Selected Balance Sheet Data (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Other Assets |
Other assets consisted of the following (in thousands):
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Current |
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Non-Current |
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September 30,
2022 |
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December 31,
2021 |
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September 30,
2022 |
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December 31,
2021 |
| Mortgage servicing rights (“MSRs”), net of amortization |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
1,855 |
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| Security deposits |
— |
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— |
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1,680 |
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|
1,395 |
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| Employee notes receivable |
1 |
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|
40 |
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— |
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— |
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Securities, held-to-maturity(1)
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— |
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— |
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9,500 |
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|
9,500 |
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| Loan performance fee receivable |
564 |
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— |
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3,990 |
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— |
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| Prepaid lease costs and other |
5,399 |
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|
5,230 |
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— |
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|
396 |
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$ |
5,964 |
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$ |
5,270 |
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$ |
15,170 |
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$ |
13,146 |
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| Summary of Net Change in Carrying Value of MSRs |
The net change in the carrying value of MSRs consisted of the following (in thousands):
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Nine Months Ended
September 30, |
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2022 |
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2021 |
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| Beginning balance |
$ |
1,855 |
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$ |
1,897 |
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| Additions |
— |
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|
421 |
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| Amortization |
(1,275) |
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(399) |
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| Reclassification to assets held for sale |
(280) |
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— |
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| Loss on sale |
(300) |
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— |
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| Ending balance |
$ |
— |
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$ |
1,919 |
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| Schedule of Deferred Compensation and Commissions |
Deferred compensation and commissions consisted of the following (in thousands):
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Current |
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Non-Current |
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September 30,
2022 |
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December 31,
2021 |
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September 30,
2022 |
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December 31,
2021 |
Stock appreciation rights (“SARs”) liability (1)
|
$ |
2,323 |
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$ |
2,241 |
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$ |
13,002 |
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$ |
14,918 |
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| Commissions payable to investment sales and financing professionals |
59,507 |
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|
110,769 |
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|
36,789 |
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|
31,697 |
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Deferred compensation liability (1)
|
524 |
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|
1,080 |
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6,034 |
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6,921 |
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| Other |
193 |
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|
595 |
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— |
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— |
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$ |
62,547 |
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$ |
114,685 |
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$ |
55,825 |
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$ |
53,536 |
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| (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. |
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| Summary 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):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2022 |
|
2021 |
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2022 |
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2021 |
(Decrease) increase in the carrying value of the assets held in the rabbi trust (1)
|
$ |
(347) |
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$ |
(59) |
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$ |
(2,131) |
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$ |
932 |
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Decrease (increase) in the net carrying value of the deferred compensation obligation (2)
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$ |
317 |
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$ |
43 |
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$ |
2,108 |
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$ |
(720) |
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(1)Recorded in other income, net in the condensed consolidated statements of net income.
(2)Recorded in selling, general and administrative expense in the condensed consolidated statements of net income.
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| Summary of Other Liabilities |
Other liabilities consisted of the following (in thousands):
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Current |
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Non-Current |
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September 30,
2022 |
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December 31,
2021 |
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September 30,
2022 |
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December 31,
2021 |
| Deferred consideration |
$ |
4,692 |
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$ |
5,112 |
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$ |
1,467 |
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$ |
4,689 |
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| Contingent consideration |
2,414 |
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2,681 |
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5,610 |
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|
6,631 |
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| Dividends payable |
10,784 |
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— |
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1,627 |
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— |
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| Stock repurchase payable |
1,918 |
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— |
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— |
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— |
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| Other |
795 |
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|
991 |
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1,919 |
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|
74 |
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$ |
20,603 |
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$ |
8,784 |
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$ |
10,623 |
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$ |
11,394 |
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