FAIR VALUE MEASUREMENTS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of financial assets and liabilities measured on recurring basis |
The following tables present information on the financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2025 and 2024. | | | | | | | | | | | | | | | | | | | | | | | | | Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2025 Using | | Fair value at December 31,
2025 | | Quoted prices in active markets
for identical assets
(Level 1) | | Other observable inputs
(Level 2) | | Significant unobservable inputs
(Level 3) | | Assets: | | | | | | | | | Securities and other investments owned: | | | | | | | | | Equity securities | $ | 304,422 | | | $ | 233,199 | | | $ | — | | | $ | 71,223 | | | Partnership interests and other investments | 40,082 | | | — | | | — | | | 40,082 | | | Corporate bonds | 31,751 | | | — | | | 31,751 | | | — | | | Other fixed income securities | 4,373 | | | 2,957 | | | 1,416 | | | — | | | Total securities and other investments owned | 380,628 | | | 236,156 | | | 33,167 | | | 111,305 | | | Loans receivable, at fair value | 26,303 | | | — | | | — | | | 26,303 | | | Total assets measured at fair value | $ | 406,931 | | | $ | 236,156 | | | $ | 33,167 | | | $ | 137,608 | | | | | | | | | | | Liabilities: | | | | | | | | | Securities sold not yet purchased: | | | | | | | | | Equity securities | $ | 9,342 | | | $ | 9,342 | | | $ | — | | | $ | — | | | Corporate bonds | 467 | | | — | | | 467 | | | — | | | | | | | | | | | Total securities sold not yet purchased | 9,809 | | | 9,342 | | | 467 | | | — | | | Liability-classified warrants | 6,400 | | | — | | | — | | | 6,400 | | | Total liabilities measured at fair value | $ | 16,209 | | | $ | 9,342 | | | $ | 467 | | | $ | 6,400 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Financial Assets and Liabilities Measured at Fair Value on a
Recurring Basis at December 31, 2024 Using | | Fair value at December 31,
2024 | | Quoted prices in active markets
for identical assets
(Level 1) | | Other observable inputs
(Level 2) | | Significant unobservable inputs
(Level 3) | | Assets: | | | | | | | | | Securities and other investments owned: | | | | | | | | | Equity securities | $ | 165,408 | | | $ | 124,892 | | | $ | — | | | $ | 40,516 | | | Corporate bonds | 29,027 | | | 25,461 | | | 3,566 | | | — | | | Other fixed income securities | 4,923 | | | — | | | 4,923 | | | — | | | Total securities and other investments owned | 199,358 | | | 150,353 | | | 8,489 | | | 40,516 | | | Loans receivable, at fair value | 90,103 | | | — | | | — | | | 90,103 | | | Total assets measured at fair value | $ | 289,461 | | | $ | 150,353 | | | $ | 8,489 | | | $ | 130,619 | | | | | | | | | | | Liabilities: | | | | | | | | | Securities sold not yet purchased: | | | | | | | | | Corporate bonds | $ | 1,891 | | | $ | — | | | $ | 1,891 | | | $ | — | | | Other fixed income securities | 3,784 | | | — | | | 3,784 | | | — | | | Total securities sold not yet purchased | 5,675 | | | — | | | 5,675 | | | — | | | Contingent consideration | 4,538 | | | — | | | — | | | 4,538 | | | Total liabilities measured at fair value | $ | 10,213 | | | $ | — | | | $ | 5,675 | | | $ | 4,538 | |
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| Schedule of fair value measurement inputs and valuation techniques |
The following table summarizes the significant unobservable inputs in the fair value measurement of Level 3 financial assets and liabilities by category of investment and valuation technique as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value at December 31,
2025 | | Valuation
Technique | | Unobservable
