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SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED
 12 Months Ended
Dec. 31, 2025
Securities And Other Investments Owned And Securities Sold Not Yet Purchased [Abstract]  
Securities And Other Investments Owned And Securities Sold Not Yet Purchased Disclosure SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED
The Company’s securities and other investments owned and securities sold not yet purchased consisted of the following as of December 31, 2025 and 2024:
December 31,
2025		December 31,
2024
Securities and other investments owned:
Securities and other investments owned at fair value
Equity securities$304,422 $165,408 
Partnership interests and other investments40,082 — 
Corporate bonds31,751 29,027 
Other fixed income securities4,373 4,923 
Total securities and other investments owned at fair value380,628 199,358 
Partnership interests and other investments at net asset value1,833 15,867 
Equity securities valued under the measurement alternative64,382 67,100 
Total securities and other investments owned$446,843 $282,325 
  
Securities sold not yet purchased, at fair value:  
Equity securities$9,342 $— 
Corporate bonds467 1,891 
Other fixed income securities— 3,784 
Total securities sold not yet purchased, at fair value$9,809 $5,675 
Unrealized gains (losses) on equity securities held at December 31, 2025, includes unrealized gains (losses) of $36,107 and $(48,994) for the years ended December 31, 2025 and 2024, respectively, which is included in the “Realized and unrealized gains (losses) on investments” line item in the accompanying consolidated statements of operations.
The carrying values of equity securities measured under the measurement alternative are as follows:
December 31,
2025		December 31,
2024
Measurement alternative:
Carrying value$64,382 $67,100 
The following table presents the related adjustments recorded during the twelve months ended December 31, 2025 and 2024 for equity securities measured under the measurement alternative and for those securities with observable price changes:
Year Ended December 31,
20252024
Upward carrying value changes$2,515 $1,848 
Downward carrying value changes/impairment$(6,803)$(2)

Certain equity securities investments in public and private companies are accounted for under the fair value option where the Company would otherwise use the equity method of accounting. The Company accounts for these equity investments at fair value to provide management with a more relevant representation for evaluating risk, performance reporting, market conditions and economic events in earnings on a more timely basis and to provide reporting of the current value of those assets in the consolidated balance sheets. The related summarized financial information included below for purposes of disclosure are presented a quarter in arrears where balance sheet and income statement amounts as of and for the twelve months ended September 30, 2025 and 2024 correspond to amounts as of and for the twelve months ended December 31, 2025 and 2024 of the Company.
Freedom VCM Holdings, LLC Equity Interest and Take-Private Transaction
On August 21, 2023, the Company acquired an equity interest in Freedom VCM Holdings, LLC (“Freedom VCM”) for $216,500 in cash in connection with the FRG take-private transaction. In connection with the closing of the FRG take-private transaction, the Company terminated an investment advisory agreement (the “Advisory Agreement”) with Mr. Kahn. Pursuant to the Advisory Agreement, Mr. Kahn, as financial advisor, had the sole power to vote or dispose of $64,644 of shares of FRG common stock (based on the value of FRG shares as of the closing date of the FRG take-private transaction) held of record by B. Riley Securities, Inc. (“BRS”). Upon the termination of the Advisory Agreement, (i) Mr. Kahn’s right to vote or dispose of such FRG shares terminated, (ii) such FRG shares owned by BRS were rolled over into additional equity interests in Freedom VCM in connection with the FRG take-private transaction, and (iii) Mr. Kahn owed a total of $20,911 to the Company under the Advisory Agreement which amount was added to, and included in, the Amended and Restated Note.
Following these transactions, the Company owned an equity interest of $281,144 (based on the FRG take-private transaction price) or 31% of the outstanding equity interests in Freedom VCM. Also in connection with the FRG take-private transaction, on August 21, 2023 all of the equity interests of BRRII, a majority-owned subsidiary of the Company, were sold to a Freedom VCM affiliate, which resulted in a loss of $78. In connection with the sale, the Freedom VCM affiliate assumed the obligations with respect to the Pathlight Credit Agreement, and the Company entered into a non-recourse promissory note with another Freedom VCM affiliate in the amount of $58,872, with a stated interest rate of 19.74% and a maturity date of August 21, 2033 (the “Freedom Receivables Note”), with payments of principal and interest on the note limited solely to performance of certain receivables held by BRRII.
On December 18, 2023, a wholly owned subsidiary of Freedom VCM entered into a transaction that resulted in the sale of all of the operations of WS Badcock to Conn’s in exchange for the issuance by Conn’s of 1,000,000 shares of Conn’s preferred stock (the “Preferred Shares”). The Preferred Shares issued by Conn’s to Freedom VCM, subject to the terms set forth in the Certificate of Designation, are nonvoting and are convertible into an aggregate of approximately 24,540,295 shares of non-voting common stock of Conn’s, which represented 49.99% of the issued and outstanding shares of common stock of Conn’s which resulted in consideration received by Freedom VCM of approximately $69,900. As a result of the convertible preferred stock having a conversion feature into 49.99% of the common stock of Conn’s, Freedom VCM is considered to have significant influence over Conn’s in accordance with ASC 323, Investments - Equity Method and Joint Ventures. On July 23, 2024, Conn’s filed a Chapter 11 Case under the Bankruptcy Code in the Bankruptcy Court. The original $69,900 of consideration that Freedom VCM received from the sale of WS Badcock to Conn’s that was held by Freedom VCM was written off by Freedom VCM after Conn’s bankruptcy filing on July 23, 2024, and there is expected to be no recovery of any value by Freedom VCM.
On November 3, 2024, Freedom VCM filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. As a result of the bankruptcy filing, the Company no longer had significant influence over Freedom VCM, and the equity investment was written off with a zero balance as of December 31, 2024. On June 1, 2025, the United States Bankruptcy Court for the District of Delaware entered an Order Confirming the Ninth Amended Joint Chapter 11 Plan of Franchise
Group, Inc. and its affiliated debtors pursuant to the FRG Plan. Under the FRG Plan, all equity interests and claims related thereto were cancelled and such equity interest holders, including Freedom VCM as an equity holder of Franchise Group, Inc. will not receive any property or distributions under the FRG Plan. As a result of the FRG Plan, the Company does not expect to receive any proceeds or distributions from the equity investment in Freedom VCM. The bankruptcy filing resulted in the write-off of the equity investment. The change in the fair value of the equity investment resulted in losses of $287,043 for the year ended December 31, 2024, and recorded in the “Realized and unrealized gains (losses) on investments” line item in the accompanying consolidated statements of operations.
The following tables contain summarized financial information with respect to Freedom VCM:
September 30, 2024
Current assets$871,102 
Noncurrent assets$2,889,334 
Current liabilities$569,281 
Noncurrent liabilities$2,680,178 
Equity attributable to investee$510,977 
For the Twelve Months Ended September 30,
2024
Revenues$3,131,138 
Cost of revenues$1,991,258 
Net loss attributable to investees$(391,385)

