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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2024
Accounting Policies [Abstract] |
Schedule of cash and cash equivalents | Cash, cash equivalents and restricted cash consist of the following:
| June 30, 2024 |  | December 31, 2023
Cash and cash equivalents | $ | 236,895 |  |  | $ | 231,964 |
Restricted cash | 1,728 |  |  | 1,875 |
Total cash, cash equivalents and restricted cash | $ | 238,623 |  |  | $ | 233,839 |
Restrictions on cash and cash equivalents | Cash, cash equivalents and restricted cash consist of the following:
| June 30, 2024 |  | December 31, 2023
Cash and cash equivalents | $ | 236,895 |  |  | $ | 231,964 |
Restricted cash | 1,728 |  |  | 1,875 |
Total cash, cash equivalents and restricted cash | $ | 238,623 |  |  | $ | 233,839 |
Schedule of securities and other investments owned and securities sold not yet purchased at fair value | As of June 30, 2024 and December 31, 2023, the Company’s securities and other investments owned and securities sold not yet purchased at fair value consisted of the following securities:
| June 30, 2024 |  | December 31, 2023
Securities and other investments owned: |  |  |
Equity securities | $ | 606,225 |  |  | $ | 994,634 |
Corporate bonds | 36,915 |  |  | 59,287 |
Other fixed income securities | 5,321 |  |  | 2,989 |
Partnership interests and other | 15,609 |  |  | 35,196 |
| $ | 664,070 |  |  | $ | 1,092,106 |
Securities sold not yet purchased: |  |  |
Equity securities | $ | 203 |  |  | $ | 1,037 |
Corporate bonds | 320 |  |  | 5,971 |
Other fixed income securities | 4,242 |  |  | 1,593 |
| $ | 4,765 |  |  | $ | 8,601 |
Equity method investments | The financial information of these five investments has been aggregated and included below for purposes of the disclosure a quarter in arrears (balance sheet amounts as of March 31, 2024 and September 30, 2023 correspond to amounts as of June 30, 2024 and December 31, 2023, respectively, of the Company; income statement amounts during the three and six months ended March 31, 2024 and 2023 correspond to amounts during the three and six months ended June 30, 2024 and 2023, respectively, of the Company), which is the period in which the most recent financial information is available:
| March 31, |  | September 30,
| 2024 |  | 2023
Current assets | $ | 51,858 |  |  | $ | 51,588 |
Noncurrent assets | $ | 264,167 |  |  | $ | 269,809 |
Current liabilities | $ | 9,080 |  |  | $ | 8,594 |
Noncurrent liabilities | $ | 780 |  |  | $ | 760 |
Equity attributable to investee | $ | 303,396 |  |  | $ | 309,167 |
Noncontrolling interest | $ | 2,769 |  |  | $ | 2,876 |
| For the three months ended March 31, |  | For the six months ended March 31,
| 2024(1) |  | 2023 |  | 2024(1) |  | 2023
Revenues | $ | 40,478 |  |  | $ | 16,457 |  |  | $ | 74,444 |  |  | $ | 44,428 |
Cost of revenues | $ | 16,533 |  |  | $ | 13,960 |  |  | $ | 35,602 |  |  | $ | 30,347 |
Net income attributable to investees | $ | 24,223 |  |  | $ | 10,878 |  |  | $ | 39,375 |  |  | $ | 22,686 |
(1) - Financial information for 2024 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 March 31, 2024 and September 30, 2023 correspond to amounts as of June 30, 2024 and December 31, 2023, respectively, of the Company; income statement amounts during the three and six months ended March 31, 2024 correspond to amounts during the three and six months ended June 30, 2024 of the Company), which is the period in which the most recent financial information is available:
