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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash consist of the following:

			December 31, 2023						December 31, 2022
Cash and cash equivalents			$	231,964					$	268,618
Restricted cash			1,875						2,308
Total cash, cash equivalents and restricted cash			$	233,839					$	270,926

Schedule of cash and cash equivalents

Cash, cash equivalents and restricted cash consist of the following:

			December 31, 2023						December 31, 2022
Cash and cash equivalents			$	231,964					$	268,618
Restricted cash			1,875						2,308
Total cash, cash equivalents and restricted cash			$	233,839					$	270,926

Schedule of securities and other investments owned and securities sold not yet purchased at fair value

As of December 31, 2023 and 2022, the Company’s securities and other investments owned and securities sold not yet purchased at fair value consisted of the following securities:

			December 31, 2023						December 31, 2022
Securities and other investments owned:
Equity securities			$	994,634					$	1,046,710
Corporate bonds			59,287						8,539
Other fixed income securities			2,989						3,956
Partnership interests and other			35,196						70,063
			$	1,092,106					$	1,129,268
Securities sold not yet purchased:
Equity securities			$	1,037					$	4,466
Corporate bonds			5,971						1,162
Other fixed income securities			1,593						269
			$	8,601					$	5,897

Equity method investments

			As of September 30,
			2023(1)						2022
Current assets			$	51,588					$	58,552
Noncurrent assets			$	269,809					$	143,969
Current liabilities			$	8,594					$	4,855
Noncurrent liabilities			$	760					$	883
Equity attributable to investee			$	309,167					$	196,783
Noncontrolling interest			$	2,876					$	—

			For the twelve months ended September 30,
			2023(1)						2022						2021
Revenues			$	147,938					$	127,240					$	99,386
Cost of revenues and expenses			$	75,160					$	62,440					$	51,430
Net income attributable to investees			$	75,338					$	67,354					$	62,925

(1) - Financial information for 2023 includes two additional investments as a result of the acquisition of a majority ownership interest in bebe stores, inc. (“bebe”) in 2023 and an other investment made in 2023.

The following tables contain summarized financial information with respect to Freedom VCM, included below for purposes of the disclosure a quarter in arrears (balance sheet amounts as of September 30, 2023 correspond to amounts as of December 31, 2023 of the Company; income statement amounts during the twelve months ended September 30, 2023 correspond to amounts during the twelve months ended December 31, 2023 of the Company), which is the period in which the most recent financial information is available:

			As of September 30, 2023
Current assets			$	1,219,682
Noncurrent assets			$	3,142,660
Current liabilities			$	749,894
Noncurrent liabilities			$	2,695,445
Equity attributable to investee			$	917,003

			For the twelve months ended September 30, 2023
Revenues			$	4,276,097
Cost of revenues			$	2,608,203
Net loss attributable to investees			$	(276,813)

			As of September 30,
			2023						2022
Current assets			$	542,300					$	498,593
Noncurrent assets			$	294,979					$	382,974
Current liabilities			$	393,539					$	319,533
Noncurrent liabilities			$	585,430					$	579,162
Equity attributable to investee			$	(142,316)					$	(18,019)
Noncontrolling interest			$	626					$	891

			For the twelve months ended September 30,
			2023						2022						2021
Revenues			$	1,022,064					$	832,233					$	680,921
Cost of revenues			$	795,422					$	651,493					$	512,601
Loss (income) from continuing operations			$	(23,484)					$	(3,958)					$	13,045
Net (loss) income			$	(128,587)					$	(2,052)					$	6,362
Net (loss) income attributable to investees			$	(143,591)					$	(13,868)					$	481

The following tables contain summarized financial information for these companies, included below for purposes of the disclosure a quarter in arrears (balance sheet amounts as of September 30, 2023 and 2022, correspond to amounts as of December 31, 2023 and 2022, respectively, of the Company; income statement amounts during the twelve months ended September 30, 2023, 2022, and 2021, correspond to amounts during the twelve months ended December 31,

2023, 2022 and 2021, respectively, of the Company), which is the period in which the most recent financial information is available:

