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Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Financial Instruments and Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	212,232	$	—	$	—	$	212,232


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	77,451	$	—	$	—	$	77,451
Liabilities
Other liabilities
Contingent consideration	$	—	$	—	$	192	$	192

Changes in contingent consideration measured at fair value on a recurring basis for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025		2024		2023
Balance January 1,	$	192	$	514	$	446
Remeasurement (gain)/loss	(192)		(322)		68
Balance December 31,	$	—	$	192	$	514

Investments in Held-to-Maturity Debt Securities

The Company holds U.S. Treasury securities that are “off-the-run” as they were issued before the most recent issue and were still outstanding at measurement day. The Company classifies the fair value of these items as Level 2 fair value measurements as the pricing is obtained from a third-party service that uses observable data. The following table summarizes the amortized cost, unrealized gains, unrealized losses, and fair value in U.S. Treasury securities classified as held-to-maturity (in thousands):


	December 31, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Fair value
Due within one year or less	$	8,179	$	20	$	—	$	8,199
Due between one and two years	—		—		—		—
Total held-to-maturity securities	$	8,179	$	20	$	—	$	8,199


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Fair value
Due within one year or less	$	22,485	$	31	$	—	$	22,516
Due between one and two years	8,066		21		(28)		8,059
Total held-to-maturity securities	$	30,551	$	52	$	(28)	$	30,575

Deferred Consideration Liability

The fair value of the Company’s deferred consideration liability included within other current liabilities and other liabilities was approximately $0.7 million and $1.5 million as of December 31, 2025 and 2024, respectively, based on unobservable inputs and categorized as Level 3.

Loans and Notes Receivable

Loans and notes receivable are comprised of loans and advances made to member firms of Andersen Global and employees of the Company. The Company classifies the fair value of these items as Level 3 fair value measurements as these are valued using a discounted cash flow methodology less a reserve for expected credit losses. Based on the reserve methodology and the variable rates included within the population, the carrying value of these receivables approximates fair value. Refer to Note 16 for further detail.

Long-Term Debt

Long-term debt includes a revolving line of credit with a financial institution, Capital Account Notes and Holdover Note in connection with the reorganization of the Management Holdcos. Refer to Note 9 for further detail.

Financial Instruments and Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	212,232	$	—	$	—	$	212,232


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	77,451	$	—	$	—	$	77,451
Liabilities
Other liabilities
Contingent consideration	$	—	$	—	$	192	$	192

Changes in contingent consideration measured at fair value on a recurring basis for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025		2024		2023
Balance January 1,	$	192	$	514	$	446
Remeasurement (gain)/loss	(192)		(322)		68
Balance December 31,	$	—	$	192	$	514

Investments in Held-to-Maturity Debt Securities


	December 31, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Fair value
Due within one year or less	$	8,179	$	20	$	—	$	8,199
Due between one and two years	—		—		—		—
Total held-to-maturity securities	$	8,179	$	20	$	—	$	8,199


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Fair value
Due within one year or less	$	22,485	$	31	$	—	$	22,516
Due between one and two years	8,066		21		(28)		8,059
Total held-to-maturity securities	$	30,551	$	52	$	(28)	$	30,575

Deferred Consideration Liability

Loans and Notes Receivable

Long-Term Debt

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Topic 820
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-Topic 820
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+ Details