Babcock and Wilcox Enterprises, Inc. Equity Investment
The Company owned a 25% and a 29.1% voting interest in Babcock & Wilcox Enterprises, Inc. (“B&W”) as of December 31, 2025 and 2024, respectively, whereby the Company has elected to account for this investment under the fair value option. The following tables contain summarized financial information with respect to B&W:

As of September 30,
20252024
Current assets$479,733 $530,223 
Noncurrent assets$178,151 $274,410 
Current liabilities$400,985 $297,928 
Noncurrent liabilities$489,106 $709,823 
Equity attributable to investee$(232,207)$(203,694)
Noncontrolling interest$— $576 

For the Twelve Months Ended September 30,
20252024
Revenues$540,535 $878,224 
Cost of revenues$395,857 $721,112 
Loss from continuing operations$(87,475)$(55,910)
Net loss$(108,410)$(59,482)
Net loss attributable to investees$(108,472)$(67,019)
As of December 31, 2025 and 2024, the fair value of the investment in B&W totaled $174,011 and $45,012, respectively, and are included in the “Securities and other investments owned, at fair value” line item in the accompanying consolidated balance sheets.
Synchronoss Technologies, Inc. Equity Investment
As of March 2024, the Company no longer had significant influence related to the investment in Synchronoss Technologies, Inc. (“Synchronoss”) since the Company’s voting interest declined below 10% and is no longer entitled to board representation on Synchronoss. The Company elected to account for the equity investment in Synchronoss under the fair value option.
The following tables contain summarized financial information for Synchronoss:
September 30, 2024
Current assets$77,940 
Noncurrent assets$221,758 
Current liabilities$41,553 
Noncurrent liabilities$210,342 
Equity attributable to investee$47,803 
Twelve Months Ended
September 30, 2024
Revenues$170,789 
Cost of revenues$68,365 
Net loss attributable to investees$(38,283)
As of December 31, 2025 and 2024, the fair value of the equity investment in Synchronoss totaled $3,503 and $7,200, respectively, and are included in the “Securities and other investments owned, at fair value” line item in the accompanying consolidated balance sheets.
Other Equity Investments
As of December 31, 2025, the Company had other equity investments where the Company is considered to have the ability to exercise influence since the Company has representation on the board of directors or the Company is presumed to have the ability to exercise significant influence since the investment is more than minor and the limited liability company is required to maintain specific ownership accounts for each member. The Company has elected to account for these equity investments under the fair value option. These equity investments are comprised of equity investments in three and five private companies at December 31, 2025 and 2024, respectively.
The following table contains summarized financial information for these companies:
As of September 30,
20252024
Current assets$23,491 $215,927 
Noncurrent assets$140,981 $572,628 
Current liabilities$22,988 $86,672 
Noncurrent liabilities$66,509 $105,711 
Equity attributable to investee$74,975 $596,172 
For the Twelve Months Ended September 30,
20252024
Revenues$62,097 $428,564 
Cost of revenue and expenses$11,069 $320,364 
Net income (loss) attributable to investees$7,740 $(43,372)
As of December 31, 2025 and 2024, the fair value of these investments totaled $19,835 and $29,562, respectively, and are included in “Securities and other investments owned” line item in the consolidated balance sheets.