v3.26.1
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Cash flows from operating activities    
Net income (loss) $ 310,285 [1] $ (774,939) [1]
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Depreciation and amortization 35,174 [1] 45,405 [1]
Provision for losses on accounts receivable 4,021 [1] 5,993 [1]
Share-based compensation 13,974 [1] 19,054 [1]
Fair value and remeasurement adjustments ($(2,061) and $328,671 from related parties) (15,956) [1] 327,630 [1]
Non-cash interest and other ($(268) and $(32,256) from related parties) 10,951 [1] (23,259) [1]
Depreciation of rental merchandise 13,068 [1] 15,092 [1]
Net foreign currency gains (473) [1] (247) [1]
Income from equity investments (34,996) [1] (31) [1]
Dividends from equity investments 397 [1] 159 [1]
Deferred income taxes 11,482 [1] 25,888 [1]
Impairment of goodwill and tradenames 1,500 [1] 105,373 [1]
Gain on disposal of discontinued operations (66,795) [1] (217,504) [1]
(Gain) loss on sale or disposal of fixed assets and other (1,021) [1] 143 [1]
Gain on sale and deconsolidation of businesses (86,213) [1] (306) [1]
Loss on extinguishment of debt 21,298 [1] 19,158 [1]
Gain on senior note exchange (67,208) [1] 0 [1]
Income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests 0 [1] 1,170 [1]
Change in operating assets and liabilities:    
Amounts due to/from clearing brokers (20,288) [1] 20,622 [1]
Securities and other investments owned (165,366) [1] 699,616 [1]
Securities borrowed (71,915) [1] 2,827,917 [1]
Accounts receivable 6,789 [1] 2,230 [1]
Prepaid expenses and other assets ($(3,449) and $8,353 from related parties) 4,439 [1] 26,040 [1]
Accounts payable, accrued expenses and other liabilities (24,622) [1] (14,120) [1]
Amounts due to/from related parties and partners (3,303) [1] (1,250) [1]
Securities sold not yet purchased 4,134 [1] (2,926) [1]
Deferred revenue (8,202) [1] (11,993) [1]
Securities loaned 69,135 [1] (2,831,364) [1]
Net cash (used in) provided by operating activities (59,711) [1] 263,551 [1]
Cash flows from investing activities    
Purchases of loans receivable ($78,458 and $57,615 from related parties) (125,755) [1] (118,721) [1]
Repayments of loans receivable ($123,419 and $74,770 by related parties) 183,527 [1] 149,047 [1]
Proceeds from sale of loans receivable ($6,611 and $— from related parties) 10,415 [1] 31,012 [1]
Proceeds from loan participations sold 4,475 [1] 5,980 [1]
Acquisition of businesses and minority interest, net of $— and $604 cash acquired 0 [1] (19,142) [1]
Proceeds from sale of business, net of cash sold and other 94,938 [1] 261 [1]
Purchases of property, equipment and intangible assets (11,317) [1] (7,952) [1]
Proceeds from sale of property, equipment, intangible assets, and other 7,588 [1] 0 [1]
Funds received from trust account of subsidiary 39,841 [1] 0 [1]
Consolidation of VIE 359 [1] 0 [1]
Proceeds from sale of discontinued operations, net of $(3,344) cash sold 114,032 [1] 0 [1]
Purchases of equity and other investments (6,621) [1] (1,065) [1]
Net cash provided by investing activities 311,482 [1] 440,534 [1]
Cash flows from financing activities    
Proceeds from revolving line of credit 132,440 [1] 89,274 [1]
Repayment of revolving line of credit (142,131) [1] (116,746) [1]
Proceeds from note payable 850 [1] 15,000 [1]
Repayment of notes payable and other (13,740) [1] (6,653) [1]
Proceeds from term loan 235,550 [1] 0 [1]
Repayment of term loan (318,253) [1] (444,770) [1]
Redemption of senior notes (145,302) [1] (140,491) [1]
Repurchases and payments on senior notes (9,783) [1] 0 [1]
Payment of debt issuance and offering costs (13,296) [1] (3,484) [1]
Payment of contingent consideration (1,424) [1] (12,921) [1]
ESPP and payment of employment taxes on vesting of restricted stock 0 [1] (3,218) [1]
Common dividends paid 0 [1] (33,731) [1]
Preferred dividends paid 0 [1] (8,060) [1]
Distributions to noncontrolling interests (4,283) [1] (10,747) [1]
Contributions from noncontrolling interests 0 [1] 3,947 [1]
