XML 38 R28.htm IDEA: XBRL DOCUMENT

Selected Balance Sheet Data (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.