Overview
- Full-year 2025 revenue rose 8.5% to $755 million as adjusted EBITDA improved to $25 million from $9 million in 2024.
- Q4 produced $244 million in revenue and $13 million in net income, while a third-quarter legal reserve contributed to a small full-year net loss of $1.9 million that the company is appealing.
- Brokerage activity leaned toward smaller transactions, with Private Client deals representing 65% of Q4 brokerage revenue and an average transaction size of about $5.8 million.
- Financing revenue grew roughly 23% to about $104 million, supported by a lender network exceeding 420 institutions and a strategic agency financing alliance with M&T Bank.
- The company ended the quarter debt-free with roughly $398 million in cash and marketable securities, returned about $47 million to shareholders in 2025, and signaled typical seasonality for Q1 with a projected 50%–60% effective tax rate for 2026.