v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Summary of Segment Reporting Information, by Segment The following table provides information
about the Company’s revenue and includes a reconciliation to net income:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net commissions and fees
$902,728
$840,857
$1,685,631
$1,516,985
Fiduciary investment income
13,919
14,313
26,245
28,351
Total revenue
$916,647
$855,170
$1,711,876
$1,545,336
Compensation-related expense1
494,946
453,414
956,778
850,842
General and administrative expense2
94,797
93,350
196,162
185,587
Other segment items3
60,517
45,557
101,257
92,241
Depreciation and amortization
68,520
72,556
137,922
140,180
Change in contingent consideration
17,551
(759)
44,845
(14,801)
Interest income
(1,653)
(1,482)
(2,799)
(4,585)
Interest expense
58,302
59,816
113,181
117,427
Income from equity method investments
(7,039)
(5,156)
(12,570)
(10,093)
Other non-operating loss (income)
(25)
143
(736)
(234)
Income tax expense
22,350
13,026
28,858
68,456
Net income
$108,381
$124,705
$148,978
$120,316
1 Compensation-related expense includes salaries, commissions, bonus compensation, benefits, payroll taxes, and
contractor costs, and excludes acquisition and restructuring related expenses and equity-based compensation.
2 General and administrative expense includes travel and entertainment, professional services, occupancy, IT related costs,
and other operating costs, and excludes acquisition and restructuring related expenses.
3 Other segment items include acquisition and restructuring related expenses and equity-based compensation.
Summary of Revenue from External Customers by Geographic Areas Revenue is primarily recognized based on the country in which the services are performed. The following table illustrates
the geographic regions for the Company’s revenue:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
United States
$852,082
$801,491
$1,594,680
$1,450,588
Foreign
64,565
53,679
117,196
94,748
Total revenue
$916,647
$855,170
$1,711,876
$1,545,336