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

Selected Balance Sheet Data (Tables)

v3.25.4
Selected Balance Sheet Data (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Assets
Other assets consisted of the following (in thousands):
Current
December 31,		 Non-Current
December 31,
2025 2024 2025 2024
Security deposits $ —  $ —  $ 1,251  $ 1,300 
Employee notes receivable 140  28  1  88 
Securities, held-to-maturity(1)
—  —  9,500  9,500 
Loan performance fee receivable 5,121  3,310  15,112  12,529 
Investments in convertible notes(2)
5,630  6,347  —  — 
Other(3)
3,298  5,858  1,256  209 
$ 14,189  $ 15,543  $ 27,120  $ 23,626 
(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 9 – “Fair Value Measurements” for additional information.
(3)Other primarily includes customer trust accounts and prepaid lease costs.
Schedule of Deferred Compensation and Commissions
Deferred compensation and commissions consisted of the following (in thousands):
Current
December 31,		 Non-Current
December 31,
2025 2024 2025 2024
SARs liability (1)
$ 2,800  $ 2,603  $ 7,343  $ 9,518 
Commissions payable to investment sales and financing professionals 53,889  63,952  18,618  15,608 
Deferred compensation liability (1)
331  173  9,455  8,131 
Other 443  469  —  — 
$ 57,463  $ 67,197  $ 35,416  $ 33,257 
(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):
Years Ended December 31,
2025 2024 2023
Increase in the carrying value of the assets held in the rabbi trust (1)
$ 1,418  $ 1,561  $ 1,526 
Decrease in the net carrying value of the deferred compensation obligation (2)
$ (1,279) $ (1,400) $ (1,439)
(1)Recorded in other income, net in the consolidated statements of operations.
(2)Recorded in selling, general and administrative expense in the consolidated statements of operations.
Schedule of Other Liabilities
Other liabilities consisted of the following (in thousands):
Current
December 31,		 Non-Current
December 31,
2025 2024 2025 2024
Deferred consideration $ —  $ 411  $ —  $ — 
Contingent consideration 718  4,614  2  117 
Dividends payable 1,040  942  1,289  1,559 
Stock repurchase payable 1,501  —  —  — 
Loan guarantee obligation 2,040  1,426  6,253  5,238 
Other (1)
5,012  683  211  93 
$ 10,311  $ 8,076  $ 7,755  $ 7,007 
(1)As of December 31, 2025, other, current liabilities primarily includes a legal accrual related to an ongoing litigation matter. See Note 16 – “Commitments and Contingencies” for additional information.