Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Financial Information About Business Segments

The following tables highlight certain financial information about each of the business segments for the three months ended March 31, 2026 and 2025:


	Investment Managers		Private Banks		Investment Advisors		Institutional Investors		Investments In New Businesses		Total
	For the Three Months Ended March 31, 2026
Total revenue	$	220,717	$	152,262	$	169,695	$	71,516	$	7,993	$	622,183
Less:
Operations & services	94,866		54,588		47,453		21,573		2,040		220,520
Sales, marketing & client service	11,465		10,824		18,308		8,455		2,342		51,394
Technology services & infrastructure	13,419		29,594		8,824		1,583		1,292		54,712
Strategic initiatives & new business development	10,479		19,680		18,958		3,611		2,772		55,500
Other segment expenses (1)	3,610		5,345		2,814		1,915		747		14,431
Total segment expenses	133,839		120,031		96,357		37,137		9,193		396,557
Non-controlling interest & other, net	—		—		1,337		—		—		1,337
Segment profit (loss)	$	86,878	$	32,231	$	72,001	$	34,379	$	(1,200)	$	224,289


	Investment Managers		Private Banks		Investment Advisors		Institutional Investors		Investments In New Businesses		Total
	For the Three Months Ended March 31, 2025
Total revenue	$	192,048	$	137,714	$	136,576	$	68,506	$	16,500	$	551,344
Less:
Operations & services	86,239		50,286		41,038		20,673		4,961		203,197
Sales, marketing & client service	9,832		8,910		9,195		9,656		4,927		42,520
Technology services & infrastructure	12,752		28,335		8,866		1,549		1,368		52,870
Strategic initiatives & new business development	6,387		22,379		11,708		2,559		5,698		48,731
Other segment expenses (1)	2,001		4,839		1,648		1,433		1,542		11,463
Total segment expenses	117,211		114,749		72,455		35,870		18,496		358,781

Segment profit (loss)	$	74,837	$	22,965	$	64,121	$	32,636	$	(1,996)	$	192,563

(1) Other segment expenses for each reportable segment includes professional services, occupancy and certain overhead expenses.

Schedule of Reconciliation of Total Operating Profit Reported for Business Segments to Income from Operations in Consolidated Statements of Operations

A reconciliation of the total segment profit to income from operations on the Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,
	2026		2025
Total segment profit	$	224,289	$	192,563
Corporate overhead expenses	(36,140)		(35,466)
Segment reclassification (2)	1,337		—
Income from operations	$	189,486	$	157,097

(2) Primarily includes non-controlling interest and earnings from equity method investments.

Schedule of Additional Information Pertaining to Business Segments

The following tables provide additional information for the three months ended March 31, 2026 and 2025 pertaining to the business segments:


	Amortization				Depreciation
	2026		2025		2026		2025
Investment Managers	$	1,711	$	202	$	1,813	$	62
Private Banks	5,645		5,275		2,638		2,259
Investment Advisors	8,541		2,419		1,771		2,025
Institutional Investors	1,956		1,875		464		319
Investments in New Businesses	416		875		117		78
Total from business segments	$	18,269	$	10,646	$	6,803	$	4,743
Corporate overhead	85		64		453		3,184
	$	18,354	$	10,710	$	7,256	$	7,927

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