v3.26.3
REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue from contracts with customers from the Company’s seven reportable operating segments and the Corporate and All Other category during the three and nine months ended September 30, 2026 and 2025 is reported below.
Capital
Markets		Wealth
Management		LingomagicJackMarconi WirelessUOLConsumer ProductsCorporate and All OtherTotal
Revenues for the three months ended September 30, 2026:
Corporate finance, consulting and investment banking fees(1)
$24,629 $— $— $— $— $— $— $(1,537)$23,092 
Wealth and asset management fees — 26,497 — — — — — 834 27,331 
Commissions, fees and reimbursed expenses 7,031 1,662 — — — — — 97 8,790 
Subscription services— — 36,185 7,746 6,664 2,306 — — 52,901 
Sale of goods— — — 303 468 — 39,255 224 40,250 
Advertising and other(2)
— — — 480 — 484 — 10,510 11,474 
Total revenues from contracts with customers 31,660 28,159 36,185 8,529 7,132 2,790 39,255 10,128 163,838 
Trading (losses) gains, net(125,707)2,236 — — — — — (930)(124,401)
Fair value adjustments on loans 1,182 — — — — — — 33 1,215 
Interest income - loans87 — — — — — — 1,422 1,509 
Interest income - securities lending2,004 — — — — — — — 2,004 
Other 561 (6,068)— — — — — (5,630)(11,137)
Total revenues $(90,213)$24,327 $36,185 $8,529 $7,132 $2,790 $39,255 $5,023 $33,028 
(1)
Corporate finance, consulting and investment banking fees for the Corporate and All Other category represents intercompany sales.
(2)
Advertising and other revenues for the Corporate and All Other category primarily consist of bebe’s revenues from merchandise rental fees.
Capital
Markets		Wealth
Management		LingomagicJackMarconi WirelessUOLConsumer ProductsCorporate and All OtherTotal
Revenues for the three months ended September 30, 2025:
Corporate finance, consulting and investment banking fees $53,894 $— $— $— $— $— $— $— $53,894 
Wealth and asset management fees — 30,881 — — — — — 3,419 34,300 
Commissions, fees and reimbursed expenses 6,159 1,582 — — — — — 69 7,810 
Subscription services — — 39,690 8,499 7,419 2,684 — — 58,292 
Sale of goods— — — 294 709 — 46,967 305 48,275 
Advertising and other(1)
— — — 538 — 533 — 11,611 12,682 
Total revenues from contracts with customers 60,053 32,463 39,690 9,331 8,128 3,217 46,967 15,404 215,253 
Trading gains (losses), net45,066 8,061 — — — — — (115)53,012 
Fair value adjustments on loans— — — — — — — 1,299 1,299 
Interest income - loans— — — — — — — 2,094 2,094 
Interest income - securities lending2,523 — — — — — — — 2,523 
Other 1,090 1,879 — — — — — 721 3,690 
Total revenues $108,732 $42,403 $39,690 $9,331 $8,128 $3,217 $46,967 $19,403 $277,871 
(1)
Advertising and other revenues for the Corporate and All Other category primarily consist of bebe’s revenues from merchandise rental fees.
Capital
Markets		Wealth
Management		LingomagicJackMarconi WirelessUOLConsumer ProductsCorporate and All OtherTotal
Revenues for the nine months ended September 30, 2026
Corporate finance, consulting and investment banking fees(1)
$89,673 $— $— $— $— $— $— $(5,175)$84,498 
Wealth and asset management fees— 83,154 — — — — — 2,974 86,128 
Commissions, fees and reimbursed expenses20,587 7,557 — — — — — 138 28,282 
Subscription services— — 115,763 23,500 20,568 7,050 — — 166,881 
Sale of goods— — — 899 1,469 — 126,907 942 130,217 
Advertising and other(2)
— — — 1,480 — 1,442 — 32,816 35,738 
Total revenues from contracts with customers110,260 90,711 115,763 25,879 22,037 8,492 126,907 31,695 531,744 
Trading gains (losses), net13,959 21,583 — — — — — (2,008)33,534 
Fair value adjustments on loans1,933 — — — — — — 10,072 12,005 
Interest income - loans1,121 — — — — — — 4,273 5,394 
Interest income - securities lending4,887 — — — — — — — 4,887 
Other3,450 22,161 — — — — — 11,030 36,641 
Total revenues$135,610 $134,455 $115,763 $25,879 $22,037 $8,492 $126,907 $55,062 $624,205 

(1)
Corporate finance, consulting and investment banking fees for the Corporate and All Other category represents intercompany sales.
