CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) - USD ($)
$ in Thousands |
Total |
Additional Paid-In Capital |
Retained Earnings (Deficit) |
Non-Controlling Interest |
Class A Common Stock |
Class A Common Stock
Common Stock
|
Class B Common Stock |
Class B Common Stock
Common Stock
|
| Beginning balance, outstanding (in shares) at Sep. 30, 2024 |
|
|
|
|
|
23,882,035
|
|
10,032,676
|
| Beginning balance, outstanding at Sep. 30, 2024 |
$ 515,359
|
$ 279,335
|
$ 100,397
|
$ 135,624
|
|
$ 2
|
|
$ 1
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Equity-based compensation |
3,814
|
3,814
|
|
|
|
|
|
|
| Net income (loss) |
3,108
|
|
2,056
|
1,052
|
|
|
|
|
| Redemption of common units in i3 Verticals, LLC (in shares) |
|
|
|
|
|
17,577
|
|
(17,577)
|
| Redemption of common units in i3 Verticals, LLC |
0
|
237
|
|
(237)
|
|
|
|
|
| Establishment of liabilities under a tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis |
14
|
14
|
|
|
|
|
|
|
| Exercise or release of equity-based awards (in shares) |
|
|
|
|
|
34,423
|
|
|
| Exercise or release of equity-based awards |
29
|
29
|
|
|
|
|
|
|
| Repurchases of Class A common stock (in shares) |
|
|
|
|
|
(496,785)
|
|
|
| Repurchases of Class A common stock |
(11,190)
|
(11,190)
|
|
|
|
|
|
|
| Allocation of equity to non-controlling interests |
0
|
293
|
|
(293)
|
|
|
|
|
| Ending balance, outstanding (in shares) at Dec. 31, 2024 |
|
|
|
|
|
23,437,250
|
|
10,015,099
|
| Ending balance, outstanding at Dec. 31, 2024 |
511,134
|
272,532
|
102,453
|
136,146
|
|
$ 2
|
|
$ 1
|
| Beginning balance, outstanding (in shares) at Sep. 30, 2024 |
|
|
|
|
|
23,882,035
|
|
10,032,676
|
| Beginning balance, outstanding at Sep. 30, 2024 |
515,359
|
279,335
|
100,397
|
135,624
|
|
$ 2
|
|
$ 1
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Net income (loss) |
22,302
|
|
|
|
|
|
|
|
| Adjustments to accrued distributions to non-controlling interest holders |
(347)
|
|
|
|
|
|
|
|
| Ending balance, outstanding (in shares) at Jun. 30, 2025 |
|
|
|
|
|
23,780,915
|
|
8,463,204
|
| Ending balance, outstanding at Jun. 30, 2025 |
511,121
|
268,111
|
115,181
|
127,826
|
|
$ 2
|
|
$ 1
|
| Beginning balance, outstanding (in shares) at Dec. 31, 2024 |
|
|
|
|
|
23,437,250
|
|
10,015,099
|
| Beginning balance, outstanding at Dec. 31, 2024 |
511,134
|
272,532
|
102,453
|
136,146
|
|
$ 2
|
|
$ 1
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Equity-based compensation |
3,932
|
3,932
|
|
|
|
|
|
|
| Net income (loss) |
769
|
|
(154)
|
923
|
|
|
|
|
| Adjustments to accrued distributions to non-controlling interest holders |
283
|
|
|
283
|
|
|
|
|
| Redemption of common units in i3 Verticals, LLC (in shares) |
|
|
|
|
|
813,782
|
|
(813,782)
|
| Redemption of common units in i3 Verticals, LLC |
0
|
11,493
|
|
(11,493)
|
|
|
|
|
| Recapitalization from contribution to i3 Verticals, LLC (in shares) |
|
|
|
|
|
|
|
(369,256)
|
| Recapitalization from contribution to i3 Verticals, LLC |
0
|
(5,689)
|
|
5,689
|
|
|
|
|
| Establishment of liabilities under a tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis |
143
|
143
|
|
|
|
|
|
|
| Exercise or release of equity-based awards (in shares) |
|
|
|
|
|
149,328
|
|
|
| Exercise or release of equity-based awards |
(2,179)
|
(2,179)
|
|
|
|
|
|
|
| Repurchases of Class A common stock (in shares) |
|
|
|
|
|
(13,370)
|
|
|
| Repurchases of Class A common stock |
(423)
|
(423)
|
|
|
|
|
|
|
| Allocation of equity to non-controlling interests |
0
|
3,063
|
|
(3,063)
|
|
|
|
|
| Ending balance, outstanding (in shares) at Mar. 31, 2025 |
|
|
|
|
|
24,386,990
|
|
8,832,061
|
| Ending balance, outstanding at Mar. 31, 2025 |
513,659
|
282,872
|
102,299
|
128,485
|
|
$ 2
|
|
$ 1
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Equity-based compensation |
7,396
|
7,396
|
|
|
|
|
|
|
| Net income (loss) |
18,425
|
|
12,882
|
5,543
|
|
|
|
|
| Distributions to non-controlling interest holders |
630
|
|
|
630
|
|
|
|
|
| Redemption of common units in i3 Verticals, LLC (in shares) |
|
|
|
|
|
368,857
|
|
(368,857)
|
| Redemption of common units in i3 Verticals, LLC |
0
|
5,340
|
|
(5,340)
|
|
|
|
|
| Establishment of liabilities under a tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis |
281
