Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company conducts business as a single operating segment for its range of tax, valuation, financial advisory, and related consulting services. In reaching this conclusion, management considers the definition of the Chief Operating Decision Maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, and how that information is used to make operating decisions, allocate resources, and assess performance. The Company’s CODM is the chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level which is the level that the CODM manages the business, allocates resources, makes key resource decisions, and assesses performance.

The key measure of segment profit and loss that the CODM uses to allocate resources and assess performance is the Company’s net income or loss. The measure is used to benchmark the Company's results against forecasts. The table below shows a reconciliation of the Company’s net income or loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP to the Company’s total net income or loss in the consolidated statements of operations (in thousands):

	Year Ended December 31,
	2025		2024		2023
Revenue	$	838,692	$	731,593	$	639,111
Operating expenses:
Personnel costs(1)	818,290		462,394		403,294
Non-personnel costs(2)	146,690		131,330		111,267
Depreciation and amortization	9,005		8,325		7,691
Total operating expenses	$	973,985	$	602,049	$	522,252
Total operating (loss) income	$	(135,293)	$	129,544	$	116,859
Interest income	4,166		4,524		2,660
Interest expense	(1,436)		(64)		(138)
Other income, net	5,391		3,192		1,559
(Loss) income before taxes	$	(127,172)	$	137,196	$	120,940
Income tax expense	2,997		2,395		2,257
Net (loss) income	$	(130,169)	$	134,801	$	118,683

(1)Personnel costs during the year ended December 31, 2025 include equity restructuring costs of $193.2 million incurred in connection with the Reorganization Transactions.

(2)Non-personnel and other operating costs primarily include the provision for credit losses and costs such as occupancy, business development, training, recruiting, and annual discretionary bonus compensation.

Assets provided to the CODM are consistent with those reported on the consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents, and financial instruments owned, reduced by current liabilities.

All long-lived assets are maintained in, and all income and losses are attributable to the United States of America.