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Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments Segments
The Company operates through its two operating and reportable segments: Investment Banking Advisory and Valuations and Opinions. Each segment is individually managed and provides separate services which require specialized expertise for the provision of those services. 
The Investment Banking Advisory segment offers a range of mergers and acquisitions services including sell-side advisory, buy-side advisory, asset sales and divestitures, restructuring, primary and secondary capital raising, and merger-related engagements. The client base includes private equity, public and private company executives, boards of directors, special committees and financial sponsors.
The Valuations and Opinions segment provides valuation services to investment funds and financial institutions. The client list includes businesses, investment companies, credit opportunity, private equity, venture, and hedge funds. Services include portfolio valuations, business valuations, transaction opinions, and dispute advisory.
The Company’s chief operating decision maker, or CODM, consists of the Company’s four LILP Controlling Partners (as defined in LILP’s Fourth Amended and Restated Limited Partnership Agreement (the “LILP Partnership Agreement”)). They review financial information about the Company’s revenue and profitability for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM receives discrete financial information for the Company’s two reportable segments. The CODM reviews both segment revenue and segment operating income as the key segment measures of performance and uses segment results to make key resource allocation decisions. The CODM does not receive and review asset information by segment.
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 $225,693 
Compensation and benefits111,807 33,975 145,782 
Non-compensation expenses (1)
80,330 15,461 95,791 
Operating income (loss) by segment$(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 benefits60,292 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 expenses1,727 
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 $383,493 
Compensation and benefits190,313 51,566 241,879 
Non-compensation expenses (1)
123,967 27,580 151,547 
Operating income (loss) by segment$(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 benefits118,289 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 expenses3,609 
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 Amortization2026202520262025
Investment Banking Advisory$18,579 $10,506 $37,157 $20,289 
Valuations and Opinions674 646 1,332 1,267 
Total Depreciation and Amortization$19,253 $11,152 $38,489 $21,556 
Geographic Information
Due to the highly integrated nature of international financial markets, the Company generally manages its business based on the operating results of the enterprise taken as a whole, not by geographic region. The Company’s revenue and identifiable assets are generally reported based on the country or domicile of the legal entity providing the service.
The following table disaggregates the revenues and assets based on the location of the office that generates the revenues or holds the assets, and therefore may not be reflective of the geography in which our clients are located.
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2026202520262025
Revenues
Americas$171,917 $117,590 $309,246 $226,743 
Europe52,411 28,179 71,467 48,579 
Asia1,365 3,889 2,780 6,544 
Total revenues $225,693 $149,658 $383,493 $281,866 
($ in thousands)June 30,
2026		December 31,
2025
Assets by geography
Americas$788,723 $838,719 
Europe193,750 265,662 
Asia15,305 13,757 
Total assets $997,778 $1,118,138