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v3.25.2

Consolidation - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Assets |  |
Cash equivalents | $ 137,523 | $ 225,736
Total assets measured at fair value | 239,229 | 324,666
Liabilities |  |
Total liabilities measured at fair value | 20,000 | 36,100
Level 1 |  |
Assets |  |
Cash equivalents | 137,523 | 225,736
Total assets measured at fair value | 236,883 | 323,210
Liabilities |  |
Total liabilities measured at fair value | 0 | 0
Level 2 |  |
Assets |  |
Cash equivalents | 0 | 0
Total assets measured at fair value | 2,346 | 1,456
Liabilities |  |
Total liabilities measured at fair value | 0 | 0
Level 3 |  |
Assets |  |
Cash equivalents | 0 | 0
Total assets measured at fair value | 0 | 0
Liabilities |  |
Total liabilities measured at fair value | 20,000 | 36,100
Fair Value, Measurements, Recurring | Consolidated Investment Products |  |
Assets |  |
Cash equivalents | 66,224 | 127,695
Total assets measured at fair value | 2,313,904 | 2,398,412
Liabilities |  |
Notes payable | 2,021,538 | 2,171,946
Short sales | 287 | 356
Total liabilities measured at fair value | 2,021,825 | 2,172,302
Fair Value, Measurements, Recurring | Debt investments | Consolidated Investment Products |  |
Assets |  |
Investments | 2,210,253 | 2,246,600
Fair Value, Measurements, Recurring | Equity investments | Consolidated Investment Products |  |
Assets |  |
Investments | 37,427 | 24,117
Fair Value, Measurements, Recurring | Level 1 | Consolidated Investment Products |  |
Assets |  |
Cash equivalents | 66,224 | 127,695
Total assets measured at fair value | 107,927 | 150,688
Liabilities |  |
Notes payable | 0 | 0
Short sales | 287 | 356
Total liabilities measured at fair value | 287 | 356
Fair Value, Measurements, Recurring | Level 1 | Debt investments | Consolidated Investment Products |  |
Assets |  |
Investments | 5,064 | 0
Fair Value, Measurements, Recurring | Level 1 | Equity investments | Consolidated Investment Products |  |
Assets |  |
Investments | 36,639 | 22,993
Fair Value, Measurements, Recurring | Level 2 | Consolidated Investment Products |  |
Assets |  |
Cash equivalents | 0 | 0
Total assets measured at fair value | 2,131,353 | 2,240,035
Liabilities |  |
Notes payable | 2,021,538 | 2,171,946
Short sales | 0 | 0
Total liabilities measured at fair value | 2,021,538 | 2,171,946
Fair Value, Measurements, Recurring | Level 2 | Debt investments | Consolidated Investment Products |  |
Assets |  |
Investments | 2,131,343 | 2,239,924
Fair Value, Measurements, Recurring | Level 2 | Equity investments | Consolidated Investment Products |  |
Assets |  |
Investments | 10 | 111
Fair Value, Measurements, Recurring | Level 3 | Consolidated Investment Products |  |
Assets |  |
Cash equivalents | 0 | 0
Total assets measured at fair value | 74,624 | 7,689
Liabilities |  |
Notes payable | 0 | 0
Short sales | 0 | 0
Total liabilities measured at fair value | 0 | 0
Fair Value, Measurements, Recurring | Level 3 | Debt investments | Consolidated Investment Products |  |
Assets |  |
Investments | 73,846 | 6,676
Fair Value, Measurements, Recurring | Level 3 | Equity investments | Consolidated Investment Products |  |
Assets |  |
Investments | $ 778 | $ 1,013

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- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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