v3.25.4
Selected Balance Sheet Data (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Assets
Other assets consisted of the following (in thousands):
Current
December 31,		Non-Current
December 31,
2025202420252024
Security deposits$— $— $1,251 $1,300 
Employee notes receivable140 28 1 88 
Securities, held-to-maturity(1)
— — 9,500 9,500 
Loan performance fee receivable5,121 3,310 15,112 12,529 
Investments in convertible notes(2)
5,630 6,347 — — 
Other(3)
3,298 5,858 1,256 209 
$14,189 $15,543 $27,120 $23,626 
(1)In connection with the Strategic Alliance with MTRCC, the Company held a $9.5 million Mandatorily Redeemable Fixed-Rate Cumulative Preferred Stock investment in MTRCC, classified as held-to-maturity, which is expected to mature on August 26, 2027 and accrues interest based on the one-year treasury rate.
(2)The Company purchased convertible notes with principal balances aggregating $5.0 million during the fourth quarter 2023 in connection with strategic alliances with companies in the real estate sector. The Company has elected to account for its investments in convertible notes under the fair value option. See Note 9 – “Fair Value Measurements” for additional information.
(3)Other primarily includes customer trust accounts and prepaid lease costs.
Schedule of Deferred Compensation and Commissions
Deferred compensation and commissions consisted of the following (in thousands):
Current
December 31,		Non-Current
December 31,
2025202420252024
SARs liability (1)
$2,800 $2,603 $7,343 $9,518 
Commissions payable to investment sales and financing professionals53,889 63,952 18,618 15,608 
Deferred compensation liability (1)
331 173 9,455 8,131 
Other443 469 — — 
$57,463 $67,197 $35,416 $33,257 
(1)The SARs and deferred compensation liabilities become subject to payout at the time the participant is no longer considered a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to participants within the next twelve months have been classified as current.
Schedule of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses, consisted of the following (in thousands):
Years Ended December 31,
202520242023
Increase in the carrying value of the assets held in the rabbi trust (1)
$1,418 $1,561 $1,526 
Decrease in the net carrying value of the deferred compensation obligation (2)
$(1,279)$(1,400)$(1,439)
(1)Recorded in other income, net in the consolidated statements of operations.
(2)Recorded in selling, general and administrative expense in the consolidated statements of operations.
Schedule of Other Liabilities
Other liabilities consisted of the following (in thousands):
Current
December 31,		Non-Current
December 31,
2025202420252024
Deferred consideration$— $411 $— $— 
Contingent consideration718 4,614 2 117 
Dividends payable1,040 942 1,289 1,559 
Stock repurchase payable1,501 — — — 
Loan guarantee obligation2,040 1,426 6,253 5,238 
Other (1)
5,012 683 211 93 
$10,311 $8,076 $7,755 $7,007 
(1)As of December 31, 2025, other, current liabilities primarily includes a legal accrual related to an ongoing litigation matter. See Note 16 – “Commitments and Contingencies” for additional information.