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REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
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		LingomagicJackMarconi WirelessUOLConsumer ProductsCorporate & All OtherTotal
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), net4,363 9,251 — — — — — (740)12,874 
Fair value adjustments on loans 751 — — — — — — 3,494 4,245 
Interest income - loans1,027 — — — — — — 1,144 2,171 
Interest income - securities lending1,632 — — — — — — — 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		LingomagicJackMarconi WirelessUOLConsumer ProductsCorporate & All 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 — 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, net21,249 5,200 — — — — — 1,231 27,680 
Fair value adjustments on loans— — — — — — — 800 800 
Interest income - loans— — — — — — — 3,853 3,853 
Interest income - securities lending2,124 — — — — — — — 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		LingomagicJackMarconi WirelessUOLConsumer ProductsCorporate & All OtherTotal
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 expenses13,556 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 customers78,600 62,552 79,578 17,350 14,905 5,702 87,652 21,567 367,906 
Trading gains (losses), net139,666 19,347 — — — — — (1,078)157,935 
Fair value adjustments on loans751 — — — — — — 10,039 10,790 
Interest income - loans1,034 — — — — — — 2,851 3,885 
Interest income - securities lending2,883 — — — — — — — 2,883 
Other2,889 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		LingomagicJackMarconi WirelessUOLConsumer ProductsCorporate & All OtherTotal
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 expenses7,816 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 customers57,539 72,797 81,460 19,578 18,719 6,920 85,387 42,993 385,393 
Trading gains, net3,983 5,812 — — — — — 1,714 11,509 
Fair value adjustments on loans(3,131)— — — — — — (4,165)(7,296)
Interest income - loans65 — — — — — — 6,984 7,049 
Interest income - securities lending2,964 — — — — — — — 2,964 
Other1,972 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, 2026Six Months Ended June 30, 2025
Balance, beginning of period$49,907 $58,148 
Additions to deferred revenue during the period68,757 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, 2026Six Months Ended June 30, 2025
Balance, beginning of period $2,727 $3,387 
Additional unbilled revenue recognized2,248 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,
2026202520262025
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