Revenues (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

The following table disaggregates revenue by source (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Type of revenue stream:
Commissions and agency fees
Renewal Commissions	$	21,034	$	23,119	$	39,196	$	40,071
New Business Commissions	9,613		7,559		17,065		13,314
Agency Fees	3,083		2,906		5,468		5,146
Contingent Commissions	15,725		4,492		26,411		8,968
Franchise revenues
Renewal Royalty Fees	52,507		45,381		96,101		82,625
New Business Royalty Fees	9,396		7,820		17,282		14,749
Initial Franchise Fees	1,360		1,247		2,969		2,589
Other Franchise Revenues	576		1,324		1,761		1,781
Interest Income	95		179		212		368
Total Revenues	$	113,389	$	94,027	$	206,465	$	169,611

Timing of revenue recognition:
Transferred at a point in time	$	33,730	$	33,584	$	61,729	$	58,531
Transferred over time	79,659		60,443		144,736		111,080
Total Revenues	$	113,389	$	94,027	$	206,465	$	169,611

Schedule of Contract Balances

The following table provides information about receivables, cost to obtain, and contract liabilities from contracts with customers (in thousands):


	June 30, 2026		December 31, 2025		Increase/(decrease)
Cost to obtain franchise contracts(1)	$	1,470	$	1,801	$	(331)
Commissions and agency fees receivable, net	24,726		36,613		(11,887)
Receivable from franchisees(2)	20,181		14,077		6,104
Contract liabilities(2)(3)	14,079		16,266		(2,187)

(1) Cost to obtain franchise contracts is included in other assets on the condensed consolidated balance sheets.

(2) Includes both the current and long term portion of this balance.

(3) Initial Franchise Fees to be recognized over the life of the contract.

Significant changes in contract liabilities are as follows (in thousands):



Contract liabilities at December 31, 2025	$	16,266
Revenue recognized during the period	(2,969)
New deferrals(1)	1,544
Write offs(2)	(762)
Contract liabilities at June 30, 2026	$	14,079

(1) Initial Franchise Fees where the consideration is received from the franchisee for services which are to be transferred to the Franchisee over the expected life of the Franchise Agreement.

(2) Franchise Fees, net of recognized revenue, no longer deferred due to the termination of the Franchise Agreement.