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REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 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 June 30, 2026: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate finance, consulting and investment banking fees(1) | $ | 36,310 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,363) |  |  | $ | 33,947 |
Wealth and asset management fees | — |  |  | 28,438 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 551 |  |  | 28,989 |
Commissions, fees and reimbursed expenses | 8,045 |  |  | 2,494 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 10,545 |
Subscription services | — |  |  | — |  |  | 38,788 |  |  | 7,798 |  |  | 6,878 |  |  | 2,347 |  |  | — |  |  | — |  |  | 55,811 |
Sale of goods | — |  |  | — |  |  | — |  |  | 286 |  |  | 490 |  |  | — |  |  | 43,537 |  |  | 287 |  |  | 44,600 |
Advertising and other(2) | — |  |  | — |  |  | — |  |  | 483 |  |  | — |  |  | 534 |  |  | — |  |  | 10,968 |  |  | 11,985 |
Total revenues from contracts with customers | 44,355 |  |  | 30,932 |  |  | 38,788 |  |  | 8,567 |  |  | 7,368 |  |  | 2,881 |  |  | 43,537 |  |  | 9,449 |  |  | 185,877 |
Trading gains (losses), net | 4,363 |  |  | 9,251 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (740) |  |  | 12,874 |
Fair value adjustments on loans | 751 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,494 |  |  | 4,245 |
Interest income - loans | 1,027 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,144 |  |  | 2,171 |
Interest income - securities lending | 1,632 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,632 |
Other | 1,584 |  |  | 17,770 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,964 |  |  | 32,318 |
Total revenues | $ | 53,712 |  |  | $ | 57,953 |  |  | $ | 38,788 |  |  | $ | 8,567 |  |  | $ | 7,368 |  |  | $ | 2,881 |  |  | $ | 43,537 |  |  | $ | 26,311 |  |  | $ | 239,117 |
(1) Corporate finance, consulting and investment banking fees for the Corporate & All Other category represents intercompany sales. (2) 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 June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate finance, consulting and investment banking fees | $ | 32,346 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 32,346 |
Wealth and asset management fees | — |  |  | 29,373 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 959 |  |  | 30,332 |
Commissions, fees and reimbursed expenses | 4,518 |  |  | 2,576 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 65 |  |  | 7,159 |
Subscription services | — |  |  | — |  |  | 39,907 |  |  | 8,930 |  |  | 8,065 |  |  | 2,787 |  |  | — |  |  | — |  |  | 59,689 |
Sale of goods | — |  |  | — |  |  | — |  |  | 304 |  |  | 1,167 |  |  | — |  |  | 43,284 |  |  | 318 |  |  | 45,073 |
Advertising and other(1) | — |  |  | — |  |  | — |  |  | 543 |  |  | — |  |  | 500 |  |  | — |  |  | 12,524 |  |  | 13,567 |
Total revenues from contracts with customers | 36,864 |  |  | 31,949 |  |  | 39,907 |  |  | 9,777 |  |  | 9,232 |  |  | 3,287 |  |  | 43,284 |  |  | 13,866 |  |  | 188,166 |
Trading gains, net | 21,249 |  |  | 5,200 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,231 |  |  | 27,680 |
Fair value adjustments on loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 800 |  |  | 800 |
Interest income - loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,853 |  |  | 3,853 |
Interest income - securities lending | 2,124 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,124 |
Other | 1,055 |  |  | 1,472 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 152 |  |  | 2,679 |
Total revenues | $ | 61,292 |  |  | $ | 38,621 |  |  | $ | 39,907 |  |  | $ | 9,777 |  |  | $ | 9,232 |  |  | $ | 3,287 |  |  | $ | 43,284 |  |  | $ | 19,902 |  |  | $ | 225,302 |
(1)
| Capital Markets |  | Wealth Management |  | Lingo |  | magicJack |  | Marconi Wireless |  | UOL |  | Consumer Products |  | Corporate & All Other |  | Total
Revenues for the six months ended June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate finance, consulting and investment banking fees(1) | $ | 65,044 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,638) |  |  | $ | 61,406 |
Wealth and asset management fees | — |  |  | 56,657 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,140 |  |  | 58,797 |
Commissions, fees and reimbursed expenses | 13,556 |  |  | 5,895 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 41 |  |  | 19,492 |
Subscription services | — |  |  | — |  |  | 79,578 |  |  | 15,754 |  |  | 13,904 |  |  | 4,744 |  |  | — |  |  | — |  |  | 113,980 |
Sale of goods | — |  |  | — |  |  | — |  |  | 596 |  |  | 1,001 |  |  | — |  |  | 87,652 |  |  | 718 |  |  | 89,967 |
Advertising and other(2) | — |  |  | — |  |  | — |  |  | 1,000 |  |  | — |  |  | 958 |  |  | — |  |  | 22,306 |  |  | 24,264 |
Total revenues from contracts with customers | 78,600 |  |  | 62,552 |  |  | 79,578 |  |  | 17,350 |  |  | 14,905 |  |  | 5,702 |  |  | 87,652 |  |  | 21,567 |  |  | 367,906 |
Trading gains (losses), net | 139,666 |  |  | 19,347 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,078) |  |  | 157,935 |
Fair value adjustments on loans | 751 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,039 |  |  | 10,790 |
