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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
Cash, cash equivalents and restricted cash consist of the following:
September 30,
2024		December 31,
2023
Cash and cash equivalents$159,247 $222,690 
Restricted cash1,366 1,875 
Total cash, cash equivalents and restricted cash$160,613 $224,565 
Restrictions on Cash and Cash Equivalents
Cash, cash equivalents and restricted cash consist of the following:
September 30,
2024		December 31,
2023
Cash and cash equivalents$159,247 $222,690 
Restricted cash1,366 1,875 
Total cash, cash equivalents and restricted cash$160,613 $224,565 
Schedule of Securities and Other Investments Owned and Securities Sold not Yet Purchased at Fair Value
As of September 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:
September 30,
2024		December 31,
2023
Securities and other investments owned:
Equity securities$289,279 $711,577 
Corporate bonds31,496 59,287 
Other fixed income securities4,757 2,989 
Partnership interests and other16,238 35,196 
$341,770 $809,049 
Securities sold not yet purchased:
Equity securities$634 $1,037 
Corporate bonds509 5,971 
Other fixed income securities1,307 1,593 
$2,450 $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 June 30, 2024 and September 30, 2023 correspond to amounts as of September 30, 2024 and December 31, 2023, respectively, of the Company; income statement amounts during the three and nine months ended June 30, 2024 correspond to amounts during the three and nine months ended September 30, 2024 and 2023, respectively of the Company), which is the period in which the most recent financial information is available:
June 30, 2024December 31, 2023
Current assets$877,471 $961,787 
Noncurrent assets$2,936,951 $3,131,506 
Current liabilities$571,661 $720,510 
Noncurrent liabilities$2,641,119 $2,640,805 
Equity attributable to investee$601,642 $731,978 
For the three months ended June 30,For the nine months ended June 30,
2024202320242023
Revenues$767,404 $1,038,686 $2,383,350 $3,259,396 
Cost of revenues$491,702 $632,623 $1,503,104 $1,288,751 
Loss from continuing operations$— $— $(1,175)$— 
Net loss attributable to investees$(111,881)$(50,796)$(300,720)$(159,824)
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 June 30, 2024 and September 30, 2023 correspond to amounts as of September 30, 2024 and December 31, 2023, respectively, of the Company; income statement amounts during the three and nine months ended June 30, 2024 and 2023 correspond to amounts during the three and nine months ended September 30, 2024 and 2023, respectively, of the Company), which is the period in which the most recent financial information is available:
June 30, 2024December 31, 2023
Current assets$574,562 $497,593 
Noncurrent assets$274,560 $278,105 
Current liabilities$333,890 $350,197 
Noncurrent liabilities$713,576 $625,851 
Equity attributable to investee$(198,929)$(200,961)
Noncontrolling interest$585 $611 

For the three months ended June 30,For the nine months ended June 30,
2024202320242023
Revenues$233,642 $291,515 $668,365 $769,197 
Cost of revenues$179,152 $228,352 $509,779 $600,441 
Income (loss) from continuing operations$25,222 $594 $(44,843)$(14,381)
Net income (loss)$25,364 $(5,012)$(54,151)$(11,827)
Net income (loss) attributable to investees$25,315 $(5,088)$(57,972)$(15,563)
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 June 30, 2024 and September 30, 2023 correspond to amounts as of September 30, 2024 and December 31, 2023, respectively, of the Company; income statement amounts during the three and nine months
ended June 30, 2024 and 2023 correspond to amounts during the three and nine months ended September 30, 2024 and 2023, respectively, of the Company), which is the period in which the most recent financial information is available:
Synchronoss Technologies, Inc.
June 30, 2024December 31, 2023
Current assets$75,520 $82,002 
Noncurrent assets$220,152 $228,335 
Current liabilities$42,401 $47,697 
Noncurrent liabilities$210,152 $164,706 
Equity attributable to investee$43,119 $97,934 
Synchronoss Technologies, Inc.
