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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of cash, cash equivalents and restricted cash

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

			December 31, 2024						December 31, 2023
Cash and cash equivalents			$	154,877					$	222,690
Restricted cash			100,475						1,875
Total cash, cash equivalents and restricted cash			$	255,352					$	224,565

Schedule of cash and cash equivalents

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

			December 31, 2024						December 31, 2023
Cash and cash equivalents			$	154,877					$	222,690
Restricted cash			100,475						1,875
Total cash, cash equivalents and restricted cash			$	255,352					$	224,565

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

As of December 31, 2024 and 2023, the Company’s securities and other investments owned and securities sold not yet purchased at fair value consisted of the following securities:

			December 31, 2024						December 31, 2023
Securities and other investments owned:
Equity securities			$	232,508					$	711,577
Corporate bonds			29,027						59,287
Other fixed income securities			4,923						2,989
Partnership interests and other			15,867						35,196
			$	282,325					$	809,049
Securities sold not yet purchased:
Equity securities			$	—					$	1,037
Corporate bonds			1,891						5,971
Other fixed income securities			3,784						1,593
			$	5,675					$	8,601

Equity method investments

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, 2024 and 2023 correspond to amounts as of December 31, 2024 and 2023, respectively, of the Company; income statement amounts during the twelve months ended September 30, 2024 and 2023 correspond to amounts during the year ended December 31, 2024 and 2023, respectively, of the Company), which is the period in which the most recent financial information is available:

			As of September 30,
			2024						2023
Current assets			$	871,102					$	1,219,682
Noncurrent assets			$	2,889,334					$	3,142,660
Current liabilities			$	569,281					$	749,894
Noncurrent liabilities			$	2,680,178					$	2,695,446
Equity attributable to investee			$	510,977					$	917,003

			For the twelve months ended September 30
			2024						2023
Revenues			$	3,131,138					$	4,276,097
Cost of revenues			$	1,991,258					$	2,608,203
Net loss attributable to investees			$	(391,385)					$	(276,813)

The following tables contain summarized financial information with respect to B&W included below for purposes of the disclosure a quarter in arrears (balance sheet amounts as of September 30, 2024 and 2023, correspond to amounts as of December 31, 2024 and 2023, respectively, of the Company; income statement amounts during the twelve months ended September 30, 2024, 2023, and 2022, correspond to amounts during the year ended December 31, 2024, 2023, and 2022, respectively, of the Company):

			As of September 30,
			2024						2023
Current assets			$	530,223					$	542,300
Noncurrent assets			$	274,410					$	294,979
Current liabilities			$	297,928					$	393,539
Noncurrent liabilities			$	709,823					$	585,430
Equity attributable to investee			$	(203,694)					$	(142,316)
Noncontrolling interest			$	576					$	626

			For the twelve months ended September 30,
			2024						2023						2022
Revenues			$	878,224					$	1,022,064					$	832,233
Cost of revenues			$	721,112					$	795,422					$	651,493
Loss from continuing operations			$	(55,910)					$	(23,484)					$	(3,958)
Net loss			$	(59,482)					$	(128,587)					$	(2,052)
Net loss attributable to investees			$	(67,019)					$	(143,591)					$	(13,868)

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, 2024 and 2023, correspond to amounts as of December 31, 2024 and 2023, respectively, of the Company; income statement amounts during the twelve months ended September 30, 2024, 2023, and 2022, correspond to amounts during the year ended December 31, December 31, 2024, 2023 and 2022, respectively, of the Company), which is the period in which the most recent financial information is available:

			Synchronoss																		Alta Equipment Group, Inc.
			As of September 30,																		As of September 30,
			2024						2023												2023
Current assets			$	77,940					$	85,903											$	784,300
Noncurrent assets			$	221,758					$	275,304											$	696,100
Current liabilities			$	41,553					$	74,528											$	569,800
Noncurrent liabilities			$	210,342					$	166,673											$	763,100
Equity attributable to investee			$	47,803					$	120,006											$	147,500

