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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

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

			March 31, 2025						December 31, 2024
Cash and cash equivalents			$	138,303					$	146,852
Restricted cash			1,375						100,475
Total cash, cash equivalents and restricted cash			$	139,678					$	247,327

Schedule of Restrictions on Cash and Cash Equivalents

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

			March 31, 2025						December 31, 2024
Cash and cash equivalents			$	138,303					$	146,852
Restricted cash			1,375						100,475
Total cash, cash equivalents and restricted cash			$	139,678					$	247,327

Schedule of Securities and Other Investments Owned and Securities Sold not Yet Purchased at Fair Value

The Company’s securities and other investments owned and securities sold not yet purchased consisted of the following as of March 31, 2025 and December 31, 2024:

			March 31, 2025						December 31, 2024
Securities and other investments owned:
Securities and other investments owned at fair value:
Equity securities			$	107,200					$	165,408
Corporate bonds			30,808						29,027
Other fixed income securities			2,390						4,923
Partnership interests and other			21,145						15,867
Total securities and other investments owned at fair value:			161,543						215,225
Equity securities valued under the measurement alternative			70,217						67,100
Total securities and other investments owned			$	231,760					$	282,325
Securities sold not yet purchased:
Equity securities			$	548					$	—
Corporate bonds			840						1,891
Other fixed income securities			752						3,784
Total securities sold not yet purchased			$	2,140					$	5,675

Schedule of Equity Securities Without Readily Determinable Fair Value

The following table presents, as of March 31, 2025 and December 31, 2024, 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:

			March 31, 2025						December 31, 2024
Securities and other investments owned, carrying value			$	70,217					$	67,100
Upward carrying value changes			1,732						1,848
Downward carrying value changes/impairment			(592)						(2)

Schedule of Financial Assets Measured on Nonrecurring Basis

The following table presents information on equity securities valued under the measurement alternative on a nonrecurring basis by level within the fair value hierarchy which were measured due to an observable price change or impairment during the periods below.

			Total						Quoted prices in active markets for identical assets  (Level 1)						Other observable inputs  (Level 2)						Significant unobservable inputs  (Level 3)
As of March 31, 2025
Equity securities valued under the measurement alternative			$	12,101					$	—					$	10,843					$	1,258
As of December 31, 2024
Equity securities valued under the measurement alternative			$	7,294					$	—					$	7,294					$	—

Schedule of 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 (consolidated balance sheet amounts as of September 30, 2024 correspond to amounts as of December 31, 2024 of the Company; income statement amounts during the three months ended December 31, 2023 correspond to amounts for the three months ended March 31, 2024 of the Company), which is the period in which the most recent financial information was available.

						September 30, 2024
Current assets						$	871,102
Noncurrent assets						$	2,889,334
Current liabilities						$	569,281
Noncurrent liabilities						$	2,680,178
Equity attributable to investee						$	510,977

						Three Months Ended December 31, 2023
Revenues						$	806,229
Cost of revenues						$	499,679
Loss from continuing operations						$	(1,175)
Net loss attributable to investees						$	(169,583)

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 December 31, 2024 and September 30, 2024 correspond to amounts as of March 31, 2025 and December 31, 2024, respectively, of the Company; income statement amounts during the three months ended December 31, 2024 and 2023 correspond to amounts during the three months ended March 31, 2025 and 2024, respectively, of the Company), which is the period in which the most recent financial information is available:

			December 31, 2024						September 30, 2024
Current assets			$	490,185					$	530,223
Noncurrent assets			$	236,802					$	274,410
Current liabilities			$	388,493					$	297,928
Noncurrent liabilities			$	621,666					$	709,823
Deficit attributable to investee			$	(283,763)					$	(203,694)
Noncontrolling interest			$	591					$	576

									For the Three Months Ended December 31,
															2024						2023
Revenues															$	66,276					$	227,167
Cost of revenues															$	42,043					$	171,552
Loss from continuing operations															$	(71,318)					$	(54,266)
Net loss															$	(63,021)					$	(62,724)
Net loss attributable to investees															$	(63,065)					$	(66,454)

The following summarized income statement for Synchronoss Technologies, Inc. is included below for purposes of disclosure a quarter in arrears whereas the three months ended December 31, 2023 correspond to amounts during the three months ended March 31, 2024 of the Company, which was the period in which the most recent financial information was available:

