Segments (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

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

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(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