			Synchronoss Technologies, Inc.												Alta Equipment Group, Inc.
			As of September 30,												As of September 30,
			2023						2022						2023						2022
Current assets			$	85,903					$	112,377					$	784,300					$	581,900
Noncurrent assets			$	275,304					$	286,512					$	696,100					$	560,700
Current liabilities			$	74,528					$	81,667					$	569,800					$	415,200
Noncurrent liabilities			$	166,673					$	170,809					$	763,100					$	586,700
Equity attributable to investee			$	120,006					$	146,413					$	147,500					$	140,700

			Synchronoss Technologies, Inc.																		Alta Equipment Group, Inc.
			For the twelve months ended September 30,																		For the twelve months ended September 30,
			2023						2022						2021						2023						2022						2021
Revenues			$	234,699					$	264,829					$	276,161					$	1,783,900					$	1,499,500					$	1,136,900
Cost of revenues			$	82,167					$	95,621					$	111,438					$	1,298,900					$	1,101,600					$	847,200
Net (loss) income attributable to investees			$	(45,468)					$	(3,655)					$	(142,810)					$	7,100					$	6,500					$	(25,300)

The following table contains summarized financial information for these companies, included below for purposes of the disclosure a quarter in arrears (balance sheet amounts as of September 30, 2023 and 2022, correspond to amounts as of December 31, 2023 and 2022, respectively, of the Company; income statement amounts during the twelve months ended September 30, 2023, 2022, and 2021, correspond to amounts during the twelve months

ended December 31, 2023, 2022 and 2021, respectively, of the Company), which is the period in which the most recent financial information is available:

			As of September 30,
			2023						2022
Current assets			$	281,610					$	69,706
Noncurrent assets			$	627,858					$	168,721
Current liabilities			$	150,114					$	40,985
Noncurrent liabilities			$	277,638					$	104,758
Preferred stock			$	4,500					$	4,500
Equity attributable to investee			$	477,216					$	88,184

			For the twelve months ended September 30,
			2023						2022						2021
Revenues			$	551,374					$	114,941					$	17,352
Cost of revenue and expenses			$	383,461					$	55,780					$	7,432
Net income (loss) attributable to investees			$	35,898					$	6,146					$	(3,402)

Equity securities without readily determinable fair value

As of December 31, 2023 and 2022, the following table presents the carrying value of equity securities measured under the measurement alternative investments and the related adjustments recorded during the periods presented for those securities with observable price changes:

			December 31, 2023						December 31, 2022
Securities and other investments owned, carrying value			$	64,455					$	94,109
Upward carrying value changes			100						7,940
Downward carrying value changes/impairment			(21,395)						(4,268)

Schedule of financial assets and liabilities measured on recurring basis

The following tables present information on the financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2023 and 2022.

			Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2023 Using
			Fair value at December 31, 2023						Quoted prices in active markets for identical assets (Level 1)						Other observable inputs (Level 2)						Significant unobservable inputs (Level 3)
Assets:
Securities and other investments owned:
Equity securities			$	930,179					$	194,541					$	—					$	735,638
Corporate bonds			59,287						56,045						3,242						—
Other fixed income securities			2,989						—						2,989						—
Total securities and other investments owned			992,455						250,586						6,231						735,638
Loans receivable, at fair value			532,419						—						—						532,419
Total assets measured at fair value			$	1,524,874					$	250,586					$	6,231					$	1,268,057
Liabilities:
Securities sold not yet purchased:
Equity securities			$	1,037					$	1,037					$	—					$	—
Corporate bonds			5,971						—						5,971						—
Other fixed income securities			1,593						—						1,593						—
Total securities sold not yet purchased			8,601						1,037						7,564						—
Mandatorily redeemable noncontrolling interests issued after November 5, 2003			5,835						—						—						5,835
Contingent consideration			27,985						—						—						27,985
Total liabilities measured at fair value			$	42,421					$	1,037					$	7,564					$	33,820

			Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2022 Using
			Fair value at December 31, 2022						Quoted prices in active markets for identical assets (Level 1)						Other observable inputs (Level 2)						Significant unobservable inputs (Level 3)
Assets:
Funds held in trust account			$	174,437					$	174,437					$	—					$	—
Securities and other investments owned:
Equity securities			952,601						584,136						—						368,465
Corporate bonds			8,539						—						8,539						—
Other fixed income securities			3,956						—						3,956						—
Total securities and other investments owned			965,096						584,136						12,495						368,465
Loans receivable, at fair value			701,652						—						—						701,652
Total assets measured at fair value			$	1,841,185					$	758,573					$	12,495					$	1,070,117
Liabilities:
Securities sold not yet purchased:
Equity securities			$	4,466					$	4,466					$	—					$	—
Corporate bonds			1,162						—						1,162						—
Other fixed income securities			269						—						269						—
Total securities sold not yet purchased			5,897						4,466						1,431						—
Mandatorily redeemable noncontrolling interests issued after November 5, 2003			4,648						—						—						4,648
Warrant liabilities			173						173						—						—
Contingent consideration			31,046						—						—						31,046
Total liabilities measured at fair value			$	41,764					$	4,639					$	1,431					$	35,694

Fair value measurement inputs and valuation techniques

The following table summarizes the significant unobservable inputs in the fair value measurement of level 3 financial assets and liabilities by category of investment and valuation technique as of December 31, 2023:

			Fair value at December 31, 2023						Valuation Technique						Unobservable Input						Range						Weighted  Average(1)
Assets:
Equity securities			$	662,158					Market approach						Multiple of EBITDA						0.7x - 13.5x						7.1x
															Multiple of Sales						0.8x - 3.8x						1.0x
															Market price of related security						$0.04 - $92.51						$12.27
			58,331						Discounted cash flow						Market interest rate						20.2% - 57.0%						24.6%
			15,149						Option pricing model						Annualized volatility						25.0% - 187.0%						75.0%
Loans receivable at fair value			512,522						Discounted cash flow						Market interest rate						10.0% - 41.6%						17.1%
			19,897						Market approach						Market price of related security						$19.87						$19.87
Total level 3 assets measured at fair value			$	1,268,057
Liabilities:
Mandatorily redeemable noncontrolling interests issued after November 5, 2003			$	5,835					Market approach						Operating income multiple						6.0x						6.0x
Contingent consideration			27,985						Discounted cash flow						EBITDA volatility						70.0%						70.0%
															Asset volatility						69.0%						69.0%
															Market interest rate						8.5%						8.5%
															Revenue volatility						5.1%						5.1%
Total level 3 liabilities measured at fair value			$	33,820

(1) - Unobservable inputs were weighted by the relative fair value of the financial instruments.

The following table summarizes the significant unobservable inputs in the fair value measurement of level 3 financial assets and liabilities by category of investment and valuation technique as of December 31, 2022:

			Fair value at December 31, 2022						Valuation Technique						Unobservable Input						Range						Weighted  Average(1)
Assets:
Equity securities			$	304,172					Market approach						Multiple of EBITDA						1.5x - 10.5x						6.0x
															Multiple of Sales						3.0x						3.0x
															Market price of related security						$10.01 - $18.88						$16.91
			57,267						Discounted cash flow						Market interest rate						23.8%						23.8%
			7,026						Option pricing model						Annualized volatility						0.3% - 26.1%						70.0%
Loans receivable at fair value			694,499						Discounted cash flow						Market interest rate						6.0 % - 83.5%						23.9%
			7,153						Market approach						Multiple of EBITDA						4.5x						4.5x
Total level 3 assets measured at fair value			$	1,070,117
Liabilities:
Mandatorily redeemable noncontrolling interests issued after November 5, 2003			$	4,648					Market approach						Operating income multiple						6.0x						6.0x
Contingent consideration			31,046						Discounted cash flow						EBITDA volatility						80.0%						80.0%
															Asset volatility						69.0%						69.0%
															Market interest rate						8.5%						8.5%
Total level 3 liabilities measured at fair value			$	35,694

(1) - Unobservable inputs were weighted by the relative fair value of the financial instruments.

