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Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following is a summary categorization of the Company’s financial instruments based on the inputs utilized in determining the value of such financial instruments. Investments at fair value as of December 31, 2024, and December 31, 2023 are presented below:

			As of December 31, 2024
			Level 1						Level 2						Level 3
(Dollars in Thousands)			Quoted Prices						Observable Inputs						Unobservable Inputs						Total
Assets:
Mutual funds			$	105					$	—					$	—					$	105
Exchange-traded funds and BDC funds			118						—						—						118
Investments – External Strategic Managers (1)			—						—						147,568						147,568
Investments – Affiliated Funds (2)			—						—						—						883
Contingent consideration receivable			—						—						1,389						1,389
Total			$	223					$	—					$	148,957					$	150,063
Liabilities:
Preferred stock tranche liability			$	—					$	—					$	3,940					$	3,940
Earn-out liabilities			—						—						64,639						64,639
TRA liability (3)			—						—						9,378						9,378
Earn-in consideration payable			932						—						—						932
Total			$	932					$	—					$	77,957					$	78,889

(1) The fair value of certain investments within the Company’s Investments - External Strategic Managers are reported on a one-month lag from the fund financial statements due to timing of the information provided by the funds and third-party entities unless information is available on a timelier basis. As a result, any changes in the markets in which our managed funds operate, and the impact market conditions have on underlying asset valuations, may not yet be reflected in reported amounts.

(2) Investments in Affiliated Funds are measured at fair value using the net asset value (or its equivalent) practical expedient. The Company’s investments in Affiliated Funds represent interests that do not trade in an active market and are valued using the NAV of each investment company as reported and without adjustment. The Company does not have any commitments to the Affiliated Funds and redemptions are permitted on a monthly basis and require 30 days’ notice. The strategies of the Affiliated Funds primarily focus on near-dated, hard catalyst events that typically involve hostile deals, proposals, minority interest buy-ins, leverage buyouts, activism, spin-offs, recapitalizations, and agreed upon deals. The investments held in the Affiliated Funds are primarily highly liquid and marketable securities. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statement of Financial Position.

(3) The Company carries a portion of its TRA liability at fair value equal to the expected future payments under the TRA.

			As of December 31, 2023
			Level 1						Level 2						Level 3
(Dollars in Thousands)			Quoted Prices						Observable Inputs						Unobservable Inputs						Total
Assets:
Mutual funds			$	75					$	—					$	—					$	75
Exchange-traded funds			108						—						—						108
Investments – External Strategic Managers			7						—						164,077						164,084
Investments – Affiliated Funds (1)			—						—						—						1,627
Total			$	190					$	—					$	164,077					$	165,894
Liabilities:
Earn-out liabilities			$	—					$	—					$	63,444					$	63,444
TRA liability (2)			—						—						13,233						13,233
Earn-in consideration payable			1,830						—						—						1,830
Total			$	1,830					$	—					$	76,677					$	78,507

(1) Investments in Affiliated Funds are measured at fair value using the net asset value (or its equivalent) practical expedient. The Company’s investments in Affiliated Funds represent interests that do not trade in an active market and are valued using the NAV of each investment company as reported and without adjustment. The Company does not have any commitments to the Affiliated Funds and redemptions are permitted on a monthly basis and require 30 days’ notice. The strategies of the Affiliated Funds primarily focus on near-dated, hard catalyst events that typically involve hostile deals, proposals, minority interest buy-ins, leverage buyouts, activism, spin-offs, recapitalizations, and agreed upon deals. The investments held in the Affiliated Funds are primarily highly liquid and marketable securities. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statement of Financial Position.

(2) The Company carries a portion of its TRA liability at fair value based on the expected future payments under the TRA.

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a summary of changes in the fair value of Level 3 measurements as of December 31, 2024 and December 31, 2023:

			Level 3 Liabilities as of December 31, 2024
(Dollars in Thousands)			TRA liability						Earn-out liability						AWMS earn-out liability						EEA earn-out liability						Envoi earn-out consideration liability						Envoi earn-out growth consideration liability																								Preferred stock tranche liability						Total
Beginning balance			$	13,233					$	62,380					$	1,064					$	—					$	—					$	—																							$	—					$	76,677
Issuances			—						—						—						23,308						7,980						1,020																								4,540						36,848
Settlements			—						—						—						—						—						—																								—						—
Net (gains) losses			(3,855)						(38,532)						39						6,563						1,620						300																								(600)						(34,465)
Transfers out of Level 3			$	—					$	—					(1,103)						—						—						—																								$	—					$	(1,103)
Ending balance			$	9,378					$	23,848					$	—					$	29,871					$	9,600					$	1,320																							$	3,940					$	77,957

