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Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured At Fair Value

The Company’s financial instruments measured at fair value in the Consolidated Statement of Financial Position as of December 31, 2025, and December 31, 2024 have been categorized based on the fair value hierarchy as follows:

			As of December 31, 2025
			Level 1						Level 2						Level 3
(Dollars in Thousands)			Quoted Prices						Observable Inputs						Unobservable Inputs						Total
Assets:
Mutual funds			$	42					$	—					$	—					$	42
Exchange-traded funds and BDC funds			35						—						—						35
Investments – External Strategic Managers			—						—						142,976						142,976
Investments – Affiliated Funds (1)			—						—						—						1,080
Other			6						57						—						63
Total			$	83					$	57					$	142,976					$	144,196
Liabilities:
Preferred stock tranche liability			$	—					$	—					$	2,410					$	2,410
Earn-out liabilities			—						—						57,411						57,411
TRA liability (2)			—						—						8,785						8,785
Total			$	—					$	—					$	68,606					$	68,606

			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			—						—						147,568						147,568
Investments – Affiliated Funds (1)			—						—						—						883
Total			$	223					$	—					$	147,568					$	148,674
Liabilities:
Preferred stock tranche liability			$	—					$	—					$	3,940					$	3,940
Earn-out liabilities			—						—						64,639						64,639
TRA liability (2)			—						—						9,378						9,378
Earn-in consideration payable			932						—						—						932
Total			$	932					$	—					$	77,957					$	78,889

(1) Investments in Affiliated Funds are measured at fair value using the NAV (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 equal to the expected future payments under the TRA.

Schedule of Changes In Fair Value of Liability Level 3 Measurements

The following table sets forth a summary of changes in the fair value of Level 3 financial instruments during the years ended December 31, 2025 and December 31, 2024:

			As of December 31, 2025
(Dollars in Thousands)			Beginning balance						Issuances						Settlements						Net (gains) losses (1)						Transfers out of Level 3						Ending balance
Assets:
Investments – External Strategic Managers			$	147,568					$	—					$	—					$	(4,592)					$	—					$	142,976
Liabilities:
Preferred stock tranche liability			$	3,940					—						—						(1,530)						—						$	2,410
Earn-out liability			$	23,848					—						—						(8,580)						—						$	15,268
EEA earn-out liability			$	29,871					—						(7,387)						2,775						—						$	25,259
Envoi earn-out consideration liability			$	9,600					—						(2,953)						1,573						—						$	8,220
Envoi earn-out growth consideration liability			$	1,320					—						—						300						—						$	1,620
Kontora earn-out liability			$	—					5,743						—						1,301						—						$	7,044
TRA liability			$	9,378					—						—						(593)						—						$	8,785

			As of December 31, 2024
(Dollars in Thousands)			Beginning balance						Issuances						Settlements						Net (gains) losses (1)						Transfers out of Level 3 (2)						Ending balance
Assets:
Investments – External Strategic Managers			$	164,077					$	—					$	—					$	(16,509)					$	—					$	147,568
Liabilities:
Preferred stock tranche liability			—						4,540						—						(600)						—						3,940
Earn-out liability			62,380						—						—						(38,532)						—						23,848
EEA earn-out liability			—						23,308						—						6,563						—						29,871
Envoi earn-out consideration liability			—						7,980						—						1,620						—						9,600
Envoi earn-out growth consideration liability			—						1,020						—						300						—						1,320
AWMS earn-out liability			1,064						—						—						39						(1,103)						—
TRA liability			13,233						—						—						(3,855)						—						9,378

(1) Realized and unrealized gains/(losses) on Investments - External Strategic Managers, Preferred stock tranche liability, earn-out liabilities and TRA liability are recorded in Gain (loss) on investments, Gain (loss) on preferred stock tranche liability, Gain (loss) on earnout liabilities, and Gain (loss) on TRA, respectively, in the Consolidated Statement of Operations.

(2) During the year ended December 31, 2024, there was one transfer from Level 3 to Level 1 of the AWMS earn-out liability.

Schedule of Valuation Methodologies

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 2025

(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			$	142,976					Discounted Cash Flow						Discount rate						17.0% -30.0%						Lower
															Long-term growth rate						4.0		%				Higher
Level 3 Liabilities:
TRA liability			$	8,785					Monte Carlo						Volatility						55.0		%				Lower
															Correlation						22.5		%				Higher
															Cost of debt range						10.6% - 11.9%						Lower
															Equity risk premium						5.8% - 13.2%						Lower
Business Combination earn-out liability			$	15,268					Monte Carlo						Volatility						65.0		%				Higher
															Risk-free rate						3.5		%				Higher
EEA earn-out liability			$	25,259					Discounted Cash Flow						EBITDA Discount Rate						14.6		%				Lower
															Risk-free rate						3.5		%				Lower
															Credit spread						9.3		%				Lower
Envoi earn-out consideration liability			$	8,220					Discounted Cash Flow						Revenue risk-adjusted discount rate						11.0		%				Lower
															Risk-free rate						3.4		%				Lower
															Credit spread						9.1		%				Lower
Envoi earn-out growth consideration liability			$	1,620					Monte Carlo						Metric volatility						29.0		%				Lower
															Risk-free rate						3.4		%				Lower
															Revenue discount rate						11.0		%				Lower
															Credit Risk Adjusted Discount Rate						12.5		%				Lower
Kontora earn-out liability			$	7,044					Discounted Cash Flow						Discount rate						11.7		%				Lower
Preferred stock tranche liability			$	2,410					Binomial lattice model						Volatility						47.5		%				Lower
															Probability of option exercise						50.0		%				Higher
															Risk-free rate						4.8		%				Lower
															Credit spread						9.3		%				Lower

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 2024

(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
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

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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 liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability.

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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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