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SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED
 3 Months Ended
Mar. 31, 2026
Securities And Other Investments Owned And Securities Sold Not Yet Purchased [Abstract]  
SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED
The Company’s securities and other investments owned and securities sold not yet purchased consisted of the following as of March 31, 2026 and December 31, 2025:
March 31,
2026		December 31,
2025
Securities and other investments owned:
Securities and other investments owned at fair value:
Equity securities$485,612 $304,422 
Partnership interests and other investments52,650 40,082 
Corporate bonds33,134 31,751 
Other fixed income securities2,081 4,373 
Total securities and other investments owned at fair value573,477 380,628 
Partnership interests and other investments at net asset value2,676 1,833 
Equity securities valued under the measurement alternative63,515 64,382 
Total securities and other investments owned$639,668 $446,843 
Securities sold not yet purchased, at fair value:
Equity securities$14,154 $9,342 
Corporate bonds639 467 
Other fixed income securities2,040 — 
Total securities sold not yet purchased, at fair value$16,833 $9,809 
Unrealized gains (losses) on equity securities held at March 31, 2026 include unrealized gains (losses) of $95,736 and $(16,209) for the three months ended March 31, 2026 and 2025, respectively, which is included in the “Realized and unrealized gains (losses) on investments” line item on the accompanying unaudited condensed consolidated statements of operations.
The following table presents the related adjustments recorded during the three months ended March 31, 2026 and 2025 for equity securities measured under the measurement alternative and for those securities with observable price changes:
Three Months Ended March 31,
20262025
Upward carrying value changes$— $1,732 
Downward carrying value changes/impairment$(868)$(592)
Certain equity securities investments in public and private companies are accounted for under the fair value option where the Company would otherwise use the equity method of accounting. The Company accounts for these equity investments at fair value to provide management with a more relevant representation for evaluating risk, performance reporting, market conditions and economic events in earnings on a more timely basis and to provide reporting of the current value of those assets in the accompanying unaudited condensed consolidated balance sheets. The related summarized financial information included below for purposes of disclosure are presented a quarter in arrears where balance sheet amounts as of December 31, 2025 and September 30, 2025 corresponds to amounts as of March 31, 2026 and December 31, 2025, and income statement amounts for the three months ended December 31, 2025 and 2024 correspond to amounts for the three months ended March 31, 2026 and 2025 of the Company, respectively.
Babcock and Wilcox Enterprises, Inc, Equity Investment
The Company owned a 20% and 25% voting interest in Babcock & Wilcox Enterprises, Inc. (“B&W”) as of March 31, 2026 and December 31, 2025, respectively, whereby the Company has elected to account for this investment under the fair value option. The following tables contain summarized financial information with respect to B&W:
December 31, 2025September 30, 2025
Current assets$470,676 $479,733 
Noncurrent assets$192,262 $178,151 
Current liabilities$386,694 $400,985 
Noncurrent liabilities$407,785 $489,106 
Deficit attributable to investee$(131,541)$(232,207)

Three Months Ended December 31,
20252024
Revenues$113,417 $66,276 
Cost of revenues$90,011 $42,043 
Loss from continuing operations$(16,691)$(71,318)
Net income (loss)$9,230 $(63,021)
Net income (loss) attributable to investees$9,230 $(63,065)
As of March 31, 2026 and December 31, 2025, the fair value of the investment in B&W totaled $403,189 and $174,011, respectively, and is included in the “Securities and other investments owned, at fair value” line item in the accompanying unaudited condensed consolidated balance sheets.
Other Equity Investments
As of March 31, 2026, the Company had other equity investments where the Company is considered to have the ability to exercise influence since the Company has representation on the board of directors or the Company is presumed to have the ability to exercise significant influence since the investment is more than minor, and the limited liability company is required to maintain specific ownership accounts for each member. The Company has elected to account for these equity investments under the fair value option. These equity investments are comprised of equity investments in three private companies as of March 31, 2026 and December 31, 2025, respectively.
The following table contains summarized financial information for these companies:
December 31, 2025September 30, 2025
Current assets$26,075 $23,491 
Noncurrent assets$145,015 $140,981 
Current liabilities$14,908 $22,988 
Noncurrent liabilities$78,877 $66,509 
Equity attributable to investee$77,305 $74,975 
For the Three Months Ended December 31,
20252024
Revenues$15,537 $11,723 
Cost of revenues$3,156 $2,794 
Net income (loss) attributable to investees$2,307 $(2,314)
As of March 31, 2026 and December 31, 2025, the fair value of these investments totaled $20,117 and $19,835, respectively, and is included in the “Securities and other investments owned, at fair value” line item in the accompanying unaudited condensed consolidated balance sheets.