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SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED (Tables)

3 Months Ended

Mar. 31, 2026

Securities And Other Investments Owned And Securities Sold Not Yet Purchased [Abstract]

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, 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 investments			52,650						40,082
Corporate bonds			33,134						31,751
Other fixed income securities			2,081						4,373
Total securities and other investments owned at fair value			573,477						380,628
Partnership interests and other investments at net asset value			2,676						1,833
Equity securities valued under the measurement alternative			63,515						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 bonds			639						467
Other fixed income securities			2,040						—
Total securities sold not yet purchased, at fair value			$	16,833					$	9,809

Schedule of Equity Securities Without Readily Determinable Fair Value

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,
			2026						2025
Upward carrying value changes			$	—					$	1,732
Downward carrying value changes/impairment			$	(868)					$	(592)

Schedule of Equity Method Investments

The following tables contain summarized financial information with respect to B&W:

			December 31, 2025						September 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,
			2025						2024
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)

The following table contains summarized financial information for these companies:

			December 31, 2025						September 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,
			2025						2024
Revenues			$	15,537					$	11,723
Cost of revenues			$	3,156					$	2,794
Net income (loss) attributable to investees			$	2,307					$	(2,314)

Equity investments accounted for under the equity method of accounting consist of the following:

						March 31, 2026												December 31, 2025
						Percentage Ownership						Investment Balance						Percentage Ownership						Investment Balance
Investments accounted for under the equity method:
Great American Holdings, LLC						38.4		%				$	83,671					38.4		%				$	83,349
SW-B. Riley Retail Opportunity Fund						22.6		%				7,021						22.6		%				7,084
Total equity method investments												$	90,692											$	90,433

The following tables contain summarized financial information with respect to GA Holdings:

						December 31, 2025						December 31, 2024
Current assets						$	61,160					$	34,922
Noncurrent assets						$	271,240					$	291,362
Current liabilities						$	37,729					$	34,735
Noncurrent liabilities						$	5,270					$	—
Mezzanine equity - preferred units						$	279,097					$	279,096
Equity attributable to investee						$	10,304					$	12,453

						Three Months Ended						Period from November 15, 2024 to December 31, 2024
						December 31, 2025
Revenue						$	54,841					$	21,675
Cost of revenue and expenses						$	51,401					$	18,184
Net income attributable to investee						$	3,440					$	3,490

The following tables contain summarized financial information with respect to Joann Retail:

						December 31, 2025
Current assets						$	19,208
Current liabilities						$	19,208

						Three Months Ended
						December 31, 2025
Revenue						$	6,583
Cost of revenue and expenses						$	1,721
Net income attributable to investee						$	4,862

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- Definition

Securities And Other Investments Owned And Securities Sold Not Yet Purchased

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- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of investment in equity security without readily determinable fair value.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 321
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479536/321-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 321
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479536/321-10-50-3

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-Topic 321
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Tabular disclosure of financial instruments held by a broker-dealer for its own account (proprietary securities) for trading or investment purposes that are carried at fair value including securities sold, not yet purchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

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