional cybersecurity governance committee (the “Cybersecurity and Governance Committee”) led by the CISO and supported by stakeholders from functions including legal, risk management, finance, and technology. Our CISO has substantial experience as a CISO in financial services and has over 25 years of experience in technology and cybersecurity roles. He holds a Bachelor of Science degree in Cybersecurity and Risk Analysis, and holds globally recognized cybersecurity certifications, including a Certified Information Systems Security Professional (CISSP) certification and a Certified Information Security Manager (CISM) certification.</div><div style="text-align:justify;text-indent:18pt"> </div><div style="text-align:justify;text-indent:18pt">This Cybersecurity Governance Committee sets cybersecurity priorities, oversees the implementation of key initiatives and controls, coordinates monitoring and incident response activities (including those performed by our MSSP), and supports cybersecurity considerations for significant technological changes and third-party relationships. The Cybersecurity Governance Committee meets frequently to review cybersecurity risk reporting, metrics, and remediation efforts and oversee incident escalation to senior management, to the risk and audit committees, and to the board of directors as appropriate.</div><div style="text-align:justify;text-indent:18pt"> </div><div style="text-align:justify;text-indent:18pt">Our internal personnel who are involved in cybersecurity and information technology include professionals with expertise in areas such as IT operations, security administration, risk assessment, incident response, and compliance. We expect to increase cybersecurity staffing in targeted functions to work directly with our CISO to enhance our cybersecurity capabilities. In addition to our internal capabilities, we employ external service providers, such as our MSSP and specialized consultants, to provide independent validation of controls and practices, assist in the identification of emergent risks, and supplement internal capabilities.</div> <div style="text-align:justify;text-indent:18pt">Cybersecurity risk management is coordinated by an interim Chief Information Security Officer (“CISO”) and a cross-functional cybersecurity governance committee (the “Cybersecurity and Governance Committee”) led by the CISO and supported by stakeholders from functions including legal, risk management, finance, and technology. Our CISO has substantial experience as a CISO in financial services and has over 25 years of experience in technology and cybersecurity roles. He holds a Bachelor of Science degree in Cybersecurity and Risk Analysis, and holds globally recognized cybersecurity certifications, including a Certified Information Systems Security Professional (CISSP) certification and a Certified Information Security Manager (CISM) certification.</div> true Our CISO has substantial experience as a CISO in financial services and has over 25 years of experience in technology and cybersecurity roles. He holds a Bachelor of Science degree in Cybersecurity and Risk Analysis, and holds globally recognized cybersecurity certifications, including a Certified Information Systems Security Professional (CISSP) certification and a Certified Information Security Manager (CISM) certification. 243 BDO USA, P.C. New York, New York

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Organization and Business Description<div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Andersen Group Inc. was formed on April 16, 2025 for the purpose of facilitating an initial public offering (“IPO”) and other related transactions in order to operate the business of AT Umbrella LLC. Andersen Group Inc. is a holding company, and its sole material asset is its indirect ownership interests in Andersen Tax Holdings LLC through its ownership of approximately 11.4% of the Class X Umbrella Units in AT Umbrella LLC, which in turn owns all ownership interests in Andersen Tax LLC and its 100% wholly owned subsidiaries, (collectively, the “Company”). The Company is a national professional services firm focused on providing a wide range of tax, valuation, financial advisory, and related consulting services (including certain services acting as a registered investment adviser). As of December 31, 2025, the Company has 26 offices in 15 states and the District of Columbia.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Prior to the Company completing its IPO and Up-C restructuring (the “Reorganization” or “Reorganization Transactions”), the Company historically conducted business through Andersen Tax Holdings LLC and its subsidiaries, including Andersen Tax LLC. Andersen Tax Holdings LLC was formed on December 31, 2007, to execute the acquisition of an existing business by MD Management LLC and MD Investment LLC (collectively, the “Management Holdcos”). On June 26, 2013, Andersen Tax LLC became a member firm in Andersen Global, a Swiss verein established under articles 60-79 of the Swiss Civil Code. Each member firm provides services in a defined geographic area and is subject to the laws and professional regulations of the particular country or countries in which it operates. The Articles of Association of Andersen Global provide for the autonomy of its member firms and specifically require each member firm to retain and remain solely responsible for its own legal obligations to third parties and its partners or managing directors and employees, arising before or after the formation of Andersen Global, including all debts and obligations.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Initial Public Offering</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">On December 18, 2025, the Company completed its IPO of 12,650,000 shares of Class A common stock at an offering price of $16.00 per share, including 1,650,000 shares of Class A common stock issued pursuant to the underwriters' over-allotment option. The Company received net proceeds of $188.2 million, net of underwriting discounts and commissions of $14.2 million, but before deducting offering costs of $9.9 million. The Company used the proceeds to purchase 12,650,000 newly-issued membership units of AT Umbrella LLC (“Class X Umbrella Units”) at a price per unit equal to the IPO price, net of underwriting discounts and commissions. </div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Summary of the Reorganization and Other Transactions Completed in Connection with the IPO</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In connection with the IPO, a series of transactions comprised of a reorganization, offering and other financing transactions were completed. The following summarizes the Reorganization Transactions that were completed as of the date of IPO: </div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•Andersen Group Inc. amended and restated its certificate of incorporation, pursuant to which it is authorized to issue two series of common stock, Class A and Class B. Class A common stock has one vote per share and is entitled to economic rights. Class B common stock has ten votes per share and is not entitled to economic rights.</div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•The Management Holdcos merged into Andersen Aggregator LLC (“Aggregator”). Existing common units and profits interest units were converted to Class X Aggregator Units. A percentage of the new Class X Aggregator Units were subject to vesting conditions for active managing directors who perform services for Andersen Tax LLC.</div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•AT Umbrella LLC was formed. Andersen Aggregator LLC contributed 100% of its equity interests in Andersen Tax Holdings LLC to AT Umbrella LLC in exchange for Class X Umbrella Units. Immediately after this contribution, AT Umbrella LLC became the managing member of Andersen Tax Holdings LLC.</div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•Andersen Group Inc. issued to Andersen Aggregator LLC 98,302,500 shares of Class B common stock in exchange for the payment by Aggregator of the aggregate par value of the Class B common stock that is received.</div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•The Management Holdcos issued to each of their members a promissory note in a principal amount equal to such member’s and its related transferee's aggregated capital account balance in respect of such Management Holdco as of December 16, 2025, with repayment over a seven-year period for each family of related notes with a principal </div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify">balance of at least $550,000, either a three- or seven-year period for each family of related notes with a principal balance of less than $550,000 and a period of between two to seven years for notes issued to certain retiring and retired managing director members of the Management Holdcos (the “Member Notes”). Additionally, AT Umbrella LLC issued corresponding notes to Aggregator (the “Capital Account Notes”) with aggregate principal amounts of approximately $187.8 million, equal to the sum of the aggregate principal amounts of the Member Notes, to be paid over the same two- to seven-year period, respectively. The Capital Account Notes accrue interest between 6.31% to 7.50%.</div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•In connection with the reorganization of the Management Holdcos, Aggregator issued Class H Aggregator Units entitling certain retiring and retired managing director members of the Management Holdcos subject to certain terms and conditions, to certain cash distributions paid over a period of up to seven years relating to payment of certain post-service obligations.</div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•AT Umbrella LLC issued to Aggregator a promissory note in a principal amount of approximately $162.3 million with repayment occurring over an eight-year period relating to payment of the above-mentioned post-service obligations to certain retiring and retired managing director members of the Management Holdcos (the “Holdover Note”). The Holdover Note accrues interest at 7.63%.</div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•Andersen Group Inc. entered into a Tax Receivable Agreement (“TRA”) with Aggregator concurrent with the Reorganization Transactions, which requires the Company to pay to certain holders of Class X Umbrella Units who are or may become parties to the TRA (the “TRA Parties”) from time to time 85% of the amount of tax benefits, if any, that are actually realized (or in some circumstances that are deemed to realize) as a result of (i) any increase in tax basis in the assets of AT Umbrella LLC and its flow-through subsidiaries resulting from purchases of Class X Umbrella Units from such Class X Umbrella Unit holders with the proceeds of the IPO or exchanges of Class X Umbrella Units for shares of Class A common stock or cash in the future; and (ii) certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments that the Company will make under the TRA.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Class X Umbrella Units held by pre-IPO common unitholders and profits interest units at AT Umbrella LLC (“LTIP Units”) are exchangeable for Class A common stock from Andersen Group Inc. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Reorganization Transactions were accounted for as a transaction between entities under common control. As a result, the financial statements for periods prior to the IPO and the Reorganization have been adjusted to combine the previously separate entities for presentation purposes. As the managing member, Andersen Group Inc. operates and controls all of the business and affairs, and through AT Umbrella LLC and its subsidiaries, conducts the business of Andersen Tax LLC. Andersen Group Inc. consolidates AT Umbrella LLC and its subsidiaries in its consolidated financial statements and reports a redeemable noncontrolling interest related to the Class X Umbrella Units held by the pre-IPO common unitholders and the LTIP Units in the consolidated financial statements.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The following summarizes the other transactions completed in connection with the IPO:</div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•AT Umbrella LLC granted LTIP Units to Aggregator in connection with the earlier appointment of additional managing directors during 2025, and Aggregator issued corresponding Aggregator LTIP Units to such managing directors. Andersen Group Inc. issued to Aggregator shares of Class B common stock equal in number to the maximum number of Class X Umbrella Units issuable upon exchange of such LTIP Units issued to Aggregator in exchange for the payment by Aggregator of the aggregate par value of the Class B common stock that is received. LTIP Units in AT Umbrella are economically similar to stock options. Each LTIP Unit has a per unit hurdle price, which is economically similar to the exercise price of a stock option. </div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•Andersen Group Inc. granted 5,440,720 restricted stock units (RSUs) under the 2025 Equity Incentive Plan concurrent with the IPO.</div>