| March 31, 2024 |  | September 30, 2023 |  |
Current assets | $ | 940,220 |  |  | $ | 1,219,682 |  |  |
Noncurrent assets | $ | 2,995,502 |  |  | $ | 3,142,660 |  |  |
Current liabilities | $ | 615,859 |  |  | $ | 749,894 |  |  |
Noncurrent liabilities | $ | 2,609,036 |  |  | $ | 2,695,445 |  |  |
Equity attributable to investee | $ | 710,827 |  |  | $ | 917,003 |  |  |
| For the three months ended March 31, |  |  |  | For the six months ended March 31, |  |
| 2024 |  |  |  | 2024 |  |
Revenues | $ | 809,717 |  |  |  |  | $ | 1,615,946 |  |  |
Cost of revenues | $ | 511,723 |  |  |  |  | $ | 1,011,402 |  |  |
Loss from continuing operations | $ | — |  |  |  |  | $ | (1,175) |  |  |
Net loss attributable to investees | $ | (19,256) |  |  |  |  | $ | (188,839) |  |  |
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 March 31, 2024 and September 30, 2023 correspond to amounts as of June 30, 2024 and December 31, 2023, respectively, of the Company; income statement amounts during the three and six months ended March 31, 2024 and 2023 correspond to amounts during the three and six months ended June 30, 2024 and 2023, respectively, of the Company), which is the period in which the most recent financial information is available:
| March 31, 2024 |  | September 30, 2023
Current assets | $ | 482,223 |  |  | $ | 542,300 |
Noncurrent assets | $ | 313,300 |  |  | $ | 294,979 |
Current liabilities | $ | 332,926 |  |  | $ | 393,539 |
Noncurrent liabilities | $ | 685,064 |  |  | $ | 585,430 |
Equity attributable to investee | $ | (223,011) |  |  | $ | (142,316) |
Noncontrolling interest | $ | 544 |  |  | $ | 626 |
| For the three months ended March 31, |  | For the six months ended March 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues | $ | 207,556 |  |  | $ | 241,258 |  |  | $ | 434,723 |  |  | $ | 477,682 |
Cost of revenues | $ | 159,075 |  |  | $ | 189,329 |  |  | $ | 330,627 |  |  | $ | 372,089 |
Loss from continuing operations | $ | (15,799) |  |  | $ | (12,686) |  |  | $ | (70,065) |  |  | $ | (14,975) |
Net loss | $ | (16,791) |  |  | $ | (12,475) |  |  | $ | (79,515) |  |  | $ | (6,815) |
Net loss attributable to investees | $ | (16,833) |  |  | $ | (12,496) |  |  | $ | (83,287) |  |  | $ | (10,475) |
The following tables contain summarized financial information with respect to Synchronoss Technologies, Inc., included below for purposes of the disclosure a quarter in arrears (balance sheet amounts as of March 31, 2024 and September 30, 2023 correspond to amounts as of June 30, 2024 and December 31, 2023, respectively, of the Company; income statement amounts during the three and six months ended March 31, 2024 and 2023 correspond to amounts during the three and six months ended June 30, 2024 and 2023, respectively, of the Company), which is the period in which the most recent financial information is available:
| Synchronoss Technologies, Inc.
| March 31, 2024 |  | September 30, 2023
Current assets | $ | 73,896 |  |  | $ | 85,903 |
Noncurrent assets | $ | 224,607 |  |  | $ | 275,304 |
Current liabilities | $ | 39,899 |  |  | $ | 74,528 |
Noncurrent liabilities | $ | 163,344 |  |  | $ | 166,673 |
Equity attributable to investee | $ | 95,260 |  |  | $ | 120,006 |
| Synchronoss Technologies, Inc.