Input | | Range | | Weighted Average(1) | | Assets: | | | | | | | | | | | | | | | | | | | | | Equity securities | $ | 25,572 | | | Market approach | | Multiple of Sales | | 0.7x - 6.0x | | 2.3x | | | | | | Market price of related security | | $2.14 - $12.01 | | $10.97 | | 43,101 | | | Monte Carlo simulation | | Annualized volatility | | 120.0% - 148.0% | | 121.0% | | 2,550 | | | Option pricing model | | Annualized volatility | | 46.0% - 115.0% | | 57.0% | | Partnership interests and other investments | 40,082 | | | Market approach | | Discount rate | | —% - 3.5% | | 0.5% | | | | | | Market price of related security | | $421.00 | | $421.00 | | Loans receivable at fair value | 24,468 | | | Discounted cash flow | | Discount rate | | 6.8% - 56.5% | | 21.0% | | 1,835 | | | Market approach | | Market price of related security | | $8.56 | | $8.56 | | Total Level 3 assets measured at fair value | $ | 137,608 | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | Liability-classified warrants | $ | 6,400 | | | Monte Carlo simulation and Black-Scholes option pricing model | | Annualized volatility | | 85.0% | | 85.0% | | | | | | Discount for lack of marketability | | 14.7% | | 14.7% | | Total Level 3 liabilities measured at fair value | $ | 6,400 | | | | | | | | | |
(1) Unobservable inputs were weighted by the relative fair value of the financial instruments. The following table summarizes the significant unobservable inputs in the fair value measurement of Level 3 financial assets and liabilities by category of investment and valuation technique as of December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value at December 31,
2024 | | Valuation Technique | | Unobservable Input | | Range | | Weighted Average(1) | | Assets: | | | | | | | | | | | Equity securities | $ | 34,654 | | | Market approach | | Multiple of EBITDA(2) | | 6.3x | | 6.3x | | | | | | Multiple of Sales | | 2.1x - 8.0x | | 3.1x | | | | | | Market price of related security | | $9.97 - $11.10 | | $10.76 | | 5,862 | | | Option pricing model | | Annualized volatility | | 47.0% - 171.0% | | 87.0% | | Loans receivable at fair value | 86,150 | | | Discounted cash flow | | Discount rate | | 7.3% - 69.1% | | 19.7% | | 3,953 | | | Market approach | | Market price of related security | | $9.60 - $16.48 | | $12.90 | | Total Level 3 assets measured at fair value | $ | 130,619 | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | Contingent consideration | $ | 4,538 | | | Discounted cash flow | | Discount rate | | 5.0% - 7.5% | | 5.0% | | Total Level 3 liabilities measured at fair value | $ | 4,538 | | | | | | | | | |
(1) Unobservable inputs were weighted by the relative fair value of the financial instruments. (2) Multiple of earnings before interest, taxes, depreciation, and amortization (“EBITDA”). The following table presents the carrying amounts of equity securities valued under the measurement alternative that were still held as of the balance sheet date for which a nonrecurring fair value measurement was recorded during the period: | | | | | | | | | | | | | | | | | | | Fair Value | | Level 2 | | Level 3 | | As of December 31, 2025 | | | | | | | Non-marketable equity securities measured using the measurement alternative | $ | 13,867 | | | $ | 13,739 | | | $ | 128 | | | | | | | | | As of December 31, 2024 | | | | | | | Non-marketable equity securities measured using the measurement alternative | $ | 7,294 | | | $ | 7,294 | | | $ | — | |
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| Schedule of fair value measurement of level 3 financial assets and liabilities |
The changes in Level 3 fair value hierarchy during the year ended December 31, 2025 and 2024 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity Securities | | Partnership Interests And Other Investments | | Loans Receivable at Fair Value | | Contingent Consideration | | Liability-Classified Warrants | | Embedded Derivatives | | Year Ended December 31, 2025 | | | | | | | | | | | | | Level 3 Balance at Beginning of Year | $ | 40,516 | | | $ | — | | | $ | 90,103 | | | $ | 4,538 | | | $ | — | | | $ | — | | Fair Value Adjustments(1) | (362) | | | — | | | (448) | | | (4,394) | | | (1,460) | | | (8,119) | | | Relating to Undistributed Earnings | — | | | — | | | 16 | | | — | | | — | | | — | | | Purchases/Originations | 372,104 | | | — | | | 117,714 | | | — | | | 7,860 | | | 11,244 | | | Sales | (10,586) | | | — | | | (10,415) | | | — | | | — | | | — | | | Settlements / Repayments | (330,449) | | | — | | | (170,667) | | | (144) | | | — | | | (3,125) | | Transfers in and /or out of Level 3(2) | — | | | 40,082 | | | — | | | — | | | — | | | — | | | Level 3 Balance at End of Period | $ | 71,223 | | | $ | 40,082 | | | $ | 26,303 | | | $ | — | | | $ | 6,400 | | | $ | — | | | | | | | | | | | | | | Change in unrealized gains (losses)(3) | $ | (339) | | | $ | — | | | $ | (1,985) | | | $ | — | | | $ | 1,460 | | | $ | — | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | | | | | | | | | | | | Level 3 Balance at Beginning of Year | $ | 452,581 | | | $ | — | | | $ | 532,419 | | | $ | 25,194 | | | $ | — | | | $ | — | | Fair Value Adjustments(4) | (349,918) | | | — | | | (325,499) | | | 850 | | | — | | | — | | | Relating to Undistributed Earnings | 20 | | | — | | | 5,420 | | | — | | | — | | | — | | | Purchases/Originations | 3,862 | | | — | | | 107,025 | | | — | | | — | | | — | | | Sales | (78,197) | | | — | | | (30,936) | | | — | | | — | | | — | | | Settlements / Repayments | 13,245 | | | — | | | (198,326) | | | (10,693) | | | — | | | — | | Transfers in and /or out of Level 3(5) | (1,077) | | | — | | | — | | | (10,813) | | | — | | | — | | | Level 3 Balance at End of Period | $ | 40,516 | | | $ | — | | | $ | 90,103 | | | $ | 4,538 | | | $ | — | | | $ | — | | | | | | | | | | | | | | Change in unrealized gains (losses)(3) | $ | (65,839) | | | $ | — | | | $ | (335,295) | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | (1) | Fair value adjustments during the year ended December 31, 2025 includes the following: $(362) of realized and unrealized gains (losses) on equity securities is comprised of $(1,493) included in “Trading gains (losses), net” and $1,131 included in “Realized and unrealized gains (losses) on investments”, $(448) of fair value adjustments on loans included in “Fair value adjustments on loans”, $4,394 of realized and unrealized gains related to contingent consideration included in “Selling, general and administrative expenses”, $1,460 of realized and unrealized gains related to liability-classified warrants included in “Change in fair value of financial instruments and other”, and $8,119 of unrealized gains related to embedded derivatives included in “Change in fair value of financial instruments and other” line items in the accompanying consolidated statements of operations. | (2) | At December 31, 2025, investments in certain funds with a fair value of $40,082 was transferred from NAV to Level 3. The transfer occurred because NAV no longer represented fair value due to adjustments implemented by the fund managers. The investment is now valued using a market approach based on recent observable transactions adjusted for specific risk factors. | (3) | For the years ended December 31, 2025 and 2024, the change in unrealized gains (losses) is related to financial instruments held at the end of each respective reporting period. | (4) | Fair value adjustments during the year ended December 31, 2024 includes the following: $(349,918) of realized and unrealized gains (losses) on equity securities is comprised of $(70,437) included in “Trading gains (losses), net” and $(279,481) included in “Realized and unrealized gains (losses) on investments”, $(325,499) of fair value adjustments on loans included in “Fair value adjustments on loans”, and $(850) realized and unrealized losses related to contingent consideration included in “Selling, general and administrative expenses” line items in the accompanying consolidated statements of operations. | (5) | The $10,813 transfer out of Level 3 represents the reclassification of contingent consideration associated with Atlantic Coast Recycling to liabilities held for sale during the year ended December 31, 2024. Refer to Note 5 for more information. |
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| Schedule of fair value, by balance sheet grouping |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | Fair Value Hierarchy Level | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | Notes payable | Level 2 | | $ | — | | | $ | — | | | $ | 28,021 | | | $ | 28,021 | | | Revolving credit facility | Level 2 | | $ | 6,638 | | | $ | 6,638 | | | $ | 16,329 | | | $ | 16,329 | | | Term loans, net | Level 2 | | $ | 119,297 | | | $ | 120,931 | | | $ | 199,429 | | | $ | 199,429 | | | Senior notes payable | Level 2 | | $ | 1,033,782 | | | $ | 681,890 | | | $ | 1,530,561 | | | $ | 769,476 | | | New Notes payable | Level 3 | | $ | 268,016 | | | $ | 166,796 | | | $ | — | | | $ | — | |
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