Business Changes and Developments

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Business Changes and Developments

Business Changes and Developments

Robey Warshaw

On July 29, 2025, the Company entered into an agreement to acquire Robey Warshaw, an independent advisory firm headquartered in the United Kingdom. The transaction closed on October 1, 2025.

As consideration for the acquisition, the Company delivered to the sellers £71,250 ($95,767) at closing in the form of 275 Class A Shares, as well as cash of $5,345. Of the £71,250 delivered in Class A Shares at closing, £62,700 ($84,275) is subject to repayment if the sellers fail to provide service over a four-year period following the acquisition and, as such, will be treated as compensation for accounting purposes. See Note 18 for further information. Additionally, the Company will deliver to the sellers £74,813 ($100,796) due on the first anniversary of the closing (in Class A Shares or cash), the present value of which was $94,893 at closing and is classified within Payable to Employees and Related Parties on the Company's Consolidated Statement of Financial Condition as of December 31, 2025. The sellers are also entitled to contingent consideration, which had a fair value of $24,521 as of December 31, 2025, and will be payable on various dates between closing and shortly following the sixth anniversary of closing, dependent on the achievement of certain performance thresholds over a multi-year period. This contingent consideration was recorded, at fair value, within Other Long-term Liabilities on the Company's Consolidated Statement of Financial Condition as of December 31, 2025.

This transaction resulted in the Company recognizing goodwill of $102,221 at closing, as well as intangible assets relating to advisory backlog of $10,887 and client relationships of $22,850, recognized in the Investment Banking & Equities segment. These intangible assets are being amortized over an estimated useful life of 18 months and three years, respectively. The Company recognized $3,660 of amortization expense related to these intangible assets for the year ended December 31, 2025.

As part of the consideration transferred to the sellers, the Company also issued performance-based awards which are treated as compensation for accounting purposes. Furthermore, the Company also granted retention awards to Robey Warshaw employees joining the Company which are treated as compensation for accounting purposes. See Note 18 for further information.

Goodwill and Intangible Assets

Goodwill associated with the Company's acquisitions is as follows:

	Investment Banking & Equities		Investment Management		Total
Balance at December 31, 2023(1)	$	117,966	$	7,527	$	125,493
Foreign Currency Translation and Other	(1,041)		—		(1,041)
Balance at December 31, 2024(1)	116,925		7,527		124,452
Acquisition of Robey Warshaw	102,221		—		102,221
Foreign Currency Translation and Other	4,110		—		4,110
Balance at December 31, 2025(1)	$	223,256	$	7,527	$	230,783

(1)The amount of the Company's goodwill before accumulated impairment losses of $38,528 was $269,311, $162,980 and $164,021 at December 31, 2025, 2024 and 2023, respectively.

Intangible assets associated with the Company's acquisitions are as follows:

	December 31, 2025
	Gross Carrying Amount						Accumulated Amortization
	Investment Banking & Equities		Investment Management		Total		Investment Banking & Equities		Investment Management		Total
Client Relationships	$	22,904	$	—	$	22,904	$	1,909	$	—	$	1,909
Advisory Backlog	10,913		—		10,913		1,818		—		1,818
Total	$	33,817	$	—	$	33,817	$	3,727	$	—	$	3,727

Expense associated with the amortization of intangible assets was $3,660 for the year ended December 31, 2025.

Based on the intangible assets above, as of December 31, 2025, annual amortization of intangibles for each of the next five years is as follows:

2026	$	14,910
2027	$	9,454
2028	$	5,726
2029	$	—
2030	$	—

At November 30, 2025 and 2024, in accordance with ASC 350, "Intangibles - Goodwill and Other", the Company performed its annual goodwill impairment assessment and concluded that the fair value of its reporting units substantially exceeded their carrying values. The Company also concluded that there was no impairment of intangible assets during the year ended December 31, 2025.