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Selected Balance Sheet Data (Tables) | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Other Assets | Other assets consisted of the following (in thousands):
| Current |  | Non-Current
| September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Security deposits | $ | — |  |  | $ | — |  |  | $ | 1,258 |  |  | $ | 1,300 |
Employee notes receivable | 144 |  |  | 28 |  |  | 14 |  |  | 88 |
Securities, held-to-maturity(1) | — |  |  | — |  |  | 9,500 |  |  | 9,500 |
Loan performance fee receivable | 4,300 |  |  | 3,310 |  |  | 14,169 |  |  | 12,529 |
Investments in convertible notes(2) | 5,944 |  |  | 6,347 |  |  | — |  |  | — |
Other(3) | 7,061 |  |  | 5,858 |  |  | 217 |  |  | 209 |
| $ | 17,449 |  |  | $ | 15,543 |  |  | $ | 25,158 |  |  | $ | 23,626 |
(1)In connection with the Strategic Alliance with MTRCC, the Company holds a $9.5 million Mandatorily Redeemable Fixed-Rate Cumulative Preferred Stock investment in MTRCC, classified as held-to-maturity, which is expected to mature on August 26, 2027 and accrues interest based on the one-year treasury rate. (2)The Company purchased convertible notes with principal balances aggregating $5.0 million during the fourth quarter 2023 in connection with strategic alliances with companies in the real estate sector. The Company has elected to account for its investment in convertible notes under the fair value option. See Note 7 – “Fair Value Measurements” for additional information. (3)Other primarily includes customer trust accounts and prepaid lease costs.
Schedule of Deferred Compensation and Commissions | Deferred compensation and commissions consisted of the following (in thousands):
| Current |  | Non-Current
| September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Stock appreciation rights (“SARs”) liability (1) | $ | 2,800 |  |  | $ | 2,603 |  |  | $ | 7,187 |  |  | $ | 9,518 |
Commissions payable to investment sales and financing professionals | 37,863 |  |  | 63,952 |  |  | 14,214 |  |  | 15,608 |
Deferred compensation liability (1) | 1,194 |  |  | 173 |  |  | 8,392 |  |  | 8,131 |
Other | 335 |  |  | 469 |  |  | — |  |  | — |
| $ | 42,192 |  |  | $ | 67,197 |  |  | $ | 29,793 |  |  | $ | 33,257 |
(1)The SARs and deferred compensation liabilities become subject to payout at the time the participant is no longer considered a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to participants within the next twelve months have been classified as current.
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability | The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses, consisted of the following (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Increase in the carrying value of the assets held in the rabbi trust (1) | $ | 542 |  |  | $ | 549 |  |  | $ | 1,173 |  |  | $ | 1,518 |
Increase in the net carrying value of the deferred compensation obligation (2) | $ | (524) |  |  | $ | (649) |  |  | $ | (1,069) |  |  | $ | (1,385) |
(1)Recorded in other income, net in the condensed consolidated statements of operations. (2)Recorded in selling, general and administrative expense in the condensed consolidated statements of operations.
Summary of Other Liabilities | Other liabilities consisted of the following (in thousands):
| Current |  | Non-Current
| September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Deferred consideration | $ | — |  |  | $ | 411 |  |  | $ | — |  |  | $ | — |
Contingent consideration | 595 |  |  | 4,614 |  |  | 553 |  |  | 117 |
Dividends payable | 10,803 |  |  | 942 |  |  | 1,321 |  |  | 1,559 |
Stock repurchase payable | 49 |  |  | — |  |  | — |  |  | — |
Loan guarantee obligation | 1,851 |  |  | 1,426 |  |  | 5,933 |  |  | 5,238 |
Other (1) | 4,945 |  |  | 683 |  |  | 190 |  |  | 93 |
| $ | 18,243 |  |  | $ | 8,076 |  |  | $ | 7,997 |  |  | $ | 7,007 |
(1)As of September 30, 2025, other, current primarily includes a legal accrual related to an ongoing litigation matter. See Note 13 – “Commitments and Contingencies” for additional information.

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