Interest income - loans | 1,034 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,851 |  |  | 3,885 |
Interest income - securities lending | 2,883 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,883 |
Other | 2,889 |  |  | 28,229 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,660 |  |  | 47,778 |
Total revenues | $ | 225,823 |  |  | $ | 110,128 |  |  | $ | 79,578 |  |  | $ | 17,350 |  |  | $ | 14,905 |  |  | $ | 5,702 |  |  | $ | 87,652 |  |  | $ | 50,039 |  |  | $ | 591,177 |
(1) Corporate finance, consulting and investment banking fees for the Corporate & All Other category represents intercompany sales. (2) 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 six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate finance, consulting and investment banking fees(1) | $ | 49,723 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 352 |  |  | $ | 50,075 |
Wealth and asset management fees | — |  |  | 66,602 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,831 |  |  | 68,433 |
Commissions, fees and reimbursed expenses | 7,816 |  |  | 6,195 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 122 |  |  | 14,133 |
Subscription services | — |  |  | — |  |  | 81,460 |  |  | 17,765 |  |  | 16,606 |  |  | 5,975 |  |  | — |  |  | — |  |  | 121,806 |
Sale of goods | — |  |  | — |  |  | — |  |  | 659 |  |  | 2,113 |  |  | — |  |  | 85,387 |  |  | 4,369 |  |  | 92,528 |
Advertising and other(2) | — |  |  | — |  |  | — |  |  | 1,154 |  |  | — |  |  | 945 |  |  | — |  |  | 36,319 |  |  | 38,418 |
Total revenues from contracts with customers | 57,539 |  |  | 72,797 |  |  | 81,460 |  |  | 19,578 |  |  | 18,719 |  |  | 6,920 |  |  | 85,387 |  |  | 42,993 |  |  | 385,393 |
Trading gains, net | 3,983 |  |  | 5,812 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,714 |  |  | 11,509 |
Fair value adjustments on loans | (3,131) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,165) |  |  | (7,296) |
Interest income - loans | 65 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,984 |  |  | 7,049 |
Interest income - securities lending | 2,964 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,964 |
Other | 1,972 |  |  | 7,290 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,484 |  |  | 11,746 |
Total revenues | $ | 63,392 |  |  | $ | 85,899 |  |  | $ | 81,460 |  |  | $ | 19,578 |  |  | $ | 18,719 |  |  | $ | 6,920 |  |  | $ | 85,387 |  |  | $ | 50,010 |  |  | $ | 411,365 |
(1) Corporate finance, consulting and investment banking fees for the Corporate and All Other category represents intercompany sales. (2) 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 six months ended June 30, 2026 and 2025:
| Six Months Ended June 30, 2026 |  | Six Months Ended June 30, 2025
Balance, beginning of period | $ | 49,907 |  |  | $ | 58,148 |
Additions to deferred revenue during the period | 68,757 |  |  | 77,285 |
Reductions to deferred revenue for revenue recognized during the period | (71,679) |  |  | (81,934) |
Balance, end of period | $ | 46,985 |  |  | $ | 53,499 |
During the six months ended June 30, 2026 and 2025 the Company recognized revenue of $22,581 and $25,033 that was recorded as deferred revenue at the beginning of the period. The Company expects to recognize the deferred revenue of $46,985 as of June 30, 2026 as service and fee revenues when the performance obligation is met during the years ended December 31, 2026 (remaining six months), 2027, 2028, 2029 and 2030 in the amount of $30,491, $8,008, $4,194, $1,350, and $772, respectively. The Company expects to recognize the deferred revenue of $2,170 after December 31, 2030. The following table contains a rollforward of unbilled receivables, which are included in prepaid expenses and other assets, for the six months ended June 30, 2026 and 2025:
| Six Months Ended June 30, 2026 |  | Six Months Ended June 30, 2025
Balance, beginning of period | $ | 2,727 |  |  | $ | 3,387 |
Additional unbilled revenue recognized | 2,248 |  |  | 3,172 |
Less: Amounts billed to customers | (2,795) |  |  | (3,415) |
Balance, end of period | $ | 2,180 |  |  | $ | 3,144 |
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 $4,645 and $4,550 as of June 30, 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 June 30, 2026 and 2025, the Company recognized expenses of $785 and $1,034 related to capitalized costs to fulfill a contract, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized expenses of $1,637 and $2,094 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, 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 June 30, 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 June 30, 2026. During the three and six months ended June 30, 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 June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Revenue recognized at a point in time | $ | 106,201 |  |  | $ | 100,595 |  |  | $ | 205,509 |  |  | $ | 191,065 |
Revenue recognized over time | 79,676 |  |  | 87,571 |  |  | 162,397 |  |  | 194,328 |
Total revenue | $ | 185,877 |  |  | $ | 188,166 |  |  | $ | 367,906 |  |  | $ | 385,393 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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