0001628280-26-056212 | 10-Q | XBRL Viewer

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BUSINESS COMBINATIONS - Schedule of Supplemental Pro Forma Disclosures (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Revenue	$ 639,766
Net income	$ 8,154

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The balance sheets are presented in accordance with accounting principles generally accepted in the United States of America. Separate statements of income, comprehensive income, changes in stockholder’s equity, and cash flows have not been presented because the Corporation has not engaged in any activities except in connection with its formation. On July 2, 2026, the Corporation closed an IPO of 22,439,025 shares of Class A common stock (including the exercise in full of the underwriters' overallotment) at a public offering price of $16.00 per share. From the IPO, the Corporation received $338.4 million in proceeds, net of underwriting discounts and commissions, which was used to indirectly purchase 22,439,025 LLC Interests of ITG Parent, and ITG Parent primarily utilized the net proceeds it received from the sale of LLC Interests to the Corporation to repay borrowings under its revolving credit facility and term loan facility. The Corporation is the indirect sole managing member of ITG Parent and indirectly owns 39.02% of the economic interests of ITG Parent, through ITG Intermediate. Accordingly, the Corporation will consolidate the financial results of ITG Parent and report non-controlling interest in the Corporation's consolidated financial statements related to the LLC Interests held by the Class B common stockholders ("Continuing Equity Owners"). See Note 4, "Subsequent Events." Cash All cash, as of the balance sheet date, was cash on hand, and is carried at fair value, which approximates carrying value. Income Taxes The Corporation is treated as a subchapter C corporation, and therefore, is subject to both federal and state income taxes. ITG Parent continues to be recognized as a limited liability company, a pass-through entity for income tax purposes.

Nature of Business	6 Months Ended
Nature of Business	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business ITG, Inc. (the “Corporation”) was incorporated in Delaware on January 15, 2026. On July 2, 2026, in connection with an initial public offering ("IPO") and the Organizational Transactions described in Notes 2 and 4 below, the Corporation became a holding corporation and its principal asset is an indirect equity interest in ITG Parent, LLC ("ITG Parent"), through its wholly-owned subsidiary ITG Intermediate, LLC ("ITG Intermediate"). As an owner and sole managing member of ITG Parent, the Corporation operates and controls all of the business and affairs of ITG Parent through ITG Intermediate, and through ITG Parent and its subsidiaries, conducts its business.

MAJOR CUSTOMERS (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended
MAJOR CUSTOMERS (Details) - Customer Concentration Risk	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue from Contract with Customer Benchmark \| Customer One
Concentration Risk [Line Items]
Concentration risk, percentage	33.00%	33.00%	35.00%	35.00%
Revenue from Contract with Customer Benchmark \| Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%	28.00%	22.00%	26.00%
Accounts Receivable \| Customer One
Concentration Risk [Line Items]
Concentration risk, percentage			39.00%	48.00%
Accounts Receivable \| Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage			4.00%	4.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

CONTRACT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Retainage receivables	$ 10,480	$ 10,042
Unbilled revenues	299,345	212,052
Total contract assets	$ 309,825	$ 222,094

CONTRACT ASSETS

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

CONTRACT ASSETS

The Company’s contracts with customers generate certain contract balances in the normal execution of providing services. Contract assets include revenues recognized from unbilled revenues, and retainage amounts receivable pursuant to provisions in the contracts and may not be paid until the completion of the specific project and, in some instances, for even longer periods. Contract assets consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Retainage receivables	$	10,480	$	10,042
Unbilled revenues	299,345		212,052
Total contract assets	$	309,825	$	222,094

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2026
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company subcontracts certain services with an entity owned by a family member of one of the minority members. For the three and six months ended June 30, 2026, we paid approximately $0.5 million and $0.9 million, respectively, to this entity. For the three and six months ended June 30, 2025, we paid approximately $0.2 million and $0.4 million, respectively, to this entity. In addition, we engaged an entity owned by family of another minority member for subcontractor services and paid approximately $0.0 million and $0.3 million to this entity for the three and six months ended June 30, 2026, respectively and paid approximately $0.2 million and $0.5 million to this entity for the three and six months ended June 30, 2025, respectively. These expenses are reflected in cost of revenue, excluding depreciation and amortization on the consolidated statements of operations. In addition, the Company purchased uniform and apparel products from an entity owned by a family member of one of our management team. We paid $0.1 million and $0.2 million to this entity during the three and six months ended June 30, 2026, respectively, and we paid $0.1 million and $0.2 million to this entity during the three and six months ended June 30, 2025, respectively, and the expenses are included in cost of revenue, excluding depreciation and amortization on the consolidated statements of operations. The Company has a property lease with an entity that is owned by certain of the minority members of ITG Parent. The Company paid a total of $0.2 million to the related entity for this lease during the six months ended June 30, 2025. During the first quarter of 2026, this property was sold by the minority members to an unrelated third party. In conjunction with the initial acquisition, the Company is due approximately $2.4 million from certain members of the ITG Parent through a note receivable. The note receivable bears interest at the rate of 5.5% and does not have a specified maturity date. As of June 30, 2026 and December 31, 2025, approximately $0.4 million has been recorded for interest income due on the note. In conjunction with the initial acquisition, the Company entered into an agreement with certain members in which it could owe $10.0 million upon a Trigger Event, as defined in the agreement, and would incur interest at a rate of 8% per annum. The Company paid $2.9 million to certain of the holders during June 2026 to satisfy a portion of the liability. The fair value of this contingent liability is $9.0 million and $11.4 million as of June 30, 2026 and December 31, 2025, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash	Cash All cash, as of the balance sheet date, was cash on hand, and is carried at fair value, which approximates carrying value.
Income Taxes	Income Taxes The Corporation is treated as a subchapter C corporation, and therefore, is subject to both federal and state income taxes. ITG Parent continues to be recognized as a limited liability company, a pass-through entity for income tax purposes.
Basis of Accounting and Presentation	Basis of Accounting and Presentation – The accompanying consolidated financial statements were prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Principles of Consolidation	Principles of Consolidation – The accompanying consolidated financial statements include the accounts of ITG Parent and all of its wholly owned subsidiaries (collectively, the “Company”). All intercompany balances and transactions have been eliminated in consolidation.
Estimates	Estimates – The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ materially from those estimates, but management believes that the estimates and assumptions provide a reasonable basis for the fair presentation of the consolidated financial statements. Significant estimates include estimated profit on contracts recognized over time based upon the output method, any variable consideration on revenue, incremental borrowing rates on operating leases, income taxes, fair value of assets acquired and liabilities assumed, contingent consideration issued in a business combination and equity-based compensation.
Concentrations of Credit Risk	Concentrations of Credit Risk – The Company maintains cash balances at its bank. Accounts for each entity are insured by FDIC subject to certain limitations. At various times during the fiscal year, the Company’s cash in bank balances may exceed the federally insured limits. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of temporary cash investments and trade accounts receivable.
Revenue Recognition	Revenue Recognition – Revenue is recognized based on a five-step model of identifying the contract, identifying the performance obligation(s), determination of the transaction price, allocating the transaction price and recognizing revenue for performance completed to date. The Company’s primary revenue streams are 1) engineering and maintenance and 2) infrastructure deployment. The Company recognizes its engineering and maintenance services revenue at a point in time when the services are completed based on the agreement, as the work is generally performed in less than a day. The Company recognizes revenue from infrastructure deployment contracts over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer. Infrastructure deployment contracts are generally accounted for as a single unit of account (a single performance obligation) and are not segmented between types of services. Revenues from infrastructure deployment contracts are recognized over time using an output method, measured on the basis of the amount of feet of cable/fiber that has been dropped as per the agreement. This method is used because management considers it to be the best available measure of progress on these contracts, since it directly measures the value of the services transferred to the customer.
Fair Value	Fair Value – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company follows a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs may be used to measure fair value, as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity that are significant to the fair value of the assets or liabilities. The fair values of the Company’s cash and cash equivalents, accounts receivable, contract assets and accounts payable approximate their carrying values due to their short maturities. The carrying value of the Company’s equipment and term loans and line of credit, which are Level 2 in the fair value hierarchy, approximates their fair values, as they are based on current market rates at which the Company could borrow funds with similar terms. The fair value of the original contingent liability is determined based upon a Monte Carlo simulation using various inputs and assumptions regarding the Company, including the distributions for each class of equity based upon hypothetical valuations of the Company, an anticipated exit date and a discount rate. The fair values for the consideration of the subsequent acquisitions is determined based upon a Monte Carlo simulation using assumptions of the various inputs of the potential earnout payments, as discussed in Note 2. Amounts are reclassified out of contingent consideration when the value becomes known and payable.The Company follows the provisions of ASC Topic 820-10, Fair Value Measurement, for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. As it relates to the Company this applies to certain nonfinancial assets and liabilities acquired in business combinations, as well as contingent consideration amounts, and thereby measured at fair value. The Company has estimated such fair value primarily by third-party valuations and believes the long-term assets and liabilities recognized in accordance with those acquisitions would be considered Level 3 in the fair value hierarchy.
Earnings per Unit ("EPU")	Earnings per Unit (“EPU”) – Earnings per LLC member unit is calculated and reported under the “two-class” method. The “two-class” method is an earnings allocation method under which earnings per LLC member unit is calculated for each class of common LLC member units considering both distributions declared or accumulated and participation rights in undistributed earnings as if all such earnings had been distributed during the period. The Company calculates basic earnings per common LLC member unit by dividing net income by the average number of each class of common LLC member unit outstanding during the period. Diluted earnings per share is calculated in a similar manner after consideration of the potential dilutive effect of common LLC member unit equivalents on the average number of common LLC member units outstanding during the period. Dilution is not considered when a net loss is reported. Common LLC member unit equivalents that have an antidilutive effect are excluded from the computation of diluted earnings per common LLC member unit.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements and related disclosures. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810), Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, to address stakeholder concerns about unintended consequences in transactions involving variable interest entities. Prior to adoption, if the legal acquiree was a VIE, the primary beneficiary of the VIE was always the accounting acquirer resulting in the application of acquisition accounting. Upon adoption, in certain situations, the primary beneficiary may not be the accounting acquirer and acquisition accounting may not be required. The update will be effective for annual periods beginning after December 15, 2026, and interim periods within that year, but early adoption is permitted. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial statements.
Equity-Based Compensation	The Company accounts for equity grants to employees (Class D units) as equity-based compensation under ASC 718, Compensation—Stock Compensation. The Class D units of ITG Parent contain vesting provisions as defined in the agreement. Vested units do not forfeit upon termination and represent a residual interest. Equity-based compensation cost is measured at the estimated grant date fair value. The Class D units issued to employees are measured at estimated fair value on the grant date based on a valuation using a Monte Carlo simulation based upon various inputs and assumptions. The Company utilizes the estimated weighted average of the expected fund life dependent on various exit scenarios to estimate the expected term of the awards. Expected volatility is based on the average of historical and implied volatility of a set of comparable companies, adjusted for size and leverage. The risk-free rates are based on the yields of U.S. Treasury instruments with comparable terms. Actual results may vary depending on the assumptions applied within the model.

