Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Information

v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
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 accounting policies of the commercial real estate services segment are described in Note 2 – “Accounting Policies and Recent Accounting Pronouncements”. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM assesses performance for the commercial real estate services segment and decides how to allocate resources based on net (loss) income that also is reported on the consolidated statements of operations as net (loss) income.
The following table presents selected financial information with respect to the Company’s single reportable segment for the years ended December 31, 2024, 2023, and 2022 (in thousands):
Years Ended December 31,
2024 2023 2022
Revenue:
Real estate brokerage commissions $ 589,695  $ 559,752  $ 1,170,310 
Financing fees 84,512  66,898  112,978 
Other revenue 21,853  19,277  18,422 
Total revenue 696,060  645,927  1,301,710 
Less:
Cost of services 431,471  406,645  850,894 
Sales and production support 186,354  191,892  203,393 
Facility expenses 38,375  38,804  35,494 
Depreciation and amortization 16,589  13,627  13,406 
Other segment items(1)
56,180  54,327  61,122 
Interest expense 812  888  708 
Other income (20,693) (19,855) (5,336)
Income tax (benefit) expense (666) (6,366) 37,804 
Total net expenses 708,422  679,962  1,197,485 
Segment net (loss) income (12,362) (34,035) 104,225 
Adjustments and reconciling items —  —  — 
Consolidated net (loss) income $ (12,362) $ (34,035) $ 104,225 
Other specified segment disclosures:
Interest income(2)
$ 18,982  $ 18,185  $ 7,857 
Interest expense $ 812  $ 888  $ 708 
Other significant noncash items:
Stock-based compensation(3)
$ 23,792  $ 24,146  $ 17,312 
(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.