Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following table provides a summary of the assets and liabilities classified as discontinued operations:

(Dollars in Thousands)	As of December 31, 2024
Assets
Cash and cash equivalents	$	1,077
Fees receivable	3,396
Equity method investments	7,114
Intangible assets	—
Goodwill	—
Operating lease right-of-use assets	1,353
Deferred tax assets, net	1,736
Other assets, net	9,409
Contingent consideration receivable	$	1,389
Assets of discontinued operations	$	25,474
Liabilities
Accounts payable and accrued expenses	8,587
Accrued compensation and profit sharing	153
Debt, net of unamortized deferred financing cost	—
Operating lease liability	2,070
Deferred tax liability	—
Other liabilities, net	4,087
Liabilities of discontinued operations	$	14,897

The following table provides a summary of net income (loss) from discontinued operations, net of taxes:

	For the Three Months Ended				For the Nine Months Ended
(Dollars in Thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Revenue
Management/advisory fees	$	349	$	1,532	$	1,976	$	6,450
Other income/fees	—		3		1		239
Total income	349		1,535		1,977		6,689
Operating Expenses
Compensation and employee benefits	85		2,327		3,039		13,814
Systems, technology and telephone	21		200		457		705
Sales, distribution and marketing	(27)		66		129		274
Occupancy costs	(5)		232		433		761
Professional fees	(544)		4,270		4,253		8,919
Travel and entertainment	4		156		135		398
Depreciation and amortization	—		33		—		124
General, administrative and other	916		748		3,280		1,928
Total operating expenses	450		8,032		11,726		26,923
Total operating income (loss)	(101)		(6,497)		(9,749)		(20,234)
Other Income (Expenses)
Impairment loss on goodwill and intangible assets	—		(41,815)		—		(42,510)
Gain (loss) on investments	(19,845)		368		(21,049)		(1,960)
Interest expense			(6)		—		(6)
Interest income	2		47		13		120
Other income (expense)			(3)		—		(3)
Income (loss) before taxes	(19,944)		(47,906)		(30,785)		(64,593)
Income tax (expense) benefit	(1)		1		(61)		(70)
Net income (loss) from discontinued operations, net of income tax	$	(19,945)	$	(47,905)	$	(30,846)	$	(64,663)