Subsequent Events (Details)	Jul. 02, 2026 class vote director $ / shares shares	Jul. 03, 2026	Jun. 30, 2026 $ / shares shares	Jan. 15, 2026 $ / shares shares
Common Class B \| Subsequent Event
Subsequent Event [Line Items]
Required ratio of common stock to investment owned, shares	1
Common Class A \| Subsequent Event
Subsequent Event [Line Items]
Required ratio of common stock to investment owned, shares	1
Parent Company
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)			100	100
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001	$ 0.001
Parent Company \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock, shares authorized (in shares)	5,000,000
Number of board of directors classes \| class	3
Tax receivable agreement, percentage of tax benefits due to equity owners	85.00%
Parent Company \| Subsequent Event \| Class B Common Stockholders
Subsequent Event [Line Items]
Maximum number of directors nominations available upon equity ownership threshold \| director	6
Parent Company \| Subsequent Event \| 2026 Incentive Award Plan
Subsequent Event [Line Items]
Grant date fair value (in dollars per share) \| $ / shares	$ 16.00
Parent Company \| Subsequent Event \| Restricted Stock Units (RSUs) \| 2026 Incentive Award Plan
Subsequent Event [Line Items]
Equity instruments other than options issued in period (in shares)	97,500
Parent Company \| Subsequent Event \| Restricted Stock Units (RSUs) \| 2026 Incentive Award Plan \| Share-Based Payment Arrangement, Tranche One
Subsequent Event [Line Items]
Equity instruments other than options issued in period (in shares)	35,625
Parent Company \| Subsequent Event \| Restricted Stock Units (RSUs) \| 2026 Incentive Award Plan \| Minimum \| Share-Based Payment Arrangement, Tranche Two
Subsequent Event [Line Items]
Award vesting period	1 year
Parent Company \| Subsequent Event \| Restricted Stock Units (RSUs) \| 2026 Incentive Award Plan \| Maximum \| Share-Based Payment Arrangement, Tranche Two
Subsequent Event [Line Items]
Award vesting period	3 years
Parent Company \| Subsequent Event \| Performance Shares \| 2026 Incentive Award Plan
Subsequent Event [Line Items]
Equity instruments other than options issued in period (in shares)	123,750
Parent Company \| Subsequent Event \| ITG Parent
Subsequent Event [Line Items]
Ownership percentage	39.02%	25.57%
Minimum equity ownership threshold, triggering corporate action required written consent	25.00%
Parent Company \| Subsequent Event \| ITG Parent \| Class B Common Stockholders
Subsequent Event [Line Items]
Minimum equity ownership threshold, triggering entitled director nomination	5.00%
Parent Company \| Common Class B \| Subsequent Event
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Common stock, number of votes per share \| vote	1
Parent Company \| Common Class B \| Subsequent Event \| ITG Parent
Subsequent Event [Line Items]
Required ratio to issue common stock, investment shares owned and common stock held by existing owners	1
Stock cancelation ratio upon redemption election of investment shares owned by existing owners	1
Parent Company \| Common Class B \| Subsequent Event \| Private Placement
Subsequent Event [Line Items]
Stock issued during period, shares, new issues (in shares)	75,712,686
Parent Company \| Common Class A \| Subsequent Event
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Common stock, number of votes per share \| vote	1
Parent Company \| Common Class A \| Subsequent Event \| ITG Parent
Subsequent Event [Line Items]
Required ratio of common stock to investment owned, shares	1
Parent Company \| Common Class A \| Subsequent Event \| Oaktree Blocked Fund
Subsequent Event [Line Items]
Shares issued in acquisition (in shares)	26,005,508

INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Intangible Assets

The Company had the following amounts related to intangible assets, all of which are amortizable (in thousands):


	June 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Total
Customer relationships	$	279,830	$	(102,338)	$	177,492
Trade name/trademarks	25,000		(12,500)		12,500
Developed technology	4,000		(2,571)		1,429
Non-compete agreements	5,870		(2,403)		3,467
Intangible assets, net	$	314,700	$	(119,812)	$	194,888


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Total
Customer relationships	$	279,830	$	(88,263)	$	191,567
Trade name/trademarks	25,000		(11,111)		13,889
Developed technology	4,000		(2,286)		1,714
Non-compete agreements	5,870		(1,657)		4,213
Intangible assets, net	$	314,700	$	(103,317)	$	211,383

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Operating Segment Financial Information

The following table presents selected financial information with respect to the Company’s single operating segment as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$	404,633	$	292,405	$	738,555	$	517,792
Cost of revenue, excluding depreciation and amortization	332,581		237,091		613,647		423,696
Selling, general and administrative	28,141		15,765		53,713		30,546
Depreciation and amortization	21,014		13,988		41,439		27,245
Change in fair value of contingent liabilities	300		170		2,186		337
Total	382,036		267,014		710,985		481,824
Interest expense	(19,534)		(6,919)		(37,759)		(13,745)
Other expense, net	(1,008)		(1,042)		(1,927)		(2,030)
Income (loss) before provision for income taxes	$	2,055	$	17,430	$	(12,116)	$	20,193

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

DEBT (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following as of (in thousands):


	June 30, 2026		December 31, 2025
Term loan	$	651,750	$	660,000
Revolving line of credit	112,000		30,000
Total principal amount	763,750		690,000
Less: current portion of long term debt	(16,500)		(16,500)
Less: debt issuance costs, net	(18,083)		(20,037)
Total long-term debt, net	$	729,167	$	653,463

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consists of the following as of (in thousands):


	June 30, 2026		December 31, 2025
Payroll and other compensation costs	$	14,056	$	8,400
Insurance	7,008		3,810
Interest	842		9,775
Sales tax payable	1,806		1,468
Amounts due to sellers from acquisitions	6,378		12,269
Accrued liabilities assumed in acquisition	7,979		7,911
Offering costs	4,358		—
Other	15,029		13,612
Total	$	57,456	$	57,245

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2026
Equity [Abstract]
Stockholders' Equity	Stockholder’s Equity On January 15, 2026, the Corporation was authorized to issue 100 shares of common stock, $0.001 par value. On January 15, 2026, the Corporation issued 100 shares of common stock for $0.10, all of which were acquired by an affiliate.

- Definition

The entire disclosure for equity.

+ References

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+ Details

BUSINESS COMBINATIONS (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Supplemental Pro Forma Disclosures

The supplemental pro forma disclosures in the table below include adjustments for (i) depreciation and amortization expense that would have been recognized related to the acquired property and equipment and intangibles, and (ii) incremental

interest expense associated with borrowings under our Credit Agreement for the any additional amounts borrowed for the acquisitions and the recapitalization on July 9, 2025, along with reduction of interest expense on historical borrowings of the acquisitions that were not assumed (in thousands):


	Six Months Ended June 30, 2025
Revenue	$	639,766
Net income	$	8,154

Summary of Significant Accounting Policies (Details) - Parent Company - USD ($) $ / shares in Units, $ in Millions	Jul. 02, 2026	Jan. 15, 2026	Jul. 03, 2026
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		100
Sale of stock, price per share (in dollars per share)		$ 0.10
Subsequent Event \| ITG Parent
Class of Stock [Line Items]
Investment owned, balance, shares (in shares)	22,439,025
Ownership percentage	39.02%		25.57%
Subsequent Event \| IPO
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	22,439,025
Sale of stock, price per share (in dollars per share)	$ 16.00
Sale of stock, consideration received on transaction	$ 338.4

BUSINESS COMBINATIONS - Narrative (Details)					12 Months Ended
BUSINESS COMBINATIONS - Narrative (Details)	Nov. 02, 2025 USD ($)	Oct. 08, 2025 USD ($)	Aug. 30, 2025 USD ($)	Aug. 25, 2025 USD ($)	Dec. 31, 2025 USD ($) business	Jun. 30, 2026 USD ($)
Business Combination [Line Items]
Goodwill					$ 187,748,000	$ 189,193,000
Assumed accrued liabilities					$ 7,911,000	$ 7,979,000
Number of acquisitions \| business					7
Tilson
Business Combination [Line Items]
Payments to acquire businesses, gross				$ 22,100,000
Proceeds from sale of assets				5,000,000
Goodwill				10,400,000
Acquired accounts receivable				8,900,000
Acquired property and equipment				12,000,000.0
Acquired intangible assets				7,600,000
Assumed accounts payable				3,500,000
Assumed accrued liabilities				$ 18,300,000
Vision
Business Combination [Line Items]
Payments to acquire businesses, gross			$ 21,500,000
Goodwill			1,600,000
Acquired accounts receivable			6,500,000
Acquired property and equipment			8,000,000.0
Acquired intangible assets			5,400,000
Earnout payment, maximum			5,000,000.0
Fair value of earnout payments			$ 0
Quasar
Business Combination [Line Items]
Payments to acquire businesses, gross		$ 43,600,000
Goodwill		11,600,000
Acquired accounts receivable		13,600,000
Acquired property and equipment		200,000
Acquired intangible assets		$ 18,100,000
Advantage
Business Combination [Line Items]
Payments to acquire businesses, gross	$ 23,100,000
Goodwill	5,600,000
Acquired accounts receivable	6,300,000
Acquired property and equipment	4,300,000
Acquired intangible assets	12,300,000
Fair value of earnout payments	$ 5,400,000
Earnout payments, percentage of adjusted EBITDA	50.00%
Earnout payments, period	3 years
Business Combination, Series of Individually Immaterial Business Combinations
Business Combination [Line Items]
Payments to acquire businesses, gross					$ 14,300,000
Goodwill					8,400,000
Fair value of earnout payments					$ 3,300,000
Number of acquisitions \| business					3
Individually Immaterial Business Combination One \| Achievement Of Certain Revenue And Gross Margin Criteria
Business Combination [Line Items]
Earnout payment, maximum					$ 500,000
Earnout payments, period					12 months
Individually Immaterial Business Combination One \| Annual Revenue Increase
Business Combination [Line Items]
Earnout payments, period					3 years
Earnout payments, percentage of annual revenue increase					10.00%
Individually Immaterial Business Combination Two
Business Combination [Line Items]
Earnout payment, maximum					$ 5,000,000
Earnout payments, period					2 years
Additional earnout payment, maximum, annual amount					$ 2,500,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SEGMENT REPORTING - Schedule of Operating Segment Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenue	$ 404,633	$ 292,405	$ 738,555	$ 517,792
Cost of revenue, excluding depreciation and amortization	332,581	237,091	613,647	423,696
Selling, general and administrative	28,141	15,765	53,713	30,546
Depreciation and amortization	21,014	13,988	41,439	27,245
Change in fair value of contingent liabilities	300	170	2,186	337
Total	382,036	267,014	710,985	481,824
Interest expense	(19,534)	(6,919)	(37,759)	(13,745)
Other expense, net	(1,008)	(1,042)	(1,927)	(2,030)
Income (loss) before provision for income taxes	2,055	17,430	(12,116)	20,193
Reportable Segment
Segment Reporting [Line Items]
Revenue	404,633	292,405	738,555	517,792
Cost of revenue, excluding depreciation and amortization	332,581	237,091	613,647	423,696
Selling, general and administrative	28,141	15,765	53,713	30,546
Depreciation and amortization	21,014	13,988	41,439	27,245
Change in fair value of contingent liabilities	300	170	2,186	337
Total	382,036	267,014	710,985	481,824
Interest expense	(19,534)	(6,919)	(37,759)	(13,745)
Other expense, net	(1,008)	(1,042)	(1,927)	(2,030)
Income (loss) before provision for income taxes	$ 2,055	$ 17,430	$ (12,116)	$ 20,193

SUBSEQUENT EVENTS (Details) - Subsequent Event $ / shares in Units, $ in Millions	Jul. 02, 2026 USD ($) $ / shares shares	Jul. 03, 2026
Class D Unit
Subsequent Event [Line Items]
Share-based payment arrangement, accelerated cost \| $	$ 10.6
Common Class B
Subsequent Event [Line Items]
Required ratio of common stock to investment owned, shares	1
Common Class A
Subsequent Event [Line Items]
Required ratio of common stock to investment owned, shares	1
ITG, Inc. \| Common Class A \| Oaktree Blocked Fund
Subsequent Event [Line Items]
Shares issued in acquisition (in shares)	26,005,508
ITG Parent \| ITG, Inc.
Subsequent Event [Line Items]
Investment owned, balance, shares (in shares)	22,439,025
Ownership percentage	39.02%	25.57%
IPO \| ITG, Inc.
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	22,439,025
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 16.00
Sale of stock, consideration received on transaction \| $	$ 338.4
Private Placement \| ITG, Inc. \| Common Class B
Subsequent Event [Line Items]
Stock issued during period, shares, new issues (in shares)	75,712,686

