RELATED PARTY TRANSACTIONS - Narrative (Details)
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1 Months Ended |
2 Months Ended |
3 Months Ended |
4 Months Ended |
12 Months Ended |
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Feb. 27, 2025
USD ($)
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Nov. 15, 2024
USD ($)
engagement
loan_receivable
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Sep. 20, 2024
USD ($)
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Jun. 27, 2024
USD ($)
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Jun. 13, 2024
USD ($)
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May 23, 2024
USD ($)
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Feb. 14, 2024
USD ($)
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Feb. 05, 2024
USD ($)
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Feb. 01, 2024
USD ($)
loan_receivable
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Dec. 18, 2023
USD ($)
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Aug. 21, 2023
USD ($)
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Mar. 02, 2021
USD ($)
member
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Dec. 31, 2024
USD ($)
director
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Dec. 31, 2024
USD ($)
director
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Dec. 31, 2025
USD ($)
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Jun. 30, 2025
USD ($)
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Dec. 31, 2025
USD ($)
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Dec. 31, 2024
USD ($)
director
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Sep. 30, 2024
USD ($)
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Jul. 01, 2025
USD ($)
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Jan. 06, 2025 |
Dec. 30, 2024
loan_receivable
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Oct. 13, 2024
USD ($)
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Nov. 02, 2023
USD ($)
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Jun. 30, 2023
member
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| Related Party Transactions (Details) [Line Items] |
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| Due from related parties |
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$ 189,000
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$ 189,000
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$ 0
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$ 0
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$ 189,000
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| Accounts payable |
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51,238,000
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51,238,000
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41,463,000
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41,463,000
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51,238,000
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| Increase (decrease) in inventories |
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7,420,000
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| Number of loan receivables | loan_receivable |
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1
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| Loans receivable fair value |
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$ 4,521,000
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| Total revenues |
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967,599,000
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746,421,000
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| Equity investments |
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85,487,000
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85,487,000
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90,433,000
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90,433,000
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85,487,000
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| Loans receivable, at fair value |
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90,103,000
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90,103,000
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26,303,000
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26,303,000
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90,103,000
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| Loans receivable - at fair value |
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90,103,000
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90,103,000
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26,303,000
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26,303,000
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90,103,000
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| Total revenues from contracts with customers |
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788,987,000
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985,980,000
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| Interest income |
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$ 3,710,000
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3,600,000
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| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |
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Secured Overnight Financing Rate (SOFR)
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Secured Overnight Financing Rate (SOFR)
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| Professional services |
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$ 57,414,000
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59,224,000
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| Revolving Credit Facility |
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| Related Party Transactions (Details) [Line Items] |
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| Senior notes payable |
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205,569,000
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205,569,000
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128,117,000
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128,117,000
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205,569,000
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| Revolving credit facility |
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| Related Party Transactions (Details) [Line Items] |
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| Interest rate |
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6.00%
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| FRG |
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| Related Party Transactions (Details) [Line Items] |
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| Total revenues |
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$ 3,131,138,000
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| Payments to acquire equity method investments |
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$ 281,144,000
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| FRG Investment |
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| Related Party Transactions (Details) [Line Items] |
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| Percentage Ownership |
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31.00%
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| Freedom VCM Holdings, LLC |
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| Related Party Transactions (Details) [Line Items] |
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| Increase (decrease) in inventories |
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8,951,000
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15,319,000
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| Payments to acquire equity method investments |
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$ 216,500,000
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| Take-private transaction, price |
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$ 227,296,000
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| Loans receivable, at fair value |
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2,169,000
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2,169,000
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2,169,000
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| Interest rate |
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12.00%
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| Dividends paid, equal to the greater of net after-tax proceeds, percentage |
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80.00%
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| Dividends paid, equal to the greater of gross proceeds, percentage |
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50.00%
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| Fair value adjustment |
