v3.26.1
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue The components of revenue were as follows:
Three months ended June 30,
Six months ended
June 30,
(in thousands)2026202520262025
Service revenue$48,730 $40,787 $93,819 $81,682 
Reimbursable expenses1,886 2,425 4,277 4,896 
Non-controlling interests47 76 151 149 
Total$50,663 $43,288 $98,247 $86,727 
Schedule of Disaggregation of Revenue
Disaggregation of total revenue by segment and major source was as follows:
Three months ended June 30, 2026Three months ended June 30, 2025
(in thousands)Servicer and Real EstateOriginationTotal revenueServicer and Real EstateOriginationTotal revenue
Revenue recognized when services are performed or assets are sold$32,222 $14,165 $46,387 $29,644 $8,711 $38,355 
Revenue related to technology platforms and professional services2,180 210 2,390 2,308 200 2,508 
Reimbursable expenses revenue1,763 123 1,886 2,246 179 2,425 
Total revenue$36,165 $14,498 $50,663 $34,198 $9,090 $43,288 
Six months ended June 30, 2026Six months ended June 30, 2025
(in thousands)Servicer and Real EstateOriginationTotal revenueServicer and Real EstateOriginationTotal revenue
Revenue recognized when services are performed or assets are sold$61,367 $27,808 $89,175 $60,129 $16,637 $76,766 
Revenue related to technology platforms and professional services4,385 410 4,795 4,688 377 5,065 
Reimbursable expenses revenue4,050 227 4,277 4,538 358 4,896 
Total revenue$69,802 $28,445 $98,247 $69,355 $17,372 $86,727 
Disaggregation of service revenue by the timing of revenue recognition was as follows:
Three months ended June 30,
Six months ended
June 30,
(in thousands)2026202520262025
Over-time revenue recognition$10,206 $9,499 $18,770 $20,243 
Point-in-time revenue recognition38,524 31,288 75,049 61,439 
Total service revenue$48,730 $40,787 $93,819 $81,682 
Schedule of Deferred Revenue The deferred revenue opening and closing balances were as follows:
Three months ended June 30,
Six months ended
June 30,
(in thousands)2026202520262025
Deferred revenue, beginning balance$(4,041)$(3,639)$(3,487)$(3,979)
Revenue recognized that was included in the deferred revenue balance at the beginning of the period979 1,095 2,505 2,920 
Increase due to billing, excluding amounts recognized as revenue during the period(58)(913)(2,138)(2,398)
Deferred revenue, ending balance$(3,120)$(3,457)$(3,120)$(3,457)