MAJOR CUSTOMERS	6 Months Ended
MAJOR CUSTOMERS	Jun. 30, 2026
Revenue from Contract with Customer [Abstract]
MAJOR CUSTOMERS	MAJOR CUSTOMERS For the three and six months ended June 30, 2026, one customer accounted for 33% and 35% of the Company’s revenues, respectively. Accounts receivable from that customer is 39% of total accounts receivable as of June 30, 2026. In addition, there was a second customer that accounted for 20% and 22% of the Company’s revenue for the three and six months ended June 30, 2026, respectively, and 4% of the Company’s accounts receivable as of June 30, 2026. For the three and six months ended June 30, 2025, one customer accounted for 33% and 35% of the Company’s revenues, respectively. Accounts receivable from that customer is 48% of total accounts receivable as of June 30, 2025. In addition, there was a second customer that accounted for 28% and 26% of the Company’s revenue for the three and six months ended June 30, 2025, respectively, and 4% of the Company’s accounts receivable as of June 30, 2025.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 21
-Subparagraph (d)(3)
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+ Details

EARNINGS PER UNIT (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Net Income per Common Unit

Net income (loss) per common unit was computed as follows (in thousands, except per unit amount):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Allocation of net income (loss):
Undistributed income (losses)	$	1,788	$	11,601	$	(11,370)	$	13,180
Net income (loss) per common unit - basic and diluted:
Weighted average units outstanding	160,000		160,000		160,000		160,000
Net income (loss) per common unit - basic and diluted	$	0.01	$	0.07	$	(0.07)	$	0.08

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2021
Related Party Transaction [Line Items]
Lease payments				$ 7,581	$ 5,526
Contingent liabilities	$ 17,836	$ 17,836		17,836		$ 20,088
Affiliated Entity
Related Party Transaction [Line Items]
Lease payments					200
Affiliated Entity \| ITG Opco
Related Party Transaction [Line Items]
Earnout payment, maximum							$ 10,000
Payment for contingent consideration liability	2,900
Contingent consideration interest rate							8.00%
Contingent liabilities	9,000	9,000		9,000		11,400
Certain Services
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		500	$ 200	900	400
Subcontractor Services
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		0	200	300	500
Purchase Of Uniform And Apparel Products
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		100	$ 100	200	$ 200
Note Receivable From Business Acquisition
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction				$ 2,400
Note receivable, interest rate				5.50%
Note Receivable From Business Acquisition \| Affiliated Entity
Related Party Transaction [Line Items]
Interest receivable	$ 400	$ 400		$ 400		$ 400

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Abstract]
Depreciation	$ 12,800	$ 6,900	$ 24,944	$ 12,942

ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

ACCRUED EXPENSES

Accrued expenses consists of the following as of (in thousands):


	June 30, 2026		December 31, 2025
Payroll and other compensation costs	$	14,056	$	8,400
Insurance	7,008		3,810
Interest	842		9,775
Sales tax payable	1,806		1,468
Amounts due to sellers from acquisitions	6,378		12,269
Accrued liabilities assumed in acquisition	7,979		7,911
Offering costs	4,358		—
Other	15,029		13,612
Total	$	57,456	$	57,245

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Concentration Risk [Line Items]
Antidilutive securities excluded from computation of earnings per unit (in shares)	0	0	0	0
Revenue from Contract with Customer Benchmark \| Timing Of Transfer Of Good Or Service \| Transferred over Time
Concentration Risk [Line Items]
Concentration risk, percentage	39.00%	44.00%	37.00%	41.00%
Revenue from Contract with Customer Benchmark \| Timing Of Transfer Of Good Or Service \| Transferred at Point in Time
Concentration Risk [Line Items]
Concentration risk, percentage	61.00%	56.00%	63.00%	59.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

+ References + Details

MEMBERS' EQUITY (Details) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2021	Jun. 30, 2026	Dec. 31, 2025
Class D Unit
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Number of units allocated to be issued (in shares)		20.7	20.7
Class A Unit
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Common unit, outstanding (in shares)		160.0	160.0
Class B Unit
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Common unit, vested (in shares)		77.5	77.5
Common unit, unvested (in shares)		10.0	10.0
Class C Unit
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Stock issued during period, shares, new issues (in shares)	10.0
Maximum distributions receivable		$ 45
Class X Unit
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Stock issued during period, shares, new issues (in shares)	4.0
Maximum distributions receivable		$ 4

DEBT - Schedule of Long-Term Debt (Details) - Credit Agreement - Line of Credit - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total principal amount	$ 763,750	$ 690,000
Less: current portion of long term debt	(16,500)	(16,500)
Less: current portion of long term debt	(18,083)	(20,037)
Total long-term debt, net	729,167	653,463
Secured Debt
Debt Instrument [Line Items]
Total principal amount	651,750	660,000
Revolving Credit Facility
Debt Instrument [Line Items]
Total principal amount	$ 112,000	$ 30,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

EARNINGS PER UNIT - Narrative (Details)	3 Months Ended		6 Months Ended
EARNINGS PER UNIT - Narrative (Details)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Undistributed earnings (loss) available to common shareholders, allocation percentage	100.00%	100.00%	100.00%	100.00%

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]
Amortization of intangible assets	$ 8,200	$ 7,200	$ 16,495	$ 14,303

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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+ Details

INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

INTANGIBLE ASSETS

The Company had the following amounts related to intangible assets, all of which are amortizable (in thousands):


	June 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Total
Customer relationships	$	279,830	$	(102,338)	$	177,492
Trade name/trademarks	25,000		(12,500)		12,500
Developed technology	4,000		(2,571)		1,429
Non-compete agreements	5,870		(2,403)		3,467
Intangible assets, net	$	314,700	$	(119,812)	$	194,888


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Total
Customer relationships	$	279,830	$	(88,263)	$	191,567
Trade name/trademarks	25,000		(11,111)		13,889
Developed technology	4,000		(2,286)		1,714
Non-compete agreements	5,870		(1,657)		4,213
Intangible assets, net	$	314,700	$	(103,317)	$	211,383

Amortization expense related to these intangible assets was approximately $16.5 million and $14.3 million for the six months ended June 30, 2026 and 2025, respectively.

Amortization expense related to these intangible assets was approximately $8.2 million and $7.2 million for the three months ended June 30, 2026 and 2025, respectively.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 10, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-43381
Registrant Name	ITG, Inc./DE/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-1479306
Entity Address, Address Line One	2400 E Commercial Blvd
Entity Address, Address Line Two	Ste 1000
Entity Address, City or Town	Fort Lauderdale,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33308
City Area Code	615
Local Phone Number	447-5347
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	ITG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2026
Central Index Key	0002110117
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		48,444,533
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		75,712,686

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total	$ 255,078	$ 231,288
Less accumulated depreciation	(93,778)	(72,796)
Property and equipment, net	161,300	158,492
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Total	1,574	1,325
Machinery and equipment
Property, Plant, and Equipment [Line Items]
Total	248,906	225,884
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Total	1,208	1,002
Computers
Property, Plant, and Equipment [Line Items]
Total	$ 3,390	$ 3,077

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

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- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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+ Details

LEASES

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

LEASES

The details of the Company’s operating leases are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease expense	$	3,748	$	2,833	$	7,483	$	5,569
Variable lease expense	2,292		1,084		4,232		2,026
Short-term lease expense	509		180		797		209
Total lease expense	$	6,549	$	4,097	$	12,512	$	7,804

Supplemental cash flow and other information related to operating leases for the six months ended June 30, are as follows (in thousands):


	2026		2025
Operating cash flows from operating leases	$	7,581	$	5,526
Noncash investing activities:
Lease liabilities arising from obtaining right-of-use assets during the period	$	8,209	$	6,552

INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	$ 314,700	$ 314,700
Accumulated Amortization	(119,812)	(103,317)
Total	194,888	211,383
Customer relationships
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	279,830	279,830
Accumulated Amortization	(102,338)	(88,263)
Total	177,492	191,567
Trade name/trademarks
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	25,000	25,000
Accumulated Amortization	(12,500)	(11,111)
Total	12,500	13,889
Developed technology
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	4,000	4,000
Accumulated Amortization	(2,571)	(2,286)
Total	1,429	1,714
Non-compete agreements
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	5,870	5,870
Accumulated Amortization	(2,403)	(1,657)
Total	$ 3,467	$ 4,213

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

Management has determined that the Company functions as a single operating segment and thus reports as a single reportable segment which derives revenues by providing specialty contracting services throughout the United States. This determination is based on rules prescribed by GAAP applied to the manner in which management operates the Company. In particular, management assessed the discrete financial information routinely reviewed by the Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, to monitor the Company’s operating performance and support decisions regarding allocation of resources to its operations. The CODM assesses segment performance and determines annual budgeting and forecasting using net income, which is reported in the Company’s consolidated statements of operations.

Specifically, performance is continuously monitored at the consolidated and, as necessary, the individual contract level to timely identify deviations from expected results.

Resource allocations are based on the needs of the customers and the capacity of the Company’s service personnel to pursue new project opportunities, including reallocation of underutilized personnel where additional resources might be required to fully meet demand. Other factors further supporting this conclusion include substantial similarities throughout all of the Company’s operations with respect to services provided, type of customers, and service delivery methodologies.

The following table presents selected financial information with respect to the Company’s single operating segment as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$	404,633	$	292,405	$	738,555	$	517,792
Cost of revenue, excluding depreciation and amortization	332,581		237,091		613,647		423,696
Selling, general and administrative	28,141		15,765		53,713		30,546
Depreciation and amortization	21,014		13,988		41,439		27,245
Change in fair value of contingent liabilities	300		170		2,186		337
Total	382,036		267,014		710,985		481,824
Interest expense	(19,534)		(6,919)		(37,759)		(13,745)
Other expense, net	(1,008)		(1,042)		(1,927)		(2,030)
Income (loss) before provision for income taxes	$	2,055	$	17,430	$	(12,116)	$	20,193

The measure of segment assets is reported in the Company’s condensed consolidated balance sheets.

- Definition

The entire disclosure for segment reporting.

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+ Details

Stockholders' Equity (Details) - Parent Company - $ / shares	Jan. 15, 2026	Jun. 30, 2026
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	100	100
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Sale of stock, number of shares issued in transaction (in shares)	100
Sale of stock, price per share (in dollars per share)	$ 0.10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Liabilities with Level 3 Fair Values (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 20,088	$ 8,354
Change in fair value	2,186	337
Payment of contingent liabilities	(4,438)	0
Ending balance	$ 17,836	$ 8,691

EARNINGS PER UNIT

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

EARNINGS PER UNIT

The Amended LLC Agreement prescribes the amount and priority of cash distributions that various classes of common LLC member units will receive. Distributions are declared periodically at the determination of the board of directors, which determination may include the imposition on all holders of common LLC member unit of certain terms and conditions on the receipt of any distributions (including, but not limited to, the repayment or return of all or any portion of such distributions to the Company in order to satisfy the Company’s indemnification and other obligations in connection with the divestiture of any assets of the Company or its subsidiaries). All distributions are further subject to the retention and establishment of reserves, or payment to third parties, of such funds as the Board deems necessary with respect to the reasonable business needs and obligations of the Company. During the three and six months ended June 30, 2026 and 2025, the Company allocated 100% of the income (loss) to Class A Unit holders based on the provisions of the Amended LLC Agreement.

