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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025.
Financial Assets and Liabilities Measured at Fair Value on a
Recurring Basis as of June 30, 2026 Using
Fair value as of June 30, 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$541,444 $432,120 $276 $109,048 
Partnership interests and other investments83,026 — — 83,026 
Corporate bonds28,166 — 28,166 — 
Other fixed income securities5,175 4,973 202 — 
Total securities and other investments owned657,811 437,093 28,644 192,074 
Loans receivable, at fair value38,802 — — 38,802 
Total assets measured at fair value$696,613 $437,093 $28,644 $230,876 
Liabilities:
Securities sold not yet purchased:
Equity securities$8,894 $8,593 $301 $— 
Corporate bonds593 — 593 — 
Total securities sold not yet purchased9,487 8,593 894 — 
Embedded derivatives, included in accrued expenses and other liabilities797 — — 797 
Total liabilities measured at fair value$10,284 $8,593 $894 $797 
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 investments40,082 — — 40,082 
Corporate bonds31,751 — 31,751 — 
Other fixed income securities4,373 2,957 1,416 — 
Total securities and other investments owned380,628 236,156 33,167 111,305 
Loans receivable, at fair value26,303 — — 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 bonds467 — 467 — 
Total securities sold not yet purchased9,809 9,342 467 — 
Liability-classified warrants6,400 — — 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 June 30, 2026 and December 31, 2025:
Fair value at June 30,
2026		Valuation
Technique		Unobservable
Input		Range
Weighted
Average(1)
Assets:
Equity securities$28,087 Market approachMultiple of EBITDA and indexes
1.8x - 7.3x
4.3x
Multiple of sales
0.7x - 8.5x
2.2x
Market price of related security
$10.32 - $12.01
$10.70
80,040 Monte Carlo simulationAnnualized volatility
120.0%
120.0%
921 Option pricing modelAnnualized volatility
50.0% - 110.0%
52.0%
Partnership interests and other investments83,026 Market approachCarried interest sharing
15.0% - 46.3%
33.1%
Loans receivable at fair value38,802 Discounted cash flowDiscount rate
6.8% - 93.7%
36.0%
Recovery rate
35.9%
35.9%
Total level 3 assets measured at fair value$230,876 
Liabilities:
Embedded derivatives, included in accrued expenses and other liabilities$797 Discounted cash flowDiscount rate15.9%15.9%
Monte Carlo simulationAnnualized volatility
95.0% - 100.0%
97.5%
Total level 3 liabilities measured at fair value$797 
(1) Unobservable inputs were weighted by the relative fair value of the financial instruments.
Fair value at December 31,
2025		Valuation TechniqueUnobservable InputRange
Weighted
Average(1)
Assets:
Equity securities$25,572 Market approachMultiple of sales
0.7x - 6.0x
2.3x
Market price of related security
$2.14 - $12.01
$10.97
43,101Monte Carlo simulationAnnualized volatility
120.0% - 148.0%
121.0%
2,550 Option pricing modelAnnualized volatility
46.0% - 115.0%
57.0%
Partnership interests and other investments40,082Market approachDiscount rate
—% - 3.5%
0.5%
Market price of related security
$421.00
$421.00
Loans receivable at fair value24,468 Discounted cash flowDiscount rate
6.8% - 56.5%
21.0%
1,835 Market approachMarket 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 modelAnnualized 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 ValueLevel 2Level 3
As of June 30, 2026
Non-marketable equity securities measured using the measurement alternative$17,284 $17,284 $— 
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 June 30, 2026 and 2025 were as follows:
Equity SecuritiesPartnership Interests And Other InvestmentsLoans Receivable at Fair ValueContingent Consideration
Liability-Classified Warrants(4)
Embedded Derivatives
Three Months Ended June 30, 2026
Level 3 balance at beginning of period$30,455 $52,650 $24,927 $— $11,080 $— 
Fair value adjustments(1)
8,018 — 4,245 — 4,730 797 
Relating to undistributed earnings— 30,376 233 — — — 
Purchases/originations225,749 — 24,097 — — — 
Settlements/repayments(155,174)— (14,700)— (15,810)— 
Level 3 balance at end of period$109,048 $83,026 $38,802 $— $— $797 
Change in unrealized gains (losses)(2)
$8,552 $— $2,315 $— $— $(797)
Three Months Ended June 30, 2025
Level 3 balance at beginning of period$27,530 $— $98,596 $4,593 $5,160 $14,593 
Fair value adjustments(3)
197 1,029 799 63 (1,000)(11,468)
Purchases/originations24,998 — 624 — — — 
Sales— — (3,575)— — — 
Settlements/repayments(24,999)— (47,464)(48)— (3,125)
Level 3 balance at end of period$27,726 $1,029 $48,980 $4,608 $4,160 $— 
Change in unrealized gains (losses)(2)
$197 $1,029 $799 $(63)$1,000 $11,468 
(1)
Fair value adjustments during the three months ended June 30, 2026 include the following: $8,018 of realized and unrealized gains (losses) on equity securities is comprised of $4,946 included in “Trading gains, net” and $3,072 included in “Realized and unrealized gains (losses) on investments”, $30,376 of fees from investment income that has not yet been distributed from investment funds, $4,245 of fair value adjustments on loans included in “Fair value adjustments on loans”, $4,730 of realized 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 June 30, 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 June 30, 2025 include the following: $197 of realized and unrealized gains (losses) on equity securities comprised of $(92) included in “Trading gains, net” and $289 included in “Realized and unrealized gains (losses) on investments”, $799 of fair value adjustments on loans included in “Fair value adjustments on loans”, $1,029 of realized and unrealized gains related to other assets which is comprised of $902 recorded to “Trading gains, net” and $127 recorded to “Realized and unrealized gains (losses) on investments”, $(63) of realized and unrealized losses related to contingent consideration included in “Selling, general and administrative expenses”, $1,000 of unrealized gains related to liability-classified warrants included in “Change in fair value of financial instruments and other”, and $11,468 of unrealized gains 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.
