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REVENUE FROM CONTRACTS WITH CUSTOMERS
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue from contracts with customers from the Company’s seven reportable operating segments and the Corporate and All Other category during the three months ended March 31, 2026 and 2025 is reported below.
Capital
Markets		Wealth
Management		LingomagicJackMarconi WirelessUOLConsumer ProductsCorporate & All OtherTotal
Revenues for the three months ended March 31, 2026:
   
Corporate finance, consulting and investment banking fees $28,734 $— $— $— $— $— $— $(1,275)$27,459 
Wealth and asset management fees — 28,219 — — — — — 1,589 29,808 
Commissions, fees and reimbursed expenses 5,511 3,401 — — — — — 35 8,947 
Subscription services — — 40,790 7,956 7,026 2,397 — — 58,169 
Sale of goods— — — 310 511 — 44,115 431 45,367 
Advertising and other(1)
— — — 517 — 424 — 11,338 12,279 
Total revenues from contracts with customers 34,245 31,620 40,790 8,783 7,537 2,821 44,115 12,118 182,029 
   
Trading gains (losses), net135,303 10,096 — — — — — (338)145,061 
Fair value adjustments on loans — — — — — — — 6,545 6,545 
Interest income - loans7 — — — — — — 1,707 1,714 
Interest income - securities lending1,251 — — — — — — — 1,251 
Other 1,305 10,459 — — — — — 3,696 15,460 
Total revenues $172,111 $52,175 $40,790 $8,783 $7,537 $2,821 $44,115 $23,728 $352,060 
(1) Advertising and other revenues for the Corporate and All Other category primarily consist of bebe’s revenues from merchandise rental fees.
Capital
Markets		Wealth
Management		LingomagicJackMarconi WirelessUOLConsumer ProductsCorporate & All OtherTotal
Revenues for the three months ended March 31, 2025:
     
Corporate finance, consulting and investment banking fees $17,377 $— $— $— $— $— $— $352 $17,729 
Wealth and asset management fees — 37,229 — — — — — 872 38,101 
Commissions, fees and reimbursed expenses 3,298 3,619 — — — — — 57 6,974 
Subscription services — — 41,553 8,835 8,541 3,188 — — 62,117 
Sale of goods— — — 355 946 — 42,103 4,051 47,455 
Advertising and other(1)
— — — 611 — 445 — 23,795 24,851 
Total revenues from contracts with customers 20,675 40,848 41,553 9,801 9,487 3,633 42,103 29,127 197,227 
   
Trading (losses) gains, net(17,266)612 — — — — — 483 (16,171)
Fair value adjustments on loans(3,131)— — — — — — (4,965)(8,096)
Interest income - loans65 — — — — — — 3,131 3,196 
Interest income - securities lending840 — — — — — — — 840 
Other 917 5,818 — — — — — 2,332 9,067 
Total revenues $2,100 $47,278 $41,553 $9,801 $9,487 $3,633 $42,103 $30,108 $186,063 
(1) Advertising and other revenues for the Corporate and All Other category primarily consist of bebe’s revenues from merchandise rental fees. These also include recycling processing fees for a regional environmental services business, which was sold in March 2025, and managed service fees for Nogin, an e-commerce, technology platform provider, through March 31, 2025.
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. 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, and subscription services where the performance obligation has not yet been satisfied.
The following table presents changes in deferred revenue during the three months ended March 31, 2026:
Balance as of December 31, 2025$49,907 
Additions to deferred revenue during the period35,317 
Reductions to deferred revenue for revenue recognized during the period
(36,494)
Balance as of March 31, 2026$48,730 
During the three months ended March 31, 2026 and 2025, the Company recognized revenue of $16,560 and $17,241, respectively, that was recorded as deferred revenue at the beginning of the period.
The Company expects to recognize the deferred revenue of $48,730 as of March 31, 2026 as service and fee revenues when the performance obligation is met during the years ended December 31, 2026 (remaining nine months), 2027, 2028, 2029 and 2030 in the amount of $32,437, $7,939, $3,809, $1,492, and $848, respectively. The Company expects to recognize the deferred revenue of $2,205 after December 31, 2030.
The following table contains a rollforward of unbilled receivables, which are included in prepaid expenses and other assets, for the three months ended March 31, 2026:
Balance as of December 31, 2025$2,727 
Additional unbilled revenue recognized1,161 
Less: Amounts billed to customers(1,449)
Balance as of March 31, 2026$2,439 
Contract Costs
The Company capitalizes: (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 $4,533 and $4,550 as of March 31, 2026 and December 31, 2025, respectively, and are recorded in the “Prepaid expenses and other assets” line item in the accompanying unaudited condensed consolidated balance sheets. For the three months ended March 31, 2026 and 2025, the Company recognized expenses of $852 and $1,060 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 months ended March 31, 2026 and 2025.
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 March 31, 2026. 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 March 31, 2026.
During the three months ended March 31, 2026 and 2025, revenues recognized for customer contracts for performance obligations that are satisfied at a point in time and over time were:
Three Months Ended March 31,
20262025
Revenue recognized at a point in time
$99,308 $90,470 
Revenue recognized over time
82,721 106,757 
Total revenue$182,029 $197,227