Net income (loss) per common unit was computed as follows (in thousands, except per unit amount):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Allocation of net income (loss):
Undistributed income (losses)	$	1,788	$	11,601	$	(11,370)	$	13,180
Net income (loss) per common unit - basic and diluted:
Weighted average units outstanding	160,000		160,000		160,000		160,000
Net income (loss) per common unit - basic and diluted	$	0.01	$	0.07	$	(0.07)	$	0.08

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Liabilities with Level 3 Fair Values

These liabilities are considered Level 3 fair values with the tables below noting the information for the liability (in thousands):


	2026		2025
Balance at January 1,	$	20,088	$	8,354
Change in fair value	2,186		337
Payment of contingent liabilities	(4,438)		—
Balance at June 30,	$	17,836	$	8,691

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization – ITG Parent, LLC (“ITG Parent”) was formed on December 16, 2021, and had minimal activities until ITG Parent and ITG Purchaser, LLC acquired the outstanding membership units of ITG Communications, LLC (“ITG Opco”) and its wholly owned subsidiaries, Integrated Tech Group, LLC, TCB Telecom, LLC, Simplicity LLC (“Simplicity”), Broadband Technical Resources Incorporated (“BTR”), K&B Communications, LLC, and BTR Fiber, LLC on December 31, 2021. These entities perform critical services to the digital and other utility infrastructure industries throughout the United States and deliver technology-enabled, end-to-end services supporting the planning, design, construction, operation, maintenance and expansion of the broadband networks that have become critical infrastructure and essential to modern life and economic activity. We are the partner of choice for leading broadband service providers, fiber providers, wireless carriers, data center operators, and public and private utilities. Collectively, ITG Parent and its subsidiaries, headquartered in Fort Lauderdale, FL are referred to as the “Company” throughout this report.

Basis of Accounting and Presentation – The accompanying consolidated financial statements were prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of Consolidation – The accompanying consolidated financial statements include the accounts of ITG Parent and all of its wholly owned subsidiaries (collectively, the “Company”). All intercompany balances and transactions have been eliminated in consolidation.

Unaudited Interim Financial Information - The accompanying condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, the condensed consolidated statements of operations and members’ equity for the three and six months ended June 30, 2026 and 2025 and the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2026, the results of its operations for the three and six months ended June 30, 2026 and 2025 and its cash flows for the six months ended June 30, 2026 and 2025. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2026 and 2025 are also unaudited. The results for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other interim periods, or any future year or period. The balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. Certain disclosures have been condensed or omitted from the interim condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company's Final Prospectus dated June 30, 2026 and filed with the Securities and Exchange Commission (the "SEC") on July 2, 2026 (the "Prospectus").

Estimates – The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ materially from those estimates, but management believes that the estimates and assumptions provide a reasonable basis for the fair presentation of the consolidated financial statements. Significant estimates include estimated profit on contracts recognized over time based upon the output method, any variable consideration on revenue, incremental borrowing rates on operating leases, income taxes, fair value of assets acquired and liabilities assumed, contingent consideration issued in a business combination and equity-based compensation.

Concentrations of Credit Risk – The Company maintains cash balances at its bank. Accounts for each entity are insured by FDIC subject to certain limitations. At various times during the fiscal year, the Company’s cash in bank balances may exceed the federally insured limits. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of temporary cash investments and trade accounts receivable.

Revenue Recognition – Revenue is recognized based on a five-step model of identifying the contract, identifying the performance obligation(s), determination of the transaction price, allocating the transaction price and recognizing revenue for performance completed to date. The Company’s primary revenue streams are 1) engineering and maintenance and 2) infrastructure deployment.

The Company recognizes its engineering and maintenance services revenue at a point in time when the services are completed based on the agreement, as the work is generally performed in less than a day.

The Company recognizes revenue from infrastructure deployment contracts over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer. Infrastructure deployment contracts are generally accounted for as a single unit of account (a single performance obligation) and are not segmented between types of services. Revenues from infrastructure deployment contracts are recognized over time using an output method, measured on the basis of the amount of feet of cable/fiber that has been dropped as per the agreement. This method is used because management considers it to be the best available measure of progress on these contracts, since it directly measures the value of the services transferred to the customer.

For the three and six months ended June 30, 2026, revenue from contracts with customers recognized over time was approximately 39% and 37%, respectively, and revenue recognized at a point in time was approximately 61% and 63%, respectively. For the three and six months ended June 30, 2025, revenue from contracts with customers recognized over time was approximately 44% and 41%, respectively, and revenue recognized at a point in time was approximately 56% and 59%, respectively.

Fair Value – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company follows a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs may be used to measure fair value, as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity that are significant to the fair value of the assets or liabilities.

The fair values of the Company’s cash and cash equivalents, accounts receivable, contract assets and accounts payable approximate their carrying values due to their short maturities. The carrying value of the Company’s equipment and term loans and line of credit, which are Level 2 in the fair value hierarchy, approximates their fair values, as they are based on current market rates at which the Company could borrow funds with similar terms. The fair value of the original contingent liability is determined based upon a Monte Carlo simulation using various inputs and assumptions regarding the Company, including the distributions for each class of equity based upon hypothetical valuations of the Company, an anticipated exit date and a discount rate. The fair values for the consideration of the subsequent acquisitions is determined based upon a Monte Carlo simulation using assumptions of the various inputs of the potential earnout payments, as discussed in Note 2. Amounts are reclassified out of contingent consideration when the value becomes known and payable. These liabilities are considered Level 3 fair values with the tables below noting the information for the liability (in thousands):


	2026		2025
Balance at January 1,	$	20,088	$	8,354
Change in fair value	2,186		337
Payment of contingent liabilities	(4,438)		—
Balance at June 30,	$	17,836	$	8,691

The Company follows the provisions of ASC Topic 820-10, Fair Value Measurement, for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. As it relates to the Company this applies to certain nonfinancial assets and liabilities acquired in business combinations, as well as contingent consideration amounts, and thereby measured at fair value. The Company has estimated such fair value primarily by third-party valuations and believes the long-term assets and liabilities recognized in accordance with those acquisitions would be considered Level 3 in the fair value hierarchy.

Earnings per Unit (“EPU”) – Earnings per LLC member unit is calculated and reported under the “two-class” method. The “two-class” method is an earnings allocation method under which earnings per LLC member unit is calculated for each class of common LLC member units considering both distributions declared or accumulated and participation rights in undistributed earnings as if all such earnings had been distributed during the period.

The Company calculates basic earnings per common LLC member unit by dividing net income by the average number of each class of common LLC member unit outstanding during the period. Diluted earnings per share is calculated in a similar manner after consideration of the potential dilutive effect of common LLC member unit equivalents on the average number of common LLC member units outstanding during the period. Dilution is not considered when a net loss is reported. Common LLC member unit equivalents that have an antidilutive effect are excluded from the computation of diluted earnings per common LLC member unit. During the three and six months ended June 30, 2026 and 2025, the Company had no outstanding dilutive common LLC member units.

Recent Accounting Pronouncements

Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements and related disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810), Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, to address stakeholder concerns about unintended consequences in transactions involving variable interest entities. Prior to adoption, if the legal acquiree was a VIE, the primary beneficiary of the VIE was always the accounting acquirer resulting in the application of acquisition accounting. Upon adoption, in certain situations, the primary beneficiary may not be the accounting acquirer and acquisition accounting may not be required. The update will be effective for annual periods beginning after December 15, 2026, and interim periods within that year, but early adoption is permitted.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial statements.

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
INCOME TAXES (Details)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate	13.00%	33.40%	6.20%	34.70%

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Payroll and other compensation costs	$ 14,056	$ 8,400
Insurance	7,008	3,810
Interest	842	9,775
Sales tax payable	1,806	1,468
Amounts due to sellers from acquisitions	6,378	12,269
Accrued liabilities assumed in acquisition	7,979	7,911
Offering costs	4,358	0
Other	15,029	13,612
Total	$ 57,456	$ 57,245

DEBT - Narrative (Details) - USD ($)					12 Months Ended		24 Months Ended
DEBT - Narrative (Details) - USD ($)	Jul. 09, 2025	Mar. 30, 2024	Feb. 03, 2024	Dec. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Jun. 30, 2026	Dec. 31, 2025	Dec. 30, 2025	Aug. 29, 2025
Equipment Loans
Debt Instrument [Line Items]
Long-term debt								$ 98,300,000	$ 88,300,000
Equipment Loans \| Minimum
Debt Instrument [Line Items]
Stated interest rate percentage								5.49%
Equipment Loans \| Maximum
Debt Instrument [Line Items]
Stated interest rate percentage								8.79%
Line of Credit \| Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 540,000,000.0
Effective interest rate								10.25%
Mandatory prepayment, percentage of excess cash flow	50.00%
Mandatory prepayment due date, period from delivering audited financial statements	10 days
Line of Credit \| Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 540,000,000.0									$ 45,000,000.0	$ 75,000,000.0
Line of Credit \| Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000.0									$ 185,000,000.0
Non-utilization fee	0.375%
Line of Credit \| Credit Agreement \| Prime Rate Or Federal Funds Rate \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Applicable rate	3.75%
Line of Credit \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Applicable rate	4.75%
Line of Credit \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Applicable rate	4.50%
Line of Credit \| Credit Agreement \| Base Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Applicable rate	3.50%
Line of Credit \| Credit Agreement - March 31, 2026 Until December 31, 2027 \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal	$ 4,100,000
Debt instrument, periodic payment, principal, percentage	0.625%
Line of Credit \| Credit Agreement - Beginning March 31, 2028 \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal	$ 8,200,000
Debt instrument, periodic payment, principal, percentage	1.25%
Line of Credit \| Previous Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 20,000,000.0	$ 50,000,000.0	$ 200,000,000.0
Proceeds from issuance of long-term debt					$ 20,000,000.0	$ 25,000,000.0
Line of Credit \| Previous Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		70,000,000.0
Line of Credit \| Previous Credit Agreement - June 30, 2024 Until December 31, 2024 \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal		300,000	600,000	2,500,000
Line of Credit \| Previous Credit Agreement - June 30, 2025 Until December 31, 2026 \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal				$ 3,750,000
Line of Credit \| Previous Credit Agreement - Beginning 2024 \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal							$ 600,000
Line of Credit \| Previous Credit Agreement - Beginning With The Quarter Ended June 30, 2025 Until September 30, 2026 \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal							$ 900,000
Line of Credit \| Previous Credit Agreement - June 30, 2025 Until September 30, 2026 \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal		$ 400,000	$ 900,000

LEASES - Schedule of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease expense	$ 3,748	$ 2,833	$ 7,483	$ 5,569
Variable lease expense	2,292	1,084	4,232	2,026
Short-term lease expense	509	180	797	209
Total lease expense	$ 6,549	$ 4,097	$ 12,512	$ 7,804

Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Jan. 15, 2026
Current Assets
Total assets	$ 1,068,610
Commitments and Contingencies
Parent Company
Current Assets
Cash	0	$ 0
Total assets	0	0
Commitments and Contingencies
Stockholder’s Equity
Common stock, $0.001 par value, 100 shares authorized, issued and outstanding	0	0
Total Stockholder’s Equity	$ 0	$ 0

- Definition

Amount of asset recognized for present right to economic benefit.

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Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

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Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.

+ References + Details

- Definition

Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.

