Acquisitions |
6 Months Ended |
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Jun. 30, 2026 | |
| Business Combination [Abstract] | |
| Acquisitions | ACQUISITIONS The following acquisition was accounted for pursuant to FASB Accounting Standards Codification Topic 805, "Business Combinations." Accordingly, the purchase price was allocated to the acquired assets and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the purchase price over the net assets acquired was allocated between goodwill and intangible assets. The fair value of the retention-related restricted stock was determined using the market price of the Company's common stock on the date of acquisition. G Squared Capital Partners LLC ("G Squared") On September 12, 2025, the Company completed the acquisition of G Squared, a boutique investment bank specializing in government services and defense technology. The acquisition expanded the scale of the Company's investment banking technology sector. The purchase price consisted of cash consideration, and restricted stock and restricted cash were granted for retention purposes. Additional cash of up to $8.0 million may be earned by certain employees if a net revenue target is achieved during the performance period from January 1, 2026 to December 31, 2027 and they are employed by the Company at the time of the respective payment. Amounts estimated to be payable, if any, will be recorded as compensation expense on the consolidated statements of operations over the requisite service period. If earned, amounts will be paid in the first quarter of 2028 and in the first quarter of 2029. The Company recorded $7.3 million of goodwill on the consolidated statements of financial condition, all of which is expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation and operating expertise of G Squared. Identifiable intangible assets purchased by the Company consisted of customer relationships with an acquisition date fair value of $2.2 million. Pro forma financial information is not presented as the acquisition is not material. The results of operations of G Squared have been included in the Company's consolidated financial statements prospectively beginning on the acquisition date.
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