
	Capital Markets		Wealth Management		Financial Consulting		Communications		Consumer Products		E-Commerce		Corp & All Other		Total
Revenues for the year ended December 31, 2024:
Corporate finance, consulting and investment banking fees	$	154,388	$	—	$	92,176	$	—	$	—	$	—	$	—	$	246,564
Wealth and asset management fees	4,795		180,464		—		—		—		—		—		185,259
Commissions, fees and reimbursed expenses	22,905		9,472		—		—		—		—		—		32,377
Subscription services	—		—		—		284,315		—		—		—		284,315
Sale of goods	—		—		—		5,589		202,597		10,646		1,787		220,619
Advertising and other	—		—		—		5,120		—		13,855		90,047		109,022
Total revenues from contracts with customers	182,088		189,936		92,176		295,024		202,597		24,501		91,834		1,078,156

Trading (loss) income	(60,285)		3,278		—		—		—		—		—		(57,007)
Fair value adjustments on loans	(325,498)		—		—		—		—		—		—		(325,498)
Interest income - loans	54,141		—		—		—		—		—		—		54,141
Interest income - securities lending	70,862		—		—		—		—		—		—		70,862
Other	10,411		7,532		—		—		—		—		—		17,943
Total revenues	$	(68,281)	$	200,746	$	92,176	$	295,024	$	202,597	$	24,501	$	91,834	$	838,597


	Capital Markets		Wealth Management		Financial Consulting		Communications		Consumer Products		Corp & All Other		Total

Revenues for the year ended December 31, 2023:
Corporate finance, consulting and investment banking fees	$	190,480	$	—	$	77,283	$	—	$	—	$	—	$	267,763
Wealth and asset management fees	4,060		177,283		—		—		—		—		181,343
Commissions, fees and reimbursed expenses	32,436		9,993				—		—		—		42,429
Subscription services	—		—		—		324,758		—		—		324,758

Sale of goods	—		—		—		6,737		233,202		364		240,303
Advertising and other	—		—		—		6,194		—		47,992		54,186
Total revenues from contracts with customers	226,976		187,276		77,283		337,689		233,202		48,356		1,110,782

Trading (loss) income	16,845		4,758		—		—		—		—		21,603
Fair value adjustments on loans	20,225		—		—		—		—		—		20,225
Interest income - loans	123,244		—		—		—		—		—		123,244
Interest income - securities lending	161,652		—		—		—		—		—		161,652
Other	22,060		6,211		—		—		—		—		28,271
Total revenues	$	571,002	$	198,245	$	77,283	$	337,689	$	233,202	$	48,356	$	1,465,777


	Capital Markets		Wealth Management		Financial Consulting		Communications		Consumer Products		Corp & All Other		Total

Revenues for the year ended December 31, 2022:
Corporate finance, consulting and investment banking fees	$	169,955	$	—	$	50,243	$	—	$	—	$	—	$	220,198
Wealth and asset management fees	12,547		204,805		—		—		—		—		217,352
Commissions, fees and reimbursed expenses	41,316		19,299		114		—		—		—		60,729
Subscription services	—		—		—		219,379		—		—		219,379

Sale of goods	—		—		—		7,526		77,821		—		85,347
Advertising and other	—		—		—		8,750		—		13,797		22,547
Total revenues from contracts with customers	223,818		224,104		50,357		235,655		77,821		13,797		825,552

Trading (loss) income	(151,816)		3,522		—		—		—		—		(148,294)
Fair value adjustments on loans	(54,334)		—		—		—		—		—		(54,334)
Interest income - loans	157,669		—		—		—		—		—		157,669
Interest income - securities lending	83,144		—		—		—		—		—		83,144
Other	69,115		6,631		—		—		—		—		75,746
Total revenues	$	327,596	$	234,257	$	50,357	$	235,655	$	77,821	$	13,797	$	939,483

Revenues are recognized when control of the promised goods or performance obligations for services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the goods or services. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring the Company’s progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised goods or services (i.e., the “transaction price”). In determining the transaction price, the Company considers multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, the Company considers the range of possible outcomes, the predictive value of the Company’s past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. Payment terms vary by customer with due dates varying in advance of service or upon invoice of the service or for the sale of goods with credit terms. Revenues by geographic region by segment is included in Note 24 – Business Segments.

Corporate finance, consulting and investment banking fees. Fees earned from corporate finance and investment banking services are derived from debt, equity and convertible securities offerings in which the Company acted as an underwriter or placement agent. Fees from underwriting activities are recognized as revenues when the performance obligation for the services related to the underwriting transaction is satisfied under the terms of the engagement and is not subject to any other contingencies. Fees are also earned from financial advisory and consulting services rendered in connection with client mergers, acquisitions, restructurings, recapitalizations and other strategic transactions. The performance obligation for financial advisory services is satisfied over time as work progresses on the engagement and services are delivered to the client. Fees earned from bankruptcy, financial advisory, forensic accounting and real estate consulting services are rendered to clients over time as work progresses on the engagement and services are delivered to the client. Fees may also include success and performance based fees which are recognized as revenue when the performance obligation is no longer constrained and it is not probable that the revenue recognized would be subject to significant reversal in a future period. The performance obligation for financial advisory services may also include success and performance based fees which are recognized as revenue when the performance obligation is no longer constrained and it is not probable that the revenue recognized would be subject to significant reversal in a future period. Generally, it is probable that the revenue recognized is no longer subject to significant reversal upon the closing of the investment banking transaction.

