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SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED (Tables)
 6 Months Ended
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 investments83,026 40,082 
Corporate bonds28,166 31,751 
Other fixed income securities5,175 4,373 
Total securities and other investments owned at fair value657,811 380,628 
Partnership interests and other investments at net asset value2,374 1,833 
Equity securities valued under the measurement alternative63,530 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 bonds593 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,
2026202520262025
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, 2026September 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,
2026202520262025
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, 2026September 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,
2026202520262025
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, 2026December 31, 2025
Percentage OwnershipInvestment BalancePercentage OwnershipInvestment Balance
Investments accounted for under the equity method:
Great American Holdings, LLC38.4 %$77,845 38.4 %$83,349 
SW-B. Riley Retail Opportunity Fund22.6 %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, 2026September 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, 2026Period from November 15, 2024 to March 31, 2025
20262025
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, 2026September 30, 2025
Current assets$17,754 $27,415 
Current liabilities$17,754 $27,415 
Three Months EndedPeriod from February 27, 2025 to March 31, 2025Six Months EndedPeriod from February 27, 2025 to March 31, 2025
March 31, 2026March 31, 2026
Revenue$2,671 $— $9,254 $— 
Cost of revenue and expenses710 3,615 2,431 3,615 
Net income (loss) attributed to investee$1,961 $(3,615)$6,823 $(3,615)