| Schedule of securities and other investments owned and securities sold not yet purchased at fair value |
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 investments | 40,082 | | | — | | | Corporate bonds | 31,751 | | | 29,027 | | | Other fixed income securities | 4,373 | | | 4,923 | | | Total securities and other investments owned at fair value | 380,628 | | | 199,358 | | | Partnership interests and other investments at net asset value | 1,833 | | | 15,867 | | | Equity securities valued under the measurement alternative | 64,382 | | | 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 bonds | 467 | | | 1,891 | | | Other fixed income securities | — | | | 3,784 | | | Total securities sold not yet purchased, at fair value | $ | 9,809 | | | $ | 5,675 | |
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| Schedule of equity method investments |
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) | | | | | |
| | | | | | | | | | | | | As of September 30, | | 2025 | | 2024 | | 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, | | 2025 | | 2024 | | 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) | |
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) | |
The following table contains summarized financial information for these companies: | | | | | | | | | | | | | As of September 30, | | 2025 | | 2024 | | 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, | | 2025 | | 2024 | | Revenues | $ | 62,097 | | | $ | 428,564 | | | Cost of revenue and expenses | $ | 11,069 | | | $ | 320,364 | | | Net income (loss) attributable to investees | $ | 7,740 | | | $ | (43,372) | |
Equity investments consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | Percentage Ownership | | Investment Balance | | Percentage Ownership | | Investment Balance | Investments accounted for under the equity method: | | | | | | | | | Great American Holdings, LLC | 38.4 | % | | $ | 83,349 | | | 44.2 | % | | $ | 82,462 | | | | | | | | | | SW-B. Riley Retail Opportunity Fund | 22.6 | % | | 7,084 | | | 10.7 | % | | 3,025 | | | Total equity method investments | | | $ | 90,433 | | | | | $ | 85,487 | |
The following tables contain summarized financial information with respect to GA Holdings: | | | | | | | | | | | September 30, 2025 | | Current assets | | $ | 58,177 | | | Noncurrent assets | | $ | 283,238 | | | Current liabilities | | $ | 51,024 | | | Noncurrent liabilities | | $ | 518 | | | Mezzanine equity - preferred units | | $ | 279,097 | | | Equity attributable to investee | | $ | 10,776 | |
| | | | | | | | | | | November 15, 2024 to | | | September 30, 2025 | | | | | Revenue | | $ | 153,402 | | | Cost of revenue and expenses | | $ | 140,498 | | | Net income attributable to investee | | $ | 12,904 | |
The following tables contain summarized financial information with respect to Joann Retail: | | | | | | | | | | | September 30, 2025 | | Current assets | | $ | 27,415 | | | Noncurrent assets | | $ | — | | | Current liabilities | | $ | 27,415 | | | Equity attributable to investee | | $ | — | |
| | | | | | | | | | | February 27, 2025 to | | | September 30, 2025 | | Revenue | | $ | 92,196 | | | Cost of revenue and expenses | | $ | 26,021 | | | Net income attributable to investee | | $ | 66,175 | |
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