Segment Reporting

3 Months Ended

Mar. 31, 2026

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, 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 unaudited condensed consolidated statements of operations (in thousands):

	Three Months Ended March 31,
	2026		2025
Revenue	$	240,746	$	208,067
Operating expenses:
Personnel costs	175,685		115,911
Non-personnel and other operating costs(1)	38,707		37,414
Depreciation and amortization	2,274		2,095
Total operating expenses	$	216,666	$	155,420
Total operating income	$	24,080	$	52,647
Interest income	1,879		1,200
Interest expense	(6,234)		(143)
Other income, net	826		1,002
Income before taxes	$	20,551	$	54,706
Income tax expense	2,813		4,130
Net income	$	17,738	$	50,576

(1)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.

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