			Level 3 Liabilities as of December 31, 2023
(Dollars in Thousands)			TRA Liability						Earn-out Liability						AWMS earn-out liability						Earn-in consideration payable						Total
Beginning balance			$	13,000					$	91,761					$	—					$	1,519					$	106,280
Issuances			—						—						2,721						—						2,721
Settlements			—						—						—						—						—
Net (gains) losses			233						(29,381)						(1,657)						311						(30,494)
Transfers out of Level 3			$	—					$	—					—						$	(1,830)					$	(1,830)
Ending balance			$	13,233					$	62,380					$	1,064					$	—					$	76,677

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

			Level 3 Assets as of December 31, 2024
(Dollars in Thousands)			Investments – External Strategic Managers						Contingent Consideration Receivable						Total
Beginning balance			$	164,077					$	—					$	164,077
Realized and Unrealized Gains (Losses)			(16,509)						(546)						(17,055)
Purchases			—						1,935						1,935
Ending balance			$	147,568					$	1,389					$	148,957

			Level 3 Assets as of December 31, 2023
(Dollars in Thousands)			Investments – External Strategic Managers												Total
Beginning balance			$	146,130											$	146,130
Realized and Unrealized Gains (Losses)			$	2,580											$	2,580
Purchases			$	15,367											$	15,367
Ending balance			$	164,077											$	164,077

Schedule of Fair Value Measurement Inputs and Valuation Techniques

(Dollars in Thousands)			Fair Value						Valuation Techniques						Unobservable Inputs						Ranges						Impact to Valuation from an Increase in Input
Level 3 Assets:
Investments – External Strategic Managers			$	147,568					Discounted Cash Flow						Discount rate						18.0% -33%						Lower
															Long-term growth rate						4.0		%				Higher
Contingent consideration receivable			$	1,389					Monte Carlo						Risk-free rate						4.2		%				Higher
															Volatility						26.5		%				Lower
															Credit spread						0.8		%				Lower
Level 3 Liabilities:
TRA liability			$	9,378					Monte Carlo						Volatility						55.0		%				Lower
															Correlation						22.5		%				Higher
															Cost of debt range						10.2% - 10.9%						Lower
															Equity risk premium						6.1% - 13.2%						Lower
Business Combination earn-out liability			$	23,848					Monte Carlo						Volatility						70.0		%				Higher
															Risk-free rate						4.3		%				Higher
EEA earn-out liability			$	29,871					Discounted Cash Flow						EBITDA Discount Rate						16.3		%				Lower
															Risk-free rate						4.3		%				Lower
															Credit spread						7.9		%				Lower
Envoi earn-out consideration liability			$	9,600					Discounted Cash Flow						Growth rate						10.9		%				Higher
															Revenue risk-adjusted discount rate						12.5		%				Lower
															Risk-free rate						4.2		%				Lower
															Credit spread						7.7		%				Lower
Envoi earn-out growth consideration liability			$	1,320					Monte Carlo						Metric volatility						33.0		%				Lower
															Risk-free rate						4.3		%				Lower
															Revenue discount rate						12.5		%				Lower
															Credit Risk Adjusted Discount Rate						11.9		%				Lower
Preferred stock tranche liability			$	3,940					Binomial lattice model						Volatility						50.0		%				Higher
															Probability of option exercise						50.0		%				Higher
															Risk-free rate						4.8		%				Lower
															Credit spread						7.9		%				Lower

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 2023

(Dollars in Thousands)			Fair Value						Valuation Techniques						Unobservable Inputs						Ranges						Impact to Valuation from an Increase in Input
Level 3 Assets:
Investments – External Strategic Managers			$	164,077					Discounted Cash Flow						Discount rate						21.5% -29.0%						Lower
															Long-term growth rate						4.0		%				Higher
Level 3 Liabilities:
TRA liability			$	13,233					Monte Carlo						Volatility						40.0		%				Lower
															Correlation						20.0		%				Higher
															Cost of debt range						4.1% - 5.1%						Lower
															Equity risk premium						7.4% - 13.1%						Lower
Business Combination earn-out liability			$	62,380					Monte Carlo						Volatility						40.0		%				Higher
															Risk-free rate						3.9		%				Higher
AWMS earn-out liability			$	1,064					Monte Carlo						Revenue Volatility						14.0		%				Higher
															Risk-free rate						1.1		%				Higher
															Revenue Discount Rate						3.5		%				Lower
															Liability Discount Rate						5.6		%				Lower
															Deferred Payment Liability Discount Rate						5.3		%				Lower

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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