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EARNINGS PER UNIT - Schedule of Net Income per Common Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Allocation of net income (loss):
Undistributed income (losses)	$ 1,788	$ 11,601	$ (11,370)	$ 13,180
Net income (loss) per common unit - basic and diluted:
Weighted average units outstanding - basic (in shares)	160,000	160,000	160,000	160,000
Weighted average units outstanding - diluted (in shares)	160,000	160,000	160,000	160,000
Net income (loss) per common unit - basic (in dollars per share)	$ 0.01	$ 0.07	$ (0.07)	$ 0.08
Net income (loss) per common unit - diluted (in dollars per share)	$ 0.01	$ 0.07	$ (0.07)	$ 0.08

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 2,486	$ 3,719
Accounts receivable, net	148,855	141,314
Contract assets	309,825	222,094
Prepaid expenses and other current assets	23,855	17,310
Total current assets	485,021	384,437
Property and equipment, net	161,300	158,492
Operating lease right-of-use assets	28,107	27,926
Finance lease right-of-use assets	2,375	3,019
Goodwill	189,193	187,748
Intangible assets, net	194,888	211,383
Other long-term assets	$ 4,894	$ 0
Accounts Receivable, after Allowance for Credit Loss, Noncurrent, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Due from related party	$ 2,832	$ 2,832
Total assets	1,068,610	975,837
Current liabilities
Accounts payable	65,136	41,221
Accrued expenses	57,456	57,245
Current portion of operating lease obligations	11,183	10,969
Current portion of finance lease obligations	1,264	1,221
Current portion of equipment loans	21,588	22,493
Current portion of term loans	16,500	16,500
Total current liabilities	173,127	149,649
Equipment loans, net	76,746	65,804
Revolving line of credit	112,000	30,000
Term loans, net	617,167	623,463
Operating lease obligations, net	17,581	17,608
Finance lease obligations, net	1,250	1,905
Other long-term liabilities	2,831	7,100
Contingent liabilities	17,836	20,088
Deferred tax liability	15,696	16,475
Total liabilities	1,034,234	932,092
Commitments and contingencies (Note 15)
Members’ equity	34,376	43,745
Total liabilities and members’ equity	$ 1,068,610	$ 975,837

PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Leasehold improvements	$	1,574	$	1,325
Machinery and equipment	248,906		225,884
Furniture and fixtures	1,208		1,002
Computers	3,390		3,077
Total	255,078		231,288
Less accumulated depreciation	(93,778)		(72,796)
Property and equipment, net	$	161,300	$	158,492

Depreciation expense amounted to $24.9 million and $12.9 million for the six months ended June 30, 2026 and 2025, respectively.

Depreciation expense amounted to $12.8 million and $6.9 million for the three months ended June 30, 2026 and 2025, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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+ Details

BUSINESS COMBINATIONS

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS

2026 Acquisition

In April 2026, we acquired certain assets and assumed certain liabilities of a locate services company. The purchase price of this acquisition was paid in cash, the total consideration for the acquisition is not material or significant to the Company's condensed consolidated financial statements. The acquired business provides locate services in various states and expands our geographic presence within our existing customer base.

The purchase price allocation of the acquisitions mentioned above and in Note 17 - Subsequent Events, are preliminary and will be completed when valuations for intangible assets and other amounts are finalized within the 12-month measurement period from the respective date of acquisition.

2025 Acquisitions

Tilson Technology Acquisition

On August 25, 2025, the Company entered into an agreement with Tilson Technology Management, Inc. and Tilson Middle Street Holding, LLC (collectively “Tilson”), headquartered in Maine. The Company acquired certain assets and assumed certain liabilities of Tilson for an initial purchase price of $22.1 million in cash subject to customary purchase price adjustments, less $5 million for assets of Tilson sold to an unrelated third party. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $10.4 million was recorded. The acquired assets other than goodwill were accounts receivable valued at $8.9 million, property and equipment of $12.0

million and $7.6 million of intangible assets. In addition, the Company assumed accounts payable of $3.5 million and accrued liabilities of $18.3 million.

Vision Utility Acquisition

On August 30, 2025, the Company entered into an agreement with Vision Utility Services, Inc. (Vision), headquartered in Springdale, Arkansas. The Company acquired certain of the assets of Vision for an initial purchase price of $21.5 million in cash subject to customary purchase price adjustments plus the potential for additional earnout payment up to $5.0 million. The Company estimated the earnout payments had no fair value. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $1.6 million was recorded. The acquired assets other than goodwill were accounts receivable valued at $6.5 million, property and equipment of $8.0 million and $5.4 million of intangible assets.

Quasar Acquisition

On October 8, 2025, the Company entered into an agreement with the stockholders of Quasar, Inc. (Quasar), headquartered in Woodstock, Georgia, with operations in the United States, Poland and the United Kingdom. The Company acquired certain of the assets of Quasar for a purchase price of $43.6 million in cash subject to customary purchase price adjustments. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $11.6 million was recorded. The acquired assets other than goodwill were accounts receivable valued at $13.6 million, property and equipment of $0.2 million and $18.1 million of intangible assets.

Advantage Utilities

On November 2, 2025, the Company entered into an agreement with Advantage Utilities LLC (Advantage), headquartered in Newton, New Hampshire. The Company acquired certain of the assets of Advantage for a purchase price of $23.1 million in cash subject to customary purchase price adjustments plus the potential for additional earnout payments. The earnout payments will be calculated at 50% of the Adjusted EBITDA, as defined in the agreement, less depreciation expense for each of the three 12-month periods following the close of the acquisition. In order to be eligible for these payments, the target Adjusted EBITDA amount must be reached. The Company recorded the earnout payments at an estimated fair value of $5.4 million. The purchase price paid in the acquisition has been allocated to record the acquired assets based on their estimated fair values. Management estimates that consideration paid exceeded the fair value of the assets acquired. Therefore, goodwill of $5.6 million was recorded. The acquired assets other than goodwill were accounts receivable valued at $6.3 million, property and equipment of $4.3 million and $12.3 million of intangible assets.

Additional Acquisitions

During the year ended December 31, 2025, the Company completed an additional three acquisitions in which the Company acquired certain assets of the entities. Each of the acquisitions is being accounted for as a business combination using the acquisition method of accounting. The total cash consideration for these acquisitions amounted to $14.3 million subject to customary purchase price adjustments. One of the acquisitions includes a potential earnout payment of $0.5 million if certain revenue and gross margin criteria are achieved in the succeeding 12-month period plus an additional 10% of any revenue increase year over year for each year of a three-year period. Another of the acquisitions includes up to $5 million in potential earnout payments, consisting of $2.5 million in each of the succeeding two years, if certain revenue and gross margin criteria are achieved during the two 12-month periods. The fair value assigned to the potential earnout payments was a total of $3.3 million resulting in total goodwill allocated to these acquisitions of $8.4 million.

Pro Forma Financial Information (Unaudited)

The unaudited pro forma financial information for the six months ended June 30, 2025, below gives effect to the seven acquisitions as if they had been completed on January 1, 2025. The pro forma results of operations are presented for informational purposes only. As such, they are not necessarily indicative of the Company’s results had the acquisitions been completed on January 1, 2025, nor do they intend to represent the Company’s future results.

The unaudited pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisitions and does not reflect additional revenue opportunities following the acquisitions. The supplemental pro forma disclosures in the table below include adjustments for (i) depreciation and amortization expense that would have been recognized related to the acquired property and equipment and intangibles, and (ii) incremental


	Six Months Ended June 30, 2025
Revenue	$	639,766
Net income	$	8,154

- Definition

The entire disclosure for business combination.

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

EQUITY-BASED COMPENSATION	6 Months Ended
EQUITY-BASED COMPENSATION	Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION The Company accounts for equity grants to employees (Class D units) as equity-based compensation under ASC 718, Compensation—Stock Compensation. The Class D units of ITG Parent contain vesting provisions as defined in the agreement. Vested units do not forfeit upon termination and represent a residual interest. Equity-based compensation cost is measured at the estimated grant date fair value. The Class D units issued to employees are measured at estimated fair value on the grant date based on a valuation using a Monte Carlo simulation based upon various inputs and assumptions. The Company utilizes the estimated weighted average of the expected fund life dependent on various exit scenarios to estimate the expected term of the awards. Expected volatility is based on the average of historical and implied volatility of a set of comparable companies, adjusted for size and leverage. The risk-free rates are based on the yields of U.S. Treasury instruments with comparable terms. Actual results may vary depending on the assumptions applied within the model. During the six months ended June 30, 2026, the Company issued a total of 2,850,000 Class D units to certain employees and 2,350,483 Class D units were forfeited. The grant date fair value of these units issued was determined to be approximately $6.0 million. Compensation expense of approximately $1.1 million and $0.7 million was recorded during the three months ended June 30, 2026 and 2025, respectively. Compensation expense of approximately $2.3 million and $1.3 million was recorded during the six months ended June 30, 2026 and 2025, respectively, and there is unrecognized compensation expense at June 30, 2026, of $17.3 million, which is expected to be recognized over a weighted-average period of 4.0 years. During the six months ended June 30, 2025, the Company issued no Class D units and 114,434 Class D units were forfeited.

SEGMENT REPORTING - Narrative (Details)	6 Months Ended
SEGMENT REPORTING - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Operating Leases and Supplemental Cash Flow and Other Information Related to Operating Leases

The details of the Company’s operating leases are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease expense	$	3,748	$	2,833	$	7,483	$	5,569
Variable lease expense	2,292		1,084		4,232		2,026
Short-term lease expense	509		180		797		209
Total lease expense	$	6,549	$	4,097	$	12,512	$	7,804

Supplemental cash flow and other information related to operating leases for the six months ended June 30, are as follows (in thousands):


	2026		2025
Operating cash flows from operating leases	$	7,581	$	5,526
Noncash investing activities:
Lease liabilities arising from obtaining right-of-use assets during the period	$	8,209	$	6,552

PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property, Plant, and Equipment

Property and equipment consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Leasehold improvements	$	1,574	$	1,325
Machinery and equipment	248,906		225,884
Furniture and fixtures	1,208		1,002
Computers	3,390		3,077
Total	255,078		231,288
Less accumulated depreciation	(93,778)		(72,796)
Property and equipment, net	$	161,300	$	158,492