| For the three months ended March 31, |  | For the six months ended March 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues | $ | 42,965 |  |  | $ | 41,985 |  |  | $ | 84,367 |  |  | $ | 83,237 |
Cost of revenues | $ | 10,223 |  |  | $ | 10,960 |  |  | $ | 20,515 |  |  | $ | 22,959 |
Net income (loss) attributable to investees | $ | 2,341 |  |  | $ | (13,391) |  |  | $ | (32,660) |  |  | $ | (29,318) |
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 March 31, 2024 and September 30, 2023 correspond to amounts as of June 30, 2024 and December 31, 2023, respectively, of the Company; income statement amounts during the three and six months ended March 31, 2024 and 2023 correspond to amounts during the three and six months ended June 30, 2024 and 2023, respectively, of the Company), which is the period in which the most recent financial information is available:
| March 31, 2024 |  | September 30, 2023
Current assets | $ | 257,355 |  |  | $ | 281,610 |
Noncurrent assets | $ | 502,904 |  |  | $ | 627,858 |
Current liabilities | $ | 214,014 |  |  | $ | 150,114 |
Noncurrent liabilities | $ | 129,047 |  |  | $ | 277,638 |
Preferred stock | $ | — |  |  | $ | 4,500 |
Equity attributable to investee | $ | 417,198 |  |  | $ | 477,216 |
| For the three months ended March 31, |  | For the six months ended March 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues | $ | 109,929 |  |  | $ | 37,512 |  |  | $ | 255,903 |  |  | $ | 75,435 |
Cost of revenues | $ | 79,033 |  |  | $ | 19,689 |  |  | $ | 206,381 |  |  | $ | 52,751 |
Net (loss) income attributable to investees | $ | (5,469) |  |  | $ | 10,728 |  |  | $ | (15,974) |  |  | $ | (2,886) |
Equity securities without readily determinable fair value | The following table presents, as of June 30, 2024 and December 31, 2023, 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:
| June 30, 2024 |  | December 31, 2023
Securities and other investments owned, carrying value | $ | 65,735 |  |  | $ | 64,455 |
Upward carrying value changes | 1,289 |  |  | 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 June 30, 2024 and December 31, 2023.
| Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis as of June 30, 2024 Using
| Fair value as of June 30, 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 | $ | 540,490 |  |  | $ | 137,521 |  |  | $ | — |  |  | $ | 402,969 |
Corporate bonds | 36,915 |  |  | 31,287 |  |  | 5,628 |  |  | — |
Other fixed income securities | 5,321 |  |  | — |  |  | 5,321 |  |  | — |
Total securities and other investments owned | 582,726 |  |  | 168,808 |  |  | 10,949 |  |  | 402,969 |
Loans receivable, at fair value | 229,199 |  |  | — |  |  | — |  |  | 229,199 |
Total assets measured at fair value | $ | 811,925 |  |  | $ | 168,808 |  |  | $ | 10,949 |  |  | $ | 632,168 |
Liabilities: |  |  |  |  |  |  |
Securities sold not yet purchased: |  |  |  |  |  |  |
Equity securities | $ | 203 |  |  | $ | 203 |  |  | $ | — |  |  | $ | — |
Corporate bonds | 320 |  |  | — |  |  | 320 |  |  | — |
Other fixed income securities | 4,242 |  |  | — |  |  | 4,242 |  |  | — |
Total securities sold not yet purchased | 4,765 |  |  | 203 |  |  | 4,562 |  |  | — |
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | 5,304 |  |  | — |  |  | — |  |  | 5,304 |
Contingent consideration | 29,303 |  |  | — |  |  | — |  |  | 29,303 |
Total liabilities measured at fair value | $ | 39,372 |  |  | $ | 203 |  |  | $ | 4,562 |  |  | $ | 34,607 |
| 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 |
Schedule of 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 June 30, 2024 and December 31, 2023:
| Fair value at June 30, 2024 |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average(1)
Assets: |  |  |  |  |  |  |  |  |
Equity securities | $ | 393,630 |  |  | Market approach |  | Multiple of EBITDA |  | 4.8x - 9.0x |  | 8.2x
|  |  |  |  | Multiple of Sales |  | 0.7x - 3.5x |  | 1.0x
|  |  |  |  | Market price of related security |  | $0.02 - $11.35 |  | $11.20
| 9,339 |  |  | Option pricing model |  | Annualized volatility |  | 30.0% - 130.0% |  | 83.0%
Loans receivable at fair value | 189,182 |  |  | Discounted cash flow |  | Market interest rate |  | 13.9% - 61.0% |  | 26.4%
| 40,017 |  |  | Market approach |  | Market price of related security |  | $16.57 |  | $16.57
|  |  |  |  | Multiple of Sales |  | 0.7x |  | 0.7x
Total level 3 assets measured at fair value | $ | 632,168 |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | $ | 5,304 |  |  | Market approach |  | Operating income multiple |  | 6.0x |  | 6.0x
Contingent consideration | 29,303 |  |  | Discounted cash flow |  | Asset volatility |  | 69.0% |  | 69.0%
|  |  |  |  | Market interest rate |  | 8.5% |  | 8.5%
|  |  |  |  | Revenue volatility |  | 5.0% - 6.3% |  | 5.6%
Total level 3 liabilities measured at fair value | $ | 34,607 |  |  |  |  |  |  |  |  |
(1) - Unobservable inputs were weighted by the relative fair value of the financial instruments.
| 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 to 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.
