v3.26.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 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
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net commissions and fees
$775,081
$739,552
$2,460,712
$2,256,537
Fiduciary investment income
14,882
15,025
41,127
43,376
Total revenue
$789,963
$754,577
$2,501,839
$2,299,913
Compensation-related expense1
443,373
417,217
1,400,151
1,268,059
General and administrative expense2
102,144
101,827
298,306
287,414
Other segment items3
45,668
38,979
146,925
131,220
Depreciation and amortization
68,608
73,795
206,530
213,975
Change in contingent consideration
(10,658)
11,968
34,187
(2,833)
Interest income
(1,381)
(1,749)
(4,180)
(6,334)
Interest expense
58,645
58,093
171,826
175,520
Income from equity method investments
(11,840)
(4,957)
(24,410)
(15,050)
Other non-operating income
(784)
(402)
(1,520)
(636)
Income tax expense (benefit)
8,140
(2,797)
36,998
65,659
Net income
$88,048
$62,603
$237,026
$182,919
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
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
United States
$743,302
$717,400
$2,337,982
$2,167,988
Foreign
46,661
37,177
163,857
131,925
Total revenue
$789,963
$754,577
$2,501,839
$2,299,913