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(223,000)
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(222,911,000)
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| Interest income |
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0
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15,573,000
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| Freedom VCM Holdings, LLC | First Priority Security Interest |
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| Related Party Transactions (Details) [Line Items] |
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| Loans receivable, at fair value |
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$ 200,506,000
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2,057,000
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2,057,000
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2,057,000
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| Freedom VCM Holdings, LLC | Mr. Kahn and his wife and one of Mr. Kahn’s affiliates |
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| Related Party Transactions (Details) [Line Items] |
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| Take-private transaction, price |
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$ 227,296,000
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| Interest rate |
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12.00%
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| Dividends paid, equal to the greater of net after-tax proceeds, percentage |
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80.00%
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| Dividends paid, equal to the greater of gross proceeds, percentage |
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50.00%
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| Fair value |
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0
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0
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| Freedom VCM Holdings, LLC | Mr. Kahn and his wife and one of Mr. Kahn’s affiliates | First Priority Security Interest |
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| Related Party Transactions (Details) [Line Items] |
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| Loans receivable, at fair value |
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$ 200,506,000
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| Freedom VCM Receivables, Inc. |
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| Related Party Transactions (Details) [Line Items] |
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| Loans receivable, at fair value |
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90,103,000
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90,103,000
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26,303,000
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26,303,000
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90,103,000
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| Related Party |
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| Related Party Transactions (Details) [Line Items] |
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| Other receivables, net, current |
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189,000
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189,000
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189,000
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| Accounts payable |
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3,404,000
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3,404,000
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3,404,000
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| Payments to acquire equity method investments transaction roll over |
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64,644,000
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| Equity securities, FV-NI, unrealized loss |
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287,043,000
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| Loans receivable, at fair value |
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51,902,000
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51,902,000
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2,835,000
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2,835,000
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51,902,000
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| Interest income |
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0
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6,035,000
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| Loans receivable - at fair value |
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51,902,000
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51,902,000
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2,835,000
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2,835,000
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51,902,000
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| Underwriting and financial advisory and other fees |
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3,123,000
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4,491,000
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| Related Party | 272 Capital L.P |
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| Related Party Transactions (Details) [Line Items] |
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| Ownership, percentage |
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15.30%
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| Related Party | FRG |
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| Related Party Transactions (Details) [Line Items] |
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| Payments to acquire equity method investments |
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$ 281,144,000
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| Related Party | FRG Investment |
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| Related Party Transactions (Details) [Line Items] |
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| Percentage Ownership |
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31.00%
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| Related Party | Freedom VCM |
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| Related Party Transactions (Details) [Line Items] |
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| Percentage Ownership |
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35.00%
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| Related Party | Freedom VCM | Mr. Kahn and his wife and one of Mr. Kahn’s affiliates |
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| Related Party Transactions (Details) [Line Items] |
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| Percentage Ownership |
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32.00%
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| Related Party | Freedom VCM - First Priority Security Interest |
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|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage Ownership |
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party | Freedom VCM Holdings, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Management fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,286,000
|
4,852,000
|
|
|
|
|
|
|
|
| Take-private transaction, price |
|
|
|
|
|
|
|
|
|
|
$ 216,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party | Freedom VCM Receivables, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payments to acquire finance receivables |
|
|
|
|
|
|
|
|
|
|
$ 58,872,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effective Interest Rate |
|
|
|
|
|
|
|
|
|
|
19.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans receivable, at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
3,913,000
|
3,913,000
|
0
|
|
$ 0
|
3,913,000
|
|
|
|
|
|
|
|
| Affiliated Entity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues from contracts with customers |
|
|
|
$ 26,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Funds | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Management fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150,000
|
|
|
|
|
|
|
|
| Due from related parties |
|
|
|
|
|
|
|
|
|
|
|
|
41,000
|
41,000
|
|
|
|
41,000
|
|
|
|
|
|
|
|
| Bebe's Rent | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
|
|
|
|
|
|
|
|
|
|
2,764,000
|
2,764,000
|
|
|
|
2,764,000
|
|
|
|
|
|
|
|
| Nogin Inc. | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
|
|
|
|
|
|
|
|
|
|
$ 640,000
|
640,000
|
|
|
|
640,000
|
|
|
|
|
|
|
|
| Whitehawk | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Management fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,272,000
|
|
|
|
|
|
|
|
| Loans receivable, at fair value |
|
|
|
|
|
|
|
|