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Summary of Significant Accounting Policies<div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Basis of Presentation</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities & Exchange Commission (“SEC”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Principles of Consolidation and Redeemable Noncontrolling Interest</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The accompanying consolidated financial statements include the accounts of AT Umbrella LLC and its 100% wholly owned subsidiaries. AT Umbrella LLC is a Variable Interest Entity (“VIE”), as defined in ASC Topic 810 (“ASC 810”), Consolidation. ASC 810 requires the consolidation of VIEs in which the entity is defined as the primary beneficiary of the VIE. To be a primary beneficiary, an entity must have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, among other factors. The Company has assessed its variable interests in this entity and determined that the Company is the primary beneficiary of AT Umbrella LLC and its subsidiaries. In completing the assessment, the Company identified the activities that it considers most significant to the economic performance of this entity and determined that the Company has the power to direct those activities. As a result, AT Umbrella LLC and its subsidiaries’ financial position and results of operations are consolidated in the Company’s balance sheet and statement of operations.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">All significant intercompany balances and transactions have been eliminated in consolidation. The assets and liabilities of AT Umbrella LLC represent substantially all of the consolidated assets and liabilities of Andersen Group, Inc. Andersen Group, Inc., has not had any material operations on a standalone basis since its inception, and all of the operations of the Company are carried out by AT Umbrella LLC and its subsidiaries.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">A redeemable noncontrolling interest in a consolidated subsidiary represents the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Redeemable noncontrolling interest is classified as temporary equity because the Class X Umbrella Units contained certain redemption features that were not solely within the control of the Company. The presentation of net income is modified to present earnings and other comprehensive income attributed to controlling and redeemable noncontrolling interests.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The redeemable noncontrolling interest on the consolidated statement of operations represents the portion of earnings or loss attributable to the economic interest in AT Umbrella LLC held by Aggregator. See Note 12 for further information on the redeemable noncontrolling interest and the related accounting policies.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company does not have any controlling interest in, and is not the primary beneficiary of, any other member firm of Andersen Global. Accordingly, these entities are considered related parties solely as a result of the memberships in the Swiss verein discussed above. These member firm entities are not consolidated in the Company’s financial statements.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">One of the non-U.S. Andersen Global member firms is a VIE. The Company has assessed its variable interests in this entity and determined that the Company is not the primary beneficiary. In completing the assessment, the Company identified activities it considers most significant to the economic performance of this entity and determined that the Company does not have the power to direct those activities. As a result, that entity’s financial position and results of operations are not consolidated in the Company’s balance sheet and statement of operations. The Company's carrying value and exposure to loss is comprised of loans to the VIE included in loans and notes receivable from affiliates, net of allowance for credit losses and amounts due from the VIE included in prepaid expenses and other current assets. As of December 31, 2025 and 2024, the total carrying value of these items was $0.2 million and $0.2 million, respectively. As of December 31, 2025 and 2024, the Company’s maximum exposure to loss related to the loans receivable and amounts due from the VIE was $6.9 million and $6.3 million, respectively, excluding the allowance for credit loss on the loans receivable from the VIE.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Use of Estimates</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include but are not limited to the assessment of the recoverability of goodwill and intangible assets, valuation and expected lives of tangible and intangible assets, allowance for credit losses, certain accrued liabilities, and valuation allowance on deferred tax assets. Due to the inherent uncertainty in making those assumptions, actual results could differ from those estimates.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Emerging Growth Company Status</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is no longer an emerging growth company or affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these consolidated financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards based on public company effective dates.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Segment Information</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">ASC Topic 280, Segment Reporting establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise where discrete financial information is available and evaluated regularly by the Chief Operating Decision Maker (“CODM”), in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer (“CEO”). The Company operates in one segment based upon the financial information used by its CODM in evaluating the financial performance of its business and allocating resources. The single segment represents the Company’s core business of providing tax, valuation, financial advisory and related consulting services to its clients. See Note 19 for further information on the Company’s reporting segment.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Cash and Cash Equivalents</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Cash equivalents include demand deposits, money market funds, and highly liquid debt securities with maturities when acquired of three months or less. As of December 31, 2025 and 2024, the Company maintained cash balances in interest-bearing and non-interest-bearing cash deposit accounts.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">As of December 31, 2025 and 2024, the Company had substantially all of its cash deposited at one large financial institution, with balances that are in excess of federally insured levels. The Company regularly monitors the financial stability of its financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Interest and other income for the years ended December 31, 2025, 2024 and 2023 includes interest earned by the Company on its short-term cash equivalent investments and interest-bearing bank deposits of $3.4 million, $2.9 million and $1.5 million, respectively.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Accounts Receivable and Allowance for Credit Losses</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company’s accounts receivable are recorded at amounts billed to clients and are presented on the consolidated balance sheet net of an allowance for credit losses. The Company’s unbilled services are services performed, but not yet billed to clients and are presented as a component of accounts receivable on the consolidated balance sheet at net realizable value and net of an allowance for credit losses. The Company estimates its allowance for credit losses based on historical </div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify">experience, the age of the receivable balances, and current and future economic conditions, among other factors that may affect the Company’s ability to collect from clients.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Concentration of Credit Risk</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Financial instruments that may be subject to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with highly-rated financial institutions. The Company has not experienced any losses on its deposits of cash and cash equivalents.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company’s client base consists of a broad range of individuals and businesses in a variety of industries primarily located throughout the United States. No single client accounted for more than 10% of revenue or accounts receivable for the years ended December 31, 2025, 2024 and 2023. The Company believes that the geographic and industry diversity of its client base throughout the United States minimizes the risk of incurring material losses due to concentrations of credit risk.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Fair Value Measurement</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis, at least annually. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity, associated with the inputs to the valuation of these assets or liabilities, are as follows:</div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Level 1: Observable inputs, such as quoted prices in active markets for identical assets and liabilities.</div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Level 2: Inputs other than the quoted prices in active markets that are observable either directly or indirectly.</div><div style="margin-bottom:12pt;margin-top:6pt;padding-left:20.16pt;text-align:justify">Level 3: Unobservable inputs, in which there is little or no market data which require the Company to develop its own assumptions.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Observable inputs are based on market data obtained from independent sources. Unobservable inputs reflect the Company’s assessment of the assumptions market participants would use to value certain financial instruments. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The carrying amounts of certain financial instruments, including cash held at financial institutions, accounts receivable and accounts payable approximate fair value due to their short-term maturities. See Note 5 for more information on the fair value of financial assets and liabilities.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Property and Equipment</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Property and equipment are stated at cost and are depreciated using the straight-line method over their estimated useful lives, as follows:</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:84.354%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:13.446%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Furniture and fixtures</td> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">5 years</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Office equipment</td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>3 to 5 years</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Computer equipment</td> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">5 years</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Computer software</td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>3 to 5 years</div></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Leasehold improvements and office equipment acquired under finance leases are amortized over the lesser of the term of the related lease or the estimated useful lives of the assets. Expenditures for replacements and betterments are capitalized and expenditures relating to maintenance and repairs are charged to expense as incurred.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Leases</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the use of the identified asset over the term of the arrangement. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. To determine the present value of lease payments, the Company uses the implicit interest rate, if it is readily determinable or estimable. To the extent that the Company is unable to utilize an interest rate implicit in the lease, the collateralized incremental borrowing rate is used based on the information available at the lease commencement date, in determining the present value of lease payments. ROU assets are based on the measurement of the lease liability and include any lease payments made prior to or on lease commencement and initial direct costs incurred and exclude lease incentives, as applicable.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company has elected not to separate lease and non-lease components for any leases within its existing classes of assets, therefore the Company accounts for lease and non-lease components as a single lease component. Payments under the Company’s lease arrangements are primarily fixed; however, certain lease arrangements contain variable payments, which are expensed as incurred and not included in the measurement of the ROU assets and lease liabilities. These amounts include payments for common-area maintenance, real estate taxes, and utilities which are based on usage or performance. Lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise any such options. The Company has made the policy election to exempt leases with an original term of less than 12 months, including any renewal or extension options that are reasonably certain to be exercised and that do not include a purchase option whose exercise is reasonably certain, for all classes of underlying assets to which the right of use relates.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Operating leases are included in operating right-of-use assets, operating lease liability, current and operating lease liability, noncurrent line items in the Company’s consolidated balance sheets. The Company recognizes lease expense for its operating leases on a straight-line basis over the term of the lease. Finance leases are included in property and equipment, net, other current liabilities, and other liabilities in the Company’s consolidated balance sheets.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Capitalized Internal Use Software</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company incurs development costs related to its internal use software. The Company capitalizes these software development costs incurred during the application development stage, including activities such as designing, coding, testing, and implementing software to create functional and deployable solutions. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Once the project is substantially complete and ready for its intended use, these costs are amortized on a straight-line basis over the estimated useful life of the software, generally three years. Costs capitalized as internal-use software development costs include eligible salaries and compensation-related costs of employees and costs incurred in developing new features and enhancements when the costs will result in additional functionality. Capitalized internal use software is classified as intangible assets, net on the consolidated balance sheets.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Implementation Costs for Cloud Computing Arrangements</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company incurs costs to implement cloud computing arrangements that are service contracts including eligible salaries and compensation-related costs of employees and third-party consulting fees. The Company capitalizes costs incurred during the application development stage of a project. These costs are amortized on a straight-line basis over the term of the hosting service contracts, including renewal periods that are reasonably certain to be exercised. These costs are recognized as a component of sales, general and administrative expenses on the consolidated statement of operations. Capitalized implementation costs primarily relate to the implementation of the Company's ERP system, which was launched in 2021. As of December 31, 2025, the Company continues to progress with additional functionality and integrations. These capitalized costs are included as a component of prepaid expenses and other current assets on the Company's consolidated balance sheets.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">As of December 31, 2025 and 2024, capitalized implementation costs for cloud computing arrangements totaled $0.5 million and $1.2 million, respectively, net of accumulated amortization. During the years ended December 31, 2025, 2024 </div><div style="margin-bottom:12pt;text-align:justify">and 2023, the Company recognized amortization of capitalized implementation costs of $2.1 million, $0.9 million and $0.9 million, respectively.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Intangible Assets</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Intangible assets resulting from the acquisition of entities are accounted for using the acquisition method based on management’s estimate of the fair value of assets received. Intangible assets are finite lived and mainly consist of client relationships, intellectual property, trademarks and tradenames. These intangible assets are amortized on a straight-line basis over their estimated useful lives. Client relationships and other intangible assets are amortized over a five-year period. Trade name and intellectual property assets are amortized over a three- and five-year period, respectively.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Impairment of Long-Lived Assets</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Long-lived assets, including property and equipment, right-of-use assets, and intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the asset. The amount of impairment loss, if any, is measured as the difference between the carrying value of the asset and its estimated fair value. The Company estimates fair value based on the best information available, making necessary estimates, judgments, and projections. For purposes of these tests, long-lived assets must be grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The Company determined that there were no indicators that warranted a quantitative impairment analysis and therefore there were no impairment losses for the years ended December 31, 2025, 2024 and 2023.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Investments in Held-to-Maturity Debt Securities</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company maintains a portfolio of investments in U.S. Treasury securities at one large financial institution with maturities at the time of purchase of greater than 90 days up to two years. As the Company has the intent and ability to hold these securities to maturity, they are carried at amortized cost. Interest income and the amortization of discounts and premiums are recorded in interest income on the consolidated statements of operations.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Interest income for the years ended December 31, 2025, 2024 and 2023 includes interest earned by the Company from held-to-maturity debt securities of $0.7 million, $1.5 million and $0.9 million, respectively. As of December 31, 2025 and 2024, the Company has not recognized an allowance for expected credit losses related to held-to-maturity securities as the holdings are all U.S. Treasury securities. The United States has a consistent high credit rating by rating agencies, a long history with no credit losses, is a sovereign entity that can print its own currency and has its currency routinely held by central banks as a reserve currency, and the market rate for U.S. Treasury securities is widely recognized as a risk-free rate. The Company has also not identified any unrealized losses for these investments attributable to credit factors. The Company does not intend to sell the investments before maturity, and it is not more likely than not that it will be required to sell the investments before recovery of its amortized cost basis.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Goodwill</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Goodwill reflects the excess of the consideration transferred, including the fair value of any contingent consideration, over the assigned fair values of the identifiable net assets acquired in a business combination.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Goodwill is not amortized and is tested for impairment at least on an annual basis on October 1 or more frequently if facts or circumstances indicate that goodwill might be impaired. Goodwill is assessed for impairment using a qualitative or quantitative approach. Where the Company uses the qualitative assessment, first the Company determines if, based on qualitative factors, it is more likely than not that an impairment exists. Factors considered include historical financial performance, macroeconomic and industry conditions, and the legal and regulatory environment. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is performed. The quantitative assessment requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates and the selection of assumptions underlying a discount rate based on market data available at the time to determine fair value of the Company or reporting unit. If the fair value is less than the carrying amount an impairment charge for the difference is recorded. The </div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify">Company concluded that based on the qualitative approach, there was no goodwill impairment during the years ended December 31, 2025, 2024 and 2023. There is no accumulated impairment as of December 31, 2025 and 2024.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Compensation Arrangements</div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:20.16pt">Deferred Compensation</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company established a loyalty retention program effective January 1, 2020, under which employees accrue loyalty bonuses based on their roles and qualifying service years. The Company accounts for this program in accordance with ASC 710, Compensation, and accrues for the bonus payments on a straight-line basis over the service period, and has made an accounting policy election to account for forfeitures as they occur. In 2025, the Company discontinued the program and made the final payment in August 2025.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Effective January 1, 2023, the Company implemented a deferred compensation plan for non-partner employees holding the title of Director. The plan provides annual awards, the value of which is determined at the discretion of the Board of Directors. Payments are contingent upon the continued employment of participants during the five-year payment period. The Company accounts for this plan in accordance with ASC 710, whereby it accrues deferred compensation liabilities over the payment period. Liabilities are accrued using on a straight-line basis over the service period and are adjusted for changes, such as participant terminations. Cash payments are recorded annually as a reduction of the liability.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Liabilities for these programs are recorded in current and non-current liabilities, depending on the anticipated timing of payment.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Incentive Compensation</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Certain client-serving individuals are eligible for variable incentive compensation arrangements. These generally represent a fixed bonus percentage based upon revenue collected. In some cases, these individuals are subject to minimum guaranteed payments. The Company accrues for such arrangements on a monthly basis as amounts are earned. These costs are recorded as cost of services in the consolidated statements of operations.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Equity-Based Compensation </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Equity-based compensation is accounted for as an expense in accordance with ASC Topic 718, Stock Compensation, which requires compensation cost for the grant-date fair value of equity-based awards to be recognized over the requisite service period. The Company uses the straight-line method to amortize all stock awards granted over the requisite service period of the award. The Company accounts for forfeitures when they occur, and any compensation expense previously recognized on unvested equity-based awards is reversed when forfeited.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The fair value of restricted stock units and restricted Class X Aggregator Units is based on the fair value of the Class A common stock at the time of grant.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The fair value of LTIP Units is estimated using a Monte Carlo simulation approach. These require management to make assumptions on the grant date, including the expected term of the award, the expected volatility of the Company’s Class A common stock calculated based on a period of time generally commensurate with the expected term of the award, risk-free interest rates, expected dividend yields of the Company’s Class A common stock, and the probability of achieving the hurdle amount.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">See Note 14 for a discussion of the Company’s equity-based compensation plans and awards.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Profits Interest</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Prior to the IPO, the board of directors of Andersen Tax Holdings LLC was authorized to grant awards that qualify as profits interests for U.S. federal income tax purposes in accordance with the Company’s governing documents. Certain entities were awarded profits interests in the Company on behalf of certain executives and advisers and are considered related parties. These interests grant the recipients the right to certain cash distributions, based upon a percentage of license fees collected from certain trademarks of the Company. A profits interest award is accounted for based on its substance. A </div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify">profits interest award that is in substance a profit-sharing arrangement or performance bonus would generally not be within the scope of the stock-based compensation guidance under ASC 718, and would be accounted for under the guidance for deferred compensation plans under ASC 710 similar to a cash bonus. However, if the arrangement has characteristics more akin to the risks and rewards of equity ownership, the arrangement would be accounted for under stock-based compensation guidance.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company analyzes awards granted to recipients at the time they are granted or modified. The Company accounts for profits interest awards under ASC 710 as a cash bonus plan with performance conditions. The Company accrues compensation expense when it determines payment is probable and estimable, which is when the license fees are collected. The Company records the corresponding profits interest liability within other current liabilities or other liabilities on the consolidated balance sheets based on the estimated distribution date.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Revenue Recognition</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Revenue primarily consists of professional service fees derived from tax, valuation, financial advisory and related consulting services. The Company recognizes revenue as the promised services are provided, in an amount that reflects the consideration which the Company expects to receive in exchange for those services. The Company recognizes revenue following a five-step model: (i) identify contract(s) with a client; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) the Company satisfies the performance obligation(s). For each performance obligation identified, the Company determines at contract inception whether it satisfies the performance obligation over time or satisfies the performance obligation at a point in time. If the Company does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time. In most of the Company’s client arrangements, the period between client payment and transfer of control of the service is expected to be one year or less. Therefore, the Company has elected the practical expedient to not adjust the amount of consideration for the effects of a significant financing component.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Clients are generally billed for services using an hourly rate. Certain customers may receive discounts and price concessions, which are accounted for as variable consideration in determining the transaction price. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company records revenue over time as services are performed and time and materials are charged to specific client codes. Contractual billings represent amounts that correspond directly with the value provided to the client (e.g., the number of hours worked at contractually agreed-upon rates), and revenue is recognized as amounts become billable in accordance with contractual terms.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Certain of these contracts are contingent upon achieving contractual targets to collect the fee. Due to the uncertainty of the outcome and the probability that a change in estimate would result in a significant reversal of revenue, the Company has applied a constraint on recording contingent revenue. Revenue is recognized when the constraint has been lifted, which is the date when the contractual target has been achieved, or cash has been collected.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Reimbursable expenses that are billed to clients, primarily relating to travel and out-of-pocket expenses incurred in connection with client engagements, are included in revenue, and an equivalent amount of reimbursable expenses is included in costs of services in the period in which the expense is incurred.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The timing of billings and cash collections may result in unbilled services, accounts receivable and deferred revenue on the consolidated balance sheet. Amounts are billed either at periodic intervals (e.g., monthly or quarterly) or upon the achievement of contractual milestones. Payments received in advance of the client receiving a benefit is a contract liability and is presented as deferred revenue in the consolidated balance sheet. Deferred revenue that is expected to be recognized as revenue within one year is recorded as the current portion of deferred revenue and the remaining portion is recorded as non-current deferred revenue. The Company does not have non-current deferred revenue at December 31, 2025 and 2024. Other contract balances consist of accounts receivable (including both billed and unbilled services), net of allowance for credit losses.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.15pt">Operating Expenses</div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:20.16pt">Cost of Services</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Cost of services primarily consist of direct expenses related to the production of deliverables under client assignments. This includes personnel costs for revenue-generating personnel, such as wages, benefits, equity-based compensation, incentive compensation, and sub-consultant costs, software costs, and an allocation of non-personnel costs such as occupancy costs.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Sales, General and Administrative</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Sales, general and administrative expenses primarily consist of personnel costs such as wages, benefits, equity-based compensation, and incentive compensation related to support and administrative functions, and non-personnel costs such as professional fees, business development, occupancy, advertising, recruiting, and training costs. Advertising costs were immaterial during the years ended December 31, 2025, 2024 and 2023.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Depreciation and Amortization</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Depreciation and amortization expenses primarily consist of depreciation and amortization of the Company’s property and equipment, capitalized software, and acquired intangible assets.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Income Taxes</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Andersen Group Inc. is taxed as a C corporation and is subject to U.S. federal, state and local income taxes on its share of allocable partnership income. Andersen Group Inc.’s sole material asset is its ownership in AT Umbrella LLC, which is a limited liability company that is taxed as a partnership for U.S. federal and certain state and local income tax purposes. AT Umbrella LLC’s allocable share of taxable income and related tax credits, if any, are passed through to its members, including Andersen Group Inc., and are included in the members’ tax returns.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">In any period in which Andersen Group Inc. acquires additional units of AT Umbrella LLC by means of an exchange transaction, Andersen Group Inc. records the related income tax effects as an adjustment to equity. </div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company accounts for income taxes in accordance with the asset and liability approach for financial accounting and reporting, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company recognizes deferred tax assets to the extent that the Company believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize deferred taxes in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company records uncertain tax positions in accordance with ASC 740, Accounting for Income Taxes on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense in the consolidated statements of operations. </div><div style="text-indent:20.15pt">The Company’s policy for global intangible low taxed income (“GILTI”) is to treat as a period cost when incurred.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Amounts Payable to Related Parties Pursuant to Tax Receivable Agreement</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In connection with the IPO and Reorganization Transactions, the Company entered into the TRA with certain pre-IPO owners that provides for the payment to certain holders of Class X Umbrella Units who are or may become parties to the TRA from time to time 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company realizes or is deemed to realize (determined by using assumptions regarding combined state and local income tax rates) as a result of (i) any increase in tax basis in the assets of AT Umbrella LLC and its flow-through subsidiaries resulting from purchases of Class X Umbrella Units from such Class X Umbrella Unit holders with the proceeds of this offering or resulting from exchanges of Class X Umbrella Units for at Andersen Group Inc.’s election, shares of Class A common stock or cash in the future; and (ii) certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments that are made under the TRA. The TRA will make certain simplifying assumptions regarding the determination of the cash savings that are realized or are deemed to realize from the covered tax attributes, which may result in payments pursuant to the TRA in excess of those that would result if such assumptions were not made. No party to the TRA will reimburse the Company for any payments previously made if such basis increases or other benefits are subsequently disallowed, except that excess payments made to the TRA parties will be netted against future payments that would otherwise be made under the TRA, if any, after determination of such excess. The Company accounts for amounts payable under the TRA in accordance with ASC Topic 450, Contingencies. As such, subsequent changes in the fair value of the TRA liability between reporting periods are recognized in the consolidated statement of operations.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company has not yet incurred a liability in connection with the TRA.</div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:20.16pt">Loss per Share</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Basic loss per share is calculated by dividing the net loss by the weighted-average number of shares of the Company’s Class A common stock outstanding for the period, without consideration for potential dilutive shares of common stock. Shares of Class B common stock and RSUs are not entitled to receive any distributions or dividends and are therefore excluded from this presentation since they are not participating securities. The Company calculates diluted loss per share using the treasury stock method for RSUs and the if-converted method for redeemable Class X Umbrella Units and LTIP Units. For the period following the IPO and Reorganization Transactions through December 31, 2025, 98,294,464 Class X Umbrella Units were considered dilutive and have been included in the calculation of diluted net loss per share.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company did not include earnings per unit for the pre-IPO period as part of its financial statements. All earnings prior to December 18, 2025, the completion date of the IPO, were entirely allocable to the redeemable noncontrolling interest and, as a result, earnings per share information is not applicable for reporting periods prior to this date. Consequently, only earnings per share for net loss for periods including and subsequent to December 18, 2025 are presented. </div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Recently Issued Accounting Pronouncements</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Changes to U.S. GAAP are established by the FASB in the form of Accounting Standards Updates ("ASUs") to the FASB Accounting Standards Codification. ASUs issued which are not specifically listed below were assessed and have already been adopted in a prior period or determined to be either not applicable or are not expected to have a material impact on the Company’s consolidated financial statements and related disclosures. </div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Recent Accounting Pronouncements Not Yet Adopted</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. As an emerging growth company, the Company has elected the extended transition period for complying with new or revised accounting standards and this ASU has not yet been adopted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. </div><div style="margin-bottom:12pt;text-indent:20.16pt">In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires public business entities to disclose, in interim and annual reporting periods, additional information about certain expenses in the consolidated financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the potential impact that the adoption of this standard will have on its consolidated financial statements.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“VIE”), which provides clarifying guidance on determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability in financial reporting. The guidance will be effective for all entities for annual periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. Upon adoption, the guidance will be applied prospectively. The Company is currently evaluating the potential impact that the adoption of this standard will have on its consolidated financial statements.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which added a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The guidance is effective for all entities for annual periods beginning after December 15, 2025. The Company plans to adopt this ASU on the effective date and does not expect it to have a material impact on its consolidated financial statements.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements in Accounting for Internal-Use Software, which replaced the “project stage” model with a principles-based framework for cost recognition and capitalization of internal-use software. The update requires companies to capitalize internal-use software costs when management authorizes and commits funding for the software project and when it is probable the project will be completed and the software will be used to perform the function intended. The guidance will be effective for all entities for annual periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the potential impact that the adoption of this standard will have on its consolidated financial statements.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration From a Customer in a Revenue Contract. ASU 2025-07 introduces guidance for applying derivative accounting to contracts that include features tied to the operations or activities of one of the parties to the contract. It also aims to reduce diversity in how share-based payments are accounted for in revenue contracts. ASU 2025-07 will be effective for the annual periods beginning after December 15, 2026 with early adoption permitted. The Company is currently evaluating the potential impact that the adoption of this standard will have on its consolidated financial statements.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow- Scope Improvements. The amendments in this ASU do not change the fundamental nature of interim reporting or expand or reduce current interim disclosure. The amendments in this ASU clarify the guidance in ASC Topic 270 by providing a comprehensive list of required interim disclosures and codifying a disclosure principle that requires the Company to disclose events and changes that occur after the end of the most recent annual reporting period that have a material impact on its consolidated financial statements. The amendments in this ASU are effective for interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In December 2025, the FASB issued ASU 2025-12, Codification Improvements (Topic 815). The amendments in this ASU update the FASB Accounting Standards Codification for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The amendments in this ASU are effective for all entities for annual periods beginning after December 15, 2026, and interim periods within those annual </div>periods. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.

