Quarterly report [Sections 13 or 15(d)]

Selected Balance Sheet Data (Tables)

v3.25.2
Selected Balance Sheet Data (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Assets
Other assets consisted of the following (in thousands):
Current Non-Current
June 30,
2025		 December 31,
2024		 June 30,
2025		 December 31,
2024
Security deposits $ —  $ —  $ 1,289  $ 1,300 
Employee notes receivable 146  28  30  88 
Securities, held-to-maturity(1)
—  —  9,500  9,500 
Loan performance fee receivable 4,047  3,310  13,886  12,529 
Investments in convertible notes(2)
6,614  6,347  —  — 
Other(3)
4,095  5,858  221  209 
$ 14,902  $ 15,543  $ 24,926  $ 23,626 
(1)In connection with the Strategic Alliance with MTRCC, the Company holds 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 convertible notes accrue interest at rates between 6% and 10%, are convertible into equity for premiums and mature in a weighted average of    0.44 years, subject to extension at the option of the holders. 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 and prepaid lease costs.
Schedule of Deferred Compensation and Commissions
Deferred compensation and commissions consisted of the following (in thousands):
Current Non-Current
June 30,
2025		 December 31,
2024		 June 30,
2025		 December 31,
2024
Stock appreciation rights (“SARs”) liability (1)
$ 2,774  $ 2,603  $ 7,056  $ 9,518 
Commissions payable to investment sales and financing professionals 33,206  63,952  11,419  15,608 
Deferred compensation liability (1)
1,224  173  7,843  8,131 
Other 224  469  —  — 
$ 37,428  $ 67,197  $ 26,318  $ 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.
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
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Increase in the carrying value of the assets held in the rabbi trust (1)
$ 794  $ 280  $ 631  $ 969 
Increase in the net carrying value of the deferred compensation obligation (2)
$ (777) $ (161) $ (545) $ (736)
(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
June 30,
2025		 December 31,
2024		 June 30,
2025		 December 31,
2024
Deferred consideration $ —  $ 411  $ —  $ — 
Contingent consideration 597  4,614  223  117 
Dividends payable 939  942  1,215  1,559 
Loan guarantee obligation 1,739  1,426  5,791  5,238 
Other 822  683  81  93 
$ 4,097  $ 8,076  $ 7,310  $ 7,007