v3.25.4

Note 30 - Supplemental Cash Flow Disclosure | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Cash Flow, Supplemental Disclosures [Text Block] | 30. SUPPLEMENTAL CASH FLOW DISCLOSURE ﻿ Cash flows from investments (including derivatives) classified as investments-trading or trading securities sold, not yet purchased are presented on a net basis as a component of cash flows from operations. Cash flows from investments (including derivatives) classified as other investments, at fair value or other investments sold, not yet purchased are presented on a gross basis as a component of cash flows from investing. Interest paid by the Company on its debt and redeemable financial instruments was $5,499, $6,014, and $5,607 for the years ended December 31, 2025, 2024, and 2023, respectively. In 2025, the Company had the following significant non-cash transactions that are not reflected on the statement of cash flows:
| • | The Company net received units of membership interest in the Operating LLC. The Company recognized a net increase in additional paid-in capital of $590, a net decrease in AOCI of $14, and a decrease in non-controlling interest of $576. See note 21.
| • | The Company recorded a decrease in equity method affiliates of $1,886 and an increase in other investments, at fair value of $1,886 resulting from an in-kind distribution from equity method affiliates.
| • | The Company recorded a decrease of $505 in other investments, at fair value and a decrease of $505 in other investment sold, not yet purchased due to payment of shares to a former SPAC sponsor entity.
| • | The Company recorded an increase in accounts payable and other liabilities of $3,195 and a decrease in non-controlling interest of $1,818 and an increase in accumulated deficit of $1,377 for accumulated dividends owed on unvested restricted stock and units. See note 22.
| • | The Company recorded a decrease of $24,791 in other investments, at fair value resulting from an in-kind distribution to the non-convertible controlling interests.
| • | The Company recorded a decrease in other receivables of $19, a decrease in due from broker of $1,120, a decrease in other investments, at fair value of $1,299, a decrease of other investments sold, not yet purchased, at fair value of $344, and a decrease in non-controlling interest of $1,691 resulting from the sale of the Company's interest in Vellar GP.
In 2024, the Company had the following significant non-cash transactions that are not reflected on the statement of cash flows:
| • | The Company net received units of membership interest in the Operating LLC. The Company recognized a net increase in additional paid-in capital of $679, a net decrease in AOCI of $15, and a decrease in non-controlling interest of $664. See note 21.
| • | The Company recorded a net decrease in investments in equity method affiliates of $14,586, a net increase in other investments, at fair value of $14,586, and an increase of $2,861 in other investments, sold not purchased resulting from an in-kind distribution from an equity method affiliate.
| • | In connection with the Redemption Agreement, the Company recorded a reduction in the redeemable financial instrument of $5,146 and a corresponding increase of $5,146 in debt resulting from the issuance of the 2024 Note.
﻿ In 2023, the Company had the following significant non-cash transactions that are not reflected on the statement of cash flows:
| • | The Company net surrendered units of membership interests in the Operating LLC. The Company recognized a net increase in additional paid-in capital of $636, a net decrease of $14 in AOCI, and a decrease of $622 in non-controlling interest. See note 21.
| • | In conjunction with the consolidation of the SPAC Fund, the Company recorded an increase in receivables from brokers, dealers, and clearing agencies of $68,066, an increase in other investments, at fair value of $40,388, an increase in other assets of $63, an increase in accounts payable of $82,711, and an increase in other investments sold, not yet purchased of $25,806. See note 4.
| • | The Company recorded a net decrease in investments in equity method affiliates of $10,102 and a net increase in other investments, at fair value of $10,102 resulting from an in-kind distribution from an equity method affiliate.
| • | In connection with several SFA transactions, the Company received equity shares in a public company, recorded a net increase of $58,286 in other investments, at fair value, and a corresponding increase in other investments, sold not yet purchased of $58,286.

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- Definition The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/230/tableOfContent + Details
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