Quarterly report pursuant to Section 13 or 15(d)

Selected Balance Sheet Data (Tables)

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Selected Balance Sheet Data (Tables)
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Assets
Other assets consisted of the following (in thousands):
Current Non-Current
March 31,
2024		 December 31,
2023		 March 31,
2024		 December 31,
2023
Security deposits $ —  $ —  $ 1,478  $ 1,491 
Employee notes receivable 30  37  19  26 
Securities, held-to-maturity(1)
9,500  9,500  —  — 
Loan performance fee receivable 2,094  1,725  9,123  7,885 
Investments in convertible notes(2)
—  —  5,273  5,081 
Other(3)
4,390  4,941  223  489 
$ 16,014  $ 16,203  $ 16,116  $ 14,972 
(1)Securities, held-to-maturity, are expected to mature on September 1, 2024 and accrue interest based on the 1-year treasury rate.
(2)Convertible notes were purchased during the fourth quarter 2023 in connection with strategic alliances with companies in the real estate sector. The convertible notes accrue interest at rates between 6% and 10%, are convertible into equity for premiums and mature in a weighted average 1.6 years subject to extension at the option of the holders.
(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 Non-Current
March 31,
2024		 December 31,
2023		 March 31,
2024		 December 31,
2023
Stock appreciation rights (“SARs”) liability (1)
$ 2,603  $ 2,480  $ 9,007  $ 11,418 
Commissions payable to investment sales and financing professionals 37,223  52,689  9,139  28,198 
Deferred compensation liability (1)
151  201  9,158  8,155 
Other 534  399  —  — 
$ 40,511  $ 55,769  $ 27,304  $ 47,771 
(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.
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):
Three Months Ended
March 31,
2024 2023
Increase in the carrying value of the assets held in the rabbi trust (1)
$ 689  $ 458 
Increase in the net carrying value of the deferred compensation obligation (2)
$ (575) $ (433)
(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.
Summary of Other Liabilities
Other liabilities consisted of the following (in thousands):
Current Non-Current
March 31,
2024		 December 31,
2023		 March 31,
2024		 December 31,
2023
Deferred consideration $ 1,187  $ 1,178  $ 395  $ 393 
Contingent consideration 4,905  819  757  4,663 
Dividends payable 10,529  802  1,450  1,680 
Loan guarantee obligation 892  725  3,768  3,194 
Other 410  395  895  760 
$ 17,923  $ 3,919  $ 7,265  $ 10,690