For the three months ended June 30,For the nine months ended June 30,
2024202320242023
Revenues$43,458 $41,019 $127,825 $124,256 
Cost of revenues$10,401 $11,488 $30,916 $34,447 
Net income (loss) attributable to investees$78 $(10,979)$(32,582)$(40,297)
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 June 30, 2024 and September 30, 2023 correspond to amounts as of September 30, 2024 and December 31, 2023, respectively, of the Company; income statement amounts during the three and nine months ended June 30, 2024 and 2023 correspond to amounts during the three and nine months ended September 30, 2024 and 2023, respectively, of the Company), which is the period in which the most recent financial information is available:
June 30, 2024December 31, 2023
Current assets$239,004 $279,810 
Noncurrent assets$563,871 $622,632 
Current liabilities$222,125 $185,925 
Noncurrent liabilities$146,226 $236,829 
Preferred stock$— $4,500 
Equity attributable to investee$434,524 $475,188 
For the three months ended June 30,For the nine months ended June 30,
2024202320242023
Revenues$111,909 $36,107 $372,418 $111,542 
Cost of revenues$76,286 $20,492 $279,426 $73,244 
Net income (loss) attributable to investees$(4,273)$6,586 $(14,229)$3,701 
Equity Securities Without Readily Determinable Fair Value The following table presents, as of September 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:
September 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 September 30, 2024 and December 31, 2023.
Financial Assets and Liabilities Measured at Fair Value on a
Recurring Basis as of September 30, 2024 Using
Fair value as of September 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$223,543 $161,595 $— $61,948 
Corporate bonds31,496 27,410 4,086 — 
Other fixed income securities4,757 — 4,757 — 
Total securities and other investments owned259,796 189,005 8,843 61,948 
Loans receivable, at fair value151,704 — — 151,704 
Total assets measured at fair value$411,500 $189,005 $8,843 $213,652 
Liabilities:
Securities sold not yet purchased:
Equity securities$634 $634 $— $— 
Corporate bonds509 — 509 — 
Other fixed income securities1,307 — 1,307 — 
Total securities sold not yet purchased2,450 634 1,816 — 
Contingent consideration23,702 — — 23,702 
Total liabilities measured at fair value$26,152 $634 $1,816 $23,702 
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 bonds59,287 56,045 3,242 — 
Other fixed income securities2,989 — 2,989 — 
Total securities and other investments owned709,398 250,586 6,231 452,581 
Loans receivable, at fair value532,419 — — 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 bonds5,971 — 5,971 — 
Other fixed income securities1,593 — 1,593 — 
Total securities sold not yet purchased8,601 1,037 7,564 — 
Contingent consideration27,985 — — 27,985 
Total liabilities measured at fair value$36,586 $1,037 $7,564 $27,985 
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 September 30, 2024 and December 31, 2023:
Fair value at September 30,
2024		Valuation
Technique		Unobservable
Input		Range
Weighted
Average(1)
Assets:
Equity securities$54,135 Market approachMultiple of EBITDA
2.5x - 7.0x
4.3x
Multiple of Sales
0.6x - 3.0x
2.4x
Market price of related security
$0.01 - $11.42
$11.13
7,813 Option pricing modelAnnualized volatility
47.0% - 170.0%
76.0%
Loans receivable at fair value142,239 Discounted cash flowMarket interest rate
13.6% - 74.7%
24.0%
9,465 Market approachMarket price of related security
$14.89-$15.98
$15.68
Multiple of Sales
3.5x
3.5x
Total level 3 assets measured at fair value$213,652 
Liabilities:
Contingent consideration$23,702 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$23,702 
(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$324,279 Market approachMultiple 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 flowMarket interest rate
20.2% - 57.0%
24.6%
69,971 Option pricing modelAnnualized volatility
25.0% - 187.0%
67.0%
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$985,000 
Liabilities:
Contingent consideration$27,985 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$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 three months ended September 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/ Originations