<div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Principles of Consolidation and Redeemable Noncontrolling Interest</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The accompanying consolidated financial statements include the accounts of AT Umbrella LLC and its 100% wholly owned subsidiaries. AT Umbrella LLC is a Variable Interest Entity (“VIE”), as defined in ASC Topic 810 (“ASC 810”), Consolidation. ASC 810 requires the consolidation of VIEs in which the entity is defined as the primary beneficiary of the VIE. To be a primary beneficiary, an entity must have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, among other factors. The Company has assessed its variable interests in this entity and determined that the Company is the primary beneficiary of AT Umbrella LLC and its subsidiaries. In completing the assessment, the Company identified the activities that it considers most significant to the economic performance of this entity and determined that the Company has the power to direct those activities. As a result, AT Umbrella LLC and its subsidiaries’ financial position and results of operations are consolidated in the Company’s balance sheet and statement of operations.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">All significant intercompany balances and transactions have been eliminated in consolidation. The assets and liabilities of AT Umbrella LLC represent substantially all of the consolidated assets and liabilities of Andersen Group, Inc. Andersen Group, Inc., has not had any material operations on a standalone basis since its inception, and all of the operations of the Company are carried out by AT Umbrella LLC and its subsidiaries.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">A redeemable noncontrolling interest in a consolidated subsidiary represents the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Redeemable noncontrolling interest is classified as temporary equity because the Class X Umbrella Units contained certain redemption features that were not solely within the control of the Company. The presentation of net income is modified to present earnings and other comprehensive income attributed to controlling and redeemable noncontrolling interests.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The redeemable noncontrolling interest on the consolidated statement of operations represents the portion of earnings or loss attributable to the economic interest in AT Umbrella LLC held by Aggregator. See Note 12 for further information on the redeemable noncontrolling interest and the related accounting policies.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company does not have any controlling interest in, and is not the primary beneficiary of, any other member firm of Andersen Global. Accordingly, these entities are considered related parties solely as a result of the memberships in the Swiss verein discussed above. These member firm entities are not consolidated in the Company’s financial statements.</div>

One of the non-U.S. Andersen Global member firms is a VIE. The Company has assessed its variable interests in this entity and determined that the Company is not the primary beneficiary. In completing the assessment, the Company identified activities it considers most significant to the economic performance of this entity and determined that the Company does not have the power to direct those activities. As a result, that entity’s financial position and results of operations are not consolidated in the Company’s balance sheet and statement of operations. The Company's carrying value and exposure to loss is comprised of loans to the VIE included in loans and notes receivable from affiliates, net of allowance for credit losses and amounts due from the VIE included in prepaid expenses and other current assets.

200000

6900000

6300000

3400000

2900000

1500000

P5Y

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<div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Leases</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the use of the identified asset over the term of the arrangement. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. To determine the present value of lease payments, the Company uses the implicit interest rate, if it is readily determinable or estimable. To the extent that the Company is unable to utilize an interest rate implicit in the lease, the collateralized incremental borrowing rate is used based on the information available at the lease commencement date, in determining the present value of lease payments. ROU assets are based on the measurement of the lease liability and include any lease payments made prior to or on lease commencement and initial direct costs incurred and exclude lease incentives, as applicable.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company has elected not to separate lease and non-lease components for any leases within its existing classes of assets, therefore the Company accounts for lease and non-lease components as a single lease component. Payments under the Company’s lease arrangements are primarily fixed; however, certain lease arrangements contain variable payments, which are expensed as incurred and not included in the measurement of the ROU assets and lease liabilities. These amounts include payments for common-area maintenance, real estate taxes, and utilities which are based on usage or performance. Lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise any such options. The Company has made the policy election to exempt leases with an original term of less than 12 months, including any renewal or extension options that are reasonably certain to be exercised and that do not include a purchase option whose exercise is reasonably certain, for all classes of underlying assets to which the right of use relates.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Operating leases are included in operating right-of-use assets, operating lease liability, current and operating lease liability, noncurrent line items in the Company’s consolidated balance sheets. The Company recognizes lease expense for its operating leases on a straight-line basis over the term of the lease. Finance leases are included in property and equipment, net, other current liabilities, and other liabilities in the Company’s consolidated balance sheets.</div>

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<div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Compensation Arrangements</div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:20.16pt">Deferred Compensation</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company established a loyalty retention program effective January 1, 2020, under which employees accrue loyalty bonuses based on their roles and qualifying service years. The Company accounts for this program in accordance with ASC 710, Compensation, and accrues for the bonus payments on a straight-line basis over the service period, and has made an accounting policy election to account for forfeitures as they occur. In 2025, the Company discontinued the program and made the final payment in August 2025.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Effective January 1, 2023, the Company implemented a deferred compensation plan for non-partner employees holding the title of Director. The plan provides annual awards, the value of which is determined at the discretion of the Board of Directors. Payments are contingent upon the continued employment of participants during the five-year payment period. The Company accounts for this plan in accordance with ASC 710, whereby it accrues deferred compensation liabilities over the payment period. Liabilities are accrued using on a straight-line basis over the service period and are adjusted for changes, such as participant terminations. Cash payments are recorded annually as a reduction of the liability.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Liabilities for these programs are recorded in current and non-current liabilities, depending on the anticipated timing of payment.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Incentive Compensation</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Certain client-serving individuals are eligible for variable incentive compensation arrangements. These generally represent a fixed bonus percentage based upon revenue collected. In some cases, these individuals are subject to minimum guaranteed payments. The Company accrues for such arrangements on a monthly basis as amounts are earned. These costs are recorded as cost of services in the consolidated statements of operations.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Equity-Based Compensation </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Equity-based compensation is accounted for as an expense in accordance with ASC Topic 718, Stock Compensation, which requires compensation cost for the grant-date fair value of equity-based awards to be recognized over the requisite service period. The Company uses the straight-line method to amortize all stock awards granted over the requisite service period of the award. The Company accounts for forfeitures when they occur, and any compensation expense previously recognized on unvested equity-based awards is reversed when forfeited.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The fair value of restricted stock units and restricted Class X Aggregator Units is based on the fair value of the Class A common stock at the time of grant.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The fair value of LTIP Units is estimated using a Monte Carlo simulation approach. These require management to make assumptions on the grant date, including the expected term of the award, the expected volatility of the Company’s Class A common stock calculated based on a period of time generally commensurate with the expected term of the award, risk-free interest rates, expected dividend yields of the Company’s Class A common stock, and the probability of achieving the hurdle amount.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">See Note 14 for a discussion of the Company’s equity-based compensation plans and awards.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Profits Interest</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Prior to the IPO, the board of directors of Andersen Tax Holdings LLC was authorized to grant awards that qualify as profits interests for U.S. federal income tax purposes in accordance with the Company’s governing documents. Certain entities were awarded profits interests in the Company on behalf of certain executives and advisers and are considered related parties. These interests grant the recipients the right to certain cash distributions, based upon a percentage of license fees collected from certain trademarks of the Company. A profits interest award is accounted for based on its substance. A </div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify">profits interest award that is in substance a profit-sharing arrangement or performance bonus would generally not be within the scope of the stock-based compensation guidance under ASC 718, and would be accounted for under the guidance for deferred compensation plans under ASC 710 similar to a cash bonus. However, if the arrangement has characteristics more akin to the risks and rewards of equity ownership, the arrangement would be accounted for under stock-based compensation guidance.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company analyzes awards granted to recipients at the time they are granted or modified. The Company accounts for profits interest awards under ASC 710 as a cash bonus plan with performance conditions. The Company accrues compensation expense when it determines payment is probable and estimable, which is when the license fees are collected. The Company records the corresponding profits interest liability within other current liabilities or other liabilities on the consolidated balance sheets based on the estimated distribution date.</div>

P5Y

<div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Revenue Recognition</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Revenue primarily consists of professional service fees derived from tax, valuation, financial advisory and related consulting services. The Company recognizes revenue as the promised services are provided, in an amount that reflects the consideration which the Company expects to receive in exchange for those services. The Company recognizes revenue following a five-step model: (i) identify contract(s) with a client; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) the Company satisfies the performance obligation(s). For each performance obligation identified, the Company determines at contract inception whether it satisfies the performance obligation over time or satisfies the performance obligation at a point in time. If the Company does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time. In most of the Company’s client arrangements, the period between client payment and transfer of control of the service is expected to be one year or less. Therefore, the Company has elected the practical expedient to not adjust the amount of consideration for the effects of a significant financing component.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Clients are generally billed for services using an hourly rate. Certain customers may receive discounts and price concessions, which are accounted for as variable consideration in determining the transaction price. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company records revenue over time as services are performed and time and materials are charged to specific client codes. Contractual billings represent amounts that correspond directly with the value provided to the client (e.g., the number of hours worked at contractually agreed-upon rates), and revenue is recognized as amounts become billable in accordance with contractual terms.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Certain of these contracts are contingent upon achieving contractual targets to collect the fee. Due to the uncertainty of the outcome and the probability that a change in estimate would result in a significant reversal of revenue, the Company has applied a constraint on recording contingent revenue. Revenue is recognized when the constraint has been lifted, which is the date when the contractual target has been achieved, or cash has been collected.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Reimbursable expenses that are billed to clients, primarily relating to travel and out-of-pocket expenses incurred in connection with client engagements, are included in revenue, and an equivalent amount of reimbursable expenses is included in costs of services in the period in which the expense is incurred.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The timing of billings and cash collections may result in unbilled services, accounts receivable and deferred revenue on the consolidated balance sheet. Amounts are billed either at periodic intervals (e.g., monthly or quarterly) or upon the achievement of contractual milestones. Payments received in advance of the client receiving a benefit is a contract liability and is presented as deferred revenue in the consolidated balance sheet. Deferred revenue that is expected to be recognized as revenue within one year is recorded as the current portion of deferred revenue and the remaining portion is recorded as non-current deferred revenue. The Company does not have non-current deferred revenue at December 31, 2025 and 2024. Other contract balances consist of accounts receivable (including both billed and unbilled services), net of allowance for credit losses.</div>

P1Y

<div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.15pt">Operating Expenses</div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:20.16pt">Cost of Services</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Cost of services primarily consist of direct expenses related to the production of deliverables under client assignments. This includes personnel costs for revenue-generating personnel, such as wages, benefits, equity-based compensation, incentive compensation, and sub-consultant costs, software costs, and an allocation of non-personnel costs such as occupancy costs.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Sales, General and Administrative</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Sales, general and administrative expenses primarily consist of personnel costs such as wages, benefits, equity-based compensation, and incentive compensation related to support and administrative functions, and non-personnel costs such as professional fees, business development, occupancy, advertising, recruiting, and training costs. Advertising costs were immaterial during the years ended December 31, 2025, 2024 and 2023.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Depreciation and Amortization</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Depreciation and amortization expenses primarily consist of depreciation and amortization of the Company’s property and equipment, capitalized software, and acquired intangible assets.</div>

<div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Amounts Payable to Related Parties Pursuant to Tax Receivable Agreement</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In connection with the IPO and Reorganization Transactions, the Company entered into the TRA with certain pre-IPO owners that provides for the payment to certain holders of Class X Umbrella Units who are or may become parties to the TRA from time to time 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company realizes or is deemed to realize (determined by using assumptions regarding combined state and local income tax rates) as a result of (i) any increase in tax basis in the assets of AT Umbrella LLC and its flow-through subsidiaries resulting from purchases of Class X Umbrella Units from such Class X Umbrella Unit holders with the proceeds of this offering or resulting from exchanges of Class X Umbrella Units for at Andersen Group Inc.’s election, shares of Class A common stock or cash in the future; and (ii) certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments that are made under the TRA. The TRA will make certain simplifying assumptions regarding the determination of the cash savings that are realized or are deemed to realize from the covered tax attributes, which may result in payments pursuant to the TRA in excess of those that would result if such assumptions were not made. No party to the TRA will reimburse the Company for any payments previously made if such basis increases or other benefits are subsequently disallowed, except that excess payments made to the TRA parties will be netted against future payments that would otherwise be made under the TRA, if any, after determination of such excess. The Company accounts for amounts payable under the TRA in accordance with ASC Topic 450, Contingencies. As such, subsequent changes in the fair value of the TRA liability between reporting periods are recognized in the consolidated statement of operations.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company has not yet incurred a liability in connection with the TRA.</div>

<div style="margin-bottom:6pt;margin-top:6pt;padding-left:20.16pt">Loss per Share</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Basic loss per share is calculated by dividing the net loss by the weighted-average number of shares of the Company’s Class A common stock outstanding for the period, without consideration for potential dilutive shares of common stock. Shares of Class B common stock and RSUs are not entitled to receive any distributions or dividends and are therefore excluded from this presentation since they are not participating securities. The Company calculates diluted loss per share using the treasury stock method for RSUs and the if-converted method for redeemable Class X Umbrella Units and LTIP Units. For the period following the IPO and Reorganization Transactions through December 31, 2025, 98,294,464 Class X Umbrella Units were considered dilutive and have been included in the calculation of diluted net loss per share.</div>The Company did not include earnings per unit for the pre-IPO period as part of its financial statements. All earnings prior to December 18, 2025, the completion date of the IPO, were entirely allocable to the redeemable noncontrolling interest and, as a result, earnings per share information is not applicable for reporting periods prior to this date. Consequently, only earnings per share for net loss for periods including and subsequent to December 18, 2025 are presented.

