v3.26.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination
The following table summarizes the cash funded at closing and total consideration transferred (dollars in thousands):
Cash Funded at CloseAugust 1, 2025
Cash consideration$1,927,371 
Cash for liabilities assumed(1)
405,823 
Cash for post-combination expenses(2)
419,049 
Total cash funded at close$2,752,243 
ConsiderationAugust 1, 2025
Cash$1,927,371 
Other liabilities incurred90,414 
Total consideration$2,017,785 
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(1)Liabilities assumed are reflected in the Accounts payable and accrued liabilities and Equity awards liability line items in the table below and were paid concurrently with the closing.
(2)The post-combination expenses were paid at the closing and primarily included $228.4 million of costs related to transaction bonuses and the acceleration of unvested equity awards which were classified as Compensation and benefits and $190.1 million of costs related to certain contract termination fees which were classified as Occupancy and equipment in the condensed consolidated financial statements in the three months ended September 30, 2025.
The following table summarizes the Company's provisional purchase price allocation at August 1, 2025 (dollars in thousands):
Provisional Purchase Price Allocation(1)
August 1, 2025
Fair value of consideration transferred$2,017,785 
Assets
Cash and equivalents333,927 
Restricted cash95,414
Investment securities43,719
Receivables from brokers, dealers and clearing organizations1,839
Other receivables, net55,788
Advisor loans, net92,716
Property and equipment, net7,769
Intangible assets1,716,000
Other assets58,330
Total identifiable assets acquired$2,405,502 
Liabilities
Accrued advisory and commission expenses payable14,440
Accounts payable and accrued liabilities57,012
Client payables525
Equity awards liability382,231
Unearned revenue309,594
Other liabilities47,218
Total liabilities assumed$811,020 
Net assets acquired1,594,482 
Goodwill$423,303 
____________________
(1)The purchase accounting analysis is ongoing and may result in changes to consideration based on working capital and other adjustments and the value of certain assets acquired and liabilities recorded.
Business Combination, Pro Forma Information
The following table presents unaudited pro forma results as if the acquisition of Commonwealth had occurred on January 1, 2024 (dollars in thousands):

LPL Financial and Commonwealth Pro Forma Combined Financial Information (unaudited)Three Months Ended March 31, 2025
Total revenue$4,078,142 
Net income$233,961