Transactions with Related Parties

3 Months Ended

Mar. 31, 2026

Related Party Transactions [Abstract]

Transactions with Related Parties

Transactions with Related Parties

Loans and Notes Receivable from Related Parties, Net of Allowance for Credit Losses

Loans and notes receivable due from related parties presented on the consolidated balance sheets include the following (in thousands):

	March 31,		December 31,
	2026		2025
Loans and notes receivable from related parties
Member firm loans	$	11,035	$	11,035
Employee loans	179		218
Stewardship funds	—		395
Total loans and notes receivable from related parties	$	11,214	$	11,648
Allowance for credit loss	(10,735)		(10,735)
Total loans and notes receivable from related parties, net of allowance for credit losses	$	479	$	913

The following table summarizes changes in the allowance for credit loss for loans and notes receivable due from related parties (in thousands):

	March 31,		December 31,
	2026		2025
Balance at beginning of period	$	10,735	$	8,611
Provision	—		2,664
Write offs	—		(540)
Balance at end of period	$	10,735	$	10,735

Interest income includes interest earned on loans and notes receivable from related parties and is immaterial for both the three months ended March 31, 2026 and 2025, respectively.

Member Firm Loans

Member firm loans consist of loans made to member firms of Andersen Global. As of March 31, 2026 and December 31, 2025, the Company had notes receivable from non-U.S. member firms of Andersen Global with stated principal values totaling $11.0 million ($0.3 million, net of allowance for credit losses), and stated principal values totaling $11.0 million ($0.3 million, net of allowance for credit losses), respectively. The notes bear interest based on variable rates including: the Applicable Federal Rate (AFR), the Prime rate, and the Secured Overnight Financing Rate (SOFR) plus an applicable margin percentage. The notes have maturities up to ten years.

Employee Loans

The Company has entered into various agreements with certain employees whereby these individuals receive loans which may be either wholly or in part repaid from the distribution of earnings that the individuals receive or may be forgiven over a period of time. The forgivable portion of these loans is recognized as compensation expense over the life of the loans. As of March 31, 2026, the Company had notes receivable from employees with stated principal values totaling $0.2 million, net of an immaterial amount to be forgiven in 2027. As of December 31, 2025, the Company had notes receivable from employees with stated principal values totaling $0.2 million, net of $0.2 million to be forgiven in 2026. The fixed rate loans are based on the Applicable Federal Rate with maturity dates up to two years.

Stewardship Funds

During 2021, the Company provided a $2.0 million credit facility to funds formed for the benefit of certain Managing Directors maturing on December 31, 2029, permitting short-term advances up to 30 days with interest payable at the Prime

rate. As of March 31, 2026, this credit facility was settled. As of December 31, 2025, $0.1 million was due to the Company under this credit facility.

During 2023, the Company provided a $2.0 million credit facility to another fund formed for the benefit of certain Managing Directors maturing on December 31, 2033, permitting short-term advances up to 60 days with interest payable at the Prime rate. As of March 31, 2026, no amounts were outstanding. As of December 31, 2025, $0.3 million was outstanding bearing interest at the prime rate.

Trademark and License Fees

The Company earns trademark and license fees from non-U.S. member firms of Andersen Global. The Company recognized $0.7 million, and $0.8 million in other income, net during the three months ended March 31, 2026 and 2025, respectively.

Historically, the Company was required to distribute a portion of trademark and license fees collected to an entity controlled by an executive of the Company; however, this arrangement was terminated on March 29, 2025, effective immediately, for no consideration. For the three months ended March 31, 2025, the Company incurred $0.1 million in cost of services in the consolidated statements of operations. The Company included $0.1 million in other current liabilities on the consolidated balance sheet as of December 31, 2025, with no comparable amount as of March 31, 2026.

Andersen Global Commitments

In the normal course of business, the Company funds certain global management costs on behalf of Andersen Global and allocates a portion of these costs to be reimbursed by non-U.S. member firms. As of March 31, 2026 and December 31, 2025, amounts due from member firms included in prepaid expenses and other current assets were $5.2 million and $4.3 million, respectively.

As of March 31, 2026 and December 31, 2025 net amounts due from member firms related to license fees and Andersen Global Commitments included in prepaid expenses and other current assets were $2.1 million and $1.3 million, respectively, and reserves related to these receivables were $3.2 million and $3.1 million respectively. Amounts due to member firms included in other current liabilities were $0.8 million and $0.6 million, respectively.

State Tax Payments

The Company remits certain state tax payments on behalf of certain Managing Directors which are recorded as a receivable. The receivable is settled upon the next tax distribution through a withholding from the gross tax distribution otherwise payable to the members. As of March 31, 2026 and December 31, 2025, balances due from related parties included in prepaid expenses and other current assets were $2.7 million and $2.7 million, respectively.

Capital Account Notes and Holdover Note

In connection with the reorganization of the Management Holdcos, Aggregator issued Class X Aggregator Units to equity holders of the Management Holdcos who were current Managing Directors and related persons, and Class H Aggregator Units to certain retiring and retired managing director members of the Management Holdcos. Refer to Note 9 for further detail details.