Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's single reportable segment, the commercial real estate services segment, derives revenues from customers by providing investment sales and financing services to investors in commercial real estate. The measure of segment assets is reported on the consolidated balance sheets as total assets.
The following table presents selected financial information with respect to the Company's single reportable segment for the three and nine months ended September 30, 2025 and 2024, respectively (in thousands):
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
Revenue:
Real estate brokerage commissions $ 162,166  $ 141,970  $ 427,205  $ 386,868 
Financing fees 26,292  20,582  70,681  53,303 
Other revenue 5,434  5,959  13,320  15,811 
Total revenue 193,892  168,511  511,206  455,982 
Less:
Cost of services 120,996  104,754  315,962  279,703 
Sales and production support 46,486  48,239  142,739  136,656 
Facility expenses 8,659  9,346  25,785  27,641 
Depreciation and amortization 2,743  4,550  8,745  11,301 
Other segment items(1)
17,382  13,087  47,105  40,294 
Interest expense 197  208  584  611 
Other income (4,041) (5,321) (13,518) (15,701)
Income tax expense (benefit) 1,230  (967) (979) (3,613)
Total net expenses 193,652  173,896  526,423  476,892 
Segment net income (loss) 240  (5,385) (15,217) (20,910)
Adjustments and reconciling items —  —  —  — 
Consolidated net income (loss) $ 240  $ (5,385) $ (15,217) $ (20,910)
Other specified segment disclosures:
Interest income(2)
$ 3,389  $ 4,468  $ 11,795  $ 13,967 
Interest expense $ 197  $ 208  $ 584  $ 611 
Other significant noncash items:
Stock-based compensation(3)
$ 5,966  $ 6,071  $ 18,368  $ 17,755 
(1)Other segment items includes: costs related to sales events, licenses and subscriptions, promotion and marketing, recruitment and training, information technology, telecommunications, consulting and professional fees, legal expenses, insurance costs, and other general and administrative expenses.
(2)Interest income is included within the other income caption.
(3)Stock-based compensation is included within the sales & production support caption.