v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net Income (Loss) $ (23,131) $ 24,629
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:    
Loss on extinguishment of convertible notes 62,302
Advisory and license fees paid in gold, other precious metals and cryptocurrency (25,348) (15,373)
Stock-based compensation 8,431 6,238
Deferred income taxes 3,395 5,835
Increase in fair value of contingent consideration 2,562
Depreciation and amortization 2,096 540
Amortization of issuance costs—convertible notes 1,154 624
Losses on financial instruments owned, at fair value 882 440
Amortization of right of use asset 456 326
Losses/(gains) on investments 452 (316)
Imputed interest on payable to GBH 235 455
Changes in operating assets and liabilities:    
Accounts receivable (1,410) (394)
Income taxes receivable/payable (2,572) (4,092)
Prepaid expenses (1,360) (1,522)
Gold and other precious metals 24,825 14,738
Other assets 168 (295)
Fund management and administration payable 5,224 3,150
Compensation and benefits payable (33,182) (28,056)
Operating lease liabilities (459) (325)
Accounts payable and other liabilities (6,763) (232)
Net cash provided by operating activities 17,957 6,370
Cash flows from investing activities:    
Purchase of financial instruments owned, at fair value (6,003)
Cash paid—software development (980) (577)
Purchase of fixed assets (28) (31)
Proceeds from the sale of financial instruments owned, at fair value 45,650 388
Proceeds from held-to-maturity securities maturing or called prior to maturity 6
Net cash provided by/(used in) investing activities 38,639 (214)
Cash flows from financing activities:    
Repurchase of convertible notes (302,675)
Common stock repurchased (24,963) (12,714)
Dividends paid (4,744) (4,626)
Issuance costs—convertible notes (12,593)
Proceeds from the issuance of convertible notes 603,750
Excise taxes paid on common stock repurchased (1,868)
Net cash provided by/(used in) financing activities 258,775 (19,208)
(Decrease)/increase in cash flow due to changes in foreign exchange rate (1,598) 2,234
Net increase/(decrease) in cash, cash equivalents and restricted cash 313,773 (10,818)
Cash, cash equivalents and restricted cash—beginning of year 311,732 181,191
Cash, cash equivalents and restricted cash—end of period 625,505 170,373
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 7,659 4,042
Cash paid for interest $ 18,448 $ 6,412