						Three Months Ended December 31, 2023
Revenues						$	41,402
Cost of revenues						$	10,292
Net loss attributable to investees						$	(35,001)

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 December 31, 2024 and September 30, 2024 correspond to amounts as of March 31, 2025 and December 31, 2024, respectively, of the Company; income statement amounts during

the three months ended December 31, 2024 and 2023 correspond to amounts during the three months ended March 31, 2025 and 2024, respectively, of the Company), which is the period in which the most recent financial information is available:

			December 31, 2024						September 30, 2024
Current assets			$	20,552					$	215,927
Noncurrent assets			$	119,695					$	572,628
Current liabilities			$	9,827					$	86,672
Noncurrent liabilities			$	69,309					$	105,711
Equity attributable to investee			$	61,111					$	596,172

									For the Three Months Ended December 31,
															2024						2023
Revenues															$	11,723					$	145,974
Cost of revenues															$	2,794					$	127,348
Net loss attributable to investees															$	(2,314)					$	(10,505)

The following tables contain summarized financial information with respect to GA Holdings, included below for purposes of the disclosure a quarter in arrears (balance sheet amounts as of December 31, 2024 correspond to amounts as of March 31, 2025 and income statement amounts during the period from November 15, 2024 to December 31, 2024 correspond to amounts for the quarter ended March 31, 2025):

						December 31, 2024
Current assets						$	34,922
Noncurrent assets						$	291,362
Current liabilities						$	34,735
Mezzanine equity - preferred units						$	279,096
Equity attributable to investee						$	12,453

						Period From
						November 15, 2024 to
						December 31, 2024
Revenue						$	21,675
Cost of revenue and expenses						$	18,184
Net income attributable to investee						$	3,490

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 March 31, 2025 and December 31, 2024.

			Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2025 Using
			Fair value as of March 31, 2025						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			$	107,200					$	79,670					$	—					$	27,530
Corporate bonds			30,808						536						30,272						—
Other fixed income securities			2,390						—						2,390						—
Total securities and other investments owned			140,398						80,206						32,662						27,530
Loans receivable, at fair value			98,596						—						—						98,596
Total assets measured at fair value			$	238,994					$	80,206					$	32,662					$	126,126
Liabilities:
Securities sold not yet purchased:
Equity securities			$	548					$	548					$	—					$	—
Corporate bonds			840						1						839						—
Other fixed income securities			752						—						752						—
Total securities sold not yet purchased			2,140						549						1,591						—
Contingent consideration			4,593						—						—						4,593
Liability-classified warrants			5,160						—						—						5,160
Embedded derivative			14,593						—						—						14,593
Total liabilities measured at fair value			$	26,486					$	549					$	1,591					$	24,346

			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			4,538						—						—						4,538
Total liabilities measured at fair value			$	10,213					$	—					$	5,675					$	4,538

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 March 31, 2025 and December 31, 2024:

			Fair value at March 31, 2025						Valuation Technique						Unobservable Input						Range						Weighted Average(1)
Assets:
Equity securities			$	22,656					Market approach						Multiple of EBITDA(2)						5.5x						5.5x
															Multiple of Sales						1.9x - 6.0x						2.7x
															Market price of related security						$10.22 - $11.72						$11.21
			4,874						Option pricing model						Annualized volatility						47.0% - 175.0%						64.0%
Loans receivable at fair value			77,687						Discounted cash flow						Discount rate						7.7% - 22.8%						19.8%
			15,000						Liquidation approach						Cash recovery rate						16.1%						16.1%
			5,909						Market approach						Market price of related security						$10.89						$10.89
Total level 3 assets measured at fair value			$	126,126
Liabilities:
Contingent consideration			$	4,593					Discounted cash flow						Discount rate						5.0% - 7.5%						5.1%
Liability-classified warrants			5,160						Monte Carlo simulation and Black-Scholes option pricing model						Annualized volatility						75.0%						75.0%
															Discount for lack of marketability						13.7%						13.7%
Embedded derivative			14,593						Discounted cash flow						Discount rate						24.3%						24.3%
									Monte Carlo simulation model						Annualized volatility						105.0%						105.0%
															Expected term						2.9 years						2.9 years
Total level 3 liabilities measured at fair value			$	24,346

(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").

