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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows from Operating Activities    
Net income $ 16,824 $ 107,847
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 57,972 23,961
Non-cash lease expense 11,700 10,818
Equity-based compensation 8,723 2,613
Other non-cash activity (2,039) 805
Liquidity Event share awards (Note 19) 28,679 0
Changes in operating assets and liabilities:    
Accounts receivable, net 34,468 38,217
Related-party receivables 22,302 (5,250)
Other assets and liabilities (2,826) (1,737)
Accounts payable and accrued expenses (15,774) (2,998)
Compensation payable 77,387 4,441
Lease liability (12,105) (12,597)
Net cash provided by operating activities 225,311 166,120
Cash Flows from Investing Activities    
Purchases of property and equipment, net (3,734) (4,230)
Net cash used in investing activities (3,734) (4,230)
Cash Flows from Financing Activities    
IPO proceeds less underwriter discount 451,528 0
Distributions of IPO proceeds to partners (254,493) 0
Pre-offering distribution to partners (70,626) 0
Distributions to partners (142,233) (136,314)
Contributions and other 11,735 5,935
Dividends paid to Class A common stockholders (2,545) 0
Proceeds from issuance of Class A common stock 701 0
Repurchase of Class A common stock (1,674) 0
Proceeds from exercise of stock options 5,212 0
Payment of contingent consideration (3,294) 0
Payment on long-term debt (196,765) 0
Proceeds from long-term debt 25,000 0
Proceeds from line of credit 0 25,200
Repayment of line of credit 0 (25,200)
Net cash used in financing activities (177,454) (130,379)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (1,096) 5,897
Net increase in cash, cash equivalents, and restricted cash 43,027 37,408
Cash, cash equivalents, and restricted cash, beginning of period 324,827 228,988
Cash, cash equivalents, and restricted cash, end of period 367,854 266,396
Cash paid during the period for:    
Cash paid for income taxes 6,069 4,475
Cash paid for interest 14,335 0
Other non-cash activity    
Initial establishment of deferred tax asset 66,923 0
Establishment of liability related to tax receivable agreement $ (85,216) $ 0