(4)
On May 28, 2026, immediately prior to exercise, the Oaktree Warrants were remeasured to fair value, resulting in a fair value of $15,810. This fair value represents the final measurement of the warrant liability immediately prior to settlement and does not reflect the subsequent gain recognized upon settlement of the Oaktree Warrants (see Note 22 – Stockholders’ Equity).
The changes in Level 3 fair value hierarchy during the six months ended June 30, 2026 and 2025 were as follows:
Equity SecuritiesPartnership Interests And Other InvestmentsLoans Receivable at Fair ValueContingent ConsiderationLiability-Classified WarrantsEmbedded Derivatives
Six Months Ended June 30, 2026
Level 3 balance at beginning of period$71,223 $40,082 $26,303 $— $6,400 $— 
Fair value adjustments(1)
5,969 — 10,790 — 9,410 797 
Relating to undistributed earnings— 42,944 717 — — — 
Purchases/originations375,751 — 44,197 — — — 
Settlements/repayments(343,895)— (43,205)— (15,810)— 
Level 3 balance at end of period$109,048 $83,026 $38,802 $— $— $797 
Change in unrealized gains (losses)(2)
$6,552 $— $2,170 $— $— $(797)
Six Months Ended June 30, 2025
Level 3 balance at beginning of period$40,516 $— $90,103 $4,538 $— $— 
Fair value adjustments(3)
(3,648)1,029 (7,296)166 (3,700)(8,119)
Purchases/originations25,867 — 58,632 — 7,860 11,244 
Sales(10,000)— (10,415)— — — 
Settlements/repayments(25,009)— (82,044)(96)— (3,125)
Level 3 balance at end of period$27,726 $1,029 $48,980 $4,608 $4,160 $— 
Change in unrealized gains (losses)(2)
$(3,648)$1,029 $(8,834)$(166)$3,700 $8,119 
(1)
Fair value adjustments during the six months ended June 30, 2026 include the following: $5,969 of realized and unrealized gains (losses) on equity securities comprised of $4,021 included in “Trading gains, net” and $1,948 of “Realized and unrealized gains (losses) on investments”, $42,944 of fees from investment income that has not yet been distributed from investment funds, $2,170 of fair value adjustments on loans included in “Fair value adjustments on loans”, $9,410 of realized 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 six months ended June 30, 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 six months ended June 30, 2025 include the following: $(3,648) of realized and unrealized gains (losses) on equity securities comprised of $(1,174) included in “Trading gains, net” and $(2,474) of “Realized and unrealized gains (losses) on investments”, $(7,296) of fair value adjustments on loans included in “Fair value adjustments on loans”, $1,029 of realized and unrealized gains related to other assets which is comprised of $902 recorded to “Trading gains (losses), net” and $127 recorded to “Realized and unrealized gains (losses) on investments”, $(166) of realized and unrealized losses related to contingent consideration included in “Selling, general and administrative expenses”, $3,700 of unrealized gains related to liability-classified warrants included in “Change in fair value of financial instruments and other”, and $8,119 of unrealized gains 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
June 30, 2026December 31, 2025
Fair Value Hierarchy LevelCarrying AmountFair ValueCarrying AmountFair Value
Revolving credit facilitiesLevel 2$31,316 $31,104 $6,638 $6,638 
Term loans, netLevel 2$115,770 $121,906 $119,297 $120,931 
Senior notes payableLevel 2$871,036 $734,696 $1,033,782 $681,890 
New Notes payableLevel 3$258,930 $202,511 $268,016 $166,796