			Fair value at December 31, 2024						Valuation Technique						Unobservable Input						Range						Weighted Average(1)
Assets:
Equity securities			$	34,654					Market approach						Multiple of EBITDA						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						Discount 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			4,538						Discounted cash flow						Discount rate						5.0% - 7.5%						5.1%
Total level 3 liabilities measured at fair value			$	4,538

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

The table below summarizes the significant unobservable inputs in determining the fair value measurement on a nonrecurring basis of the noncontrolling interest issued on March 10, 2025 as described above. In determining the fair value below the valuation utilized a weighting of 75% for the discounted cash flow method and 25% for the market approach.

Fair Value at Measurement Date

Valuation Technique

Unobservable Input

Range

Weighted Average

Nonrecurring

Noncontrolling interest

$

1,575

Discounted cash flow and market approach

Market interest rate and multiple of EBIT

Discount rate 21% and multiple of EBIT 5.75x-10.00x

Discount rate 21% and multiple of EBIT 7.3x(1)

(1) Unobservable inputs were weighted by the relative equity value of BRSH.

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 March 31, 2025 and 2024 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
Three Months Ended March 31, 2025
Equity securities			$	40,516					$	(3,844)					$	—					$	869					$	(10,000)					$	(11)					$	—					$	27,530					$	(3,844)
Loans receivable at fair value			90,103						(8,096)						—						58,008						(6,840)						(34,579)						—						98,596						(9,738)
Contingent consideration			4,538						103						—						—						—						(48)						—						4,593						(103)
Liability-classified warrants			—						(2,700)						—						7,860						—						—						—						5,160						2,700
Embedded derivative			—						3,349						—						11,244						—						—						—						14,593						(3,349)
Three Months Ended March 31, 2024
Equity securities			$	452,581					$	(56,388)					$	12					$	435					$	(9,322)					$	—					$	(1,074)					$	386,244					$	(57,197)
Loans receivable at fair value			532,419						(12,130)						3,089						30,976						(22,785)						(79,073)						—						452,496						(20,812)
Contingent consideration			25,194						(148)						—						—						—						(70)						—						24,976						148

(1) Fair value adjustments during the three months ended March 31, 2025 includes the following: $(3,844) of realized and unrealized gains (losses) on equity securities comprised of $(1,082) included in "Trading gains (losses), net" and $(2,762) included in "Realized and unrealized losses on investments", $(8,096) of fair value adjustments on loans included in "Fair value adjustments on loans", $(103) of realized and unrealized losses related to contingent consideration included in "Selling, general and administrative expenses", $2,700 of unrealized gains related to liability-classified warrants included in "Change in fair value of financial instruments and other", and $(3,349) of unrealized losses related to embedded derivatives included in "Change in fair value of financial instruments and other" line items in the unaudited condensed consolidated statements of operations. Fair value adjustments during the three months ended March 31, 2024 includes the following: $(56,388) of realized and unrealized gains (losses) on equity securities is comprised of $(10,390) relating to equity securities included in "Trading gains (losses), net" and $(45,998) of realized and unrealized gains (losses) included in "Realized and unrealized losses on investments", $(12,130) of fair value adjustments on loans included in "Fair value adjustments on loans", and

$(148) related to contingent consideration included in "Selling, general and administrative expenses" line items in the unaudited condensed consolidated statements of operations.

(2) For the three months ended March 31, 2025 and 2024, the change in unrealized gains (losses) is related to financial instruments held at the end of each respective reporting period.

Schedule of Investments in the VIE

The carrying amounts included in the Company’s unaudited condensed consolidated balance sheets related to variable interests in VIEs that were not consolidated is shown below.

			March 31, 2025						December 31, 2024
Securities and other investments owned, at fair value			$	6,163					$	—
Loans receivable, at fair value			34,094						28,193
Other assets			3,801						3,359
Maximum exposure to loss			$	44,058					$	31,552

The carrying amounts and classification of the assets, liabilities and noncontrolling interest of the BRC Trust as of March 31, 2025 and formation on January 6, 2025, are as follows:

			March 31, 2025						January 6, 2025
Assets
Cash and cash equivalents			$	744					$	359
Securities and other investments owned, at fair value			577						577
Loans receivable, at fair value			3,575						10,276
Prepaid expenses and other assets			3,824						3,497
Total assets			$	8,720					$	14,709
Liabilities
Accrued expenses and other liabilities			$	528					$	290
Total liabilities			$	528					$	290
Noncontrolling interest			$	7,099					$	12,494

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