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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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, 2026 and December 31, 2025.

			Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2026 Using
			Fair value as of March 31, 2026						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			$	485,612					$	455,157					$	—					$	30,455
Partnership interests and other investments			52,650						—						—						52,650
Corporate bonds			33,134						—						33,134						—
Other fixed income securities			2,081						1,570						511						—
Total securities and other investments owned			573,477						456,727						33,645						83,105
Loans receivable, at fair value			24,927						—						—						24,927
Total assets measured at fair value			$	598,404					$	456,727					$	33,645					$	108,032
Liabilities:
Securities sold not yet purchased:
Equity securities			$	14,154					$	14,154					$	—					$	—
Corporate bonds			639						—						639						—
Other fixed income securities			2,040						1,994						46						—
Total securities sold not yet purchased			16,833						16,148						685						—
Liability-classified warrants			11,080						—						—						11,080
Total liabilities measured at fair value			$	27,913					$	16,148					$	685					$	11,080

			Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2025 Using
			Fair value at December 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			$	304,422					$	233,199					$	—					$	71,223
Partnership interests and other investments			40,082						—						—						40,082
Corporate bonds			31,751						—						31,751						—
Other fixed income securities			4,373						2,957						1,416						—
Total securities and other investments owned			380,628						236,156						33,167						111,305
Loans receivable, at fair value			26,303						—						—						26,303
Total assets measured at fair value			$	406,931					$	236,156					$	33,167					$	137,608
Liabilities:
Securities sold not yet purchased:
Equity securities			$	9,342					$	9,342					$	—					$	—
Corporate bonds			467						—						467						—
Other fixed income securities			—						—						—						—
Total securities sold not yet purchased			9,809						9,342						467						—
Contingent consideration			6,400						—						—						6,400
Total liabilities measured at fair value			$	16,209					$	9,342					$	467					$	6,400

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables summarize 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, 2026 and December 31, 2025:

			Fair value at March 31, 2026						Valuation Technique						Unobservable Input						Range						Weighted Average(1)
Assets:
Equity securities			$	27,898					Market approach						Multiple of sales						0.7x - 6.0x						2.3x
															Market price of related security						$10.24 - $12.01						$10.80
			1,718						Monte Carlo simulation						Annualized volatility						130.0%						130.0%
			839						Option pricing model						Annualized volatility						47.0% - 93.0%						54.0%
Partnership interests and other investments			52,650						Market approach						Discount rate						—% - 3.7%						0.5%
															Market price of related security						$526.59						$526.59
Loans receivable at fair value			24,927						Discounted cash flow						Discount rate						6.8% - 56.5%						16.7%
Total level 3 assets measured at fair value			$	108,032
Liabilities:
Liability-classified warrants			$	11,080					Monte Carlo simulation and Black-Scholes option pricing model						Annualized volatility						87.5%						87.5%
Total level 3 liabilities measured at fair value			$	11,080

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

			Fair value at December 31, 2025						Valuation Technique						Unobservable Input						Range						Weighted Average(1)
Assets:
Equity securities			$	25,572					Market approach						Multiple of sales						0.7x - 6.0x						2.3x
															Market price of related security						$2.14 - $12.01						$10.97
			43,101						Monte Carlo simulation						Annualized volatility						120.0% - 148.0%						121.0%
			2,550						Option pricing model						Annualized volatility						46.0% - 115.0%						57.0%
Partnership interests and other investments			40,082						Market approach						Discount rate						—% - 3.5%						0.5%
															Market price of related security						$421.00						$421.00
Loans receivable at fair value			24,468						Discounted cash flow						Discount rate						6.8% - 56.5%						21.0%
			1,835						Market approach						Market price of related security						$8.56						$8.56
Total Level 3 assets measured at fair value			$	137,608
Liabilities:
Liability-classified warrants			$	6,400					Monte Carlo simulation and Black-Scholes option pricing model						Annualized volatility						85.0%						85.0%
															Discount for lack of marketability						14.7%						14.7%
Total Level 3 liabilities measured at fair value			$	6,400

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

The following table presents the carrying amounts of equity securities valued under the measurement alternative that were still held as of the balance sheet date for which a nonrecurring fair value measurement was recorded during the period:

			Fair Value						Level 2						Level 3
As of March 31, 2026
Non-marketable equity securities measured using the measurement alternative			$	11,493					$	11,493					$	—
As of December 31, 2025
Non-marketable equity securities measured using the measurement alternative			$	13,867					$	13,739					$	128

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, 2026 and 2025 were as follows:

			Equity Securities						Partnership Interests And Other Investments						Loans Receivable at Fair Value						Contingent Consideration						Liability-Classified Warrants						Embedded Derivatives
Three Months Ended March 31, 2026
Level 3 balance at beginning of year			$	71,223					$	40,082					$	26,303					$	—					$	6,400					$	—
Fair value adjustments(1)			(2,049)						—						6,545						—						4,680						—
Relating to undistributed earnings			—						12,568						484						—						—						—
Purchases/originations			150,002						—						20,100						—						—						—
Sales			—						—						—						—						—						—
Settlements/repayments			(188,721)						—						(28,505)						—						—						—
Transfers in and/or out of Level 3			—						—						—						—						—						—
Level 3 balance at end of period			$	30,455					$	52,650					$	24,927					$	—					$	11,080					$	—
Change in unrealized gains (losses)(2)			$	924					$	—					$	(145)					$	—					$	(4,680)					$	—
Three Months Ended March 31, 2025
Level 3 balance at beginning of year			$	40,516					$	—					$	90,103					$	4,538					$	—					$	—
Fair value adjustments(3)			(3,844)						—						(8,096)						103						(2,700)						3,349
Relating to undistributed earnings			—						—						—						—						—						—
Purchases/originations			869						—						58,008						—						7,860						11,244
Sales			(10,000)						—						(6,840)						—						—						—
Settlements/repayments			(11)						—						(34,579)						(48)						—						—
Transfers in and/or out of Level 3			—						—						—						—						—						—
Level 3 balance at end of period			$	27,530					$	—					$	98,596					$	4,593					$	5,160					$	14,593
Change in unrealized gains (losses)(2)			$	(3,844)					$	—					$	(9,738)					$	(103)					$	2,700					$	(3,349)

(1)			Fair value adjustments during the three months ended March 31, 2026 include the following: $(2,049) of realized and unrealized gains (losses) on equity securities is comprised of $(925) included in “Trading gains (losses), net” and $(1,124) of “Realized and unrealized gains (losses) on investments”, $6,545 of fair value adjustments on loans included in “Fair value adjustments on loans”, and $(4,680) of unrealized losses related to liability-classified warrants included in “Change in fair value of financial instruments and other” line items in the accompanying unaudited condensed consolidated statements of operations.
(2)			For the three months ended March 31, 2026 and 2025, the change in unrealized gains (losses) is related to financial instruments held at the end of each respective reporting period.
(3)			Fair value adjustments during the three months ended March 31, 2025 include 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 gains (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 accompanying unaudited condensed consolidated statements of operations.

Schedule of Fair Value, by Balance Sheet Grouping

									March 31, 2026												December 31, 2025
			Fair Value Hierarchy Level						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Revolving credit facility			Level 2						$	10,708					$	10,695					$	6,638					$	6,638
Term loans, net			Level 2						$	116,673					$	116,991					$	119,297					$	120,931
Senior notes payable			Level 2						$	903,474					$	677,528					$	1,033,782					$	681,890
New Notes payable			Level 3						$	268,016					$	170,228					$	268,016					$	166,796

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