Commissions, fees and reimbursed expenses. Commissions and other fees from clients for trading activities are earned from equity securities transactions executed as agent or principal are recorded at a point in time on a trade date basis. Revenues from fees and reimbursed expenses for valuation services to clients are recognized when the performance obligation is completed and is generally at the point in time upon delivery of the report to the customer.

Subscription services. Subscription service revenues are primarily earned from the Communications segment's service contracts and are recognized in the period in which the transaction price has been determinable and the related performance obligations for services are provided to the customer. UOL pay accounts generally pay in advance for their internet access services and revenues are then recognized ratably over the service period. Subscription service revenues from magicJack include (a) revenues for initial access rights, which are recognized ratably over the service term, (b) revenues from access rights renewal, which are recognized ratably over the extended access right period; (c) revenues from access and wholesale charges, which are recognized as calls are terminated to the network; (d) revenues from UCaaS services, which are recognized in the period the services are provided over the term of the customer agreements; and (e) prepaid international long distance minutes, which are recognized as the minutes are used or expired. Subscription service revenues from our mobile phone business include revenues from mobile voice, text, and data services and are recognized

Sale of goods. Sale of goods primarily consists of the sale of magicJack and Marconi Wireless devices and amounts from the sale of goods from Targus in the Consumer Products segment and from Nogin in the E-Commerce segment. Revenues from the sale of magicJack and Marconi Wireless devices are recognized upon delivery (when control transfers to the customer). Sale of product revenues also include the related shipping and handling and installment fees, if applicable. Revenue from the sale of Targus and Nogin goods is recognized when control of the product transfers to the customer, generally upon product shipment. Revenue is measured as the amount of consideration expected to be received in exchange for the transfer of product. There are no significant judgments or estimates made to determine the amount or timing of reported revenues. Sales terms do not allow for a right of return except for matters related to products with defects or damages.

Advertising and other. Advertising revenues consist of amounts from UOL’s Internet search partner that are generated as a result of users utilizing the partner’s Internet search services and amounts generated from display advertisements. Advertising revenues are recognized in the period in which the advertisement is displayed or, for performance-based arrangements, when the related performance criteria are met. In determining whether an arrangement exists, the Company ensures that a written contract is in place, such as a standard insertion order or a customer-specific agreement. The Company assesses whether performance criteria have been met and whether the transaction price is determinable based on a reconciliation of the performance criteria and the payment terms associated with the transaction. The reconciliation of the performance criteria generally includes a comparison of customer-provided performance data to the contractual performance obligation and to internal or third-party performance data in circumstances where that data is available.

Other income primarily consists of services revenues from the operations of an e-commerce, technology platform provider, a regional environmental services business, bebe, and a landscaping business. The e-commerce, technology platform provider delivers CaaS solutions for apparel brands and other retailers. Revenues primarily consist of commission fees derived from contractually committed gross revenue processed by customers on the Company's e-commerce platform. CaaS revenue is recognized on a net basis from maintaining e-commerce platforms and online orders, as the Company is engaged primarily in an agency relationship with its customers and earns defined amounts based on the individual contractual terms for the customer and the Company does not take possession of the customers' inventory or any credit risks relating to the products sold. The environmental services business is engaged in the recycling of scrap and waste materials and deals primarily in paper products. Customer arrangements contain a single obligation to transfer processed recycled goods and revenues are recognized at a point in time as processing fees when the performance obligation is satisfied. bebe's revenues are primarily from rental fees of merchandise, and revenue is recognized over the rental term. The landscaping business provides landscaping maintenance, improvements, and irrigation services to its customers. Revenues are recognized as the services are performed, which is typically ratably over the term of the contract.

The Company does not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligation(s) with an original expected duration exceeding one year was not material as of December 31, 2024. Corporate finance and investment banking fees and retail liquidation engagement fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price as of December 31, 2024.

The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligation(s) are satisfied. Receivables related to revenues from contracts with customers totaled $88,384, $101,036, and $133,838 as of December 31, 2024, 2023, and 2022, respectively. The Company had no significant impairments related to these receivables during the years ended December 31, 2024, 2023, and 2022. The Company also has $10,111, $12,997, and $13,225 of unbilled receivables included in prepaid expenses and other assets as of December 31, 2024, 2023, and 2022, respectively. The Company’s deferred revenue primarily relates to retainer and milestone fees received from corporate finance and investment banking advisory engagements, asset management

agreements, financial consulting engagements, subscription services where the performance obligation has not yet been satisfied. Deferred revenue as of December 31, 2024, 2023, and 2022 was $58,153, $70,575, and $84,456, respectively. The Company expects to recognize the deferred revenue of $58,153 as of December 31, 2024 as service and fee revenues when the performance obligation is met during the years December 31, 2025, 2026, 2027, 2028 and 2029 in the amount of $38,874, $8,882, $4,375, $2,082, and $1,229, respectively. The Company expects to recognize the deferred revenue of $2,711 after December 31, 2029.

Contract costs include: (1) costs to fulfill contracts associated with corporate finance and investment banking engagements are capitalized where the revenue is recognized at a point in time and the costs are determined to be recoverable and; (2) commissions paid to obtain magicJack contracts which are recognized ratably over the contract term and third party support costs for magicJack and related equipment purchased by customers which are recognized ratably

The capitalized costs to fulfill a contract were $5,694, $8,131, and $5,990 as of December 31, 2024, 2023, and 2022, respectively, and are recorded in prepaid expenses and other assets in the consolidated balance sheets. During the years ended December 31, 2024, 2023, and 2022, the Company recognized expenses of $5,440, $4,677, and $3,117 related to capitalized costs to fulfill a contract, respectively. There were no significant impairment charges recognized in relation to these capitalized costs during years ended December 31, 2024, 2023, and 2022.