Note 22 - Supplemental Cash Flow Disclosure

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

22. 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 $2,800 and $3,164 for the six months ended June 30, 2025 and 2024, respectively.

The Company paid income taxes of $201 and $41 for the six months ended June 30, 2025 and 2024, respectively. The Company received no income tax refunds for the six months ended June 30, 2025 and 2024.

For the six months ended June 30, 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 $512, a net decrease in AOCI of $13, and a decrease in non-controlling interest of $499. See note 16.
	●	The Company recorded a decrease in equity method affiliates of $1,885 and increase in other investments, at fair value of $1,885 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 a decrease of $392 in other investments, at fair value resulting from an in-kind distribution to the non-convertible controlling interest.
	●	The Company recorded a decrease in cash flow from operations for non-cash advisory revenue of $31,326. Of this amount, $30,534 resulted in an increase in other investments, at fair value and $792 resulted in an increase in equity method investments.
	●	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.

For the six months ended June 30, 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 $645, a net decrease in AOCI of $14, and a decrease in non-controlling interest of $631. See note 16.
	●	The Company recorded a decrease in cash flow from operations for non-cash advisory revenue of $11,140 which resulted in an increase in other investments, at fair value.
	●	The Company recorded a decrease in equity method affiliated of $7,389 and an increase in other investments, at fair value of $7,389, resulting from an in-kind distribution from equity method affiliates.