v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue [Abstract]  
Revenue

Note 12. Revenue

 

Disaggregation of Revenue

 

For the three months ended March 31, 2026, and 2025 total revenue and revenue related to contracts with customers within the scope of Topic 606 were ($ in thousands):

 

   Three Months Ended 
   March 31, 
Revenues  2026   2025 
Underwriting services  $32,949   $5,606 
Carried interest   1,096    
-
 
Commissions   2,490    2,190 
Interest income – customers   72    39 
Other revenue   230    249 
Management fees   265    66 
Total revenue from contracts with customers   37,102   $8,150 
Principal transactions   (1,532)   (910)
Interest income – noncustomer   235    
-
 
Total revenue  $35,805   $7,240 

 

Revenue Recognized at a Point in Time

 

The Company recognizes revenue that is transactional in nature and such revenue is earned at a point in time. For the three months ended March 31, 2026, revenue that was recognized at a point in time includes underwriting services of $32.9. million, carried interest of $1.1 million, commissions of $2.5 million and principal transactions losses of $1.5 million consisting of $0.6 million of realized gains and $2.1 million of unrealized losses. For the three months ended March 31, 2025, revenue that is recognized at a point in time includes underwriting services of $5.6 million, commissions of $2.2 million, and principal transactions losses of $0.9 million consisting of $0.3 million of realized gains and $1.2 million of unrealized losses.

 

Revenue Recognized Over Time

 

The Company recognizes revenue over a period of time, generally monthly on a straight-line basis, as services are performed, and performance obligations are satisfied. For the three months ended March 31, 2026, revenue that is recognized over time includes other revenue of $230 thousand, management fees of $265 thousand, interest income from customers of $72 thousand, and interest income-noncustomers of $235 thousand. For the three months ended March 31, 2025, revenue that was recognized over time includes other revenue of $233 thousand, management fees of $66 thousand, and interest income from customers of $53 thousand.