Proceeds from exercise of warrants 0 [1] 653 [1]
Net cash used in financing activities (279,372) [1] (671,947) [1]
Increase (decrease) in cash, cash equivalents and restricted cash (27,601) [1] 32,138 [1]
Effect of foreign currency on cash, cash equivalents and restricted cash 202 [1] (9,301) [1]
Net increase (decrease) in cash, cash equivalents and restricted cash (27,399) [1] 22,837 [1]
Cash, cash equivalents and restricted cash from continuing operations, beginning of year 248,651 [2] 218,546
Cash, cash equivalents and restricted cash from discontinued operations, beginning of year 8,025 15,293
Cash, cash equivalents and restricted cash, end of year 229,277 [1],[2] 256,676 [1],[2]
Cash, cash equivalents and restricted cash from continuing operations, end of year 229,277 [2] 248,651 [2]
Cash, cash equivalents and restricted cash from discontinued operations, end of year 0 8,025
Supplemental disclosure of cash flow information:    
Interest paid 97,040 240,298
Taxes paid 5,227 6,924
Supplemental disclosure of non-cash investing and financing activities:    
Transfer of loans to held for sale from loans receivable at fair value 8,876 30,927
Noncontrolling interest 1,575 0
Issuance of warrants for term loan 7,860 0
Recognition of derivative liability for term loan exit fee 11,244 0
Disposition of noncontrolling interests through sale and deconsolidation of businesses 2,918 0
Capital from noncontrolling interest upon initial consolidation of VIE 12,494 0
Reclassification of restricted stock units from equity to liability 2,138 0
Operating lease right-of-use assets obtained in exchange for lease liabilities 465 3,720
Proceeds from issuance of common stock 0 1,011
Receipt of note receivable upon sale of certain assets 0 2,000
Conversion of loan receivable at fair value into equity securities 0 53,530
Business combination, consideration transferred, loans receivable 0 16,698
Receipt of noncontrolling equity interest related to sale of Great American Group 0 82,462
Nogin Inc.    
Supplemental disclosure of non-cash investing and financing activities:    
Business combination, consideration transferred, loans receivable 0 37,700
Senior notes payable | 5.50% Senior Notes due March 2026    
Supplemental disclosure of non-cash investing and financing activities:    
Exchange of senior notes: 115,844 0
Senior notes payable | 6.50% Senior Notes due September 2026    
Supplemental disclosure of non-cash investing and financing activities:    
Exchange of senior notes: 2,061 0
Senior notes payable | 5.00% Senior Notes due December 2026    
Supplemental disclosure of non-cash investing and financing activities:    
Exchange of senior notes: 146,448 0
Senior notes payable | 6.00% Senior Notes due January 2028    
Supplemental disclosure of non-cash investing and financing activities:    
Exchange of senior notes: 51,134 0
Senior notes payable | 5.25% Senior Notes due August 2028    
Supplemental disclosure of non-cash investing and financing activities:    
Exchange of senior notes: 39,486 0
Senior notes payable | 8.00% New Notes due January 1, 2028    
Supplemental disclosure of non-cash investing and financing activities:    
Exchange of senior notes: 277,007 0
Senior notes payable | 6.375% Senior notes due February 28, 2025    
Supplemental disclosure of non-cash investing and financing activities:    
Exchange of senior notes: 0 1,130
Great American Group    
Cash flows from investing activities    
Proceeds from divestiture of businesses 0 [1] 167,064 [1]
Bebe Brands    
Cash flows from investing activities    
Proceeds from divestiture of businesses $ 0 [1] $ 234,050 [1]
[1] Amounts presented contain results from both continuing and discontinued operations. Refer to Note 5 – Discontinued Operations and Assets Held for Sale for additional information regarding cash flow associated with the results of discontinued operations.
[2] Includes cash from assets held for sale of $1,324 in 2024.