Revenues from Contracts with Customers |
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| Revenues from Contracts with Customers | 3. REVENUES FROM CONTRACTS WITH CUSTOMERS The following table provides a disaggregation of revenues recognized from contracts with customers for the three and six months ended June 30, 2025 and 2024:
Performance Obligations As of June 30, 2025, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $36.2 million and the Company generally expects to recognize this revenue within the next twelve months. Such amounts relate to the Company’s performance obligations of providing advisory and placement services. The Company recognized revenue of $5.7 million and $14.5 million for the three and six months ended June 30, 2025, respectively, and $9.3 million and $16.6 million for the three and six months ended June 30, 2024, respectively, related to performance obligations that were fully satisfied in prior periods, primarily due to constraints on variable consideration in prior periods being resolved. The majority of revenues recognized by the Company during the three and six months ended June 30, 2025 and 2024 were predominantly related to performance obligations that were partially satisfied in prior periods. Contract Balances There were no significant impairments related to contract balances during the three and six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025 and 2024, $7.0 million and $9.1 million, respectively, of revenue was recognized that was included in the beginning balance of Deferred Revenue, primarily related to the Company’s performance obligation of standing ready to perform. In certain contracts, the Company receives customer expense advances, which are also considered to be contract liabilities. The Company recorded $2.1 million and $1.5 million as of June 30, 2025 and December 31, 2024, respectively, in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition primarily related to expense advances. |
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