98294464

Revenue<div style="margin-bottom:6pt;margin-top:6pt;padding-left:20.15pt">Disaggregation of Revenue</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The following table presents the disaggregation of revenue by timing of revenue recognition (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:62.233%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:10.718%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:10.718%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:10.719%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Over time </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">836,190 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">727,103 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">632,762 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Point in time </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,502 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,490 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">6,349 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total revenue </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">838,692 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">731,593 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">639,111 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company derives revenue from four service lines:</div><div style="margin-bottom:6pt;padding-left:38.15pt;text-align:justify;text-indent:-18pt">•Private Client Services: Tax and financial services for individuals and families, focusing on client issues such as multigenerational wealth, charitable giving, and estate planning.</div><div style="margin-bottom:6pt;padding-left:38.15pt;text-align:justify;text-indent:-18pt">•Business Tax Services: Consulting and compliance services for businesses, assisting organizations with tax planning, compliance and reporting needs.</div><div style="margin-bottom:6pt;padding-left:38.15pt;text-align:justify;text-indent:-18pt">•Alternative Investment Funds: Tax and financial-related services for alternative investment funds including family offices, funds of funds, hedge funds, private equity, venture capital and real estate investment trusts.</div><div style="margin-bottom:12pt;padding-left:38.15pt;text-align:justify;text-indent:-18pt">•Valuation Services: Independent valuation analyses to assist clients in navigating tax laws and regulatory requirements.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The following table presents the disaggregation of revenue by service line (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Private Client Services </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">431,807 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">364,659 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">321,014 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Business Tax Services </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">291,804 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">261,048 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">226,343 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Alternative Investment Funds </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">72,914 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">68,922 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">58,888 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Valuation Services </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">42,167 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">36,964 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">32,866 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total Revenue </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">838,692 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">731,593 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">639,111 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The following table presents the disaggregation of revenue by region (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>East </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">325,914 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">272,348 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">235,931 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Central </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">159,525 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">135,632 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">115,027 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>West </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">353,253 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">323,613 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">288,153 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total revenue </div></td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">838,692 </td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">731,593 </td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">639,111 </td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Substantially all revenue was from services provided in the United States for the years ended December 31, 2025, 2024 and 2023.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Remaining Performance Obligations</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The revenue recognition standard provides exemptions to the requirements for disclosure of the total transaction price allocated to unsatisfied performance obligations as of the reporting date for performance obligations within contracts of one </div><div style="margin-bottom:12pt;text-align:justify">year or less. The majority of the Company’s contracts with clients have a duration of one year or less. For contracts with a stated duration exceeding one year, these agreements allow both the Company and the client to cancel or terminate without substantial penalty. Therefore, the contract duration does not extend beyond the goods and services already transferred when cancellation or termination rights exist without substantial penalty. As such, the Company does not disclose the total transaction price allocated to unsatisfied performance obligations.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Contract Balances</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In the year ended December 31, 2025, the Company recognized revenue of approximately $14.7 million that was included in deferred revenue on the consolidated balance sheet as of December 31, 2024. In the year ended December 31, 2024, the Company also recognized revenue of approximately $14.3 million that was included in deferred revenue on the consolidated balance sheet as of December 31, 2023. The opening balance of deferred revenue on January 1, 2024 was $14.3 million.</div>

<div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The following table presents the disaggregation of revenue by timing of revenue recognition (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:62.233%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:10.718%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:10.718%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:10.719%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Over time </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">836,190 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">727,103 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">632,762 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Point in time </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,502 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,490 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">6,349 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total revenue </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">838,692 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">731,593 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">639,111 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The following table presents the disaggregation of revenue by service line (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Private Client Services </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">431,807 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">364,659 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">321,014 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Business Tax Services </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">291,804 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">261,048 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">226,343 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Alternative Investment Funds </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">72,914 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">68,922 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">58,888 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Valuation Services </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">42,167 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">36,964 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">32,866 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total Revenue </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">838,692 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">731,593 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">639,111 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The following table presents the disaggregation of revenue by region (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>East </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">325,914 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">272,348 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">235,931 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Central </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">159,525 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">135,632 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">115,027 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>West </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">353,253 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">323,613 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">288,153 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total revenue </div></td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">838,692 </td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">731,593 </td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">639,111 </td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

836190000

727103000

632762000

2502000

4490000

6349000

838692000

731593000

639111000

431807000

364659000

321014000

291804000

261048000

226343000

72914000

68922000

58888000

42167000

36964000

32866000

838692000

731593000

639111000

325914000

272348000

235931000

159525000

135632000

115027000

353253000

323613000

288153000

838692000

731593000

639111000

14700000

14300000

Accounts Receivable, Net<div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Accounts receivable, net consists of (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:71.930%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.083%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Accounts receivable </div></td> <td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom">107,960 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom">106,157 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Unbilled services</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">17,134 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">14,762 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total accounts receivable </div></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">125,094 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">120,919 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Allowance for credit loss</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(1,676)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(3,071)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div>Total accounts receivable, net </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">123,418 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">117,848 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The following table summarizes changes in the allowance for credit loss (in thousands):</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Balance January 1, </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">3,071 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">4,405 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">6,929 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Adoption of ASC 326 </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(725)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Reduction in provision </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(1,198)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(870)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(328)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Write-offs, net of recoveries </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">(197)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">(464)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">(1,471)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle">Balance December 31,</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">1,676 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">3,071 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">4,405 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div> </div><div>The opening balance of accounts receivable, net on January 1, 2024 was $109.1 million.</div>

107960000

106157000

17134000

14762000

125094000

120919000

1676000

3071000

123418000

117848000

3071000

4405000

6929000

-725000

-1198000

-870000

-328000

197000 464000 1471000

1676000

3071000

4405000

109100000

Financial Instruments and Fair Value Measurements<div style="margin-bottom:6pt;margin-top:6pt;padding-left:20.16pt">Assets and Liabilities Measured at Fair Value on a Recurring Basis</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:44.354%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.085%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="21" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top">December 31, 2025</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">Level 1</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">Level 2</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">Level 3</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">Total</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top">Assets</td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top">Cash equivalents</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top">Money market funds</td> <td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:top">212,232 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:top">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:top">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:top">212,232 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:44.354%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.085%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="21" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top">December 31, 2024</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">Level 1</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">Level 2</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">Level 3</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">Total</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top">Assets</td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top">Cash equivalents</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top">Money market funds</td> <td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:top">77,451 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:top">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:top">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:top">77,451 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top">Liabilities</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top">Other liabilities</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top">Contingent consideration</td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:top">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:top">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:top">192 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:top">192 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Changes in contingent consideration measured at fair value on a recurring basis for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Balance January 1, </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">192 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">514 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">446 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.16pt">Remeasurement (gain)/loss </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(192)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(322)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">68 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Balance December 31,</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">192 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">514 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Investments in Held-to-Maturity Debt Securities</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company holds U.S. Treasury securities that are “off-the-run” as they were issued before the most recent issue and were still outstanding at measurement day. The Company classifies the fair value of these items as Level 2 fair value measurements as the pricing is obtained from a third-party service that uses observable data. The following table summarizes the amortized cost, unrealized gains, unrealized losses, and fair value in U.S. Treasury securities classified as held-to-maturity (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:44.354%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.085%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="21" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr> <tr style="height:26pt"> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Amortized</div><div style="text-align:center">cost</div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Unrealized</div><div style="text-align:center">gains</div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Unrealized</div><div style="text-align:center">losses</div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Fair</div><div style="text-align:center">value</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Due within one year or less </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">8,179 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">20 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">8,199 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Due between one and two years </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total held-to-maturity securities </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">8,179 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">20 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">8,199 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:44.354%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.085%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="21" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31, 2024</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Amortized</div><div style="text-align:center">cost</div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Unrealized</div><div style="text-align:center">gains</div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Unrealized</div><div style="text-align:center">losses</div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Fair</div><div style="text-align:center">value</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Due within one year or less </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">22,485 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">31 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">22,516 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Due between one and two years </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">8,066 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">21 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">(28)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">8,059 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total held-to-maturity securities </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">30,551 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">52 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">(28)</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">30,575 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Deferred Consideration Liability</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The fair value of the Company’s deferred consideration liability included within other current liabilities and other liabilities was approximately $0.7 million and $1.5 million as of December 31, 2025 and 2024, respectively, based on unobservable inputs and categorized as Level 3.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Loans and Notes Receivable</div><div style="text-align:justify;text-indent:20.15pt">Loans and notes receivable are comprised of loans and advances made to member firms of Andersen Global and employees of the Company. The Company classifies the fair value of these items as Level 3 fair value measurements as these are valued using a discounted cash flow methodology less a reserve for expected credit losses. Based on the reserve methodology and the variable rates included within the population, the carrying value of these receivables approximates fair value. Refer to Note 16 for further detail.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Long-Term Debt</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Long-term debt includes a revolving line of credit with a financial institution, Capital Account Notes and Holdover Note in connection with the reorganization of the Management Holdcos. Refer to Note 9 for further detail.</div>

212232000

77451000

192000

<div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Changes in contingent consideration measured at fair value on a recurring basis for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Balance January 1, </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">192 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">514 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">446 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.16pt">Remeasurement (gain)/loss </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(192)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(322)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">68 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Balance December 31,</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">192 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">514 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

192000

514000

446000

192000

322000

-68000

192000

514000

The following table summarizes the amortized cost, unrealized gains, unrealized losses, and fair value in U.S. Treasury securities classified as held-to-maturity (in thousands):<div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:44.354%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.085%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="21" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr> <tr style="height:26pt"> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Amortized</div><div style="text-align:center">cost</div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Unrealized</div><div style="text-align:center">gains</div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Unrealized</div><div style="text-align:center">losses</div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Fair</div><div style="text-align:center">value</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Due within one year or less </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">8,179 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">20 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">8,199 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Due between one and two years </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total held-to-maturity securities </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">8,179 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">20 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">8,199 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:44.354%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.085%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="21" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31, 2024</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Amortized</div><div style="text-align:center">cost</div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Unrealized</div><div style="text-align:center">gains</div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Unrealized</div><div style="text-align:center">losses</div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center">Fair</div><div style="text-align:center">value</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Due within one year or less </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">22,485 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">31 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">22,516 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Due between one and two years </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">8,066 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">21 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">(28)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">8,059 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total held-to-maturity securities </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">30,551 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">52 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">(28)</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">30,575 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

8179000

20000 0

8199000

0 0 0 0

8179000

20000

8199000

22485000

31000 0

22516000

8066000 21000 28000 8059000

30551000

52000

28000

30575000

700000

1500000

Property and Equipment, Net<div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Property and equipment, net consists of (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:71.930%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.083%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Leasehold improvements</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">38,420 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">36,467 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Computer equipment </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">18,996 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">17,862 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Furniture and fixtures </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">9,493 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">8,374 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Computer software </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,177 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,128 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Office equipment </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,060 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,233 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Assets under construction </td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,707 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">630 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total property and equipment </div></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">75,853 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">68,694 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Less: accumulated depreciation and amortization </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(40,158)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(35,951)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div>Total property and equipment, net </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">35,695 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">32,743 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Depreciation and amortization expense for the years ended December 31, 2025, 2024, and 2023 was $8.5 million, $7.6 million, and $7.1 million, respectively. As of December 31, 2025 and 2024, the amount of office equipment under finance leases was not material.</div>

38420000

36467000

18996000

17862000

9493000

8374000

3177000

4128000

1060000

1233000

4707000

630000

75853000

68694000

40158000

35951000

35695000

32743000

8500000

7600000

7100000

Intangible Assets, Net<div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Intangible assets, net as of December 31, 2025 consist of (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Gross Carrying Value</div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Accumulated</div><div style="text-align:center">Amortization</div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Net</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Customer relationships </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">24,271 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">23,860 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">411 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Tradenames and trademarks </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,395 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,395 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Intellectual property </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">150 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">108 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">42 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Capitalized internal use software </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,211 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">121 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,090 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total intangible assets, net </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">30,027 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">27,484 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">2,543 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Intangible assets, net as of December 31, 2024 consist of (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Gross Carrying Value</div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Accumulated</div><div style="text-align:center">Amortization</div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Net</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Customer relationships </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">24,271 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">23,570 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">701 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Tradenames and trademarks </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,395 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,274 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">121 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Intellectual property </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">150 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">78 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">72 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Capitalized internal use software </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,494 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">57 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,437 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total intangible assets, net </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">29,310 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">26,979 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">2,331 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Amortization expense for intangible assets for the years ended December 31, 2025, 2024 and 2023 was $0.5 million, $0.7 million and $0.6 million, respectively.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Scheduled remaining amortization expense is presented in the table below (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.112%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Year Ending December 31,</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Amortization</div><div style="text-align:center">Expense</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom">2026</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">383 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">2027</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">138 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">2028</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Thereafter </div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total </div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">521 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">As of December 31, 2025, the Company capitalized internally developed software of $2.0 million for software that is not yet ready for its intended use. This software has a useful life of three years and is expected to commence amortization during the year ending December 31, 2026.</div>

24271000

23860000

411000

3395000

150000

108000

42000

2211000

121000

2090000

30027000

27484000

2543000

24271000

23570000

701000

3395000

3274000

121000

150000

78000

72000

1494000

57000

1437000

29310000

26979000

2331000

500000

700000

600000

383000

138000

521000

2000000.0

P3Y

Other Balance Sheet Components<div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Prepaid expenses and other current assets as of December 31, 2025 and 2024 consist of the following (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:71.930%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.083%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top">December 31,</td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">2024</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Prepaid expenses </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">20,686 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">10,717 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Due from related parties</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">5,156 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">2,829 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Other current assets</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">3,846 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">4,069 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Total prepaid expenses and other current assets </div></td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">29,688 </td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">17,615 </td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Other current liabilities as of December 31, 2025 and 2024 consist of the following (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:71.930%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.083%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Deferred compensation</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">2,450 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">3,234 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Due to related parties</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">723 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">2,161 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Deferred consideration</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">800 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">800 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Income tax payable</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">663 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">670 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Finance lease liabilities</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">31 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">109 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Contingent consideration</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">44 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Other current liabilities</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">1,245 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">209 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Total other current liabilities </div></td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">5,912 </td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">7,227 </td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Other liabilities as of December 31, 2025 and 2024 consist of the following (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:71.930%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.083%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top">Deferred compensation, net of current portion</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">— </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">15,769 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top">Deferred retirement obligations</td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">1,916 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Deferred consideration, net of current portion</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">725 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Deferred tax liability</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">378 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">455 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Contingent consideration, net of current portion</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">148 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div>Finance lease liability, net of current portion</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">11 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">19 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle">Other liabilities</td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">1,212 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div>Total other liabilities </div></td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">3,517 </td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">17,116 </td> <td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Further information on the amounts included as deferred compensation in other current liabilities and other liabilities on the consolidated balance sheets in Note 10.</div>

