REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenues 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		Lingo		magicJack		Marconi Wireless		UOL		Consumer Products		Corporate & All Other		Total
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), net	135,303		10,096		—		—		—		—		—		(338)		145,061
Fair value adjustments on loans	—		—		—		—		—		—		—		6,545		6,545
Interest income - loans	7		—		—		—		—		—		—		1,707		1,714
Interest income - securities lending	1,251		—		—		—		—		—		—		—		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		Lingo		magicJack		Marconi Wireless		UOL		Consumer Products		Corporate & All Other		Total
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 - loans	65		—		—		—		—		—		—		3,131		3,196
Interest income - securities lending	840		—		—		—		—		—		—		—		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.

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,
	2026		2025
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

Schedule of Contract with Customer, Contract Liability

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 period	35,317
Reductions to deferred revenue for revenue recognized during the period	(36,494)
Balance as of March 31, 2026	$	48,730

Contract with Customer, Contract Asset, Contract Liability, and Receivable

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 recognized	1,161
Less: Amounts billed to customers	(1,449)
Balance as of March 31, 2026	$	2,439