v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Reconciliation of revenue from segments to consolidated
Revenue from contracts with customers from the Company’s seven reportable operating segments and the Corporate and All Other category during the years ended December 31, 2025 and 2024 is reported below.
Capital
Markets		Wealth
Management		LingomagicJackMarconi WirelessUOLConsumer ProductsCorporate & All OtherTotal
Revenues for the year ended December 31, 2025:
    
Corporate finance, consulting and investment banking fees$131,063 $— $— $— $— $— $— $(435)$130,628 
Wealth and asset management fees— 126,966 — — — — — 7,111 134,077 
Commissions, fees and reimbursed expenses18,958 8,986 — — — — — 473 28,417 
Subscription services— — 164,148 34,459 31,394 11,154 — — 241,155 
Sale of goods— — — 1,236 3,390 — 181,540 4,948 191,114 
Advertising and other(1)
— — — 2,239 — 1,991 — 59,366 63,596 
Total revenues from contracts with customers150,021 135,952 164,148 37,934 34,784 13,145 181,540 71,463 788,987 
    
Trading gains, net106,364 17,507 — — — — — 1,659 125,530 
Fair value adjustments on loans(3,131)— — — — — — 2,683 (448)
Interest income - loans65 — — — — — — 10,509 10,574 
Interest income - securities lending6,993 — — — — — — — 6,993 
Other4,400 22,113 — — — — — 9,450 35,963 
Total revenues$264,712 $175,572 $164,148 $37,934 $34,784 $13,145 $181,540 $95,764 $967,599 
(1) Advertising and other revenues for the Corporate and All Other category primarily consist of bebe’s revenues from merchandise rental fees. These also include recycling processing fees for a regional environmental services business, which was sold in March 2025, and managed service fees for Nogin, an e-commerce, technology platform provider, through March 31, 2025.
Capital
Markets		Wealth
Management		LingomagicJackMarconi WirelessUOLConsumer ProductsCorporate & All OtherTotal
Revenues for the year ended December 31, 2024:
     
Corporate finance, consulting and investment banking fees$153,931 $— $— $— $— $— $— $457 $154,388 
Wealth and asset management fees— 180,464 — — — — — 4,795 185,259 
Commissions, fees and reimbursed expenses22,545 9,472 — — — — — 360 32,377 
Subscription services— — 195,838 38,408 37,216 12,853 — — 284,315 
Sale of goods— — — 1,598 3,991 — 202,597 12,433 220,619 
Advertising and other(1)
— — 48 2,839 — 2,280 — 103,855 109,022 
Total revenues from contracts with customers176,476 189,936 195,886 42,845 41,207 15,133 202,597 121,900 985,980 
     
Trading (losses) gains, net(41,710)3,278 — — — — — (18,575)(57,007)
Fair value adjustments on loans(63)— — — — — — (325,435)(325,498)
Interest income - loans1,829 — — — — — — 52,312 54,141 
Interest income - securities lending70,862 — — — — — — — 70,862 
Other10,274 7,532 — — — — — 137 17,943 
Total revenues$217,668 $200,746 $195,886 $42,845 $41,207 $15,133 $202,597 $(169,661)$746,421 
(1) Advertising and other revenues for the Corporate and All Other category primarily consist of bebe’s revenues from merchandise rental fees. These also include recycling processing fees for a regional environmental services business, which was sold in March 2025, and managed service fees for Nogin, an e-commerce, technology platform provider, through March 31, 2025.
Schedule of contract with customer, contract liability
The following table presents changes in deferred revenue during the years ended December 31, 2025 and 2024:
December 31,
2025		December 31,
2024
Deferred revenue at the beginning of period
$58,148 $70,514 
Additions to deferred revenue during the period150,425 175,222 
Reductions to deferred revenue for revenue recognized during the period
(158,666)(187,588)
Deferred revenue balance at the end of period$49,907 $58,148 
Schedule of revenue, remaining performance obligation, expected timing of satisfaction
The Company expects to recognize the deferred revenue of $49,907 as of December 31, 2025 as service and fee revenues when the performance obligation is met during the years as follows:
Contract liabilities expected to be recognized inAmount
2026$32,759 
20278,183 
20284,175 
20291,620 
2030935 
Thereafter2,235 
Total$49,907 
Schedule of contract with customer, contract asset, contract liability, and receivable
The following table contains a roll forward of unbilled receivables, which are included in prepaid expenses and other assets, for the years ended December 31, 2025 and 2024:
December 31,
2025		December 31,
2024
Beginning balance$3,387 $7,310 
Additional unbilled revenue recognized6,030 32,808 
Less: Amounts billed to customers(6,690)(36,731)
Ending balance$2,727 $3,387 
Schedule of disaggregation of revenue
During the years ended December 31, 2025 and 2024, revenues recognized for customer contracts for performance obligations that are satisfied at a point in time and over time were:
December 31,
2025		December 31,
2024
Revenue recognized at a point in time
$423,821 $498,421 
Revenue recognized over time
365,166 487,559 
Total revenue$788,987 $985,980