20686000

10717000

5156000

2829000

3846000

4069000

29688000

17615000

2450000

3234000

723000

2161000

800000 800000

663000

670000

31000

109000

44000

1245000

209000

5912000

7227000

15769000

1916000

0 725000

378000

455000

148000

11000

19000

1212000

3517000

17116000

Long-Term Debt<div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Revolving Line of Credit</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In the normal course of business, the Company maintains a $20.0 million revolving line of credit (the “Credit Agreement”) with a financial institution. The Credit Agreement is collateralized by substantially all the assets of the Company.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Credit Agreement includes a sublimit of $5.0 million for standby letters of credit, and the interest rate for cash borrowing under the Credit Agreement is the Prime rate with a floor of 5.0%. As of December 31, 2025 and 2024, the Company had outstanding standby letters of credit of $1.3 million and $1.3 million, respectively. The Company had no cash borrowings during the years ended December 31, 2025 and 2024. The Company’s outstanding letter of credit is subject to a commitment fee of 1.5% per annum. These fees are included in sales, general and administrative expenses and are immaterial for the years ended December 31, 2025, 2024 and 2023.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In February 2026, the Company amended the Credit Agreement to extend through June 2026. The extension also modified certain terms relating to covenant requirements.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">During the years ended December 31, 2025 and 2024, the Company had no uncured events of default with respect to the financial covenants required by the Credit Agreement.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Capital Account Notes</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In connection with the reorganization of the Management Holdcos, Aggregator issued Class X Aggregator Units to equity holders of the Management Holdcos who were current Managing Directors and related persons and issued Member Notes representing the undistributed capital account balance payable to all equity holders of the Management Holdcos who had an outstanding capital account balance. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">On December 16, 2025, AT Umbrella LLC issued corresponding Capital Account Notes, which are promissory notes to Aggregator with aggregate principal amounts of $187.8 million. The Capital Account Notes principal related to return of paid-in-capital, totaling approximately $30.9 million, was expensed and recorded as equity restructuring costs on the consolidated statements of operations (see Note 14), and the remaining was recorded as a deemed dividend. The Capital Account Notes are amortized over two to seven years and bear annual interest rates between 6.31% to 7.50%. Payments are made quarterly, consisting of both principal and accrued interest. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company may prepay the outstanding principal amounts partially or in full at any time without penalty or premium. Early partial prepayments are applied to reduce the last maturing principal installments first.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In the event of default, including non-payment, breach of representations, or insolvency events, the noteholder may declare the entire principal, accrued interest, and other amounts immediately due and payable. Furthermore, the obligations under the Capital Account Notes are subordinated to AT Umbrella LLC’s senior indebtedness.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Capital Account Notes are governed under the laws of the State of Delaware and are subject to additional terms and conditions as outlined in the original agreements.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Holdover Note</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In connection with the reorganization of the Management Holdcos, Aggregator issued Class H Aggregator Units entitling certain retiring and retired managing director members of the Management Holdcos subject to certain terms and conditions, to certain cash distributions paid over a period of up to seven years relating to payment of certain post-service obligations.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt">On December 16, 2025, AT Umbrella LLC issued to Aggregator the Holdover Note in a principal amount of $162.3 million with repayment occurring over an eight-year period relating to payment of the above-mentioned post-service obligations to certain retiring and retired managing director members of the Management Holdcos. The Holdover Note was expensed and recorded as equity restructuring costs on the consolidated statement of operations. The Holdover Note bears interest at a rate of 7.63%. Payments are made quarterly, consisting of both principal and accrued interest.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company may prepay the outstanding principal amount partially or in full at any time without penalty or premium. Early partial prepayments are applied to reduce the last maturing principal installments first.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In the event of default, including non-payment, breach of representations, or insolvency events, the noteholder may declare the entire principal, accrued interest, and other amounts immediately due and payable. Furthermore, the obligations under the Holdover Note are subordinated to AT Umbrella LLC’s senior indebtedness.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Holdover Note is subject to additional terms and conditions as outlined in the original agreement.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company did not incur material loan issuance costs in connection with the Capital Account Notes and Holdover Note.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The fair value of the debt obligations is approximated by the principal amount of the loans as of December 31, 2025. The fair value of the debt obligations is estimated using a discounted cash flow methodology, which includes significant unobservable inputs used in the fair value measurement process for items valued utilizing Level 3 techniques. The Company incurred approximately $1.1 million in interest expense with respect to the Capital Account Notes and Holdover Note during the year ended December 31, 2025. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Future maturities of long-term debt as of December 31, 2025, were as follows (in thousands):</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.112%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Year Ending December 31,</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:center"></div></td> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;text-align:center">Amount</div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">2026</div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">62,340 </div></td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">2027</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">56,725 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">2028</div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">56,442 </div></td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">2029</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">44,936 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">2030</div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">44,190 </div></td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Thereafter</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">85,452 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Total</div></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">350,085 </div></td> <td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr></table></div>

20000000.0

5000000.0

0.050

1300000

0.015

187800000

30900000 P7Y

0.0631

0.0750

P7Y

162300000

P8Y

0.0763

1100000

<div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Future maturities of long-term debt as of December 31, 2025, were as follows (in thousands):</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.112%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Year Ending December 31,</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:center"></div></td> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;text-align:center">Amount</div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">2026</div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">62,340 </div></td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">2027</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">56,725 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">2028</div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">56,442 </div></td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">2029</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">44,936 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">2030</div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">44,190 </div></td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Thereafter</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">85,452 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Total</div></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">350,085 </div></td> <td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr></table></div>

62340000

56725000

56442000

44936000

44190000

85452000

350085000

Employee Compensation and Benefits<div style="margin-bottom:6pt;margin-top:6pt;padding-left:20.15pt">Deferred Compensation</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Effective January 1, 2020, the Company established a loyalty retention program for eligible employees. Participants accrue loyalty bonuses over the course of 3 to 5 years. Payouts to participants are determined by the role of each employee and their qualifying service years. The Company estimated these amounts based on the aforementioned factors and recognizes these amounts on a straight-line basis over the service period. In 2025, the Company discontinued the program and made a final payment of $13.9 million in August 2025. The Company recognized $(0.9) million, $5.9 million, and $5.8 million of expense (gain) in cost of services during the years ended December 31, 2025, 2024, and 2023, respectively. The Company recognized $(0.9) million, $1.3 million, and $1.4 million of expense (gain) in sales, general and administrative during the years ended December 31, 2025, 2024, and 2023, respectively. Amounts shown as gains are a result of the termination of employees enrolled in the loyalty retention program. The Company included approximately $15.8 million in other liabilities related to this program as of December 31, 2024. There were no amounts included in other liabilities related to this program as of December 31, 2025.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Effective January 1, 2023, the Company established a deferred compensation plan for non-partner employees holding the title of Director who are eligible once they have five or more years of service as a Director. On an annual basis, eligible participants are granted an award payable in equal installments starting in March of the following five years. The annual award is based on each eligible participant’s years of service at the Director level and on income allocated to the </div><div style="margin-bottom:12pt;text-align:justify">Management Holdcos prior to the IPO, and to Aggregator after the IPO. The plan can be terminated at any time by the Company at its sole discretion, and payment is contingent upon the continued employment of eligible participants during the five-year payment period. The Company recognized $1.6 million, $1.3 million, and $0.4 million of expense in cost of services related to this program for the years ended December 31, 2025, 2024, and 2023, respectively. The Company recognized $0.2 million, $0.2 million, and $0.1 million of expense in sales, general, and administrative related to this program for the years ended December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025 and 2024, $2.4 million and $1.5 million, respectively, was included in other current liabilities for this program.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company pays certain client-serving individuals variable incentive compensation that is typically determined as a fixed bonus percentage based on revenues collected. The Company recognized $3.2 million, $2.0 million, and $1.2 million of compensation expense in cost of services during the years ended December 31, 2025, 2024, and 2023, respectively. The Company included $3.5 million and $2.7 million in accrued payroll and benefits as of December 31, 2025 and 2024, respectively.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">During the year ended December 31, 2025, the Company entered into agreements with newly hired Managing Directors to provide additional cash compensation, as defined in their respective offer letters, which vest over a five-year period beginning December 31, 2026. In connection with the IPO, the board of directors approved the issuance of LTIP Units, which replaced the cash compensation. The number of units granted was determined based on the greater of a pre-defined number of units or an amount equal to the fixed monetary compensation stipulated in the offer letters. Prior to replacement of the cash compensation plan, compensation expense was recognized over the requisite service period, which began on the respective hire dates of the Managing Directors. During the year ended December 31, 2025, the Company recognized $1.5 million in compensation expense in cost of services related to these agreements prior to settlement in LTIP Units. As a result of the board approval of the LTIP Units during the year ended December 31, 2025, the Company reclassified the accrued liability balance of $1.5 million recorded on the balance sheet within other liabilities to additional paid-in capital and redeemable noncontrolling interest. The Company accounts for the LTIP Units in accordance with ASC 718. See Note 14 for further information on these awards.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Defined Contribution Plan</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company maintains a qualified 401(k) Profit Sharing Plan (the “401(k) Plan”) for eligible employees. In 2025 and 2024, employees could contribute a percentage of their pretax compensation subject to IRS limitations, and the Company matched the participants’ contribution up to 25% of the first 6% of each participant’s contribution (or 1.5% of their total compensation). Total matching contributions made to the 401(k) Plan during 2025, 2024, and 2023 was $5.1 million, $4.2 million, and $3.2 million respectively. The related expense is recognized as either cost of services or sales, general, and administrative expense based on the nature of service of eligible employees.</div>

P3Y

P5Y

13900000

-900000

5900000

5800000

-900000

1300000

1400000

15800000

P5Y

1600000

1300000

400000

200000

100000

2400000

1500000

3200000

2000000.0

1200000

3500000

2700000

P5Y

1500000

0.25

0.06

0.015 0.015

5100000

4200000

3200000

Leases<div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company maintains operating lease agreements for office leases with various expiration dates through June 2038. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include options to extend or terminate the lease. Options to extend lease terms that are reasonably certain of exercise are recognized as part of the operating lease right-of-use asset and operating lease liability balances. The periods associated with these options to renew or extend have not been included in the determination of the operating lease assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the renewal options.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">During the year ended December 31, 2025, the Company entered into nine new office leases with various expiration dates through June 2038, resulting in aggregate increases of $19.6 million to operating lease liabilities and $19.6 million to operating lease right-of-use assets. During the year ended December 31, 2024, the Company entered into six new office leases with various expiration dates through October 2029, resulting in aggregate increases of $11.4 million to operating lease liabilities and $8.5 million to operating lease right-of-use assets.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">During the year ended December 31, 2025, the Company modified three of its office leases to extend the lease terms and/or add additional space to the existing leases, or reduce the lease space, resulting in aggregate decreases of $1.8 million to operating lease liabilities and $1.8 million to operating lease right-of-use assets. During the year ended December 31, 2024, the Company modified five of its office leases to extend the lease term and/or add additional space to the existing </div><div style="margin-bottom:12pt;text-align:justify">leases, resulting in aggregate increases of $0.9 million to operating lease liabilities and $0.9 million operating lease right-of-use assets.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">As of December 31, 2025, the Company has committed to payments of $2.3 million related to an operating lease agreement that had not yet commenced as of December 31, 2025. This operating lease will commence during 2026 with a term through July 2033.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The liabilities under operating leases are recorded at the present value of the minimum lease payments. Lease expense relating to operating leases, consisting of right-of-use asset amortization and lease liability interest, is included in cost of services and sales, general and administrative expenses, allocated based upon headcount of non-remote full-time equivalent employees on the accompanying consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company leases certain equipment under finance leases. Finance leases were immaterial as of December 31, 2025 and December 31, 2024, and during the years ended December 31, 2025, 2024 and 2023.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The following maturity analysis of operating lease liabilities as of December 31, 2025 is approximately as follows (in thousands):</div><div style="margin-bottom:8pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Year Ending December 31,</td> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Operating</div><div style="text-align:center">Leases</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom">2026</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">9,121 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">2027</td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">23,773 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">2028</td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">24,252 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">2029</td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">22,655 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">2030</td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">18,800 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Thereafter </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">44,959 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total lease payments</div></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">143,560 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div>Less: amount representing interest </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(33,154)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Present value of lease liabilities </div></td> <td style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">110,406 </td> <td style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Supplemental balance sheet information is as follows (in thousands):</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:39.203%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:30.415%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.083%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Leases</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Classification</div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Assets</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:23.04pt">Operating leases </div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Operating lease right-of-use assets</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">82,104 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">76,908 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total lease assets </div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">82,104 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">76,908 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Liabilities</td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Current</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:23.04pt">Operating leases </div></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Operating lease liabilities, current</td> <td colspan="3" style="padding:0 1pt"></td> <td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="padding:2px 0;text-align:right;vertical-align:bottom">3,958 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="padding:2px 0;text-align:right;vertical-align:bottom">17,074 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Noncurrent</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:23.04pt">Operating leases </div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Operating lease liabilities, noncurrent</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">106,448 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">90,881 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total lease liabilities </div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">110,406 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">107,955 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The components of lease expense as follows for the years presented (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Operating lease costs:</td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.88pt">Fixed lease costs </div></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">19,181 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">18,702 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">16,985 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.88pt">Variable lease costs </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,066 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,543 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,278 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.88pt">Short-term lease costs </div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">493 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">78 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">169 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total operating lease costs </div></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">$24,740 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">$23,323 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">$20,432 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Sublease income </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(636)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(636)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(159)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total lease costs, net </div></td> <td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">$24,104 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">$22,687 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">$20,273 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Other information related to leases was as follows (in thousands, except as noted):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:71.930%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.083%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="padding:0 1pt"></td> <td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:top">Year Ended December 31,</td></tr> <tr> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">2025</td> <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">2024</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top">Cash paid for amounts included in the measurement of lease liabilities:</td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div>Operating cash flows used in operating leases</div></td> <td colspan="3" style="padding:2px 7pt 2px 1pt;text-align:right;vertical-align:top">21,938</td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:2px 7pt 2px 1pt;text-align:right;vertical-align:top">20,607</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Weighted-average remaining lease term (in years):</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt 0 7pt"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div>Weighted average remaining lease term in years—operating leases </div></td> <td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top">6.90</td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:2px 7pt 2px 1pt;text-align:right;vertical-align:top">6.08</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Weighted-average discount rate:</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt 0 7pt"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div>Weighted average discount rate—operating leases</div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top">6.3 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top">%</td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:2px 7pt 2px 1pt;text-align:right;vertical-align:top">5.3%</td></tr></table></div>

19600000

19600000 6

11400000

8500000 3

-1800000

-1800000 5

900000

2300000

9121000

23773000

24252000

22655000

18800000

44959000

143560000

33154000

110406000

<div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Supplemental balance sheet information is as follows (in thousands):</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:39.203%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:30.415%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.083%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Leases</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Classification</div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Assets</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:23.04pt">Operating leases </div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Operating lease right-of-use assets</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">82,104 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">76,908 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total lease assets </div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">82,104 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">76,908 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Liabilities</td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Current</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:23.04pt">Operating leases </div></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Operating lease liabilities, current</td> <td colspan="3" style="padding:0 1pt"></td> <td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="padding:2px 0;text-align:right;vertical-align:bottom">3,958 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="padding:2px 0;text-align:right;vertical-align:bottom">17,074 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Noncurrent</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:23.04pt">Operating leases </div></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Operating lease liabilities, noncurrent</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">106,448 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">90,881 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total lease liabilities </div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">110,406 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">107,955 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The components of lease expense as follows for the years presented (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Operating lease costs:</td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.88pt">Fixed lease costs </div></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">19,181 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">18,702 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">16,985 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.88pt">Variable lease costs </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,066 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,543 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,278 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.88pt">Short-term lease costs </div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">493 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">78 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">169 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total operating lease costs </div></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">$24,740 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">$23,323 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">$20,432 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Sublease income </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(636)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(636)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(159)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total lease costs, net </div></td> <td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">$24,104 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">$22,687 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">$20,273 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div>