$ 4,584,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Babcock and Wilcox | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service agreement, termination |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 days
|
|
|
|
|
|
|
|
|
| Service fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 750,000
|
|
|
|
|
|
|
|
|
| Management consulting services, monthly payments |
|
|
$ 250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Underwriting and financial advisory fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,010,000
|
3,850,000
|
|
|
|
|
|
|
|
| APLD | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
393,000
|
|
|
|
|
|
|
|
| California Natural Resources Group LLC | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guaranteed obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 7,375
|
|
$ 7,375
|
|
|
|
|
|
|
|
|
| California Natural Resources Group LLC | Related Party | California Natural Resources Group LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage Ownership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
25.00%
|
|
|
|
|
|
|
|
|
| Equity method investment, amount sold |
|
|
|
|
|
$ 9,272,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity method investment, realized gain (loss) on disposal |
|
|
|
|
|
254,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity investments |
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Conn’s | Related Party | Retailer Loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans receivable - at fair value |
|
|
|
|
|
|
|
|
|
$ 108,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument, floor, percentage |
|
|
|
|
|
|
|
|
|
4.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate |
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from collection of finance receivables |
|
|
|
|
|
|
$ 15,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Senior notes payable |
|
|
|
|
|
|
$ 93,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Term loan interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
7,538,000
|
|
|
|
|
|
|
|
| Torticity, LLC | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans receivable, at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 15,369,000
|
|
| Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,952,000
|
|
|
|
|
|
|
|
| Loans receivable, fair value disclosure, drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,690,000
|
|
| Loans receivable, fair value disclosure, remaining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 8,679,000
|
|
| Loans receivable, basis spread on variable rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.00%
|
|
| Kanaci Technologies, LLC | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans receivable, at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 11,453,000
|
|
|
|
|
$ 10,000,000
|
|
| Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,088,000
|
|
|
|
|
|
|
|
| Loans receivable, fair value disclosure, drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,000,000
|
|
| Loans receivable, fair value disclosure, remaining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6,000,000
|
|
| Loans receivable, basis spread on variable rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.00%
|
|
| Number of senior management members appointed | member |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
| GA Holdings | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 21,000
|
|
|
920,000
|
|
|
|
|
|
|
|
|
| Number of retail liquidation engagements | engagement |
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans receivable outstanding |
|
$ 15,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of loans receivable | loan_receivable |
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
| Reductions to deferred revenue for revenue recognized during the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,699,000
|
598,000
|
|
|
|
|
|
|
|
| Amounts of services totaled |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 121,000
|
|
|
|
|
|
|
|
| Professional services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
|
| GA Holdings | Related Party | Revolving credit facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate |
|
4.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average outstanding amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 40,000
|
|
|
|
|
|
|
|
|
|
| Weighted average interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
9.27%
|
9.27%
|
|
|
|
9.27%
|
|
|
|
|
|
|
|
| GA Holdings | Related Party | Revolving credit facility | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Borrowing capacity credit facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 40,000,000
|
|
|
|
$ 25,000,000
|
|
|
$ 25,000,000
|
|
|
| Long-term line of credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,698,000
|
|
|
| GA Holdings | Related Party | Retailer Loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transactions (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Senior notes payable |
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$ 1,339,000
|
$ 1,339,000
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$ 1,339,000
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| GA Joann Retail Partnership, LLC | Related Party |
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| Related Party Transactions (Details) [Line Items] |
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| Interest income |
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$ 223,000
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| GA Joann Retail Partnership, LLC | Related Party | Retailer Loan |
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| Related Party Transactions (Details) [Line Items] |
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| Borrowing capacity credit facility |
$ 52,000,000
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| BR Financial | Related Party | Retailer Loan |
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| Related Party Transactions (Details) [Line Items] |
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| Interest rate |
10.00%
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| Borrowing capacity credit facility |
$ 24,653,000
|
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| 272LP And 272 Advisors, LLC | Related Party |
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| Related Party Transactions (Details) [Line Items] |
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| Financing receivable, sale, promissory note |
|
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|
$ 2,000,000
|
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| Financing receivable, sale, aggregate revenue share amount |
|
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|
$ 4,100,000
|
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| BRC Trust | Related Party | BRC Partners Opportunity Fund, LP |
|
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| Related Party Transactions (Details) [Line Items] |
|
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| Ownership, percentage |
|
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|
58.20%
|
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| BRC Trust | Investor | BRC Partners Opportunity Fund, LP |
|
|
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| Related Party Transactions (Details) [Line Items] |
|
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| Ownership, percentage |
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
13.40%
|
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| Dash Medical Holdings, LLC | Related Party |
|
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| Related Party Transactions (Details) [Line Items] |
|
|
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| Equity method investment, realized gain (loss) on disposal |
|
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|
$ 360,000
|
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| Payments to acquire equity method investments |
|
|
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|
$ 2,400,000
|
|
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| Number of senior management members appointed | member |
|
|
|
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|
1
|
|
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| Proceeds from sale of equity method investments |
|
|
|
|
$ 2,760,000
|
|
|
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|
| Q-mation, Inc. | Related Party |
|
|
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|
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|
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|
|
| Related Party Transactions (Details) [Line Items] |
|
|
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| Advisory fee earned |
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,650,000
|
|
|
|
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|
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|
|
| Number of board directors | director |
|
|
|
|
|
|
|
|
|
|
|
|
1
|
1
|
|
|
|
1
|
|
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|
|
|