EQUITY-BASED COMPENSATION (Details) - Class D Unit - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity instruments other than options issued in period (in shares)			2,850,000	0
Equity instruments other than options forfeited in period (in shares)			2,350,483	114,434
Grant date fair value			$ 6.0
Compensation expense	$ 1.1	$ 0.7	2.3	$ 1.3
Unrecognized compensation expense	$ 17.3		$ 17.3
Cost not yet recognized, period for recognition			4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Organizational Transactions In connection with the IPO, the Corporation and ITG Parent completed a series of transactions (the "Organizational Transactions"), including the following: •the limited liability company agreement of ITG Parent was amended and restated to, among other things, (i) provide for a new single class of common units of membership interests in ITG Parent (the "LLC Interests"), (ii) exchange all of the then existing membership interests of the equity holders of ITG Parent for LLC Interests and (iii) appoint ITG Intermediate as the sole managing member of ITG Parent; •the Corporation's certificate of incorporation was amended and restated to, among other things, (i) provide for Class A common stock with voting and economic rights (ii) provide for Class B common stock with voting rights but no economic rights and (iii) issue 75,712,686 shares of Class B common stock to the Continuing Equity Owners; •the acquisition, by merger, of Oaktree Blocked Fund for which the Corporation issued 26,005,508 shares of Class A Common Stock as merger consideration. Following the completion of the Organizational Transactions, the Corporation indirectly owned 25.57% of ITG Parent. ITG Parent Recapitalization As noted above, in connection with the IPO, the limited liability company agreement of ITG Parent was amended and restated to, among other things, (i) provide for a new single class of common units of membership interest in ITG Parent, the LLC Interests; (ii) exchange all of the then existing membership interests of the ITG Parent members for LLC Interests' and (iii) appoint ITG Intermediate as the sole managing member of ITG Parent. The Corporation has an indirect economic interest in ITG Parent, is the sole managing member, has the sole voting power in, and controls the management, through ITG Intermediate. As a result, the Corporation will consolidate the financial results of ITG Parent and report a non-controlling interest related to the LLC Interests owned by the Continuing Equity Owners in ITG Parent. The amendment also requires that ITG Parent, at all times, maintain (i) a one-to-one ratio between the number of shares of Class A common stock issued by the Corporation and the number of LLC Interests owned by the Corporation and (ii) a one-to-one ratio between the number of shares of Class B common stock owned by the Continuing Equity Owners and the number of LLC Interests owned by the Continuing Equity Owners. Amended and Restated Certificate of Incorporation As noted above, on July 2, 2026, the Corporation's certificate of incorporation was amended and restated to, among other things, provide for the (i) authorization of 1,000,000,000 shares of Class A common stock with a par value of $0.001 per share; (ii) authorization of 200,000,000 shares of Class B common stock with a par value of $0.001 per share; (iii) authorization of 5,000,000 shares of preferred stock that may be issued from time to time by the Corporation's Board of Directors in one or more series; and (iv) establishment of a classified board of directors, divided into three classes, each of whose members will serve for staggered terms. Holders of Class A common stock and Class B common stock are entitled to one vote per share and, except as otherwise required, will vote together as a single class on all matters on which stockholders generally are entitled to vote. Holders of Class B common stock are not entitled to receive dividends and will not be entitled to receive any distributions upon the liquidation, dissolution or winding up of the Corporation. Shares of Class B common stock may only be issued to the extent necessary to maintain the one-to-one ratio between the number of LLC Interests held by the Continuing Equity Owners and the number of shares of Class B common stock held by the Continuing Equity Owners. Shares of Class B common stock are transferable only together with an equal number of LLC Interests. Shares of Class B common stock will be canceled on a one-for-one basis if the Corporation, at the election of a Continuing Equity Owner, redeems or exchanges LLC Interests. The Corporation must, at all times, maintain a one-to-one ratio between the number of shares of Class A common stock issued by the Corporation and the number of LLC Interests owned by the Corporation (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities). Tax Receivable Agreement On July 2, 2026, the Corporation entered into a Tax Receivable Agreement (the "TRA") with the former owners of ITG Parent ("TRA Participants"). The TRA provides for the payment by the Corporation to the TRA Participants of 85% of the amount of tax savings, if any, in U.S. federal, state and local income tax that the Corporation actually realizes, or in certain circumstances is deemed to realize, as a result of (i) the Corporation’s allocable share of tax basis attributable to its acquisition or ownership of LLC Interests, (ii) certain tax attributes the Corporation acquired from the Oaktree Blocked Fund (including net operating losses and allocable share of tax basis), (iii) increases in the Corporation’s allocable share of then existing tax basis, and certain adjustments to the tax basis of the assets of ITG Parent and its subsidiaries as a result of actual or deemed sales or exchanges of LLC Interests in connection with the IPO and future redemptions or exchanges of LLC Interests, (iv) imputed interest arising from any payments the Corporation makes under the TRA and (v) certain other tax benefits related to entering into the TRA, including certain payments made under the TRA. 2026 Incentive Award Plan On July 2, 2026, the Corporation's stockholders approved the 2026 Incentive Award Plan (the "Incentive Plan"), which became effective in connection with the IPO. The Incentive Plan is administered by the Compensation Committee of the Corporation's Board of Directors. The Corporation's Board of Directors has the authority to amend and modify the Incentive Plan, subject to stockholder approval. The Corporation granted 97,500 restricted stock units ("RSUs") and 123,750 performance share units ("PSUs") to certain of its directors and officers at the IPO price of $16.00 per share, with 35,625 of the RSUs vesting immediately while the remaining units generally vest annually over one to three years. Registration Rights Agreement In connection with the IPO, on July 2, 2026, the Corporation entered into a Registration Rights Agreement (“RRA”) with the Continuing Equity Owners. The RRA provides that the Corporation agrees to use its reasonable best effort to file, at any time after 180 days following the IPO and the expiration of any related lock-up period, a registration statement registering the sale of its Class A common stock issuable to or held by Continuing Equity Owners and to use its reasonable best efforts to ensure the registration statement is approved in a timely manner. The RRA also requires the Corporation to maintain an effective registration statement or to ensure it takes the necessary procedures to reactivate the registration statement in the event of an expiration. Under the RRA, the Continuing Equity Owners are entitled to initiate underwritten offerings, subject to certain customary limitations, and the RRA also provides for customary “piggyback” registration rights. Stockholders Agreement In connection with the IPO, on July 2, 2026 the Corporation entered into a Stockholders Agreement with the Continuing Equity Owners. Pursuant to the Stockholders Agreement, the Continuing Equity Owners are entitled to nominate a specified number of up to six directors to the Corporation's Board of Directors so long as the Oaktree Group, as defined in the Stockholders Agreement beneficially own shares of voting stock representing, in the aggregate, at least 5% of our then outstanding voting stock. The Stockholders Agreement will also provide that, until the Oaktree Group no longer beneficially owns shares of voting stock representing, in the aggregate, at least 25% of the voting power of our then outstanding voting stock, certain significant corporate actions taken by the Corporation or its subsidiaries will require the prior written consent of the Oaktree Group. Business Acquisition On August 10, 2026, a subsidiary of the Corporation entered into an asset purchase agreement with a construction company headquartered in Tampa, Florida. On August 10, 2026, pursuant to the agreement, the Corporation acquired certain assets and assumed certain liabilities of this company. The purchase price of this acquisition was paid in cash and the total consideration for the acquisition is not material or significant to the Corporation's condensed consolidated financial statements. As of the date of this Quarterly Report, the Corporation has not completed its assessment and valuation of the assets acquired and liabilities assumed, and therefore expects to finalize the purchase price allocation upon completion of its valuation analyses and other procedures necessary to determine the relative fair values of the acquired assets and assumed liabilities. SUBSEQUENT EVENTS The date through which subsequent events have been evaluated is August 12, 2026. The financial statements were available to be issued at that time. Except as discussed below, the Company has identified no subsequent events that require adjustment to or disclosure in the consolidated financial statements. Initial Public Offering of ITG, Inc. On July 2, 2026, ITG, Inc. (the "Corporation") closed an initial public offering (“IPO”) of 22,439,025 shares of Class A common stock (including the exercise in full of the underwriters' overallotment) at a public offering price of $16.00 per share. From the IPO, the Corporation received $338.4 million in proceeds, net of underwriting discounts and commissions, which was used to indirectly purchase 22,439,025 common units of membership interest in ITG Parent ("LLC Interests"), and ITG Parent primarily utilized the net proceeds it received from the sale of LLC Interests to the Corporation to repay borrowings under its revolving credit facility and term loan facility. The Corporation is the indirect sole managing member of ITG Parent, through ITG Intermediate, LLC ("ITG Intermediate"), and indirectly owns 39.02% of the economic interests of ITG Parent. Accordingly, the Corporation will consolidate the financial results of ITG Parent and report non-controlling interest in the Corporation's consolidated financial statements related to the LLC Interests held by the Class B common stockholders ("Continuing Equity Owners"). Accelerated vesting of Class D Units On July 2, 2026, in connection with the IPO, the Company accelerated vesting on the Class D Units issued prior to December 31, 2025 resulting in approximately $10.6 million of equity based compensation expense. Organizational Transactions In connection with the IPO, the Corporation and ITG Parent completed a series of transactions (the "Organizational Transactions"), including the following: •the limited liability company agreement of ITG Parent was amended and restated to, among other things, (i) provide for a new single class of common units of membership interest in ITG Parent (the "LLC Interests"), (ii) exchange all of the then existing membership interests of the equity holders of ITG Parent for LLC Interests and (iii) appoint the ITG Intermediate as the sole managing member of ITG Parent; •the Corporation's certificate of incorporation was amended and restated to, among other things, (i) provide for Class A common stock with voting and economic rights (ii) provide for Class B common stock with voting rights but no economic rights and (iii) issue 75,712,686 shares of Class B common stock to the Continuing Equity Owners; •the acquisition, by merger, of Oaktree Blocked Fund for which the Company issued 26,005,508 shares of Class A Common Stock as merger consideration. Following the completion of the Organizational Transactions, the Company indirectly owned 25.57% of ITG Parent. ITG Parent Recapitalization As noted above, in connection with the IPO, the limited liability company agreement of ITG Parent was amended and restated to, among other things, (i) provide for a new single class of common units of membership interest in ITG Parent, the LLC Interests; (ii) exchange all of the then existing membership interests for LLC Interests; and (iii) appoint the ITG Intermediate as the sole managing member of ITG Parent. The Corporation has an indirect economic interest in ITG Parent, is the sole managing member, has the sole voting power in, and controls the management, through ITG Intermediate. As a result, the Corporation will consolidate the financial results of ITG Parent and report a non-controlling interest related to the LLC interests owned by the Continuing Equity Owners. The amendment also requires that ITG Parent, at all times, maintain (i) a one-to-one ratio between the number of shares of Class A common stock issued by the Company and the number of LLC Interests owned by the Corporation and (ii) a one-to-one ratio between the number of shares of Class B common stock owned by the Continuing Equity Owners and the number of LLC Interests owned by the Continuing Equity Owners. Business Acquisition On August 10, 2026, the Company entered into an asset purchase agreement with a construction company headquartered in Tampa, Florida. On August 10, 2026, pursuant to the agreement, the Company acquired certain assets and assumed certain liabilities of this organization. The purchase price of this acquisition was paid in cash and the total consideration for the acquisition is not material or significant to the Company's condensed consolidated financial statements. As of the date of this Quarterly Report, the Company has not completed its assessment and valuation of the assets acquired and liabilities assumed, and therefore expects to finalize the purchase price allocation upon completion of its valuation analyses and other procedures necessary to determine the relative fair values of the acquired assets and assumed liabilities.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ (11,370)	$ 13,180
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	24,944	12,942
Amortization of intangible assets	16,495	14,303
Amortization of debt issuance costs	2,429	605
Amortization of operating right of use assets	8,672	3,955
Deferred income taxes	(779)	(2,823)
Loss (gain) on sale of assets	85	(66)
Change in fair value of contingent liabilities	2,186	337
Equity-based compensation	2,339	1,270
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable	(6,228)	(12,940)
Contract assets	(87,731)	(7,297)
Prepaid expenses and other current assets	(7,019)	428
Accounts payable and accrued expenses	19,979	(8,293)
Operating lease liabilities	(8,022)	(3,856)
Payments of contingent liabilities	(3,022)	0
Net cash (used in) provided by operating activities	(47,042)	11,745
Cash flows from investing activities:
Purchase of property and equipment	(15,969)	(28,627)
Proceeds from sale of property and equipment	1,225	1,239
Acquisitions, net of cash acquired	(3,440)	(8,448)
Net cash used in investing activities	(18,184)	(35,836)
Cash flows from financing activities:
Payments of acquisition amounts due to sellers	(5,891)	0
Payments of contingent liabilities	(1,416)	0
Payments made on term loans	(8,251)	(11,812)
Proceeds from line of credit	373,000	67,000
Payments made on line of credit	(291,000)	(53,500)
Payments on finance leases	(612)	0
Distributions to members	(338)	0
Proceeds from equipment loans	11,332	22,279
Payments made on equipment loans	(12,831)	(6,135)
Payments of debt costs	0	(262)
Net cash provided by financing activities	63,993	17,570
NET DECREASE IN CASH AND CASH EQUIVALENTS	(1,233)	(6,521)
Cash and cash equivalents – beginning of period	3,719	7,367
Cash and cash equivalents – end of period	2,486	846
Supplemental disclosures of cash flow information:
Cash paid for interest	44,152	13,039
Cash paid for taxes, net of refunds	1,295	4,454
Supplemental disclosures of noncash investing and financing activity:
Accrued capital expenditures	575	0
ROU liabilities from ROU asset acquisition	8,209	6,552
Property and equity acquired through equipment loans	11,536	0
Other long-term assets accrual	$ 4,894	$ 0

CONDENSED CONSOLIDATED STATEMENT OF MEMBERS' EQUITY (Unaudited) $ in Thousands	USD ($)
Beginning balance at Dec. 31, 2024	$ 267,369
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	645
Net (loss) income	1,578
Ending balance at Mar. 31, 2025	269,592
Beginning balance at Dec. 31, 2024	267,369
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	13,180
Ending balance at Jun. 30, 2025	281,818
Beginning balance at Mar. 31, 2025	269,592
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	625
Net (loss) income	11,601
Ending balance at Jun. 30, 2025	281,818
Beginning balance at Dec. 31, 2025	43,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	1,169
Distributions	(201)
Net (loss) income	(13,158)
Ending balance at Mar. 31, 2026	31,555
Beginning balance at Dec. 31, 2025	43,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(11,370)
Ending balance at Jun. 30, 2026	34,376
Beginning balance at Mar. 31, 2026	31,555
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	1,170
Distributions	(137)
Net (loss) income	1,788
Ending balance at Jun. 30, 2026	$ 34,376

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Value, after forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).