82104000

76908000

82104000

76908000

3958000

17074000

106448000

90881000

110406000

107955000

19181000

18702000

16985000

5066000

4543000

3278000

493000

78000

169000

24740000 23323000 20432000

636000

159000

24104000

22687000

20273000

21938000

20607000

P6Y10M24D

P6Y29D

0.063

0.053

Redeemable Noncontrolling Interest<div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In connection with the Reorganization Transactions, Class X Umbrella Units were issued to Aggregator. Aggregator also owns all outstanding shares of the Company's Class B common stock. Under the Limited Liability Company Agreement of AT Umbrella LLC (the “AT Umbrella LLC Agreement”), Aggregator has the right from time to time to cause AT Umbrella LLC to redeem any or all of its Class X Umbrella Units (and cancel paired shares of the Company's Class B common stock), in exchange for, at Andersen Group Inc.’s election, either cash (based on the volume-weighted average market price of a share of the Company's Class A common stock) or shares of Class A common stock, and such exchange, at Andersen Group Inc.’s election, may be effected as a direct exchange of cash or Class A common stock for Class X Umbrella Units (and the cancellation of paired shares of the Company's Class B common stock) in lieu of such redemption. The redemption election is not considered to be within the control of the Company because the holder of Class B common stock controls the Company through direct representation on its board of directors. As a result, the noncontrolling interests in AT Umbrella LLC is classified as redeemable noncontrolling interests outside of permanent equity. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Redeemable noncontrolling interest is recorded at the greater of the carrying value or redemption amount. In determining the measurement method of redemption value, the Company elected to accrete changes to the redemption value over the period from the date of issuance to the earliest redemption date. The resulting changes to accrete to the redemption value are recorded against retained earnings. If the Company has an accumulated deficit, changes are recorded against additional paid-in-capital until there is no additional paid-in capital balance, and then charges are recorded against accumulated deficit. Changes in the redemption value are considered to be changes in accounting estimates and are accounted for prospectively.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Changes to the value of the redeemable noncontrolling interest during the year ended December 31, 2025 are summarized as follows (in thousands):</div><div style="margin-bottom:8pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.112%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt;text-align:center"></div></td> <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;text-align:center">Amount</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Balance as of January 1, 2025</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">— </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Reclassification of members' equity to redeemable noncontrolling interest</div></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">(195,413)</div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Reallocation of equity to controlling and noncontrolling interests</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">180,246 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Settlement of deferred compensation liability with LTIP Unit issuance</div></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">1,309 </div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Net loss attributable to redeemable noncontrolling interest</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">(21,543)</div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Equity-based compensation</div></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">9,668 </div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Accretion to redemption value of redeemable noncontrolling interest</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">132,087 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Balance as of December 31, 2025</div></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">106,354 </div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr></table></div>

<div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Changes to the value of the redeemable noncontrolling interest during the year ended December 31, 2025 are summarized as follows (in thousands):</div><div style="margin-bottom:8pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.112%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt;text-align:center"></div></td> <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;text-align:center">Amount</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Balance as of January 1, 2025</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">— </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Reclassification of members' equity to redeemable noncontrolling interest</div></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">(195,413)</div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Reallocation of equity to controlling and noncontrolling interests</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">180,246 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Settlement of deferred compensation liability with LTIP Unit issuance</div></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">1,309 </div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Net loss attributable to redeemable noncontrolling interest</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">(21,543)</div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Equity-based compensation</div></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">9,668 </div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Accretion to redemption value of redeemable noncontrolling interest</div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">132,087 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Balance as of December 31, 2025</div></td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">106,354 </div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr></table></div>

195413000 180246000 1309000

-21543000

9668000

132087000

106354000

Stockholders’ Equity<div style="margin-top:18pt;padding-left:20.16pt">Equity Structure Prior to Initial Public Offering and Reorganization Transactions</div><div> </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company historically conducted business through Andersen Tax Holdings LLC and its subsidiaries, including Andersen Tax LLC. Prior to the consummation of the IPO and Reorganization Transactions, all of the equity interests of Andersen Tax Holdings LLC were owned by the Management Holdcos. Each of the Management Holdco’s equity holders included current and former managing directors. </div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Amendment and Restatement of Certificate of Incorporation </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">On December 6, 2025, the Board of Directors of Andersen Group Inc. approved the Company’s Amended and Restated Certificate of Incorporation. The Amended and Restated Certificate of Incorporation authorizes the Company to issue 1,000,000,000 shares of Class A common stock, par value of $0.0001 per share, 300,000,000 shares of Class B common stock, par value of $0.0001 per share, and 100,000,000 shares of preferred stock, par value of $0.0001 per share.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Class A Common Stock </div><div style="text-align:justify;text-indent:20.16pt">Shares of Class A common stock have both voting and economic rights. Holders of Class A common stock are entitled to one vote for each share of Class A common stock held. Shares of Class A common stock are entitled to dividends and pro rata distribution of remaining available assets upon liquidation. Shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights. As of December 31, 2025, there were 12,650,000 shares of Class A common stock issued and outstanding. </div><div> </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Class B Common Stock </div><div style="text-align:justify;text-indent:20.16pt">Shares of Class B common stock have voting but no economic rights. Holders of Class B common stock generally are entitled, without regard to the number of shares of Class B common stock held by such holder, to ten votes for each share held. Shares of Class B common stock do not have any right to receive dividends or distribution upon liquidation. As of December 31, 2025, there were 99,166,563 shares of Class B common stock issued and outstanding. All shares of Class B common stock are held by Aggregator.</div><div> </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Preferred Stock </div><div style="text-align:justify;text-indent:20.16pt">The Company is authorized to issue one or more series of preferred stock, provided that the aggregate number of shares issued and not retired of any and all such series shall not exceed the total number of shares of preferred stock authorized. The Company's board of directors may determine, with respect to any series of preferred stock, the powers (including voting powers), preferences and relative, participating, optional or other special rights. As of December 31, 2025, no preferred stock has been issued.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Distributions </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">During the year ended December 31, 2025, the Company declared distributions totaling $264.9 million to the pre-IPO owners, of which approximately $212.2 million was paid by the Company as of December 31, 2025. The AT Umbrella LLC Agreement requires distributions of cash to fund member income tax liabilities.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">AT Umbrella LLC Agreement</div><div style="text-align:justify;text-indent:18pt">As of December 31, 2025, 12,650,000 Class X Umbrella Units are held by the Andersen Group Inc. corresponding to 12,650,000 shares of Andersen Group Inc. Class A common stock. The remaining 98,190,000 Class X Umbrella Units outstanding as of December 31, 2025 correspond to 98,190,000 shares of Andersen Group Inc. Class B common stock, which are held by Aggregator. The remaining 976,563 shares of Class B common stock outstanding correspond with AT Umbrella LLC LTIP Units held by Aggregator on behalf of certain Managing Directors of Andersen Tax LLC. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt"> </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Aggregator may require AT Umbrella LLC to redeem its Class X Umbrella Units (and cancel paired Andersen Group Inc. Class B common stock), with Andersen Group Inc. having the option to settle the redemption in cash or Class A common stock, or to effect a direct exchange of cash or Class A common stock for the units and paired shares. See Note 12 for further information. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Under the AT Umbrella LLC Agreement, the Company is required to cause AT Umbrella to issue additional Class X Umbrella Units to the Company or Aggregator whenever the Company or Aggregator issues equity securities. For the Company, this obligation applies to shares of Class A common stock or other economic equity securities, and for Aggregator, to Class X Aggregator Units or exchangeable equity instruments. Concurrently, any net proceeds received from these equity issuances by the Company or Aggregator must be contributed to AT Umbrella LLC, unless otherwise used to fund specific expenses. Similar parity is maintained in equity transactions such as repurchases or redemptions involving the Company, Aggregator, or AT Umbrella LLC.</div>

1000000000

0.0001

300000000

0.0001

100000000

0.0001

12650000

99166563

264900000

212200000

12650000

98190000

976563

Equity-Based Compensation<div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Prior to the IPO and Reorganization Transactions</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In March 2025, the governing documents of the Management Holdcos were each amended to allow for the issuance of new Profits Interest Units (“PIUs”) to its members, which are comprised of the Managing Directors of the Company. During the year ended December 31, 2025, PIUs were issued to certain Managing Directors of the Company. The PIU grants in the Management Holdcos were deemed to be transactions incurred on behalf of the Company and the grant of the PIUs to the Company’s Managing Directors are accounted for as equity-based compensation in accordance with ASC 718. As a result, the expense related to the PIU grants by the Management Holdcos, as Andersen Tax Holdings LLC's controlling unitholders, were reflected in the Company’s consolidated financial statements and recognized as a non-cash contribution by the Management Holdcos.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The PIUs were created to provide additional allocations of distributable profits and losses of Andersen Tax Holdings LLC to the Managing Directors in proportion to their total units, which include the PIUs. The economic terms of the PIUs give the holders an equity ownership in the Company, an economic interest in the future profits and losses of the Company and holders receive value from their awards by receiving distributions. The PIUs vest immediately and are subject to forfeiture upon termination of employment, either voluntary or involuntary.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The expense related to the PIUs was measured based on their estimated grant date fair values and was recognized in full on the grant date as there was no required service or vesting to participate in the benefits. Equity-based compensation expense is recognized within cost of services and sales, general and administrative expenses on the consolidated statements of operations based on the function of those receiving awards. The Company used a Probability-Weighted Expected Return Method (“PWERM”) model to determine the grant date fair value of the PIUs.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">PWERM is a scenario-based methodology that estimates the fair value of PIUs based upon an analysis of future values for the Company, assuming various outcomes. The value for the PIUs was based on the probability-weighted present value of expected future investment returns considering each of the possible outcomes available as well as the </div><div style="margin-bottom:12pt;text-align:justify">rights of each class of units. The future value of the units under each outcome was discounted back to the valuation date at an appropriate risk-adjusted discount rate and probability weighted to arrive at an indication of value for the PIUs. A discount for lack of marketability of the PIUs was then applied to arrive at an indication of value for the PIUs.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The weighted-average grant date fair value of the PIUs issued during the year ended December 31, 2025 was $766.54 per unit. The Company issued 178,025 PIUs during the year ended December 31, 2025. The Company recognized $104.5 million of equity-based compensation expense in cost of services and $32.0 million in sales, general and administrative expense during the year ended December 31, 2025.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Subsequent to the IPO and Reorganization Transactions</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">2025 Equity Incentive Plan</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">On December 6, 2025, the board of directors of Andersen Group Inc. approved the Company’s 2025 Equity Incentive Plan. The 2025 Equity Incentive Plan provides for the grant of nonstatutory stock options (NSOs), stock appreciation rights (SARs), restricted shares, restricted stock units (RSUs) and other equity-based awards. The Company has reserved 6,700,000 shares of Class A common stock in connection with the approval of the 2025 Equity Incentive Plan. On the first day of each January during the term of the 2025 Equity Incentive Plan, beginning on January 1, 2026 and ending on (and including) January 1, 2035, the number of shares of Class A common stock that may be issued under the 2025 Equity Incentive Plan will increase by a number of shares equal to the lesser of (a) 5% of the outstanding shares of all classes of common stock on the last day of the immediately preceding fiscal year or (b) such lesser number of shares (including zero) that the plan administrator determines for purposes of the annual increase for that fiscal year. The Company will recognize forfeitures as they occur.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Concurrently with the IPO, the Company granted new RSUs to employees. The RSUs granted in 2025 have a time-based vesting requirement wherein 1/6th of the total number of RSUs subject to the award will vest on each annual anniversary of the vesting commencement date, subject to the recipient’s continuous service as an employee to the Company, a parent, subsidiary or affiliate through the applicable vesting date. Upon vesting, the RSUs are convertible into Class A common stock; unvested RSUs are not considered outstanding shares of Class A common stock. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The following table summarizes the information about RSUs of Andersen Group Inc. that were granted during the year ended December 31, 2025:</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;text-align:center">Number of Units</div></td></tr> <tr> <td colspan="3" style="background-color:#ccecff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Outstanding as of December 31, 2024</div></td> <td colspan="3" style="background-color:#ccecff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">-</div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Granted</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">5,440,720 </div></td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Vested</div></td> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">-</div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Forfeited</div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">(21,342)</div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Outstanding as of December 31, 2025</div></td> <td colspan="2" style="background-color:#caedfb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">5,419,378 </div></td> <td style="background-color:#caedfb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr></table></div><div> </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The fair value of the RSUs was based on the fair value of a share of Class A common stock at the time of grant, which equates to a weighted-average grant date fair value of $16.00 per unit. Total compensation expense for RSUs was approximately $0.6 million for the year ended December 31, 2025, of which $0.5 million is included in cost of services and $0.1 million is included in sales, general and administrative expense in the consolidated statement of operations. The unamortized compensation cost related to RSUs of $86.1 million as of December 31, 2025 is expected to be recognized over a weighted-average period of approximately 5.9 years.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">AT Umbrella LLC LTIP Units</div><div style="text-align:justify;text-indent:20.16pt">Concurrently with the IPO, AT Umbrella LLC issued AT Umbrella LLC LTIP Units to Aggregator in connection with an earlier appointment of additional Managing Directors during 2025, and Aggregator issued corresponding Aggregator LTIP Units to such Managing Directors representing such claim to AT Umbrella LLC LTIP Units. Andersen Group Inc. issued to Aggregator shares of Class B common stock equal in number to the maximum number of Class X Umbrella Units issuable upon exchange of such LTIP Units issued to Aggregator in exchange for the payment by Aggregator of the aggregate par value of the Class B common stock that is received. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">AT Umbrella LLC LTIP Units are economically similar to stock options. Each LTIP Unit has a per-unit hurdle price, which is economically similar to the exercise price of a stock option. LTIP Units designated as "Catch-Up Units" are subject to a provision allowing their holder to receive additional distributions after satisfying the hurdle amount of the unit. Once the hurdle amount is surpassed, a catch-up adjustment ensures that the holder of the Catch-Up Unit receives distributions equivalent to what they would have received if the hurdle amount had not been applied, up to the agreed-upon cumulative amount. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">LTIP Units vest 1/5th on each annual anniversary of the vesting commencement date over a five years period, subject to the recipient’s continuous service as an employee of the Company or one of its subsidiaries. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The following table summarizes information around AT Umbrella LLC LTIP Units: </div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;text-align:center">Number of Units</div></td></tr> <tr> <td colspan="3" style="background-color:#ccecff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Outstanding as of December 31, 2024</div></td> <td colspan="3" style="background-color:#ccecff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">-</div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Granted</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">976,563 </div></td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Vested</div></td> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">-</div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Forfeited</div></td> <td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">-</div></td></tr> <tr> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Outstanding as of December 31, 2025</div></td> <td colspan="2" style="background-color:#caedfb;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">976,563 </div></td> <td style="background-color:#caedfb;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr></table></div><div> </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The fair value of the LTIP Units was based on the fair value of a share of Class A common stock of Andersen Group Inc. at the time of grant, which equates to a weighted-average grant date fair value of $16.00 per unit. The LTIP Units granted in 2025 are subject to a hurdle amount of $16.00 per unit, which was specified at issuance and represents the threshold over which an LTIP Unit is allocated income or is entitled to distributions. </div><div style="text-align:justify;text-indent:20.16pt">Total equity-based compensation expense for LTIP Units was approximately $0.1 million for the year ended December 31, 2025, which is included in cost of services in the consolidated statement of operations. The unamortized compensation cost related to LTIP Units of $14.0 million as of December 31, 2025 is expected to be recognized over a weighted-average period of approximately five years.</div><div> </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Class X Aggregator Units</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In connection with the Reorganization Transactions described in Note 1, Andersen Tax LLC incurred compensation expenses as a result of the exchange of common units and PIUs of the Management Holdcos for new Class X Aggregator Units with Managing Directors of Andersen Tax LLC, of which a portion of the new interests are subject to vesting conditions. These Class X Aggregator Units generally vest 1/5th on each annual anniversary of their vesting commencement dates. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The following table summarizes information around Class X Aggregator Units subject to vesting conditions: </div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;text-align:center">Number of Units</div></td></tr> <tr> <td colspan="3" style="background-color:#ccecff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Unvested Class X Aggregator Units Included in Reorganization Transactions</div></td> <td colspan="2" style="background-color:#ccecff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">45,060,250 </div></td> <td style="background-color:#ccecff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Granted</div></td> <td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">-</div></td></tr> <tr> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Vested</div></td> <td colspan="2" style="background-color:#caedfb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">(202,500)</div></td> <td style="background-color:#caedfb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Forfeited</div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">(112,500)</div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Outstanding as of December 31, 2025</div></td> <td colspan="2" style="background-color:#caedfb;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">44,745,250 </div></td> <td style="background-color:#caedfb;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr></table></div><div> </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The portion of units subjected to service-based vesting conditions results in incremental compensation expense to be recognized over the requisite service period. The Company incurred $10.2 million of compensation expense for Class X Aggregator Units for the year ended December 31, 2025, of which $9.7 million was recognized in cost of services and $0.5 million was recognized in sales, general and administrative expenses on the consolidated statement of operations. The unamortized compensation cost related to Class X Aggregator Units of $708.9 million as of December 31, 2025 is expected to be recognized over a weighted-average period of approximately 4.7 years. The grant date weighted average fair value </div><div style="margin-bottom:12pt;text-align:justify">associated with all Class X Aggregator Units was $16.00 per unit. The overall value of the Class X Aggregator Units was derived from the value of the Class A common stock for which the units may be exchanged.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Equity Restructuring Costs</div><div style="margin-bottom:12pt;text-indent:20.16pt">In connection with the Reorganization Transactions described in Note 1, Andersen Tax LLC incurred certain equity restructuring expenses totaling approximately $193.2 million as a result of the exchange of historical equity interests of the Management Holdcos for new Class H Aggregator Units (for which AT Umbrella issued to Aggregator the Holdover Note) and the Class X Aggregator Units (for which, together with the Member Notes, AT Umbrella issued to Aggregator the Capital Account Notes). The new Class H Aggregator Units include a higher income allocation to unit holders than under the previous Management Holdco units held by such unit holders, which results in an incremental one-time expense. The Company recorded $162.3 million during the year ended December 31, 2025 for these Class H Aggregator Units, which is recorded as equity restructuring costs on the consolidated statement of operations. The value for the equity restructuring expense associated with Class H Aggregator Units was estimated using a discounted cash flow methodology. </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Certain holders of historical equity interests at the Management Holdcos also received Class X Aggregator Units and a return of contributed capital which resulted in an incremental one-time expense for these Class X Aggregator Units of $30.9 million, which is recorded as equity restructuring costs on the consolidated statement of operations. The value for the equity restructuring expense associated with Class X Aggregator Units was estimated as the difference between the value of the Class X Aggregator Units and the value of the historical equity interests at the Management Holdcos.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">See Note 9 for details related to the related Holdover Note and Capital Account Notes issued in connection with these transactions.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Equity-based Compensation Expense</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The table below reflects the total equity-based compensation expense recognized in the consolidated statement of operations for the year ended December 31, 2025 (in thousands):</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;text-align:center">Year ended December 31, 2025</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Cost of services</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">114,729 </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Sales, general and administrative</div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">32,643 </div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Equity restructuring costs</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:right">193,163 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Total</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">340,535 </div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr></table></div>

