OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES

12 Months Ended

Dec. 31, 2025

OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES

OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES

NOTE 17—OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES

The following table is a summary of the major components of other revenues for the years ended December 31, 2025, 2024, and 2023.

	For the year ended December 31,
Components of Other Revenues (in thousands)	2025		2024		2023
Housing market research subscription revenue (1)	$	25,423	$	19,093	$	35,794
Syndication and other LIHTC revenue (2)		16,575		15,706		26,006
Assumption and application fees		7,134		10,271		9,629
All other		60,660		73,134		46,537
Total	$	109,792	$	118,204	$	117,966

(1) Housing market research subscription revenue and investment banking revenues generated from our research and investment banking subsidiary.  

(2) Syndication and other LIHTC revenue generated from our subsidiary focused on affordable equity.

The following table is a summary of the major components of other operating expenses for the years ended December 31, 2025, 2024, and 2023.

	For the year ended December 31,
Components of Other Operating Expenses (in thousands)	2025		2024		2023
Professional fees	$	25,619	$	30,111	$	28,370
Office and software expenses		31,081		29,893		26,343
Rent (1)		20,609		19,880		18,174
Travel and entertainment		16,560		14,541		12,225
Marketing and preferred broker		13,296		12,542		12,142
All other		17,998		22,269		21,030
Total	$	125,163	$	129,236	$	118,284

(1) Includes single lease cost and other related expenses (common-area maintenance and other miscellaneous charges).

The following table is a summary of the components of asset impairments and other expenses for the years ended December 31, 2025, 2024, and 2023.

	For the year ended December 31,
Components of Asset Impairments and Other Expenses (in thousands)	2025		2024		2023
Debt issuance cost write-off		4,215		—		(4,420)
Asset impairments and investment related losses (1)		26,055		721		4,970
Legal investigation review		2,926		—		—
All other		3,550		460		(1,157)
Total	$	36,746	$	1,181	$	(607)

(1) In 2025, consisted of (i) $13.6 million of impairment of real estate held for use, (ii) $5.0 million of impairment of an equity-method investment, and (iii) a $7.5 million accrual for losses expected on disposition of certain affordable assets. In 2024 and 2023, consisted of only impairment of real estate held for use.