			Synchronoss																								Alta Equipment Group, Inc.
			For the twelve months ended September 30,																								For the twelve months ended September 30,
			2024						2023						2022												2023						2022
Revenues			$	170,789					$	234,699					$	264,829											$	1,783,900					$	1,499,500
Cost of revenues			$	68,365					$	82,167					$	95,621											$	1,298,900					$	1,101,600
Net (loss) income attributable to investees			$	(38,283)					$	(45,468)					$	(3,655)											$	7,100					$	6,500

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, 2024 and 2023, correspond to amounts as of December 31, 2024 and 2023, respectively, of the Company; income statement amounts during the twelve months ended September 30, 2024, 2023, and 2022, correspond to amounts during the year ended December 31, 2024, 2023 and 2022, respectively, of the Company), which is the period in which the most recent financial information is available:

			As of September 30,
			2024						2023
Current assets			$	215,927					$	281,610
Noncurrent assets			$	572,628					$	627,858
Current liabilities			$	86,672					$	150,114
Noncurrent liabilities			$	105,711					$	277,638
Preferred stock			$	—					$	4,500
Equity attributable to investee			$	596,172					$	477,216

			For the twelve months ended September 30,
			2024						2023						2022
Revenues			$	428,564					$	551,374					$	114,941
Cost of revenue and expenses			$	320,364					$	383,461					$	55,780
Net (loss) income attributable to investees			$	(43,372)					$	35,898					$	6,146

Equity securities without readily determinable fair value

As of December 31, 2024 and 2023, 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, 2024						December 31, 2023
Securities and other investments owned, carrying value			$	67,100					$	64,455
Upward carrying value changes			1,848						100
Downward carrying value changes/impairment			(2)						(21,395)

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, 2024 and 2023.

			Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2024 Using
			Fair value at December 31, 2024						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			$	165,408					$	124,892					$	—					$	40,516
Corporate bonds			29,027						25,461						3,566						—
Other fixed income securities			4,923						—						4,923						—
Total securities and other investments owned			199,358						150,353						8,489						40,516
Loans receivable, at fair value			90,103						—						—						90,103
Total assets measured at fair value			$	289,461					$	150,353					$	8,489					$	130,619
Liabilities:
Securities sold not yet purchased:
Corporate bonds			$	1,891					$	—					$	1,891					$	—
Other fixed income securities			3,784						—						3,784						—
Total securities sold not yet purchased			5,675						—						5,675						—
Contingent consideration			7,630						—						—						7,630
Total liabilities measured at fair value			$	13,305					$	—					$	5,675					$	7,630

			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			$	647,122					$	194,541					$	—					$	452,581
Corporate bonds			59,287						56,045						3,242						—
Other fixed income securities			2,989						—						2,989						—
Total securities and other investments owned			709,398						250,586						6,231						452,581
Loans receivable, at fair value			532,419						—						—						532,419
Total assets measured at fair value			$	1,241,817					$	250,586					$	6,231					$	985,000
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						—
Contingent consideration			27,985						—						—						27,985
Total liabilities measured at fair value			$	36,586					$	1,037					$	7,564					$	27,985

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, 2024:

			Fair value at December 31, 2024						Valuation Technique						Unobservable Input						Range						Weighted Average(1)
Assets:
Equity securities			$	34,654					Market approach						Multiple of EBITDA(2)						6.3x						6.3x
															Multiple of Sales						2.1x - 8.0x						3.1x
															Market price of related security						$9.97 - $11.10						$10.76
			5,862						Option pricing model						Annualized volatility						47.0% - 171.0%						87.0%
Loans receivable at fair value			86,150						Discounted cash flow						Market interest rate						7.3% - 69.1%						19.7%
			3,953						Market approach						Market price of related security						$9.60 - $16.48						$12.90
Total level 3 assets measured at fair value			$	130,619
Liabilities:
Contingent consideration			7,630						Discounted cash flow						Market interest rate						5.0% - 7.5%						5.1%
															Revenue volatility						5.0% - 6.3%						5.8%
Total level 3 liabilities measured at fair value			$	7,630

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

(2) Multiple of earnings before interest, taxes, depreciation, and amortization ("EBITDA").