(2)
Advertising and other revenues for the Corporate and All Other category primarily consist of bebe’s revenues from merchandise rental fees.
Capital
Markets		Wealth
Management		LingomagicJackMarconi WirelessUOLConsumer ProductsCorporate and All OtherTotal
Revenues for the nine months ended September 30, 2025
Corporate finance, consulting and investment banking fees(1)
$103,617 $— $— $— $— $— $— $352 $103,969 
Wealth and asset management fees— 97,483 — — — — — 5,250 102,733 
Commissions, fees and reimbursed expenses13,975 7,777 — — — — — 191 21,943 
Subscription services— — 121,150 26,264 24,025 8,659 — — 180,098 
Sale of goods— — — 953 2,822 — 132,354 4,674 140,803 
Advertising and other(2)
— — — 1,692 — 1,478 — 47,930 51,100 
Total revenues from contracts with customers117,592 105,260 121,150 28,909 26,847 10,137 132,354 58,397 600,646 
Trading gains, net49,049 13,873 — — — — — 1,599 64,521 
Fair value adjustments on loans(3,131)— — — — — — (2,866)(5,997)
Interest income - loans65 — — — — — — 9,078 9,143 
Interest income - securities lending5,487 — — — — — — — 5,487 
Other3,062 9,169 — — — — — 3,205 15,436 
Total revenues$172,124 $128,302 $121,150 $28,909 $26,847 $10,137 $132,354 $69,413 $689,236 
(1)
Corporate finance, consulting and investment banking fees for the Corporate and All Other category represents intercompany sales.
(2)
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.
Contract Balances
The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligation(s) are satisfied. The Company’s deferred revenue primarily relates to retainer and milestone fees received from corporate finance and investment banking advisory engagements, asset management agreements, financial consulting engagements, and subscription services where the performance obligation has not yet been satisfied.
The following table presents changes in deferred revenue during the nine months ended September 30, 2026 and 2025:
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
Balance, beginning of period$49,907 $58,148 
Additions to deferred revenue during the period101,434 112,344 
Reductions to deferred revenue for revenue recognized during the period(106,311)(118,510)
Balance, end of period$45,030 $51,982 
During the nine months ended September 30, 2026 and 2025 the Company recognized revenue of $27,970 and $30,605 that was recorded as deferred revenue at the beginning of the period.
The Company expects to recognize the deferred revenue of $45,030 as of September 30, 2026 as service and fee revenues when the performance obligation is met during the years ended December 31, 2026 (remaining three months), 2027, 2028, 2029 and 2030 in the amount of $17,174, $14,944, $6,342, $2,829, and $1,108, respectively. The Company expects to recognize the deferred revenue of $2,633 after December 31, 2030.
The following table contains a rollforward of unbilled receivables, which are included in prepaid expenses and other assets, for the nine months ended September 30, 2026 and 2025:
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
Balance, beginning of period $2,727 $3,387 
Additional unbilled revenue recognized3,282 4,644 
Less: Amounts billed to customers(4,038)(5,110)
Balance, end of period $1,971 $2,921 
Contract Costs
The Company capitalizes: (1) costs to fulfill contracts associated with corporate finance and investment banking engagements are capitalized where the revenue is recognized at a point in time and the costs are determined to be recoverable and; (2) commissions paid to obtain magicJack contracts which are recognized ratably over the contract term and third party support costs for magicJack and related equipment purchased by customers which are recognized ratably over the service period.
The capitalized costs to fulfill a contract were $4,939 and $4,550 as of September 30, 2026 and December 31, 2025, respectively, and are recorded in the “Prepaid expenses and other assets” line item in the accompanying unaudited condensed consolidated balance sheets. For the three months ended September 30, 2026 and 2025, the Company recognized expenses of $808 and $1,214 related to capitalized costs to fulfill a contract, respectively. During the nine months ended September 30, 2026 and 2025, the Company recognized expenses of $2,445 and $3,307 related to capitalized costs to fulfill a contract, respectively. There were no significant impairment charges recognized in relation to these capitalized costs during the three and nine months ended September 30, 2026 and 2025.
Remaining Performance Obligations and Revenue Recognized from Past Performance
The Company does not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material as of September 30, 2026. Corporate finance and investment banking fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price as of September 30, 2026.
During the three and nine months ended September 30, 2026, and 2025, revenues recognized for customer contracts for performance obligations that are satisfied at a point in time and over time were:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
Revenue recognized at a point in time
$86,472 $131,405 $291,981 $322,470 
Revenue recognized over time
77,366 83,848 239,763 278,176 
Total revenue$163,838 $215,253 $531,744 $600,646