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OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES (Tables)

12 Months Ended

Dec. 31, 2025

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

Summary of major components of other revenues


		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.

Summary of major components of other operating expenses


		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).

Summary of components of Asset impairments and other expenses


		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.