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v3.26.1

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 6 Months Ended
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Jun. 30, 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 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) 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, 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. 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 |
Schedule of Contract with Customer, Contract Liability | 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 |
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 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 |

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