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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
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 cash1,728 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 cash1,728 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 bonds36,915 59,287 
Other fixed income securities5,321 2,989 
Partnership interests and other15,609 35,196 
$664,070 $1,092,106 
Securities sold not yet purchased:
Equity securities$203 $1,037 
Corporate bonds320 5,971 
Other fixed income securities4,242 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,
20242023
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, 2024September 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,
20242024
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, 2024September 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,
2024202320242023
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, 2024September 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,
2024202320242023
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,
2024202320242023
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 changes1,289 100 
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 bonds36,915 31,287 5,628 — 
Other fixed income securities5,321 — 5,321 — 
Total securities and other investments owned582,726 168,808 10,949 402,969 
Loans receivable, at fair value229,199 — — 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 bonds320 — 320 — 
Other fixed income securities4,242 — 4,242 — 
Total securities sold not yet purchased4,765 203 4,562 — 
Mandatorily redeemable noncontrolling interests issued after November 5, 20035,304 — — 5,304 
Contingent consideration29,303 — — 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 bonds59,287 56,045 3,242 — 
Other fixed income securities2,989 — 2,989 — 
Total securities and other investments owned992,455 250,586 6,231 735,638 
Loans receivable, at fair value532,419 — — 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 bonds5,971 — 5,971 — 
Other fixed income securities1,593 — 1,593 — 
Total securities sold not yet purchased8,601 1,037 7,564 — 
Mandatorily redeemable noncontrolling interests issued after November 5, 20035,835 — — 5,835 
Contingent consideration27,985 — — 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 approachMultiple 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 modelAnnualized volatility
30.0% - 130.0%
83.0%
Loans receivable at fair value189,182 Discounted cash flowMarket interest rate
13.9% - 61.0%
26.4%
40,017 Market approachMarket 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 approachOperating income multiple
6.0x
6.0x
Contingent consideration29,303 Discounted cash flowAsset volatility69.0%69.0%
Market interest rate8.5%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 TechniqueUnobservable InputRange
Weighted
Average(1)
Assets:
Equity securities$662,158 Market approachMultiple 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 flowMarket interest rate
20.2% - 57.0%
24.6%
15,149 Option pricing modelAnnualized volatility
25.0% - 187.0%
75.0%
Loans receivable at fair value512,522 Discounted cash flowMarket interest rate
10.0% - 41.6%
17.1%
19,897 Market approachMarket 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 approachOperating income multiple
6.0x
6.0x
Contingent consideration27,985 Discounted cash flowEBITDA volatility70.0%70.0%
Asset volatility69.0%69.0%
Market interest rate8.5%8.5%
Revenue volatility5.1%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 PeriodLevel 3
Balance at
End of
Period		Change in unrealized gains/(losses) (2)
Fair
Value
Adjustments (1)		Relating to
Undistributed
Earnings		Purchases/ OriginationsSales Settlements/ RepaymentsTransfer 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 value452,496 (175,582)1,102 7,129 — (55,946)— 229,199 177,060 
Mandatorily redeemable noncontrolling interests issued after November 5, 20035,601 — 492 — — (789)— 5,304 — 
Contingent consideration29,322 264 — 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 value772,085 9,207 (1,281)48,231 — (144,165)(250)683,827 9,064 
Mandatorily redeemable noncontrolling interests issued after November 5, 20034,654 — 470 — — (772)— 4,352 — 
Contingent consideration28,884 (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 PeriodLevel 3
Balance at
End of
Period		Change in unrealized gains/(losses) (2)
Fair
Value
Adjustments (1)		Relating to
Undistributed
Earnings		Purchases/ OriginationsSalesSettlements/ RepaymentsTransfer 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 value532,419 (187,783)4,262 38,105 (22,785)(135,019)— 229,199 196,240 
Mandatorily redeemable noncontrolling interests issued after November 5, 20035,835 — 785 — — (1,316)— 5,304 — 
Contingent consideration27,985 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 value701,652 52,483 (1,050)355,546 (7,499)(417,055)(250)683,827 52,522 
Mandatorily redeemable noncontrolling interests issued after November 5, 20034,648 — 778 — — (1,074)— 4,352 — 
Contingent consideration31,046 (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
TotalQuoted 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 value70,887 250,801 
Other assets24,089 11,418 
Maximum exposure to loss$98,704 $290,792