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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations | The following table provides a summary of the assets and liabilities classified as discontinued operations:
(Dollars in Thousands) |  |  | As of December 31, 2024
Assets |  |  |
Cash and cash equivalents |  |  | $ | 1,077 |
Fees receivable |  |  | 3,396 |
Equity method investments |  |  | 7,114 |
Deferred tax assets, net |  |  | 60 |
Other assets, net |  |  | 9,409 |
Contingent consideration receivable |  |  | $ | 1,389 |
Assets of discontinued operations |  |  | $ | 22,445 |
Liabilities |  |  |
Accounts payable and accrued expenses |  |  | 8,587 |
Accrued compensation and profit sharing |  |  | 153 |
Deferred tax liability |  |  | 281 |
Other liabilities, net |  |  | 4,087 |
Liabilities of discontinued operations |  |  | $ | 13,108 |
The following table provides a summary of net income (loss) from discontinued operations, net of taxes:
|  |  | For the Year Ended |  |
(Dollars in Thousands) |  |  |  |  | December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
Revenue |  |  |  |  |  |  |  |  |
Management/advisory fees |  |  |  |  | $ | 1,976 |  |  | $ | 7,856 |  |  | $ | 20,076 |
Incentive fees |  |  |  |  | — |  |  | — |  |  | 702 |
Other income/fees |  |  |  |  | 1 |  |  | 688 |  |  | 4,994 |
Total revenue |  |  |  |  | 1,977 |  |  | 8,544 |  |  | 25,772 |
Operating Expenses |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  |  |  | 3,039 |  |  | 13,766 |  |  | 39,064 |
Systems, technology and telephone |  |  |  |  | 457 |  |  | 927 |  |  | 1,267 |
Sales, distribution and marketing |  |  |  |  | 129 |  |  | 397 |  |  | 323 |
Occupancy costs |  |  |  |  | 433 |  |  | 267 |  |  | 2,104 |
Professional fees |  |  |  |  | 4,253 |  |  | 14,359 |  |  | 17,657 |
Travel and entertainment |  |  |  |  | 135 |  |  | 589 |  |  | 816 |
Depreciation and amortization |  |  |  |  | — |  |  | 125 |  |  | 6,642 |
General, administrative and other |  |  |  |  | 3,280 |  |  | 6,030 |  |  | 8,920 |
Total operating expenses |  |  |  |  | 11,726 |  |  | 36,460 |  |  | 76,793 |
Total operating income (loss) |  |  |  |  | (9,749) |  |  | (27,916) |  |  | (51,021) |
Other Income (Expenses) |  |  |  |  |  |  |  |  |
Impairment loss on goodwill and intangible assets |  |  |  |  | — |  |  | (42,502) |  |  | (206,777) |
Gain (loss) on investments |  |  |  |  | (21,556) |  |  | (2,055) |  |  | (19,643) |
Interest expense |  |  |  |  | — |  |  | (12) |  |  | 209 |
Interest income |  |  |  |  | 13 |  |  | 156 |  |  | 1,301 |
Other income (expense) |  |  |  |  | — |  |  | (5) |  |  | (3,643) |
Income (loss) before taxes |  |  |  |  | (31,292) |  |  | (72,334) |  |  | (279,574) |
Income tax (expense) benefit |  |  |  |  | (61) |  |  | 277 |  |  | 10,028 |
Net income (loss) from discontinued operations, net of income tax |  |  |  |  | $ | (31,353) |  |  | $ | (72,057) |  |  | $ | (269,546) |

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