Schedule of fair value measurement of level 3 financial assets and liabilities | The changes in Level 3 fair value hierarchy during the three months ended June 30, 2024 and 2023 were as follows:
| Level 3 Balance at Beginning of Period |  | Level 3 Changes During the Period |  | Level 3 Balance at End of Period |  | Change in unrealized gains/(losses) (2)
| Fair Value Adjustments (1) |  | Relating to Undistributed Earnings |  | Purchases/ Originations |  | Sales |  | Settlements/ Repayments |  | Transfer in and/or out of Level 3 |  |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 674,679 |  |  | $ | (203,022) |  |  | $ | 8 |  |  | $ | 181 |  |  | $ | (68,874) |  |  | $ | — |  |  | $ | (3) |  |  | $ | 402,969 |  |  | $ | 203,129 |
Loans receivable at fair value | 452,496 |  |  | (175,582) |  |  | 1,102 |  |  | 7,129 |  |  | — |  |  | (55,946) |  |  | — |  |  | 229,199 |  |  | 177,060 |
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | 5,601 |  |  | — |  |  | 492 |  |  | — |  |  | — |  |  | (789) |  |  | — |  |  | 5,304 |  |  | — |
Contingent consideration | 29,322 |  |  | 264 |  |  | — |  |  | 1,055 |  |  | — |  |  | (1,338) |  |  | — |  |  | 29,303 |  |  | — |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 359,041 |  |  | $ | 17,287 |  |  | $ | 12 |  |  | $ | 44,923 |  |  | $ | (34,005) |  |  | $ | — |  |  | $ | (128) |  |  | $ | 387,130 |  |  | $ | (626) |
Loans receivable at fair value | 772,085 |  |  | 9,207 |  |  | (1,281) |  |  | 48,231 |  |  | — |  |  | (144,165) |  |  | (250) |  |  | 683,827 |  |  | 9,064 |
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | 4,654 |  |  | — |  |  | 470 |  |  | — |  |  | — |  |  | (772) |  |  | — |  |  | 4,352 |  |  | — |
Contingent consideration | 28,884 |  |  | (1,123) |  |  | — |  |  | — |  |  | — |  |  | (37) |  |  | — |  |  | 27,724 |  |  | — |
(1) - Fair value adjustments during the three months ended June 30, 2024 includes the following: $(203,022) of realized and unrealized gains (losses) on equity securities is comprised of $(39,115) of realized and unrealized gains (losses) included in fair value adjustments on loans and $(163,907) of realized and unrealized gains (losses) included in other income (loss) - realized and unrealized gains (losses) on investments, $(175,582) of fair value adjustments on loans included in fair value adjustments on loans, and $264 related to contingent consideration included in selling, general and administrative expenses in the condensed consolidated statement of operations. Fair value adjustments during the three months ended June 30, 2023 includes the following: $17,287 of realized and unrealized gains (losses) on equity securities is comprised of $13,932 relating to equity securities included in fair value adjustments on loans and $3,355 of realized and unrealized gains (losses) included in other income (loss) - realized and unrealized gains (losses) on investments, $9,207 of fair value adjustments on loans included in fair value adjustments on loans, and $(1,123) related to contingent consideration included in selling, general and administrative expenses in the condensed consolidated statement of operations. (2) - For the three months ended June 30, 2024 and 2023, the change in unrealized gains (losses) is related to financial instruments held at the end of each respective reporting period. The changes in Level 3 fair value hierarchy during the six months ended June 30, 2024 and 2023 were 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) (2)
| Fair Value Adjustments (1) |  | Relating to Undistributed Earnings |  | Purchases/ Originations |  | Sales |  | Settlements/ Repayments |  | Transfer in and/or out of Level 3 |  |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 735,638 |  |  | $ | (254,031) |  |  | $ | 20 |  |  | $ | 616 |  |  | $ | (78,197) |  |  | $ | — |  |  | $ | (1,077) |  |  | $ | 402,969 |  |  | $ | 257,224 |
