v3.26.1
Liabilities Related to Sale of Commissions Receivable
6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Liabilities Related to Sale of Commissions Receivable

8. Liabilities Related to Sale of Commissions Receivable

The table below shows the activity of the liabilities related to sale of commissions receivable (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Beginning balance

 

$

21,183

 

 

$

32,345

 

 

$

24,259

 

 

$

33,545

 

Non-cash interest expense

 

 

451

 

 

 

646

 

 

 

948

 

 

 

1,619

 

Repayment of liabilities related to sale of commissions receivable

 

 

(3,405

)

 

 

(2,538

)

 

 

(6,978

)

 

 

(4,711

)

Ending balance

 

$

18,229

 

 

$

30,453

 

 

$

18,229

 

 

$

30,453

 

Less: Liabilities related to sale of commissions receivable, current

 

 

9,491

 

 

 

12,267

 

 

 

9,491

 

 

 

12,267

 

Liabilities related to sale of commissions receivable, non-current

 

$

8,738

 

 

$

18,186

 

 

$

8,738

 

 

$

18,186

 

 

 

The aggregate future estimated payments less proceeds received will be recognized as interest expense over the life of the agreement. The Company’s estimated effective annual interest rate was 8.87% and 8.31% as of June 30, 2026 and December 31, 2025, respectively.