Segments (Tables)

9 Months Ended

Sep. 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 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 benefits	149,355		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 expenses					775
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 benefits	79,558		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 expenses					1,924
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 benefits	339,668		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 benefits	197,847		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 expenses					5,533
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 Amortization	2026		2025		2026		2025
Investment Banking Advisory	$	18,789	$	1,770	$	55,946	$	22,059
Valuations and Opinions	694		635		2,026		1,902
Total Depreciation and Amortization	$	19,483	$	2,405	$	57,972	$	23,961