Compensation and benefits expense consists of salaries, bonuses (discretionary awards and guaranteed amounts), severance, as well as payroll and related taxes and benefits for the Company’s employees. In all instances, compensation expense is accrued over the requisite service period.

Certain employees participate in employee benefit plans, which consist of defined contribution plans including (i) profit-sharing plans qualified under Section 401(k) of the Internal Revenue Code, (ii) a U.K. pension scheme for U.K. employees and (iii) a German pension plan for employees in Germany. Expenses related to the Company’s employee benefit plans were $2.0 million and $6.2 million for the three and nine months ended September 30, 2026, respectively, and $1.9 million and $5.4 million for the three and nine months ended September 30, 2025, respectively, and are included in Compensation and benefits on the Condensed Consolidated Statements of Operations.

During the second quarter of 2026, the Company began a review of the business, which resulted in headcount reductions in order to focus resources on higher-performing areas of the business (the “Business Realignment”). In conjunction with the Business Realignment and for the three and nine months ended September 30, 2026, the Company incurred expenses related to separation and transition benefits of $6.3 million and $11.3 million, respectively, and the acceleration of equity-based compensation amortization of $4.2 million and $12.8 million, respectively. Such amounts are presented in Compensation and benefits and Equity-based compensation on the Condensed Consolidated Statements of Operations, respectively. Approximately $3.6 million of additional expense is expected to be incurred during the remainder of 2026. This estimate is based on certain assumptions, and actual results may differ materially if unanticipated costs are incurred related to the Business Realignment.


	Three Months Ended		Nine Months Ended
	September 30, 2026
Beginning balance	$	3,304	$	—
Incurred expenses	10,453		24,130
Non-cash expenses	(4,183)		(12,808)
Payments	(5,451)		(7,199)
Ending balance	$	4,123	$	4,123