SalesSettlements/ RepaymentsTransfer in
and/or out
of Level 3
Three Months Ended September 30, 2024
Equity securities$114,982 $(66,349)$— $49 $— $13,266 $— $61,948 $(66,346)
Loans receivable at fair value229,199 (71,477)874 27,727 — (34,619)— 151,704 (71,478)
Contingent consideration29,303 386 — — — (5,987)— 23,702 — 
Three Months Ended September 30, 2023
Equity securities$170,503 $(13,120)$(47)$301,730 $(467)$— $(535)$458,064 $(13,109)
Loans receivable at fair value683,827 (859)2,873 34,337 — (171,036)— 549,142 (1,646)
Contingent consideration27,724 14 — 793 — (544)— 27,987 — 
(1) - Fair value adjustments during the three months ended September 30, 2024 includes the following: $(66,349) of realized and unrealized gains (losses) on equity securities is comprised of $(15,127) of realized and unrealized gains (losses) included in trading (loss) income and $(51,222) of realized and unrealized gains (losses) included in other income (loss) - realized and unrealized gains (losses) on investments, $(71,477) of fair value adjustments on loans included in fair value adjustments on loans, and $386 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 September 30, 2023 includes the following: $(13,120) of realized and unrealized gains (losses) on equity securities is comprised of $(2,348) relating to equity securities included in trading (loss) income and $(10,772) of realized and unrealized gains (losses) included in other income (loss) - realized and unrealized gains (losses) on investments, $(859) of fair value adjustments on loans included in fair value adjustments on loans, and $14 related to contingent consideration included in selling, general and administrative expenses in the condensed consolidated statement of operations.
(2) - For the three months ended September 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 nine months ended September 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
Nine Months Ended September 30, 2024
Equity securities$452,581 $(325,310)$20 $665 $(78,197)$13,266 $(1,077)$61,948 $(327,675)
Loans receivable at fair value532,419 (259,260)5,136 65,832 (22,785)(169,638)— 151,704 (267,549)
Contingent consideration27,985 2,057 — 1,055 — (7,395)— 23,702 — 
Nine Months Ended September 30, 2023
Equity securities$153,972 $5,017 $(35)$341,177 $(34,509)$— $(7,558)$458,064 $(13,749)
Loans receivable at fair value701,652 51,624 1,824 389,883 (7,500)(588,091)(250)549,142 24,030 
Contingent consideration31,046 (4,556)— 3,380 — (1,883)— 27,987 — 
(1) - Fair value adjustments during the nine months ended September 30, 2024 includes the following: $(325,310) of realized and unrealized gains (losses) on equity securities is comprised of $(64,632) of realized and unrealized gains (losses) included in trading (loss) income and $(260,678) of realized and unrealized gains (losses) included in other income (loss) - realized and unrealized gains (losses) on investments, $(259,260) of fair value adjustments on loans included in fair value adjustments on loans, and $2,057 related to contingent consideration included in selling, general and administrative expenses in the condensed consolidated statement of operations. Fair value adjustments during the nine months ended September 30, 2023 includes the following: $5,017 of realized and unrealized gains (losses) on equity securities is comprised of $11,573 relating to equity securities included in trading (loss) income and $(6,556) of realized and unrealized gains (losses) included in other income (loss) - realized and unrealized gains (losses) on investments, $51,624 of
fair value adjustments on loans included in fair value adjustments on loans, and $(4,556) related to contingent consideration included in selling, general and administrative expenses in the condensed consolidated statement of operations.
(2) - For the nine months ended September 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 September 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 September 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.
September 30,
2024		December 31,
2023
Securities and other investments owned, at fair value$3,948 $28,573 
Loans receivable, at fair value34,895 250,801 
Other assets3,532 11,418 
Maximum exposure to loss$42,375 $290,792