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+ Details

Balance Sheets (Parenthetical) - Parent Company - $ / shares	Jun. 30, 2026	Jan. 15, 2026
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100	100
Common stock, shares, issued (in shares)	100	100
Common stock, shares, outstanding (in shares)	100	100

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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+ Details

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Subsequent Events Organizational Transactions In connection with the IPO, the Corporation and ITG Parent completed a series of transactions (the "Organizational Transactions"), including the following: •the limited liability company agreement of ITG Parent was amended and restated to, among other things, (i) provide for a new single class of common units of membership interests in ITG Parent (the "LLC Interests"), (ii) exchange all of the then existing membership interests of the equity holders of ITG Parent for LLC Interests and (iii) appoint ITG Intermediate as the sole managing member of ITG Parent; •the Corporation's certificate of incorporation was amended and restated to, among other things, (i) provide for Class A common stock with voting and economic rights (ii) provide for Class B common stock with voting rights but no economic rights and (iii) issue 75,712,686 shares of Class B common stock to the Continuing Equity Owners; •the acquisition, by merger, of Oaktree Blocked Fund for which the Corporation issued 26,005,508 shares of Class A Common Stock as merger consideration. Following the completion of the Organizational Transactions, the Corporation indirectly owned 25.57% of ITG Parent. ITG Parent Recapitalization As noted above, in connection with the IPO, the limited liability company agreement of ITG Parent was amended and restated to, among other things, (i) provide for a new single class of common units of membership interest in ITG Parent, the LLC Interests; (ii) exchange all of the then existing membership interests of the ITG Parent members for LLC Interests' and (iii) appoint ITG Intermediate as the sole managing member of ITG Parent. The Corporation has an indirect economic interest in ITG Parent, is the sole managing member, has the sole voting power in, and controls the management, through ITG Intermediate. As a result, the Corporation will consolidate the financial results of ITG Parent and report a non-controlling interest related to the LLC Interests owned by the Continuing Equity Owners in ITG Parent. The amendment also requires that ITG Parent, at all times, maintain (i) a one-to-one ratio between the number of shares of Class A common stock issued by the Corporation and the number of LLC Interests owned by the Corporation and (ii) a one-to-one ratio between the number of shares of Class B common stock owned by the Continuing Equity Owners and the number of LLC Interests owned by the Continuing Equity Owners. Amended and Restated Certificate of Incorporation As noted above, on July 2, 2026, the Corporation's certificate of incorporation was amended and restated to, among other things, provide for the (i) authorization of 1,000,000,000 shares of Class A common stock with a par value of $0.001 per share; (ii) authorization of 200,000,000 shares of Class B common stock with a par value of $0.001 per share; (iii) authorization of 5,000,000 shares of preferred stock that may be issued from time to time by the Corporation's Board of Directors in one or more series; and (iv) establishment of a classified board of directors, divided into three classes, each of whose members will serve for staggered terms. Holders of Class A common stock and Class B common stock are entitled to one vote per share and, except as otherwise required, will vote together as a single class on all matters on which stockholders generally are entitled to vote. Holders of Class B common stock are not entitled to receive dividends and will not be entitled to receive any distributions upon the liquidation, dissolution or winding up of the Corporation. Shares of Class B common stock may only be issued to the extent necessary to maintain the one-to-one ratio between the number of LLC Interests held by the Continuing Equity Owners and the number of shares of Class B common stock held by the Continuing Equity Owners. Shares of Class B common stock are transferable only together with an equal number of LLC Interests. Shares of Class B common stock will be canceled on a one-for-one basis if the Corporation, at the election of a Continuing Equity Owner, redeems or exchanges LLC Interests. The Corporation must, at all times, maintain a one-to-one ratio between the number of shares of Class A common stock issued by the Corporation and the number of LLC Interests owned by the Corporation (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities). Tax Receivable Agreement On July 2, 2026, the Corporation entered into a Tax Receivable Agreement (the "TRA") with the former owners of ITG Parent ("TRA Participants"). The TRA provides for the payment by the Corporation to the TRA Participants of 85% of the amount of tax savings, if any, in U.S. federal, state and local income tax that the Corporation actually realizes, or in certain circumstances is deemed to realize, as a result of (i) the Corporation’s allocable share of tax basis attributable to its acquisition or ownership of LLC Interests, (ii) certain tax attributes the Corporation acquired from the Oaktree Blocked Fund (including net operating losses and allocable share of tax basis), (iii) increases in the Corporation’s allocable share of then existing tax basis, and certain adjustments to the tax basis of the assets of ITG Parent and its subsidiaries as a result of actual or deemed sales or exchanges of LLC Interests in connection with the IPO and future redemptions or exchanges of LLC Interests, (iv) imputed interest arising from any payments the Corporation makes under the TRA and (v) certain other tax benefits related to entering into the TRA, including certain payments made under the TRA. 2026 Incentive Award Plan On July 2, 2026, the Corporation's stockholders approved the 2026 Incentive Award Plan (the "Incentive Plan"), which became effective in connection with the IPO. The Incentive Plan is administered by the Compensation Committee of the Corporation's Board of Directors. The Corporation's Board of Directors has the authority to amend and modify the Incentive Plan, subject to stockholder approval. The Corporation granted 97,500 restricted stock units ("RSUs") and 123,750 performance share units ("PSUs") to certain of its directors and officers at the IPO price of $16.00 per share, with 35,625 of the RSUs vesting immediately while the remaining units generally vest annually over one to three years. Registration Rights Agreement In connection with the IPO, on July 2, 2026, the Corporation entered into a Registration Rights Agreement (“RRA”) with the Continuing Equity Owners. The RRA provides that the Corporation agrees to use its reasonable best effort to file, at any time after 180 days following the IPO and the expiration of any related lock-up period, a registration statement registering the sale of its Class A common stock issuable to or held by Continuing Equity Owners and to use its reasonable best efforts to ensure the registration statement is approved in a timely manner. The RRA also requires the Corporation to maintain an effective registration statement or to ensure it takes the necessary procedures to reactivate the registration statement in the event of an expiration. Under the RRA, the Continuing Equity Owners are entitled to initiate underwritten offerings, subject to certain customary limitations, and the RRA also provides for customary “piggyback” registration rights. Stockholders Agreement In connection with the IPO, on July 2, 2026 the Corporation entered into a Stockholders Agreement with the Continuing Equity Owners. Pursuant to the Stockholders Agreement, the Continuing Equity Owners are entitled to nominate a specified number of up to six directors to the Corporation's Board of Directors so long as the Oaktree Group, as defined in the Stockholders Agreement beneficially own shares of voting stock representing, in the aggregate, at least 5% of our then outstanding voting stock. The Stockholders Agreement will also provide that, until the Oaktree Group no longer beneficially owns shares of voting stock representing, in the aggregate, at least 25% of the voting power of our then outstanding voting stock, certain significant corporate actions taken by the Corporation or its subsidiaries will require the prior written consent of the Oaktree Group. Business Acquisition On August 10, 2026, a subsidiary of the Corporation entered into an asset purchase agreement with a construction company headquartered in Tampa, Florida. On August 10, 2026, pursuant to the agreement, the Corporation acquired certain assets and assumed certain liabilities of this company. The purchase price of this acquisition was paid in cash and the total consideration for the acquisition is not material or significant to the Corporation's condensed consolidated financial statements. As of the date of this Quarterly Report, the Corporation has not completed its assessment and valuation of the assets acquired and liabilities assumed, and therefore expects to finalize the purchase price allocation upon completion of its valuation analyses and other procedures necessary to determine the relative fair values of the acquired assets and assumed liabilities. SUBSEQUENT EVENTS The date through which subsequent events have been evaluated is August 12, 2026. The financial statements were available to be issued at that time. Except as discussed below, the Company has identified no subsequent events that require adjustment to or disclosure in the consolidated financial statements. Initial Public Offering of ITG, Inc. On July 2, 2026, ITG, Inc. (the "Corporation") closed an initial public offering (“IPO”) of 22,439,025 shares of Class A common stock (including the exercise in full of the underwriters' overallotment) at a public offering price of $16.00 per share. From the IPO, the Corporation received $338.4 million in proceeds, net of underwriting discounts and commissions, which was used to indirectly purchase 22,439,025 common units of membership interest in ITG Parent ("LLC Interests"), and ITG Parent primarily utilized the net proceeds it received from the sale of LLC Interests to the Corporation to repay borrowings under its revolving credit facility and term loan facility. The Corporation is the indirect sole managing member of ITG Parent, through ITG Intermediate, LLC ("ITG Intermediate"), and indirectly owns 39.02% of the economic interests of ITG Parent. Accordingly, the Corporation will consolidate the financial results of ITG Parent and report non-controlling interest in the Corporation's consolidated financial statements related to the LLC Interests held by the Class B common stockholders ("Continuing Equity Owners"). Accelerated vesting of Class D Units On July 2, 2026, in connection with the IPO, the Company accelerated vesting on the Class D Units issued prior to December 31, 2025 resulting in approximately $10.6 million of equity based compensation expense. Organizational Transactions In connection with the IPO, the Corporation and ITG Parent completed a series of transactions (the "Organizational Transactions"), including the following: •the limited liability company agreement of ITG Parent was amended and restated to, among other things, (i) provide for a new single class of common units of membership interest in ITG Parent (the "LLC Interests"), (ii) exchange all of the then existing membership interests of the equity holders of ITG Parent for LLC Interests and (iii) appoint the ITG Intermediate as the sole managing member of ITG Parent; •the Corporation's certificate of incorporation was amended and restated to, among other things, (i) provide for Class A common stock with voting and economic rights (ii) provide for Class B common stock with voting rights but no economic rights and (iii) issue 75,712,686 shares of Class B common stock to the Continuing Equity Owners; •the acquisition, by merger, of Oaktree Blocked Fund for which the Company issued 26,005,508 shares of Class A Common Stock as merger consideration. Following the completion of the Organizational Transactions, the Company indirectly owned 25.57% of ITG Parent. ITG Parent Recapitalization As noted above, in connection with the IPO, the limited liability company agreement of ITG Parent was amended and restated to, among other things, (i) provide for a new single class of common units of membership interest in ITG Parent, the LLC Interests; (ii) exchange all of the then existing membership interests for LLC Interests; and (iii) appoint the ITG Intermediate as the sole managing member of ITG Parent. The Corporation has an indirect economic interest in ITG Parent, is the sole managing member, has the sole voting power in, and controls the management, through ITG Intermediate. As a result, the Corporation will consolidate the financial results of ITG Parent and report a non-controlling interest related to the LLC interests owned by the Continuing Equity Owners. The amendment also requires that ITG Parent, at all times, maintain (i) a one-to-one ratio between the number of shares of Class A common stock issued by the Company and the number of LLC Interests owned by the Corporation and (ii) a one-to-one ratio between the number of shares of Class B common stock owned by the Continuing Equity Owners and the number of LLC Interests owned by the Continuing Equity Owners. Business Acquisition On August 10, 2026, the Company entered into an asset purchase agreement with a construction company headquartered in Tampa, Florida. On August 10, 2026, pursuant to the agreement, the Company acquired certain assets and assumed certain liabilities of this organization. The purchase price of this acquisition was paid in cash and the total consideration for the acquisition is not material or significant to the Company's condensed consolidated financial statements. As of the date of this Quarterly Report, the Company has not completed its assessment and valuation of the assets acquired and liabilities assumed, and therefore expects to finalize the purchase price allocation upon completion of its valuation analyses and other procedures necessary to determine the relative fair values of the acquired assets and assumed liabilities.

