v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's single reportable segment, the commercial real estate services segment, derives revenues from customers by providing investment sales and financing services to investors in commercial real estate. The accounting policies of the commercial real estate services segment are described in Note 2 – “Accounting Policies and Recent Accounting Pronouncements”. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM assesses performance for the commercial real estate services segment and decides how to allocate resources based on net loss that also is reported on the consolidated statements of operations as net loss.
The following table presents selected financial information with respect to the Company’s single reportable segment for the years ended December 31, 2025, 2024, and 2023 (in thousands):
Years Ended December 31,
202520242023
Revenue:
Real estate brokerage commissions$632,516 $589,695 $559,752 
Financing fees103,916 84,512 66,898 
Other revenue18,724 21,853 19,277 
Total revenue755,156 696,060 645,927 
Less:
Cost of services470,486 431,471 406,645 
Sales and production support189,240 186,354 191,892 
Facility expenses34,378 38,375 38,804 
Depreciation and amortization12,098 16,589 13,627 
Other segment items(1)
62,665 56,180 54,327 
Interest expense773 812 888 
Other income(17,504)(20,693)(19,855)
Income tax expense (benefit)4,929 (666)(6,366)
Total net expenses757,065 708,422 679,962 
Segment net loss(1,909)(12,362)(34,035)
Adjustments and reconciling items— — — 
Consolidated net loss$(1,909)$(12,362)$(34,035)
Other specified segment disclosures:
Interest income(2)
$15,523 $18,982 $18,185 
Interest expense$773 $812 $888 
Other significant noncash items:
Stock-based compensation(3)
$24,226 $23,792 $24,146 
(1)Other segment items includes: costs related to sales events, licenses and subscriptions, promotion and marketing, recruitment and training, information technology, telecommunications, consulting and professional fees, legal expenses, insurance costs, and other general and administrative expenses.
(2)Interest income is included within the other income caption.
(3)Stock-based compensation is included within the sales & production support caption.