Schedule of fair value measurement of level 3 financial assets and liabilities

The changes in Level 3 fair value hierarchy during the year ended December 31, 2023 and 2022 are as follows:

			Level 3 Balance at Beginning of Year						Level 3 Changes During the Period																								Level 3 Balance at End of Year
									Fair Value Adjustments (1)						Relating to Undistributed Earnings						Purchases, Sales and Settlements						Transfer in and/or out of Level 3
Year Ended December 31, 2023
Equity securities			$	368,465					$	(5,135)					$	(23)					$	366,519					$	5,812					$	735,638
Loans receivable at fair value			701,652						22,366						(5,247)						(186,102)						(250)						532,419
Mandatorily redeemable noncontrolling interests issued after November 5, 2003			4,648						750						1,836						(1,399)						—						5,835
Contingent consideration			31,046						(4,536)						—						1,475						—						27,985
Year Ended December 31, 2022
Equity securities			$	377,549					$	11,110					$	—					$	18,458					$	(38,652)					$	368,465
Loans receivable at fair value			873,186						(54,357)						11,474						(87,814)						(40,837)						701,652
Mandatorily redeemable noncontrolling interests issued after November 5, 2003			4,506						—						1,150						(1,008)						—						4,648
Contingent consideration			—						(10,371)						—						41,417						—						31,046

(1) - Fair value adjustments represent realized and unrealized gains (losses) of which $10,884 relating to equity securities and $22,366 relating to loans receivable, at fair value were included in trading income (loss) and fair value adjustments on loans and $(16,019) relating to equity securities were included in realized and unrealized gains (losses) on investments in the consolidated statement of operations during the year ended December 31, 2023. Fair value adjustments represent realized and unrealized gains (losses) of which $(984) relating to equity securities and $(54,357) relating to loans receivable, at fair value were included in trading income (loss) and fair value adjustments on loans and $12,094 relating to equity securities were included in realized and unrealized gains (losses) on investments in the consolidated statement of operations during the year ended December 31, 2022.

Fair value, liabilities measured on recurring and nonrecurring basis

The following table presents information on the assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of December 31, 2023 and 2022. These investments were measured due to an observable price change or impairment during the years ended December 31, 2023 and 2022.

			Fair Value Measurement Using
			Total						Quoted prices in active markets for identical assets  (Level 1)						Other observable inputs  (Level 2)						Significant unobservable inputs  (Level 3)
As of December 31, 2023
Investments in nonpublic entities that do not report NAV			$	1,628					$	—					$	1,602					$	26
As of December 31, 2022
Investments in nonpublic entities that do not report NAV			$	20,251					$	—					$	18,659					$	1,592

Redeemable noncontrolling interest

Changes to redeemable noncontrolling interest consist of the following:

						Amount
Balance, January 1, 2021						$	—
Proceeds from issuance of BRPM 150 common stock of $172,500 and BRPM 250 common stock of $172,500 subject to possible redemption						345,000
Balance, December 31, 2021						345,000
Net loss						(1,215)
De-consolidation of BRPM 150						(172,584)
Contributions - Fair value of Lingo non-controlling interest as of May 31, 2022 (see Note 3)						8,021
Distributions						(600)
Balance, December 31, 2022						178,622
Net loss						(146)
Purchase of Lingo minority interest						(11,190)
Remeasurement adjustments for Lingo and BRPM 250						8,477
Redemption of BRPM 250 Class A common stock						(175,763)
Balance, December 31, 2023						$	—

Schedule of investments in the VIE

The carrying amounts included in the Company’s consolidated financial statements related to variable interests in VIEs that were not consolidated is shown below.

			December 31, 2023						December 31, 2022
Securities and other investments owned, at fair value			$	28,573					$	33,743
Loans receivable, at fair value			250,801						46,700
Other assets			11,418						3,755
Maximum exposure to loss			$	290,792					$	84,198

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition

Tabular disclosure of financial instruments held by a broker-dealer for its own account (proprietary securities) for trading or investment purposes that are carried at fair value including securities sold, not yet purchased.

+ References

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Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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