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Geographic Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Geographic Information 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 three and nine months ended September 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 September 30, 2026
($ in thousands)Investment Banking Advisory Valuations and Opinions Total
Revenue$239,901 $53,751 $293,652 
Compensation and benefits149,355 37,583 186,938 
Non-compensation expenses (1)
48,072 14,362 62,434 
Operating income by segment$42,474 $1,806 $44,280 
Other income, net of other expenses775 
Total income before income taxes $45,055 
Three Months Ended September 30, 2025
($ in thousands)Investment Banking Advisory Valuations and Opinions Total
Revenue$141,303 $45,411 $186,714 
Compensation and benefits79,558 16,739 96,297 
Non-compensation expenses (1)
26,367 12,766 39,133 
Operating income by segment$35,378 $15,906 $51,284 
Other income, net of other expenses1,924 
Total income before income taxes $53,208 
Nine Months Ended September 30, 2026
($ in thousands)Investment Banking Advisory Valuations and Opinions Total
Revenue$527,492 $149,653 $677,145 
Compensation and benefits339,668 89,149 428,817 
Non-compensation expenses (1)
172,039 41,942 213,981 
Operating income by segment$15,785 $18,562 $34,347 
Other income, net of other expenses(8,733)
Total income before income taxes $25,614 
Nine Months Ended September 30, 2025
($ in thousands)Investment Banking Advisory Valuations and Opinions Total
Revenue$349,021 $119,559 $468,580 
Compensation and benefits197,847 39,577 237,424 
Non-compensation expenses (1)
92,045 32,773 124,818 
Operating income by segment$59,129 $47,209 $106,338 
Other income, net of other expenses5,533 
Total income before income taxes $111,871 
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(1)Non-compensation expenses include travel and related expenses, rent and occupancy, technology and information services, professional services and development, depreciation and amortization, and other operating expenses.
The following table presents depreciation and amortization expense by segment for the three and nine months ended September 30, 2026 and 2025.
($ in thousands)Three Months Ended September 30,Nine Months Ended September 30,
Depreciation and Amortization2026202520262025
Investment Banking Advisory$18,789 $1,770 $55,946 $22,059 
Valuations and Opinions694 635 2,026 1,902 
Total Depreciation and Amortization$19,483 $2,405 $57,972 $23,961 
Geographic Information
Due to the highly integrated nature of international financial markets, the Company generally manages its business based on the operating results of the enterprise taken as a whole, not by geographic region. The Company’s revenue and identifiable assets are generally reported based on the country or domicile of the legal entity providing the service.
The following table disaggregates the revenues and assets based on the location of the office that generates the revenues or holds the assets, and therefore may not be reflective of the geography in which our clients are located.
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2026202520262025
Revenues
Americas$225,238 $123,828 $534,484 $350,571 
Europe64,930 61,858 136,397 110,437 
Asia3,484 1,028 6,264 7,572 
Total revenues $293,652 $186,714 $677,145 $468,580 
($ in thousands)September 30,
2026		December 31,
2025
Assets by geography
Americas$872,503 $838,719 
Europe242,367 265,662 
Asia15,377 13,757 
Total assets $1,130,247 $1,118,138