Quarterly report [Sections 13 or 15(d)]

Selected Balance Sheet Data (Tables)

v3.26.1
Selected Balance Sheet Data (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Assets
Prepaid expenses and other assets consisted of the following (in thousands):
Current
Non-Current
June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025
Security deposits $ —  $ —  $ 1,226  $ 1,251 
Employee notes receivable 92  140  29  1 
Securities, held-to-maturity(1)
—  —  9,500  9,500 
Loan performance fee receivable 5,375  5,121  14,950  15,112 
Investments in convertible notes(2)
5,774  5,630  —  — 
Prepaid expenses 13,276  10,424  3,325  — 
Other(3)
3,248  3,298  213  1,256 
$ 27,765  $ 24,613  $ 29,243  $ 27,120 
(1)In connection with the Strategic Alliance with MTRCC, the Company held a $9.5 million Mandatorily Redeemable Fixed-Rate Cumulative Preferred Stock investment in MTRCC, classified as held-to-maturity, which is expected to mature on August 26, 2027 and accrues interest based on the one-year treasury rate.
(2)The Company purchased convertible notes with principal balances aggregating $5.0 million during the fourth quarter 2023 in connection with strategic alliances with companies in the real estate sector. The Company has elected to account for its investments in convertible notes under the fair value option. See Note 7 – “Fair Value Measurements” for additional information.
(3)Other primarily includes customer trust accounts.
Schedule of Deferred Compensation and Commissions
Deferred compensation and commissions consisted of the following (in thousands):
Current Non-Current
June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025
Stock appreciation rights (“SARs”) liability (1)
$ 863  $ 2,800  $ 6,707  $ 7,343 
Commissions payable to investment sales and financing professionals 38,685  53,889  13,703  18,618 
Deferred compensation liability (1)
383  331  10,076  9,455 
Other 230  443  —  — 
$ 40,161  $ 57,463  $ 30,486  $ 35,416 
(1)The SARs and deferred compensation liabilities become subject to payout at the time the participant is no longer considered a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to participants within the next twelve months have been classified as current.
Schedule of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses, consisted of the following (in thousands):
Three Months Ended
June 30,		 Six Months Ended June 30,
2026 2025 2026 2025
Decrease in the carrying value of the assets held in the rabbi trust (1)
$ 853  $ 794  $ 576  $ 631 
Decrease in the net carrying value of the deferred compensation obligation (2)
$ (846) $ (777) $ (578) $ (545)
(1)Recorded in other income, net in the condensed consolidated statements of operations.
(2)Recorded in selling, general and administrative expense in the condensed consolidated statements of operations.
Schedule of Other Liabilities
Other liabilities consisted of the following (in thousands):
Current Non-Current
June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025
Contingent consideration $ 722  $ 718  $ —  $ 2 
Dividends payable 1,006  1,040  868  1,289 
Stock repurchase payable —  1,501  —  — 
Loan guarantee obligation 2,241  2,040  5,954  6,253 
Other (1)
4,968  5,012  93  211 
$ 8,937  $ 10,311  $ 6,915  $ 7,755 
(1)As of June 30, 2026 and December 31, 2025, other, current liabilities primarily includes a legal accrual related to an ongoing litigation matter. See Note 13 – “Commitments and Contingencies” for additional information.