766.54

178025

104500000

32000000.0

6700000

0.05

<div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The following table summarizes the information about RSUs of Andersen Group Inc. that were granted during the year ended December 31, 2025:</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;text-align:center">Number of Units</div></td></tr> <tr> <td colspan="3" style="background-color:#ccecff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Outstanding as of December 31, 2024</div></td> <td colspan="3" style="background-color:#ccecff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">-</div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Granted</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">5,440,720 </div></td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Vested</div></td> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">-</div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Forfeited</div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">(21,342)</div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Outstanding as of December 31, 2025</div></td> <td colspan="2" style="background-color:#caedfb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">5,419,378 </div></td> <td style="background-color:#caedfb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr></table></div>

5440720

21342

5419378

16.00

600000

500000

100000

86100000

P5Y10M24D

P5Y

<div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The following table summarizes information around AT Umbrella LLC LTIP Units: </div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;text-align:center">Number of Units</div></td></tr> <tr> <td colspan="3" style="background-color:#ccecff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Outstanding as of December 31, 2024</div></td> <td colspan="3" style="background-color:#ccecff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">-</div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Granted</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">976,563 </div></td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Vested</div></td> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">-</div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Forfeited</div></td> <td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">-</div></td></tr> <tr> <td colspan="3" style="background-color:#caedfb;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Outstanding as of December 31, 2025</div></td> <td colspan="2" style="background-color:#caedfb;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">976,563 </div></td> <td style="background-color:#caedfb;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr></table></div>

976563

16.00

100000

14000000.0

P5Y

45060250

202500

112500

44745250

10200000

9700000

500000

708900000

P4Y8M12D

16.00

193200000 162300000 30900000

<div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The table below reflects the total equity-based compensation expense recognized in the consolidated statement of operations for the year ended December 31, 2025 (in thousands):</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;text-align:center">Year ended December 31, 2025</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Cost of services</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">114,729 </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Sales, general and administrative</div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">32,643 </div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Equity restructuring costs</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:right">193,163 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Total</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right">340,535 </div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:8pt;text-align:right"></div></td></tr></table></div>

114729000

32643000

193163000

340535000

Loss Per Share<div style="text-align:justify;text-indent:20.16pt">Due to the impact of the Reorganization Transactions, the Company’s capital structure for the period prior to the IPO is not comparable. As a result, the presentation of net loss per share for the periods prior to such transactions is not meaningful and only loss per share for the period subsequent to the IPO is presented herein. </div><div> </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company computes earnings per share (“EPS”) of Class A common stock. Basic EPS is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of Class A common stock outstanding. The Company’s Class B common stock and RSUs are nonparticipating securities because holders are not entitled to dividends or dividend equivalent payments.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">For the calculation of diluted EPS, net loss attributable to common stockholders for basic EPS is adjusted by the effect of dilutive securities. Diluted EPS attributable to common stockholders is computed by dividing the resulting net loss attributable to common stockholders by the weighted-average number of common stock outstanding, adjusted to give effect to dilutive elements including RSUs and convertible Class X Umbrella Units and LTIP Units to the extent these are dilutive.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The following table presents the calculation of basic and diluted net loss per share for the period following the IPO (in thousands, except share and per share amounts):</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr style="height:29pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Period from December 18, 2025 to December 31, 2025</td></tr> <tr style="height:29pt"> <td colspan="6" style="display:none"></td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Numerator:</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Net loss</td> <td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:right">(23,867)</div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Net loss attributable to redeemable noncontrolling interest</td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(21,543)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top">Net loss attributable to Andersen Group Inc. stockholders, basic</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">(2,324)</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top">Net loss attributable to Andersen Group Inc. stockholders, diluted</td> <td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">(23,867)</td> <td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr style="height:15pt"> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Denominator:</td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Weighted average number of shares of Class A common stock outstanding, basic</td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">12,650,000 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Effect of dilutive Class X Umbrella Units</td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">98,294,464 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Weighted average number of shares of Class A common stock outstanding, diluted</td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">110,944,464 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr style="height:15pt"> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="border-top:3pt double #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Net loss per share:</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Loss per share attributable to Class A common stockholders, basic</td> <td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="padding:2px 0;text-align:right;vertical-align:bottom">(0.18)</td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Loss per share attributable to Class A common stockholders, diluted</div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">(0.22)</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div> </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The effect of the Company’s potentially dilutive securities were not included in the calculation of diluted loss per share as the effect would be anti-dilutive. The following table contains outstanding share totals with a potentially dilutive impact:</div><div> </div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr> <tr style="height:12pt"> <td colspan="6" style="display:none"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">RSUs</td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,419,378 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">AT Umbrella LLC LTIP Units</td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">976,563 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Total</td> <td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">6,395,941 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The following table presents the calculation of basic and diluted net loss per share for the period following the IPO (in thousands, except share and per share amounts):</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr style="height:29pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Period from December 18, 2025 to December 31, 2025</td></tr> <tr style="height:29pt"> <td colspan="6" style="display:none"></td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Numerator:</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Net loss</td> <td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:right">$</div></td> <td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:right">(23,867)</div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:right"></div></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Net loss attributable to redeemable noncontrolling interest</td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(21,543)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top">Net loss attributable to Andersen Group Inc. stockholders, basic</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">(2,324)</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top">Net loss attributable to Andersen Group Inc. stockholders, diluted</td> <td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">(23,867)</td> <td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr style="height:15pt"> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Denominator:</td> <td colspan="3" style="padding:0 1pt"><div style="margin-bottom:8pt"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Weighted average number of shares of Class A common stock outstanding, basic</td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">12,650,000 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Effect of dilutive Class X Umbrella Units</td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">98,294,464 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Weighted average number of shares of Class A common stock outstanding, diluted</td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">110,944,464 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr style="height:15pt"> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="border-top:3pt double #000;padding:0 1pt"><div style="margin-bottom:8pt"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Net loss per share:</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Loss per share attributable to Class A common stockholders, basic</td> <td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="padding:2px 0;text-align:right;vertical-align:bottom">(0.18)</td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt">Loss per share attributable to Class A common stockholders, diluted</div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">(0.22)</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

-23867000

-21543000

-2324000

-23867000

12650000

98294464

110944464

-0.18

-0.22

<div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The effect of the Company’s potentially dilutive securities were not included in the calculation of diluted loss per share as the effect would be anti-dilutive. The following table contains outstanding share totals with a potentially dilutive impact:</div><div> </div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt"></div></td> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr> <tr style="height:12pt"> <td colspan="6" style="display:none"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">RSUs</td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,419,378 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">AT Umbrella LLC LTIP Units</td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">976,563 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Total</td> <td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">6,395,941 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

5419378

976563

6395941

Transactions with Related Parties<div style="margin-bottom:6pt;margin-top:6pt;padding-left:20.15pt">Loans and Notes Receivable from Related Parties, Net of Allowance for Credit Losses</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Loans and notes receivable due from related parties presented on the consolidated balance sheets include the following (in thousands):</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:71.930%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.083%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Loans and notes receivable from related parties</td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Member firm loans</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">11,035 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">10,943 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Employee loans</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">218 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">288 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top">Stewardship funds</td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">395 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Total loans and notes receivable from related parties</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">11,648 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">11,231 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Allowance for credit loss </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(10,735)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(8,611)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:9pt;text-indent:-9pt">Total loans and notes receivable from related parties, net of allowance for credit losses </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">913 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">2,620 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The following table summarizes changes in the allowance for credit loss for loans and notes receivable due from related parties (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Balance January 1, </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">8,611 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">4,940 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">4,440 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Provision </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">2,664 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,671 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">500 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom">Write-offs</td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(540)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle">Balance December 31,</td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">10,735 </td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="padding:0 1pt"></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">8,611 </td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="padding:0 1pt"></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">4,940 </td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Interest income includes interest earned on loans and notes receivable from related parties of $0.1 million, $0.2 million and $0.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Member Firm Loans</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Member firm loans consist of loans made to member firms of Andersen Global. As of December 31, 2025 and 2024 the Company had notes receivable from non-U.S. member firms of Andersen Global with stated principal values totaling $11.0 million ($0.3 million, net of allowance for credit losses), and stated principal values totaling $10.9 million ($2.3 million, net of allowance for credit losses), respectively. The notes bear interest based on variable rates including: the Applicable Federal Rate (AFR), the Prime rate, and the Secured Overnight Financing Rate (SOFR) plus an applicable margin percentage. The notes have maturities up to ten years.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Employee Loans</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company has entered into various agreements with certain employees whereby these individuals receive loans which may be either wholly or in part repaid from the distribution of earnings that the individuals receive or may be forgiven over a period of time. The forgivable portion of these loans is recognized as compensation expense over the life of the loans. As of December 31, 2025, the Company had notes receivable from employees with stated principal values totaling $0.2 million, net of $0.2 million to be forgiven in 2026. As of December 31, 2024, the Company had notes receivable from employees with stated principal values totaling $0.3 million, net of $0.1 million to be forgiven in 2025. The fixed rate loans are based on the Applicable Federal Rate with maturity dates up to two years.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Stewardship Funds</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">During 2021, the Company provided a $2.0 million credit facility to funds formed for the benefit of certain Managing Directors maturing on December 31, 2029, permitting short-term advances up to 30 days with interest payable at the Prime rate. As of each of December 31, 2025 and 2024, $0.1 million was due to the Company under this credit facility.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">During 2023, the Company provided a $2.0 million credit facility to another fund formed for the benefit of certain Managing Directors maturing on December 31, 2033, permitting short-term advances up to 60 days with interest payable at the Prime rate. As of December 31, 2025, $0.3 million was outstanding bearing interest at the prime rate. As of December 31, 2024, no amounts were due to the Company under this credit facility. </div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Trademark and License Fees</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company earns trademark and license fees from non-U.S. member firms of Andersen Global. The Company recognized $4.6 million, $2.4 million and $2.0 million in other income, net during the years ended December 31, 2025, 2024 and 2023, respectively.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Historically, the Company was required to distribute a portion of trademark and license fees collected to an entity controlled by an executive of the Company; however, this arrangement was terminated on March 29, 2025, effective immediately, for no consideration. For the years ended December 31, 2025, 2024 and 2023, the Company incurred $0.1 million, $0.6 million of $0.5 million, respectively, in cost of services in the consolidated statements of operations. The Company included $0.1 million and $0.1 million in other current liabilities on the consolidated balance sheets as of December 31, 2025 and 2024, respectively. </div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Andersen Global Commitments</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In the normal course of business, the Company funds certain global management costs on behalf of Andersen Global and allocates a portion of these costs to be reimbursed by non-U.S. member firms. As of December 31, 2025 and 2024, amounts due from member firms included in prepaid expenses and other current assets were $4.3 million and $1.3 million, respectively and amounts due to member firms included in other current liabilities were $0.6 million and $2.0 million, respectively.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">State Tax Payments</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company remits certain state tax payments on behalf of certain Managing Directors which are recorded as a receivable. The receivable is settled upon the next tax distribution through a withholding from the gross tax distribution otherwise payable to the members. As of December 31, 2025 and 2024, balances due from related parties included in prepaid expenses and other current assets were $2.7 million and $1.6 million, respectively.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Capital Account Notes and Holdover Note</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In connection with the reorganization of the Management Holdcos, Aggregator issued Class X Aggregator Units to equity holders of the Management Holdcos who were current Managing Directors and related persons, and Class H Aggregator Units to certain retiring and retired managing director members of the Management Holdcos. Refer to Note 9 for further detail details.</div>

<div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Loans and notes receivable due from related parties presented on the consolidated balance sheets include the following (in thousands):</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:71.930%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.083%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Loans and notes receivable from related parties</td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Member firm loans</div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">11,035 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">10,943 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Employee loans</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">218 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">288 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top">Stewardship funds</td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">395 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Total loans and notes receivable from related parties</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">11,648 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">11,231 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Allowance for credit loss </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(10,735)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(8,611)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:9pt;text-indent:-9pt">Total loans and notes receivable from related parties, net of allowance for credit losses </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">913 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">2,620 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The following table summarizes changes in the allowance for credit loss for loans and notes receivable due from related parties (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Balance January 1, </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">8,611 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">4,940 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">4,440 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Provision </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">2,664 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:middle"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,671 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">500 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom">Write-offs</td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(540)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle">Balance December 31,</td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">10,735 </td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="padding:0 1pt"></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">8,611 </td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="padding:0 1pt"></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">4,940 </td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div>