Loans receivable at fair value | 532,419 |  |  | (187,783) |  |  | 4,262 |  |  | 38,105 |  |  | (22,785) |  |  | (135,019) |  |  | — |  |  | 229,199 |  |  | 196,240 |
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | 5,835 |  |  | — |  |  | 785 |  |  | — |  |  | — |  |  | (1,316) |  |  | — |  |  | 5,304 |  |  | — |
Contingent consideration | 27,985 |  |  | 1,671 |  |  | — |  |  | 1,055 |  |  | — |  |  | (1,408) |  |  | — |  |  | 29,303 |  |  | — |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 368,465 |  |  | $ | 8,271 |  |  | $ | 12 |  |  | $ | 51,447 |  |  | $ | (34,042) |  |  | $ | — |  |  | $ | (7,023) |  |  | $ | 387,130 |  |  | $ | (10,009) |
Loans receivable at fair value | 701,652 |  |  | 52,483 |  |  | (1,050) |  |  | 355,546 |  |  | (7,499) |  |  | (417,055) |  |  | (250) |  |  | 683,827 |  |  | 52,522 |
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | 4,648 |  |  | — |  |  | 778 |  |  | — |  |  | — |  |  | (1,074) |  |  | — |  |  | 4,352 |  |  | — |
Contingent consideration | 31,046 |  |  | (4,570) |  |  | — |  |  | 2,586 |  |  | — |  |  | (1,338) |  |  | — |  |  | 27,724 |  |  | — |
(1) - Fair value adjustments during the six months ended June 30, 2024 includes the following: $(254,031) of realized and unrealized gains (losses) on equity securities is comprised of $(49,505) of realized and unrealized gains (losses) included in fair value adjustments on loans and $(204,526) of realized and unrealized gains (losses) included in other income (loss) - realized and unrealized gains (losses) on investments, $(187,783) of fair value adjustments on loans included in fair value adjustments on loans, and $1,671 related to contingent consideration included in selling, general and administrative expenses in the condensed consolidated statement of operations. Fair value adjustments during the six months ended June 30, 2023 includes the following: $8,271 of realized and unrealized gains (losses) on equity securities is comprised of $13,920 relating to equity securities included in fair value adjustments on loans and $(5,649) of realized and unrealized gains (losses) included in other income (loss) - realized and unrealized gains (losses) on investments, $52,483 of fair value adjustments on loans included in fair value adjustments on loans, and $(4,570) related to contingent consideration included in selling, general and administrative expenses in the condensed consolidated statement of operations. (2) - For the six months ended June 30, 2024 and 2023, the change in unrealized gains (losses) is related to financial instruments held at the end of each respective reporting period.
Schedule of financial assets measured on 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 June 30, 2024 and December 31, 2023. These investments were measured due to an observable price change or impairment during the periods below.
| 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 June 30, 2024 |  |  |  |  |  |  |
Investments in nonpublic entities that do not report NAV | $ | 3,424 |  |  | $ | — |  |  | $ | 3,424 |  |  | $ | — |
As of December 31, 2023 |  |  |  |  |  |  |
Investments in nonpublic entities that do not report NAV | $ | 1,628 |  |  | $ | — |  |  | $ | 1,602 |  |  | $ | 26 |
Schedule of investments in the VIE | The carrying amounts included in the Company’s condensed consolidated balance sheets related to variable interests in VIEs that were not consolidated is shown below.
| June 30, 2024 |  | December 31, 2023
Securities and other investments owned, at fair value | $ | 3,728 |  |  | $ | 28,573 |
Loans receivable, at fair value | 70,887 |  |  | 250,801 |
Other assets | 24,089 |  |  | 11,418 |
Maximum exposure to loss | $ | 98,704 |  |  | $ | 290,792 |

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