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Basis of Presentation and Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2024
Accounting Policies [Abstract] |
Schedule of Assets and Liabilities of Consolidated Variable Interest Entities | The following table presents the assets and liabilities of the Company's consolidated variable interest entities as of September 30, 2024 and December 31, 2023:
| September 30, |  | December 31,
| 2024 |  | 2023
ASSETS | in thousands
Cash and cash equivalents | $ | 412 |  |  | $ | 83 |
Restricted cash and cash equivalents | 1,900 |  |  | 961 |
Accounts receivable | — |  |  | 190 |
Notes receivable | 62,773 |  |  | 30,125 |
Other assets | 2,218 |  |  | 2,900 |
TOTAL ASSETS | $ | 67,303 |  |  | $ | 34,259 |
LIABILITIES |  |  |
Accounts payable, accrued expenses and other current liabilities | $ | 2,086 |  |  | $ | 1,881 |
Long-term debt, net | 46,118 |  |  | 25,782 |
TOTAL LIABILITIES | $ | 48,204 |  |  | $ | 27,663 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as of September 30, 2024 and 2023:
| September 30,
| 2024 |  | 2023
| in thousands
Cash and cash equivalents | $ | 147,120 |  |  | $ | 90,710 |
Restricted cash and cash equivalents | 176,309 |  |  | 594,865 |
Total cash and cash equivalents and restricted cash and cash equivalents | $ | 323,429 |  |  | $ | 685,575 |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as of September 30, 2024 and 2023:
| September 30,
| 2024 |  | 2023
| in thousands
Cash and cash equivalents | $ | 147,120 |  |  | $ | 90,710 |
Restricted cash and cash equivalents | 176,309 |  |  | 594,865 |
Total cash and cash equivalents and restricted cash and cash equivalents | $ | 323,429 |  |  | $ | 685,575 |
Schedule of Supplemental Cash Flow Information | The table below presents information regarding the Company's non-cash investing and financing activities, as well as the cash paid for interest and taxes for the nine months ended September 30, 2024 and 2023:
|  | Nine months ended September 30,
|  | 2024 |  | 2023
NON-CASH INVESTING ACTIVITIES: |  | in thousands
Issuance of notes receivable (1) |  | $ | 5,290 |  |  | $ | 6,067 |
Collection of notes receivable (1) |  | $ | 7,264 |  |  | $ | 4,547 |
Capital expenditures |  | $ | 248 |  |  | $ | 237 |
Acquisitions |  | $ | — |  |  | $ | 1,742 |
Termination of MHH Joint Venture (Refer to Note 9) |  | $ | — |  |  | $ | 2,929 |
NON-CASH FINANCING ACTIVITIES: |  |  |  |
Warrant Exchange (Refer to Note 17) |  | $ | 2,006 |  |  | $ | — |
Exchange of THG units for Class A Common Stock (Refer to Note 16) |  | $ | 3,227 |  |  | $ | 2,311 |
CASH PAID FOR: |  |  |  |
Interest |  | $ | 5,559 |  |  | $ | 4,236 |
Income taxes |  | $ | 17,500 |  |  | $ | 7,000 |
(1) In certain situations, BAC makes loans to refinance accounts receivable balances generated by Broad Arrow Group, Inc. ("Broad Arrow") auction or private sale purchases. These loans are accounted for on the Condensed Consolidated Balance Sheets as non-cash reclassifications between "Accounts receivable" and "Notes receivable" and are not presented within Investing Activities in the Company's Condensed Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such loans is classified within Operating Activities in the Company's Condensed Consolidated Statements of Cash Flows.
Schedule of Restricted Assets | The following table presents the components of the Company's restricted assets as of September 30, 2024 and December 31, 2023:
| Balance Sheet Classification |  | September 30, |  | December 31,
|  | 2024 |  | 2023
|  |  | in thousands
Cash and cash equivalents | Restricted cash and cash equivalents |  | $ | 176,309 |  |  | $ | 615,950 |
Fixed maturity securities | Investments |  | 522,212 |  |  | 16,472 |
Equity securities | Investments |  | 11,580 |  |  | — |
Total restricted assets |  |  | $ | 710,101 |  |  | $ | 632,422 |

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