11035000

10943000

218000

288000

395000

11648000

11231000

10735000

8611000

913000

2620000

8611000

4940000

4440000

2664000

3671000

500000

540000

10735000

8611000

4940000

100000

200000

11000000.0

300000

10900000

2300000

P10Y

200000

300000

100000

P2Y

2000000.0

P30D

100000

2000000.0

P60D

300000

4600000

2400000

2000000.0

100000

600000

500000

100000

4300000

1300000

600000

2000000.0

2700000

1600000

Commitments and Contingencies<div style="margin-bottom:6pt;margin-top:6pt;padding-left:20.15pt">Litigation</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company has been involved in various legal matters arising out of the ordinary course of business. Management believes such legal matters will not have a material adverse effect on the consolidated balance sheets or statements of operations of the Company.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Employee Legal Matters</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">As of December 31, 2024, a former Company employee was named as a defendant in a legal matter. The Company received reimbursement from its business insurance provider for legal costs it incurred on behalf of the former employee. If the legal matter resulted in the former Andersen employee being found guilty, the amounts were subject to a clawback. The Company accrued a loss contingency for the amounts subject to the clawback. At December 31, 2024, the Company accrued $9.4 million in accounts payable and other accrued expenses on the consolidated balance sheet in relation to this legal matter.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">On July 29, 2025, the U.S. Attorney for the Central District of California filed a motion to dismiss all charges against the former employee, which was signed by the judge on August 8, 2025. Accordingly, the Company recorded a reversal of its previously recorded contingent liability related to this matter which is recorded against sales, general and administrative expenses in the consolidated statement of operations for the year ended December 31, 2025.</div><div style="margin-bottom:6pt;margin-top:18pt;padding-left:20.16pt">Other Commitments</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The Company entered into an agreement to use certain professional services training facilities (“Training Center Agreement”) for a limited number of days per year, which extends through 2030. Sales, general and administrative expenses include approximately $3.2 million, $3.2 million and $3.0 million incurred for these services during the years ended December 31, 2025, 2024 and 2023, respectively. The minimum future commitment under the Training Center Agreement is approximately $3.8 million through 2030.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">During 2025, the Company signed commitments for software licenses for certain financial accounting systems and cloud hosting services. The contracts require minimum payments through 2031, as follows (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Year Ending December 31,</td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Minimum Commitments</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">2026</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">5,423 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">2027</td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,380 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">2028</td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,275 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">2029</td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,023 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">2030</td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,023 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Thereafter </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,023 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">17,147 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

9400000

3200000

3000000.0

3800000

The contracts require minimum payments through 2031, as follows (in thousands):<div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:85.718%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.082%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Year Ending December 31,</td> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Minimum Commitments</div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">2026</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">5,423 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">2027</td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,380 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">2028</td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,275 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">2029</td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,023 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">2030</td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,023 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Thereafter </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,023 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">17,147 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

5423000

3380000

2275000

2023000

17147000

Income Taxes<div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Andersen Group Inc. is taxed as a C corporation and is subject to U.S. federal, state and local income taxes on its share of allocable partnership income. Andersen Group Inc.’s sole material asset is its ownership in AT Umbrella LLC, which is a limited liability company that is taxed as a partnership for U.S. federal and certain state and local income tax purposes. AT Umbrella LLC’s allocable share of taxable income and related tax credits, if any, are passed through to its members, including Andersen Group Inc., and are included in the members’ tax returns.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Prior to Andersen Group Inc.’s investment in AT Umbrella LLC, the Company was a multi-member limited liability company taxed as a partnership and generally not subject to U.S. federal and state taxes. However, certain state and local jurisdictions impose an entity level income tax and these amounts are reflected as income taxes in the consolidated financial statements. Each member of the limited liability company is responsible for reporting and paying income tax on their share of income or loss to extent required by federal and state income tax regulations.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The components of income (loss) before income tax expense are as follows (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Domestic </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">(127,172)</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">137,196 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">120,940 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Foreign </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div>Total </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">(127,172)</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">137,196 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">120,940 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Income tax expense (benefit) consists of the following (in thousands):</div><div style="margin-bottom:12pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top">Year Ended December 31,</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">2024</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Current taxes:</div></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:20.16pt">Federal </div></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:top">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:top">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:top">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.16pt">State </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,136 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,275 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,999 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.16pt">Foreign </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">372 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">222 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">87 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.16pt">Total current taxes </div></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,508 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,497 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,086 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Deferred taxes:</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.16pt">Federal </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(316)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.16pt">State </div></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(195)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(102)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">171 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.16pt">Foreign </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.16pt">Total deferred taxes </div></td> <td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(511)</td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(102)</td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">171 </td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:36pt">Income tax expense</div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">2,997 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">2,395 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">2,257 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company’s effective tax rate differs from the U.S. federal statutory rate of 21% for 2025, 2024, and 2023 as follows:</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr style="height:12pt"> <td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top">Year Ended December 31,</td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">2024</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Federal statutory rate </div></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">21.0 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">21.0 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">21.0 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Noncontrolling interest</td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(20.5)</td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Other non-deductible expenses</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">0.6 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">0.7 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>State and local taxes </div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(2.3)</td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1.6 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1.8 </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">Partnership income not subject to tax </td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(21.6)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(21.7)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Valuation allowance</div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(0.3)</td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Foreign income and withholding taxes </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(0.3)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">0.2 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">0.1 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Effective tax rate </div></td> <td colspan="2" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(2.4)</td> <td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1.8 </td> <td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1.9 </td> <td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom">%</td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred tax assets and liabilities were as follows (in thousands):</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:71.930%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.083%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Deferred tax assets:</div></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt;padding-right:-2.13pt">Investment in partnership</div></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">89,086 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">U.S. federal and state net operating loss</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">337 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Subtotal </div></td> <td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">89,423 </td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Less valuation allowance </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(88,779)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total deferred tax assets </div></td> <td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">644 </td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#cceeff;padding:0 1pt 0 19pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Deferred tax liabilities:</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt;padding-right:-2.13pt;text-align:right"> </div></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt;padding-right:-2.13pt;text-align:right"> </div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:18pt">Partnership level items</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(378)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(455)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total deferred tax liabilities </div></td> <td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(378)</td> <td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(455)</td> <td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Net deferred tax asset (liability) </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">266 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">(455)</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.16pt">As of December 31, 2025, the Company recorded a $89.1 million deferred tax asset related to the investment in partnership which was offset with a valuation allowance of $88.8 million. The Company concluded that such asset is not more likely than not to be realized as the investment in AT Umbrella LLC is capital in nature and the Company does not have history of generating capital gain income.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In assessing the Company’s ability to recover its deferred tax assets, the Company evaluated whether it is more likely than not that some portion or the entire deferred tax asset will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income including appropriate character in those periods in which temporary differences become deductible and/or net operating losses can be utilized. The Company considered all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, historical earnings, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The following table presents a reconciliation of the total change in the valuation allowance (in thousands):</div><div style="margin-bottom:8pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="padding:0 1pt;text-indent:20.16pt"><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt"></div></td> <td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr> <td colspan="3" style="padding:0 1pt;text-indent:20.16pt"><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt"></div></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:justify;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Balance at beginning of period</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">$</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt;text-indent:20.16pt"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">$</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">$</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:justify;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Change charged to income tax expense</div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">97 </div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="padding:0 1pt;text-indent:20.16pt"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:justify;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Change charged to equity</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">88,682 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt;text-indent:20.16pt"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:justify;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Balance at end of period</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">$</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">88,779 </div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="padding:0 1pt;text-indent:20.16pt"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">$</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="padding:0 1pt"></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">$</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.16pt">The Company applies the applicable authoritative guidance which prescribes a comprehensive model for the manner in which a company should recognize, measure, present and disclose in its financial statements all material uncertain tax positions that the Company has taken or expects to take on a tax return. The Company has no uncertain tax positions. There are no uncertain tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within twelve months of December 31, 2025.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">As of December 31, 2025, the Company's U.S. federal net operating loss carryforwards were $1.3 million, which may be carried forward indefinitely but are only available to offset 80% of future taxable income.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The only open tax year for the U.S. federal income tax return is 2025. The state income tax returns have varying statutes of limitations.</div>

-127172000

137196000

120940000

-127172000

137196000

120940000

3136000

2275000

1999000

372000

222000

87000

3508000

2497000

2086000

-316000

-195000

-102000

171000

-511000

-102000

171000

2997000

2395000

2257000

0.210

0.205

0.006

0.007

-0.023

0.016

0.018

0 -0.216 -0.217

-0.003

0.002

0.001

-0.024

0.018

0.019

Significant components of the deferred tax assets and liabilities were as follows (in thousands):<div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:71.930%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.083%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Deferred tax assets:</div></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt;padding-right:-2.13pt">Investment in partnership</div></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">89,086 </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">U.S. federal and state net operating loss</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">337 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Subtotal </div></td> <td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">89,423 </td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Less valuation allowance </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(88,779)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total deferred tax assets </div></td> <td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">644 </td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td> <td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr style="height:12pt"> <td colspan="3" style="background-color:#cceeff;padding:0 1pt 0 19pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Deferred tax liabilities:</td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt;padding-right:-2.13pt;text-align:right"> </div></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:8pt;padding-right:-2.13pt;text-align:right"> </div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:18pt">Partnership level items</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(378)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(455)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total deferred tax liabilities </div></td> <td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(378)</td> <td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(455)</td> <td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Net deferred tax asset (liability) </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">266 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">(455)</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

89086000

337000

89423000

88779000

644000

378000 455000

378000

455000

266000

455000

89100000

88800000

<div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">The following table presents a reconciliation of the total change in the valuation allowance (in thousands):</div><div style="margin-bottom:8pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="padding:0 1pt;text-indent:20.16pt"><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt"></div></td> <td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr> <tr> <td colspan="3" style="padding:0 1pt;text-indent:20.16pt"><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt"></div></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:justify;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Balance at beginning of period</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">$</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt;text-indent:20.16pt"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">$</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">$</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:justify;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Change charged to income tax expense</div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">97 </div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="padding:0 1pt;text-indent:20.16pt"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:justify;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Change charged to equity</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">88,682 </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt;text-indent:20.16pt"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:justify;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Balance at end of period</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">$</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">88,779 </div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="padding:0 1pt;text-indent:20.16pt"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">$</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td> <td colspan="3" style="padding:0 1pt"></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;text-indent:20.16pt;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">$</div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt">— </div></td> <td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:12pt;text-align:right;text-indent:20.16pt"></div></td></tr></table></div>

97000 0 0 88682000 0 0

88779000

1300000

Segment Reporting<div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The Company conducts business as a single operating segment for its range of tax, valuation, financial advisory, and related consulting services. In reaching this conclusion, management considers the definition of the Chief Operating Decision Maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, and how that information is used to make operating decisions, allocate resources, and assess performance. The Company’s CODM is the chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level which is the level that the CODM manages the business, allocates resources, makes key resource decisions, and assesses performance.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">The key measure of segment profit and loss that the CODM uses to allocate resources and assess performance is the Company’s net income or loss. The measure is used to benchmark the Company's results against forecasts. 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):</div><div style="margin-bottom:8pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr> <tr> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Revenue</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">838,692 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">731,593 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">639,111 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div>Operating expenses:</div></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:18pt">Personnel costs(1)</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">818,290 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">462,394 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">403,294 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:18pt">Non-personnel costs(2)</div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top">146,690 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top">131,330 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top">111,267 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Depreciation and amortization </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">9,005 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">8,325 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">7,691 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total operating expenses </div></td> <td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">973,985 </td> <td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">602,049 </td> <td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">522,252 </td> <td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total operating (loss) income </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">(135,293)</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">129,544 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">116,859 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Interest income </div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,166 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,524 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,660 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Interest expense </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(1,436)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(64)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(138)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Other income, net </div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,391 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,192 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,559 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>(Loss) income before taxes </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">(127,172)</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">137,196 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">120,940 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Income tax expense </div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,997 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,395 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,257 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div>Net (loss) income </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">(130,169)</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">134,801 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">118,683 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:4.090%"> <tr> <td style="width:1.0%"></td> <td style="width:98.900%"></td> <td style="width:0.1%"></td></tr> <tr style="height:3pt"> <td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div> </div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(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. </div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt">(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.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">Assets provided to the CODM are consistent with those reported on the consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents, and financial instruments owned, reduced by current liabilities.</div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify;text-indent:20.15pt">All long-lived assets are maintained in, and all income and losses are attributable to the United States of America.</div>

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):<div style="margin-bottom:8pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"> <tr> <td style="width:1.0%"></td> <td style="width:58.142%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.081%"></td> <td style="width:0.1%"></td> <td style="width:0.1%"></td> <td style="width:0.406%"></td> <td style="width:0.1%"></td> <td style="width:1.0%"></td> <td style="width:12.084%"></td> <td style="width:0.1%"></td></tr> <tr> <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td> <td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr> <tr> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td> <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td> <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td> <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div>Revenue</div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">838,692 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">731,593 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">639,111 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div>Operating expenses:</div></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="3" style="padding:0 1pt"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:18pt">Personnel costs(1)</div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">818,290 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">462,394 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">403,294 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:18pt">Non-personnel costs(2)</div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top">146,690 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top">131,330 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top">111,267 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Depreciation and amortization </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">9,005 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">8,325 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">7,691 </td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total operating expenses </div></td> <td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">973,985 </td> <td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">602,049 </td> <td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">522,252 </td> <td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Total operating (loss) income </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">(135,293)</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">129,544 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">116,859 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Interest income </div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,166 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,524 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,660 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Interest expense </div></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(1,436)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(64)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(138)</td> <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Other income, net </div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,391 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,192 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,559 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>(Loss) income before taxes </div></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">(127,172)</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">137,196 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">120,940 </td> <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Income tax expense </div></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,997 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,395 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td> <td colspan="3" style="padding:0 1pt"></td> <td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,257 </td> <td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr> <tr> <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div>Net (loss) income </div></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">(130,169)</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">134,801 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td> <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle">118,683 </td> <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:4.090%"> <tr> <td style="width:1.0%"></td> <td style="width:98.900%"></td> <td style="width:0.1%"></td></tr> <tr style="height:3pt"> <td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div> </div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(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. </div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt">(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.</div>

838692000

731593000

639111000

818290000

462394000

403294000

-146690000

-131330000

-111267000

9005000

8325000

7691000

973985000

602049000

522252000

-135293000

129544000

116859000

4166000

4524000

2660000

1436000

64000

138000

5391000

3192000

1559000

-127172000

137196000

120940000

2997000

2395000

2257000

-130169000

134801000

118683000

193200000

Subsequent Events<div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Distributions</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">After the reporting date, the Company effected distributions to its pre-IPO owners in an aggregate amount of $18.1 million, related to undistributed capital and allocated income declared payable prior to the Reorganization Transactions.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Revolving Line of Credit Extension</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">In February 2026, the Company amended the Credit Agreement to extend through June 2026. The extension also modified certain terms relating to covenant requirements.</div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Inorganic Growth</div><div style="text-align:justify;text-indent:18pt">During the first quarter of 2026, Andersen entered into definitive agreements for the acquisition of four member firms located in the strategically important areas of Africa and Latin America and a business combination with one member firm located in the strategically important area of Canada. These transactions are expected to close in the second quarter of 2026, subject to the satisfaction of certain closing conditions. </div><div style="text-align:justify;text-indent:18pt"> </div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.16pt">Amendment of AT Umbrella LLC Agreement </div><div style="text-align:justify;text-indent:18pt">On March 24, 2026, an amendment to the AT Umbrella LLC Limited Liability Company Agreement was executed. The amendment modified the redemption provisions of Class X Umbrella Units held by Aggregator, which allow for the Company to elect for settlement in cash instead of settlement in the Company's Class A common stock. Under the revised terms, the Company may elect to redeem Class X Umbrella Units held by Aggregator for cash only if the cash proceeds are sourced from a qualifying offering of its Class A common stock. As a result of these changes, the redeemable noncontrolling interest will be prospectively reclassified from temporary equity into permanent equity as the conditions for temporary equity classification are no longer met.</div>

18100000

false false false false true Represents net loss attributable to Andersen Group Inc. for the period following the IPO and Reorganization Transactions as described in Note 1 in the accompanying notes. Represents net loss per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period following the IPO and Reorganization Transactions as described in Note 1 in the accompanying notes. Refer to Note 15 in the accompanying notes for further information on the determination of the net loss per share and weighted-average share amounts.