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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:          
Net income $ 67,968 $ 111,111 $ 75,612 $ 65,704  
Adjustments to reconcile net income with net cash provided by operating activities:          
Gain on reversal of legal accrual     0 (9,455)  
Equity-based compensation     141,390 136,460  
Depreciation and amortization     7,660 6,768  
Non-cash lease expense     10,573 8,954  
Provision for credit losses on accounts receivable     6,391 (363) $ (1,198)
Amortization of discount on held-to-maturity debt securities     (52) (371)  
Deferred income tax     2,400 (116)  
Reserves on loans and notes receivable from related parties     107 1,414  
Gain on bargain purchase     (1,420) 0  
Other, net     173 (49)  
Changes in operating assets and liabilities:          
Accounts receivable     (139,644) (93,821)  
Prepaid expenses and other current assets     (4,663) (7,466)  
Other assets     655 (307)  
Accounts payable and other accrued expenses     1,520 4,117  
Accrued payroll and benefits     14,056 16,081  
Deferred revenue     2,288 1,020  
Other current liabilities     26,642 (16,511)  
Operating lease liabilities     (1,287) (11,387)  
Other liabilities     350 1,226  
Net cash provided by operating activities     142,751 101,898  
Cash flows from investing activities:          
Purchases of debt securities held to maturity     (378) 0  
Proceeds from maturity of held-to-maturity debt securities     8,231 21,715  
Issuance of loans and notes receivable from related parties     (871) (2,478)  
Proceeds from loans and notes receivable from related parties     414 1,680  
Payments for purchases of property and equipment     (13,683) (4,654)  
Payments for capitalized internal-use software costs     (656) (540)  
Cash paid, net of cash, cash equivalents, and restricted cash acquired from acquisitions     (3,073) 0  
Net cash (used in) provided by investing activities     (10,016) 15,723  
Cash flows from financing activities:          
Payments of deferred offering costs     (1,209) (6,506)  
Principal payments under finance lease obligations     (57) (87)  
Principal payments on notes payable to related parties     (62,447) 0  
Distributions paid     (115,293) (130,374)  
Deferred consideration payments for business combinations     (7,220) (800)  
Net cash used in financing activities     (186,226) (137,767)  
Effect of exchange rate changes on cash, cash equivalents, and restricted cash     (131) 0  
Net change in cash, cash equivalents, and restricted cash     (53,622) (20,146)  
Cash, cash equivalents, and restricted cash at beginning of period     250,280 87,993 87,993
Cash, cash equivalents, and restricted cash at end of period 196,658 67,847 196,658 67,847 $ 250,280
Non-cash investing and financing transactions          
Property and equipment acquired through finance leases     304 32  
Right-of-use assets obtained in exchange for lease liabilities (including remeasurements)     2,036 14,736  
Purchases of property and equipment included in accounts payable and other accrued expenses     0 1,152  
Reclassification of redeemable noncontrolling interest from temporary equity into permanent equity     804,297 0  
Contingent consideration payable for business combinations $ 1,309 $ 0 1,309 0  
Deferred consideration payable for business combinations     7,404 0  
Establishment of deferred tax asset under Tax Receivable Agreement     87,499 0  
Establishment of Tax Receivable Agreement liability     74,363 0  
Unpaid deferred offering costs included in accounts payable and other accrued expenses     0 620  
Write-off of member firm loan     0 540  
Non-cash distributions payable     $ 0 $ 745