| Schedule of Segment Reporting |
The following table presents revenue and expenses by segment. This includes compensation and benefits which is a significant segment expense and includes salaries, bonuses, benefits, and other compensation expenses for the six months ended June 30, 2026 and 2025. Corporate expenses for globally managed functions, including executive office, accounting, human capital, information technology, legal and compliance, and marketing are allocated to the Investment Banking Advisory and Valuations and Opinions segments based on an allocation methodology that management believes is systematic and rational and reflects the relative level of support provided to each segment. | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | ($ in thousands) | Investment Banking Advisory | | Valuations and Opinions | | Total | | Revenue | $ | 177,746 | | | $ | 47,947 | | | $ | 225,693 | | | Compensation and benefits | 111,807 | | | 33,975 | | | 145,782 | | Non-compensation expenses (1) | 80,330 | | | 15,461 | | | 95,791 | | | Operating income (loss) by segment | $ | (14,391) | | | $ | (1,489) | | | $ | (15,880) | | | Other income, net of other expenses | | | | | (5,549) | | | Total income (loss) before income taxes | | | | | $ | (21,429) | | | | | | | | | Three Months Ended June 30, 2025 | | ($ in thousands) | Investment Banking Advisory | | Valuations and Opinions | | Total | | Revenue | $ | 114,152 | | | $ | 35,506 | | | $ | 149,658 | | | Compensation and benefits | 60,292 | | | 10,506 | | | 70,798 | | Non-compensation expenses (1) | 35,292 | | | 11,425 | | | 46,717 | | | Operating income (loss) by segment | $ | 18,568 | | | $ | 13,575 | | | $ | 32,143 | | | Other income, net of other expenses | | | | | 1,727 | | | Total income (loss) before income taxes | | | | | $ | 33,870 | | | | | | | | | Six Months Ended June 30, 2026 | | ($ in thousands) | Investment Banking Advisory | | Valuations and Opinions | | Total | | Revenue | $ | 287,591 | | | $ | 95,902 | | | $ | 383,493 | | | Compensation and benefits | 190,313 | | | 51,566 | | | 241,879 | | Non-compensation expenses (1) | 123,967 | | | 27,580 | | | 151,547 | | | Operating income (loss) by segment | $ | (26,689) | | | $ | 16,756 | | | $ | (9,933) | | | Other income, net of other expenses | | | | | (9,508) | | | Total income (loss) before income taxes | | | | | $ | (19,441) | | | | | | | | | Six Months Ended June 30, 2025 | | ($ in thousands) | Investment Banking Advisory | | Valuations and Opinions | | Total | | Revenue | $ | 207,718 | | | $ | 74,148 | | | $ | 281,866 | | | Compensation and benefits | 118,289 | | | 22,838 | | | 141,127 | | Non-compensation expenses (1) | 65,678 | | | 20,007 | | | 85,685 | | | Operating income (loss) by segment | $ | 23,751 | | | $ | 31,303 | | | $ | 55,054 | | | Other income, net of other expenses | | | | | 3,609 | | | Total income (loss) before income taxes | | | | | $ | 58,663 | |
__________________(1)Non-compensation expenses include travel and related expenses, rent and occupancy, technology and information services, professional services and development, and other operating expenses. The following table presents depreciation and amortization expense by segment for the three and six months ended June 30, 2026 and 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | Three Months Ended June 30, | | Six Months Ended June 30, | | Depreciation and Amortization | 2026 | | 2025 | | 2026 | | 2025 | | Investment Banking Advisory | $ | 18,579 | | | $ | 10,506 | | | $ | 37,157 | | | $ | 20,289 | | | Valuations and Opinions | 674 | | | 646 | | | 1,332 | | | 1,267 | | | Total Depreciation and Amortization | $ | 19,253 | | | $ | 11,152 | | | $ | 38,489 | | | $ | 21,556 | |
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