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SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED | 6 Months Ended
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Jun. 30, 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 June 30, 2026 and December 31, 2025:
| June 30, 2026 |  | December 31, 2025
Securities and other investments owned: |  |  |
Securities and other investments owned at fair value: |  |  |
Equity securities | $ | 541,444 |  |  | $ | 304,422 |
Partnership interests and other investments | 83,026 |  |  | 40,082 |
Corporate bonds | 28,166 |  |  | 31,751 |
Other fixed income securities | 5,175 |  |  | 4,373 |
Total securities and other investments owned at fair value | 657,811 |  |  | 380,628 |
Partnership interests and other investments at net asset value | 2,374 |  |  | 1,833 |
Equity securities valued under the measurement alternative | 63,530 |  |  | 64,382 |
Total securities and other investments owned | $ | 723,715 |  |  | $ | 446,843 |
Securities sold not yet purchased, at fair value: |  |  |
Equity securities | $ | 8,894 |  |  | $ | 9,342 |
Corporate bonds | 593 |  |  | 467 |
Total securities sold not yet purchased, at fair value | $ | 9,487 |  |  | $ | 9,809 |
Unrealized gains (losses) on equity securities held at June 30, 2026 include unrealized gains of $2,404 and $2,855 for the three months ended June 30, 2026 and 2025 respectively, and unrealized gains (losses) of $98,394 and $(13,127) for the six months ended June 30, 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 and six months ended June 30, 2026 and 2025 for equity securities measured under the measurement alternative and for those securities with observable price changes:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Upward carrying value changes(1) | $ | 1,415 |  |  | — |  |  | $ | 1,415 |  |  | 1,732 |  |  |  |  |
Downward carrying value changes/impairment(2) | $ | (1,400) |  |  | — |  |  | $ | (2,268) |  |  | (592) |  |  |  |  |
_________________________ (1)The cumulative upward carrying value changes between September 6, 2019 and June 30, 2026 were $12,533. (2)The cumulative downward carrying value changes/impairment between September 6, 2019 and June 30, 2026 were $(13,553). 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 March 31, 2026 and September 30, 2025 correspond to amounts as of June 30, 2026 and December 31, 2025, respectively, and income statement amounts for the three and six months ended March 31, 2026 and 2025 correspond to amounts for the three and six months ended June 30, 2026 and 2025 of the Company, respectively. Babcock and Wilcox Enterprises, Inc, Equity Investment The Company owned a 19% and 25% voting interest in Babcock & Wilcox Enterprises, Inc. (“B&W”) as of June 30, 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:
| March 31, 2026 |  | September 30, 2025
Current assets | $ | 491,272 |  |  | $ | 479,733 |
Noncurrent assets | $ | 266,573 |  |  | $ | 178,151 |
Current liabilities | $ | 494,519 |  |  | $ | 400,985 |
Noncurrent liabilities | $ | 435,421 |  |  | $ | 489,106 |
Deficit attributable to investee | $ | (172,095) |  |  | $ | (232,207) |
| Three Months Ended March 31, |  | Six Months Ended March 31, |  |
| 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Revenues | $ | 214,414 |  |  | $ | 181,194 |  |  | $ | 327,831 |  |  | $ | 247,470 |  |  |  |  |
Cost of revenues | $ | 170,957 |  |  | $ | 141,133 |  |  | $ | 260,968 |  |  | $ | 183,176 |  |  |  |  |
Loss from continuing operations | $ | (79,622) |  |  | $ | (7,763) |  |  | $ | (96,313) |  |  | $ | (79,081) |  |  |  |  |
Net loss | $ | (76,945) |  |  | $ | (21,989) |  |  | $ | (67,715) |  |  | $ | (85,010) |  |  |  |  |
Net loss attributable to investees | $ | (76,945) |  |  | $ | (22,007) |  |  | $ | (67,715) |  |  | $ | (85,072) |  |  |  |  |
As of June 30, 2026 and December 31, 2025, the fair value of the investment in B&W totaled $386,996 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 June 30, 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 four private companies as of June 30, 2026 and December 31, 2025, respectively. The following table contains summarized financial information for these companies:
| March 31, 2026 |  | September 30, 2025
Current assets | $ | 25,801 |  |  | $ | 23,491 |
Noncurrent assets | $ | 149,585 |  |  | $ | 140,981 |
Current liabilities | $ | 15,863 |  |  | $ | 22,988 |
Noncurrent liabilities | $ | 81,680 |  |  | $ | 66,509 |
Equity attributable to investee | $ | 77,843 |  |  | $ | 74,975 |
| For the Three Months Ended March 31, |  | For the Six Months Ended March 31, |  |
| 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Revenues | $ | 20,039 |  |  | $ | 18,500 |  |  | $ | 35,576 |  |  | $ | 30,223 |  |  |  |  |
Cost of revenues | $ | 2,847 |  |  | $ | 2,003 |  |  | $ | 6,003 |  |  | $ | 4,797 |  |  |  |  |
Net income attributable to investees | $ | 1,391 |  |  | $ | 6,323 |  |  | $ | 3,698 |  |  | $ | 4,009 |  |  |  |  |
As of June 30, 2026 and December 31, 2025, the fair value of these investments totaled $19,903 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.

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