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REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue from contracts with customers by the Company’s five reportable operating segments and the All Other category during the three and six months ended June 30, 2025 and 2024 was as follows:
Capital
Markets		Wealth
Management		Communications Consumer ProductsAll OtherTotal
Revenues for the three months ended June 30, 2025
     
Corporate finance, consulting and investment banking fees $32,346 $— $— $— $— $32,346 
Wealth and asset management fees 959 29,373 — — — 30,332 
Commissions, fees and reimbursed expenses 4,583 2,576 — — — 7,159 
Subscription services — — 59,689 — — 59,689 
Sale of goods— — 1,471 43,284 318 45,073 
Advertising and other
— — 1,043 — 12,524 13,567 
Total revenues from contracts with customers 37,888 31,949 62,203 43,284 12,842 188,166 
     
Trading gains (losses), net22,480 5,200 — — — 27,680 
Fair value adjustments on loans 800 — — — — 800 
Interest income - loans3,853 — — — — 3,853 
Interest income - securities lending2,124 — — — — 2,124 
Other 1,207 1,472 — — — 2,679 
Total revenues $68,352 $38,621 $62,203 $43,284 $12,842 $225,302 
Capital
Markets		Wealth
Management		Communications Consumer ProductsE-CommerceAll OtherTotal
Revenues for the three months ended June 30, 2024
      
Corporate finance, consulting and investment banking fees $40,082 $— $— $— $— $— $40,082 
Wealth and asset management fees 1,368 46,172 — — — — 47,540 
Commissions, fees and reimbursed expenses 7,028 2,731 — — — — 9,759 
Subscription services — — 76,389 — — — 76,389 
Sale of goods— — 1,465 51,424 2,265 419 55,573 
Advertising and other
— — 1,355 — 2,731 22,610 26,696 
Total revenues from contracts with customers 48,478 48,903 79,209 51,424 4,996 23,029 256,039 
      
Trading gains (losses), net (32,612)1,291 — — — — (31,321)
Fair value adjustments on loans(175,582)— — — — — (175,582)
Interest income - loans18,508 — — — — — 18,508 
Interest income - securities lending24,798 — — — — — 24,798 
Other 1,764 679 — — — — 2,443 
Total revenues $(114,646)$50,873 $79,209 $51,424 $4,996 $23,029 $94,885 
Capital
Markets		Wealth
Management		CommunicationsConsumer ProductsE-CommerceAll OtherTotal
Revenues for the six months ended June 30, 2025
Corporate finance, consulting and investment banking fees$50,075 $— $— $— $— $— $50,075 
Wealth and asset management fees1,831 66,602 — — — — 68,433 
Commissions, fees and reimbursed expenses7,938 6,195 — — — — 14,133 
Subscription services— — 121,806 — — — 121,806 
Sale of goods— — 2,772 85,387 3,528 841 92,528 
Advertising and other
— — 2,099 — 3,469 32,850 38,418 
Total revenues from contracts with customers59,844 72,797 126,677 85,387 6,997 33,691 385,393 
Trading gains (losses), net5,697 5,812 — — — — 11,509 
Fair value adjustments on loans(7,296)— — — — — (7,296)
Interest income - loans7,049 — — — — — 7,049 
Interest income - securities lending2,964 — — — — — 2,964 
Other4,456 7,290 — — — — 11,746 
Total revenues$72,714 $85,899 $126,677 $85,387 $6,997 $33,691 $411,365 
Capital
Markets		Wealth
Management		CommunicationsConsumer ProductsE-CommerceAll OtherTotal
Revenues for the six months ended June 30, 2024
Corporate finance, consulting and investment banking fees$90,245 $— $— $— $— $— $90,245 
Wealth and asset management fees 2,425 92,230 — — — — 94,655 
Commissions, fees and reimbursed expenses 13,285 6,618 — — — — 19,903 
Subscription services— — 156,126 — — — 156,126 
Sale of goods— — 2,761 102,946 2,265 1,034 109,006 
Advertising and other
— — 2,688 — 2,731 44,092 49,511 
Total revenues from contracts with customers105,955 98,848 161,575 102,946 4,996 45,126 519,446 
Trading gains (losses), net(50,879)1,891 — — — — (48,988)
Fair value adjustments on loans(187,783)— — — — — (187,783)
Interest income - loans40,643 — — — — — 40,643 
Interest income - securities lending62,607 — — — — — 62,607 
Other4,634 1,916 — — — — 6,550 
Total revenues$(24,823)$102,655 $161,575 $102,946 $4,996 $45,126 $392,475 
Contract Balances
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 $61,233 and $68,653 as of June 30, 2025 and December 31, 2024, respectively. The Company had no significant impairments related to these receivables during the three and six months ended June 30, 2025 and 2024. The Company also has $3,144 and $3,387 of unbilled receivables included in prepaid expenses and other assets as of June 30, 2025 and December 31, 2024, 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, and subscription services where the performance obligation has not yet been satisfied. Deferred revenue as of June 30, 2025 and December 31, 2024 was $53,499 and $58,148, respectively. The Company expects to recognize the deferred revenue of $53,499 as of June 30, 2025 as service and fee revenues when the performance obligation is met during the years ended December 31, 2025 (remaining six months), 2026, 2027, 2028 and 2029 in the amount of $35,160, $8,597, $4,357, $1,879, and $1,103, respectively. The Company expects to recognize the deferred revenue of $2,403 after December 31, 2029.
During the three months ended June 30, 2025 and 2024, the Company recognized revenue of $7,792 and $9,183, respectively, that was recorded as deferred revenue at the beginning of the respective year. During the six months ended June 30, 2025 and 2024, the Company recognized revenue of $25,033 and $29,725, respectively, that was recorded as deferred revenue at the beginning of the respective year.
Contract Costs
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 over the service period.
The capitalized costs to fulfill a contract were $5,170 and $5,694 as of June 30, 2025 and December 31, 2024, respectively, and are recorded in the “Prepaid expenses and other assets” line item in the unaudited condensed consolidated balance sheets. For the three months ended June 30, 2025 and 2024, the Company recognized expenses of $1,034 and $1,142 related to capitalized costs to fulfill a contract, respectively. For the six months ended June 30, 2025 and 2024, the Company recognized expenses of $2,094 and $2,679 related to capitalized costs to fulfill a contract, respectively. There were no significant impairment charges recognized in relation to these capitalized costs during the three and six months ended June 30, 2025 and 2024.
Remaining Performance Obligations and Revenue Recognized from Past Performance
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 obligations with an original expected duration exceeding one year was not material as of June 30, 2025. Corporate finance and investment banking 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 June 30, 2025.
During the three months ended June 30, 2025 and 2024, revenues recognized for customer contracts for performance obligations that are satisfied at a point in time was $100,595 and $128,077 and over time was $87,572 and $127,963, respectively. During the six months ended June 30, 2025 and 2024, revenues recognized for customer contracts for performance obligations that are satisfied at a point in time was $191,065 and $266,153 and over time was $194,329 and $253,293, respectively.