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			$	324,279					Market approach						Multiple of EBITDA						0.7x - 13.5x						8.3x
															Multiple of Sales						0.8x to 3.5x						0.9x
															Market price of related security						$0.04 - $92.51						$12.27
			58,331						Discounted cash flow						Market interest rate						20.2% - 57.0%						24.60%
			69,971						Option pricing model						Annualized volatility						25.0% - 187.0%						67.0%
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			$	985,000
Liabilities:
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			$	27,985

(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, 2024 and 2023 are as follows:

			Level 3 Balance at Beginning of Year						Level 3 Changes During the Period																																				Level 3 Balance at End of Period						Change in unrealized gains (losses) (3)
									Fair Value Adjustments (1)						Relating to Undistributed Earnings						Purchases/ Originations						Sales						Settlements/ Repayments						Transfer in and/or out of Level 3 (2)
Year Ended December 31, 2024
Equity securities			$	452,581					$	(349,918)					$	20					$	3,862					$	(78,197)					$	13,245					$	(1,077)					$	40,516					$	(65,839)
Loans receivable at fair value			532,419						(325,499)						5,420						107,025						(30,936)						(198,326)						—						90,103						(335,295)
Contingent consideration			27,985						2,324						—						1,055						—						(12,921)						(10,813)						7,630						—
Year Ended December 31, 2023
Equity securities			$	153,972					$	(4,600)					$	(22)					$	341,802					$	(44,383)					$	—					$	5,812					$	452,581					$	(21,987)
Loans receivable at fair value			701,652						20,225						(3,105)						531,844						(84,984)						(632,963)						(250)						532,419						21,641
Contingent consideration			31,046						(4,537)						—						3,381						—						(1,905)						—						27,985						—

(1) - Fair value adjustments during the year ended December 31, 2024 includes the following: $(349,918) of realized and unrealized gains (losses) on equity securities is comprised of $(70,437) of realized and unrealized gains (losses) included in trading (loss) income and $(279,481) of realized and unrealized gains (losses) included in other income (loss) - realized and unrealized gains (losses) on investments, $(325,499) of fair value adjustments on loans included in fair value adjustments on loans, and $2,324 related to contingent consideration included in selling, general and administrative expenses in the consolidated statement of operations. Fair value adjustments during the year ended December 31, 2023 includes the following: $(4,600) of realized and unrealized gains (losses) on equity securities is comprised of $10,883 of realized and unrealized gains (losses) included in trading (loss) income and $(15,483) of realized and unrealized gains (losses) included in other income (loss) - realized and unrealized gains (losses) on investments, $20,225 of fair value adjustments on loans included in fair value adjustments on loans, and $(4,537) related to contingent consideration included in selling, general and administrative expenses in the consolidated statement of operations.

(2) - The $10,813 transfer out of Level 3 represents the reclassification of contingent consideration associated with Atlantic Coast Recycling to liabilities held for sale during the year ended December 31, 2024. Refer to Note 4 for more information.

(3) - For the years ended December 31, 2024 and 2023, the change in unrealized gains (losses) is related to financial instruments held at the end of each respective reporting period.

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, 2024 and 2023. These investments were measured due to an observable price change or impairment during the years ended December 31, 2024 and 2023.

			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, 2024
Investments in nonpublic entities that do not report NAV			$	7,294					$	—					$	7,294					$	—
As of December 31, 2023
Investments in nonpublic entities that do not report NAV			$	1,628					$	—					$	1,602					$	26

Redeemable noncontrolling interest

Changes to redeemable noncontrolling interest consist of the following:

						Amount
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, 2024						December 31, 2023
Securities and other investments owned, at fair value			$	—					$	28,573
Loans receivable, at fair value			28,193						250,801
Other assets			3,359						11,418
Maximum exposure to loss			$	31,552					$	290,792

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
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-Section S99
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-Subparagraph (SX 210.7-03(a)(2))
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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
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- Definition

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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