Business Changes and Developments |
6 Months Ended |
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Jun. 30, 2026 | |
| Business Combination [Abstract] | |
| Business Changes and Developments | Business Changes and Developments Robey Warshaw On July 29, 2025, the Company entered into an agreement to acquire Robey Warshaw, an independent advisory firm headquartered in the United Kingdom. The transaction closed on October 1, 2025. As consideration for the acquisition, the Company delivered to the sellers £71,250 ($95,767) at closing in the form of 275 shares of Class A common stock ("Class A Shares"), as well as cash of $5,345. Of the £71,250 delivered in Class A Shares at closing, £62,700 ($84,275) is subject to repayment if the sellers fail to provide service over a four-year period following the acquisition and, as such, will be treated as compensation for accounting purposes. See Note 15 for further information. Additionally, the Company will deliver to the sellers £74,813 ($99,202 as of June 30, 2026) due on the first anniversary of the closing (in Class A Shares or cash), the present value of which was $97,805 and $96,538 as of June 30, 2026 and December 31, 2025, respectively, and is classified within Payable to Employees and Related Parties on the Company's Unaudited Condensed Consolidated Statements of Financial Condition. The sellers are also entitled to contingent consideration, which had a fair value of $26,935 and $24,521 as of June 30, 2026 and December 31, 2025, respectively, and will be payable on various dates between closing and shortly following the th anniversary of closing, dependent on the achievement of certain performance thresholds over a multi-year period. This contingent consideration is recorded within Other Long-term Liabilities on the Company's Unaudited Condensed Consolidated Statements of Financial Condition. The change in the fair value of the contingent consideration resulted in Other Operating Expenses of $1,613 and $2,816 for the three and six months ended June 30, 2026, respectively, on the Unaudited Condensed Consolidated Statements of Operations. As part of the consideration transferred to the sellers, the Company also issued performance-based awards which are treated as compensation for accounting purposes. Furthermore, the Company also granted retention awards to Robey Warshaw employees joining the Company which are treated as compensation for accounting purposes. See Note 15 for further information. Intangible Asset Amortization Expense associated with the amortization of intangible assets for the Investment Banking & Equities segment was $3,712 and $7,442 for the three and six months ended June 30, 2026, respectively, included within Depreciation and Amortization expense on the Unaudited Condensed Consolidated Statements of Operations. Acquisition and Transition Costs The Company incurred acquisition-related costs of $1,800 for the six months ended June 30, 2026, related to the impairment of a lease in conjunction with the acquisition of Robey Warshaw, and $1,637 for the three and six months ended June 30, 2025, comprised of professional fees for legal and other services, which are included in Acquisition and Transition Costs on the Unaudited Condensed Consolidated Statements of Operations.
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