v3.26.3
Revenue and Receivables from Contracts with Customers
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue and Receivables from Contracts with Customers
Note 4—Revenue and Receivables from Contracts with Customers
The following table disaggregates the Company’s revenue between over time and point in time recognition:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Over time$238,302 $164,645 $527,139 $527,767 
Point in time13,071 — 29,676 3,976 
Total revenue
$251,373 $164,645 $556,815 $531,743 
Reimbursable expenses billed to clients were $1.2 million and $2.8 million for the three and nine months ended September 30, 2026, respectively, and $0.9 million and $3.9 million for the three and nine months ended September 30, 2025, respectively.
Performance Obligations and Contract Balances
A significant portion of total revenues in any given period often relates to performance obligations that were satisfied or partially satisfied in prior periods. These amounts are recognized upon the resolution of revenue constraints and uncertainties in the relevant period and are generally related to transaction-related advisory services.
As of September 30, 2026 and December 31, 2025, the Company recorded $0.3 million and $1.0 million, respectively, for contract liabilities which are presented within Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition.
Accounts Receivable and Allowance for Credit Losses
As of September 30, 2026 and December 31, 2025, $65.2 million and $22.2 million, respectively, of accrued revenue was included in Accounts receivable, net of allowance on the Condensed Consolidated Statements of Financial Condition. These amounts have been recognized as revenue in accordance with the Company’s revenue recognition policies but remained unbilled at the end of the period. As of September 30, 2026, certain accounts receivable in the aggregate amount of $36.0 million were individually greater than 10% of the Company’s gross accounts receivable and were concentrated with one client. Of that amount, all was subsequently received after September 30, 2026. As of December 31, 2025, certain accounts receivable in the aggregate amount of $22.3 million were individually greater than 10% of the Company’s gross accounts receivable and were concentrated with three clients. Of that amount, all was subsequently received after year end.
The allowance for credit losses activity for the three and nine months ended September 30, 2026 and 2025 was as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Beginning balance$1,320 $3,033 $1,496 $1,642 
Bad debt expense347 — 171 1,553 
Write-offs(198)(18)(198)(253)
Recoveries— 5 — 5 
Foreign currency translation and other adjustments— (41)— 32 
Ending balance$1,469 $2,979 $1,469 $2,979