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SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED (Tables) | 6 Months Ended
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Jun. 30, 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 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 |
Schedule of Equity Securities Without Readily Determinable Fair Value | 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).
Schedule of Equity Method Investments | 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) |  |  |  |  |
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 |  |  |  |  |
Equity investments accounted for under the equity method of accounting consist of the following:
|  | June 30, 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 | % |  | $ | 77,845 |  |  | 38.4 | % |  | $ | 83,349 |
SW-B. Riley Retail Opportunity Fund |  | 22.6 | % |  | 6,972 |  |  | 22.6 | % |  | 7,084 |
Total equity method investments |  |  |  | $ | 84,817 |  |  |  |  | $ | 90,433 |
The following tables contain summarized financial information with respect to GA Holdings:
|  | March 31, 2026 |  | September 30, 2025
Current assets |  | $ | 42,101 |  |  | $ | 58,177 |
Noncurrent assets |  | $ | 295,890 |  |  | $ | 283,238 |
Current liabilities |  | $ | 22,609 |  |  | $ | 51,024 |
Noncurrent liabilities |  | $ | 5,257 |  |  | $ | 518 |
Mezzanine equity - preferred units |  | $ | 279,097 |  |  | $ | 279,097 |
Equity attributable to investee |  | $ | 31,028 |  |  | $ | 10,776 |
|  | For the Three Months Ended March 31, |  | For the Six Months Ended March 31, 2026 |  | Period from November 15, 2024 to March 31, 2025
|  | 2026 |  | 2025 |  |
Revenue |  | $ | 37,747 |  |  | $ | 37,062 |  |  | $ | 92,588 |  |  | $ | 58,736 |
Cost of revenue and expenses |  | $ | 35,148 |  |  | $ | 33,044 |  |  | $ | 86,549 |  |  | $ | 51,228 |
Net income attributable to investee |  | $ | 2,599 |  |  | $ | 4,018 |  |  | $ | 6,039 |  |  | $ | 7,508 |
The following tables contain summarized financial information with respect to Joann Retail:
|  | March 31, 2026 |  | September 30, 2025
Current assets |  | $ | 17,754 |  |  | $ | 27,415 |
Current liabilities |  | $ | 17,754 |  |  | $ | 27,415 |
|  | Three Months Ended |  | Period from February 27, 2025 to March 31, 2025 |  | Six Months Ended |  | Period from February 27, 2025 to March 31, 2025
|  | March 31, 2026 |  |  | March 31, 2026 |
Revenue |  | $ | 2,671 |  |  | $ | — |  |  | $ | 9,254 |  |  | $ | — |
Cost of revenue and expenses |  | 710 |  |  | 3,615 |  |  | 2,431 |  |  | 3,615 |
Net income (loss) attributed to investee |  | $ | 1,961 |  |  | $ | (3,615) |  |  | $ | 6,823 |  |  | $ | (3,615) |

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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/2009/role/commonPracticeRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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- Definition 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 + Details
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