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is from time to time subject to legal proceedings and claims, which arise in the normal course of its business. In the opinion of management and legal counsel, the amount of losses that may be sustained, if any, would not have a material effect on the financial position, results of operations or cash flows of the Company.

DEBT

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

DEBT

Long-term debt consists of the following as of (in thousands):


	June 30, 2026		December 31, 2025
Term loan	$	651,750	$	660,000
Revolving line of credit	112,000		30,000
Total principal amount	763,750		690,000
Less: current portion of long term debt	(16,500)		(16,500)
Less: debt issuance costs, net	(18,083)		(20,037)
Total long-term debt, net	$	729,167	$	653,463

Credit Agreement

On July 9, 2025, the Company entered into a $540.0 million senior secured credit agreement. The debt is collateralized by substantially all of the assets of the Company. The agreement provided a senior secured term loan of $540.0 million with a maturity date of July 9, 2031, and a senior secured revolving line of credit of $100.0 million with a maturity date of July 9, 2030.

The term loan agreement requires quarterly principal payments based on the aggregate principal balance of 0.625% or $4.1 million beginning on March 31, 2026, until December 31, 2027. Beginning on March 31, 2028, the quarterly principal payments increase to 1.25% of the aggregate principal balance or $8.2 million through the Maturity Date at which time any remaining balance is due in full.

The Credit Agreement includes a non-utilization fee which requires quarterly payments on any un-used portion of revolving loan initially equal to 0.375% subject to adjustment based upon the Company’s consolidated first lien secured leveraged ratio (as defined in the agreement), on a quarterly basis.

The Credit Agreement provides for an interest rate equal to either the Base Rate or the SOFR plus the applicable rate, as defined in the agreement. The Base Rate charged is initially the Prime Rate or the Federal Funds Rate plus 0.5% plus the applicable rate of 3.75% and the SOFR is at the one-month SOFR plus 1% plus the applicable rate of 4.75% for the term loans and for the revolving line of credit the applicable rate is initially 3.50% for the Base Rate loans and the applicable rate is 4.50% for the SOFR loans. As of June 30, 2026, the interest rate is 10.25%.

The Credit Agreement provides for a mandatory prepayment equal to fifty percent of excess cash flow (“ECF”) as defined within the agreement. This prepayment is due within 10 days of the date on which the annual audited financial statements are delivered until borrowings on the Credit Agreement are paid in full. The ECF begins with the year ending December 31, 2026. In addition, there are other events defined in the agreement, such as asset sales and casualty events, that would trigger mandatory prepayments. As of June 30, 2026, the Company is not subject to payments required under the ECF.

On August 29, 2025, the Company entered into an amendment to the Credit Agreement for an additional $75.0 million term loan with the same general payment terms, maturity date and interest rates. Furthermore, on December 30, 2025, there was an additional amendment for a $45.0 million term loan under the same Credit Agreement with no significant changes to any of the terms of the agreement. On the same date, the revolving line of credit was increased to $185.0 million.

The Credit Facility subjects the Company to a number of restrictive covenants, including financial covenants. These financial covenants include a consolidated first lien secured leverage ratio, as defined in the Credit Agreement. As of June 30, 2026, the Company was in compliance with all required covenants.

Previous Credit Agreement

On December 30, 2021, the Company entered into a $200.0 million Term Loan Credit and Guarantee Agreement. The Term Loan is secured by assets of the Company and is guaranteed by ITG Parent and subsidiaries. The loan was payable in quarterly installments of $2.5 million from June 30, 2024 through December 31, 2024 and $3.75 million from

June 30, 2025 and each quarter thereafter until the loan was set to mature on December 31, 2026, at which time any remaining outstanding amount would be due. The Company also entered into a Revolving Loan, a Letter of Credit facility and a Swing Line facility as part of the agreement.

In 2022 and 2023, the Company entered amendments to the credit agreement which established a separate Term Loan A-1 and A-2 in which the Company borrowed $25.0 million and $20.0 million, respectively. These term loans had the same final maturity date as the original term loan and had total quarterly payments of $0.6 million each quarter in 2024 and a quarterly payment of $0.9 million beginning with the quarter ended June 30, 2025 through September 30, 2026 with the remainder due at the maturity date.

On February 3, 2024, the Company entered into the Third Amendment to the Credit Agreement and Incremental Facility Agreement that, among other things, establish a new Term Loan A-3 for an amount of $50.0 million to fund an acquisition. This term loan had the same final maturity date as the original term loan and had quarterly payments $0.6 million starting June 30, 2024 through December 31, 2024 and $0.9 million due starting June 30, 2025 through September 30, 2026 with the remainder due at the maturity date.

On March 30, 2024, the Company entered into the Fourth Amendment to the Credit Agreement and Incremental Facility Agreement that, among other things, establish a new Term Loan A-4 for an amount of $20.0 million to fund another acquisition. This term loan had the same final maturity date as the original term loan and has quarterly payments of $0.3 million due starting June 30, 2024 through December 31, 2024 and $0.4 million each quarter beginning with the quarter ended June 30, 2025 through September 30, 2026 with the remainder due at the maturity date. In addition, the Fourth Amendment increased the Revolving Credit Facility to a total commitment of $70.0 million.

The Term Loan, Term Loan A-1 and Term Loan A-3 accrue interest equal to the base rate, as defined in the Credit Agreement, (Base Rate Loan) plus an applicable margin. The Term Loan A-2 and Term Loan A-4 accrue interest equal to the SOFR, as defined in the Credit Agreement, (SOFR Loan) plus an applicable margin, and the Revolving Loan and Swing Line facility accrue interest at either the base rate or SOFR plus applicable margin.

The outstanding amount on these term loans and revolving credit facility was paid on July 9, 2025, in connection with the Company entering into a new senior secured credit agreement.

Equipment Loans

The Company has also executed a number of equipment loan agreements. The equipment loan agreements are based upon the type of equipment and are financed at stated rates per contract over various periods and with varying monthly payments. The interest rates are at various fixed market values ranging from 5.49% to 8.79%. The balance of these loans as of June 30, 2026 and December 31, 2025 was $98.3 million and $88.3 million, respectively.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES On July 4, 2025, the “One Big Beautiful Bill Act” (“Act”) was enacted into law. The Act includes changes to U.S. tax law that will be applicable to the Company beginning in 2025. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures, accelerated bonus depreciation for property and equipment, changes in calculating interest expense limitations, and other provisions. The Company provides for income taxes for the corporate tax return filed by Broadband Technical Resources Inc. based on the provisions of ASC 740, Income Taxes. ITG Parent, LLC; ITG Communications, LLC; Integrated Tech Group, LLC; TCB Telecom, LLC; Simplicity LLC; K&B Communications, LLC; and BTR Fiber, LLC are pass-through entities for tax paying purposes at both the federal and state level, except for certain states that have margin or franchise taxes that are considered income taxes for financial statement reporting purposes. Accordingly, no provisions are made for income tax liability for those entities on a federal level and also at the state level for those that recognize the pass-through status. Broadband Technical Resources, Inc. is a C-Corp and files federal and state income tax returns. In calculating the provision for interim income taxes, in accordance with ASC Topic 740, an estimated annual effective tax rate is applied to year-to-date ordinary income, adjusted for any discrete events during the period. At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year. The Company’s effective income tax rate for the three and six months ended June 30, 2026, was 13.0% and 6.2%, respectively. The Company’s effective income tax rate for the three and six months ended June 30, 2025, was 33.4% and 34.7%, respectively. For annual periods, the Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that the deferred tax assets will be realized. Deferred tax assets and liabilities are calculated by applying existing tax laws and the rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change. The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return, which are subject to examination by federal and state taxing authorities. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management’s estimates of the ultimate outcome of various tax uncertainties. The Company recognizes penalties and interest related to uncertain tax positions within the provision (benefit) for income taxes line in the accompanying condensed consolidated statements of operations. The Company files U.S. federal and certain state income tax returns. The income tax returns of the Company are subject to examination by U.S. federal and state taxing authorities for various time periods, depending on those jurisdictions’ rules, generally after the income tax returns are filed.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 404,633	$ 292,405	$ 738,555	$ 517,792
Cost of revenue, excluding depreciation and amortization	332,581	237,091	613,647	423,696
Selling, general and administrative	28,141	15,765	53,713	30,546
Depreciation and amortization	21,014	13,988	41,439	27,245
Change in fair value of contingent liabilities	300	170	2,186	337
Total	382,036	267,014	710,985	481,824
Interest expense	(19,534)	(6,919)	(37,759)	(13,745)
Other expense, net	(1,008)	(1,042)	(1,927)	(2,030)
Income (loss) before provision for income taxes	2,055	17,430	(12,116)	20,193
Provision (benefit) for income taxes	267	5,829	(746)	7,013
Net income (loss)	$ 1,788	$ 11,601	$ (11,370)	$ 13,180
Earnings (loss) per unit – Class A
Basic (in dollars per share)	$ 0.01	$ 0.07	$ (0.07)	$ 0.08
Diluted (in dollars per share)	$ 0.01	$ 0.07	$ (0.07)	$ 0.08
Weighted average number of units – Class A
Basic (in shares)	160,000	160,000	160,000	160,000
Diluted (in shares)	160,000	160,000	160,000	160,000

CONTRACT ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets

Contract assets consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Retainage receivables	$	10,480	$	10,042
Unbilled revenues	299,345		212,052
Total contract assets	$	309,825	$	222,094

LEASES - Supplemental Cash Flow and Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating cash flows from operating leases	$ 7,581	$ 5,526
Lease liabilities arising from obtaining right-of-use assets during the period	$ 8,209	$ 6,552

MEMBERS' EQUITY	6 Months Ended
MEMBERS' EQUITY	Jun. 30, 2026
Equity [Abstract]
MEMBERS' EQUITY	MEMBERS’ EQUITY Members’ equity is comprised of several classes of units. Class A units are voting units and have first priority upon distribution with a return of capital plus an unpaid yield in accordance with the Amended and Restated Limited Liability Agreement (“Parent LLC Agreement”). As of June 30, 2026 and December 31, 2025, there are 160 million Class A units outstanding. Class B units are also voting units and have second priority distribution with a return of capital and an unpaid yield in accordance with the Parent LLC Agreement. As of June 30, 2026 and December 31, 2025, there are 77.5 million vested Class B units and 10 million unvested Class B units that will vest after the owners of Class A units have received distributions that equal a certain multiple as defined in the Parent LLC Agreement. Class C, D and X units are all non-voting units. There were 10 million Class C units issued in conjunction with the acquisition of ITG Opco to certain members of management. These units would receive distributions of up to $45 million in a waterfall calculation in accordance with the Parent LLC Agreement but are lower in priority than the Class A, B, D and X units. Class D units are management incentive units as discussed in Note 11. As of June 30, 2026 and December 31, 2025, there were a total of 20.7 million Class D units allocated to be issued. In conjunction with the acquisition of ITG Opco, there were a total of 4 million Class X units issued to the former owners of ITG Opco. These units would receive distributions of up to $4 million and an unpaid yield amount after Classes A and B receive a certain amount of distributions in accordance with the Parent LLC Agreement. The profits and losses of the Company in any year are allocated among each class of units based upon the net amount that the holders of those units would receive upon a hypothetical liquidation and distribution as defined in the Parent LLC Agreement.