|
281
|
|
|
|
|
|
|
| Exercise or release of equity-based awards (in shares) |
|
|
|
|
|
88,794
|
|
|
| Exercise or release of equity-based awards |
(1,644)
|
(1,644)
|
|
|
|
|
|
|
| Repurchases of Class A common stock (in shares) |
|
|
|
|
|
(1,063,726)
|
|
|
| Repurchases of Class A common stock |
(26,366)
|
(26,366)
|
|
|
|
|
|
|
| Allocation of equity to non-controlling interests |
0
|
232
|
|
(232)
|
|
|
|
|
| Ending balance, outstanding (in shares) at Jun. 30, 2025 |
|
|
|
|
|
23,780,915
|
|
8,463,204
|
| Ending balance, outstanding at Jun. 30, 2025 |
511,121
|
268,111
|
115,181
|
127,826
|
|
$ 2
|
|
$ 1
|
| Beginning balance, outstanding (in shares) at Sep. 30, 2025 |
|
|
|
|
23,983,125
|
23,983,125
|
8,381,681
|
8,381,681
|
| Beginning balance, outstanding at Sep. 30, 2025 |
517,723
|
271,310
|
118,270
|
128,140
|
|
$ 2
|
|
$ 1
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Equity-based compensation |
5,178
|
5,178
|
|
|
|
|
|
|
| Net income (loss) |
947
|
|
484
|
463
|
|
|
|
|
| Distributions to non-controlling interest holders |
93
|
|
|
93
|
|
|
|
|
| Exercise or release of equity-based awards (in shares) |
|
|
|
|
|
149,250
|
|
|
| Exercise or release of equity-based awards |
(2,283)
|
(2,283)
|
|
|
|
|
|
|
| Repurchases of Class A common stock (in shares) |
|
|
|
|
|
(1,522,838)
|
|
|
| Repurchases of Class A common stock |
(38,317)
|
(38,317)
|
|
|
|
|
|
|
| Allocation of equity to non-controlling interests |
0
|
3,861
|
|
(3,861)
|
|
|
|
|
| Ending balance, outstanding (in shares) at Dec. 31, 2025 |
|
|
|
|
|
22,609,537
|
|
8,381,681
|
| Ending balance, outstanding at Dec. 31, 2025 |
483,341
|
239,749
|
118,754
|
124,835
|
|
$ 2
|
|
$ 1
|
| Beginning balance, outstanding (in shares) at Sep. 30, 2025 |
|
|
|
|
23,983,125
|
23,983,125
|
8,381,681
|
8,381,681
|
| Beginning balance, outstanding at Sep. 30, 2025 |
517,723
|
271,310
|
118,270
|
128,140
|
|
$ 2
|
|
$ 1
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Net income (loss) |
8,802
|
|
|
|
|
|
|
|
| Adjustments to accrued distributions to non-controlling interest holders |
$ 122
|
|
|
|
|
|
|
|
| Exercise or release of equity-based awards (in shares) |
195,032
|
|
|
|
|
|
|
|
| Ending balance, outstanding (in shares) at Jun. 30, 2026 |
|
|
|
|
18,241,855
|
18,241,855
|
8,381,681
|
8,381,681
|
| Ending balance, outstanding at Jun. 30, 2026 |
$ 400,330
|
156,844
|
123,700
|
119,783
|
|
$ 2
|
|
$ 1
|
| Beginning balance, outstanding (in shares) at Dec. 31, 2025 |
|
|
|
|
|
22,609,537
|
|
8,381,681
|
| Beginning balance, outstanding at Dec. 31, 2025 |
483,341
|
239,749
|
118,754
|
124,835
|
|
$ 2
|
|
$ 1
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Equity-based compensation |
4,619
|
4,619
|
|
|
|
|
|
|
| Net income (loss) |
2,194
|
|
1,464
|
730
|
|
|
|
|
| Distributions to non-controlling interest holders |
29
|
|
|
29
|
|
|
|
|
| Exercise or release of equity-based awards (in shares) |
|
|
|
|
|
152,591
|
|
|
| Exercise or release of equity-based awards |
(968)
|
(968)
|
|
|
|
|
|
|
| Repurchases of Class A common stock (in shares) |
|
|
|
|
|
(2,220,736)
|
|
|
| Repurchases of Class A common stock |
(50,979)
|
(50,979)
|
|
|
|
|
|
|
| Allocation of equity to non-controlling interests |
0
|
4,739
|
|
(4,739)
|
|
|
|
|
| Ending balance, outstanding (in shares) at Mar. 31, 2026 |
|
|
|
|
|
20,541,392
|
|
8,381,681
|
| Ending balance, outstanding at Mar. 31, 2026 |
438,236
|
197,160
|
120,218
|
120,855
|
|
$ 2
|
|
$ 1
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Equity-based compensation |
5,136
|
5,136
|
|
|
|
|
|
|
| Net income (loss) |
5,661
|
|
3,482
|
2,179
|
|
|
|
|
| Exercise or release of equity-based awards (in shares) |
|
|
|
|
|
13,021
|
|
|
| Exercise or release of equity-based awards |
(115)
|
(115)
|
|
|
|
|
|
|
| Repurchases of Class A common stock (in shares) |
|
|
|
|
|
(2,312,558)
|
|
|
| Repurchases of Class A common stock |
(48,588)
|
(48,588)
|
|
|
|
|
|
|
| Allocation of equity to non-controlling interests |
0
|
3,251
|
|
(3,251)
|
|
|
|
|
| Ending balance, outstanding (in shares) at Jun. 30, 2026 |
|
|
|
|
18,241,855
|
18,241,855
|
8,381,681
|
8,381,681
|
| Ending balance, outstanding at Jun. 30, 2026 |
$ 400,330
|
$ 156,844
|
$ 123,700
|
$ 119,783
|
|
$ 2
|
|
$ 1
|