Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Assets and Liabilities Measured At Fair Value

The Company’s financial instruments measured at fair value in the Condensed Consolidated Statements of Financial Position as of March 31, 2026, and December 31, 2025, have been categorized based on the fair value hierarchy as follows:


	As of March 31, 2026
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	38	$	—	$	—	$	38
Exchange-traded funds and BDC funds	37		—		—		37
Investments – External Strategic Managers	—		—		148,568		148,568
Investments – Affiliated Funds (1)	—		—		—		1,092

Other	6		—		—		6
Total	$	81	$	—	$	148,568	$	149,741

Liabilities:

Preferred stock tranche liability	$	—	$	—	$	1,410	$	1,410
Earn-out liabilities	—		—		47,675		47,675


TRA liability (2)	—		—		8,584		8,584
Derivative liability	$	—	$	—	$	57,669	$	57,669


	As of December 31, 2025
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	42	$	—	$	—	$	42
Exchange-traded funds and BDC funds	35		—		—		35
Investments – External Strategic Managers	—		—		142,976		142,976
Investments – Affiliated Funds (1)	—		—		—		1,080
Other	6		57		—		63
Total	$	83	$	57	$	142,976	$	144,196

Liabilities:

Preferred stock tranche liability	$	—	$	—	$	2,410	$	2,410
Earn-out liabilities	—		—		57,411		57,411
TRA liability (2)	—		—		8,785		8,785


Total	$	—	$	—	$	68,606	$	68,606

(1) Investments in Affiliated Funds are measured at fair value using the NAV (or its equivalent) practical expedient. The Company’s investments in Affiliated Funds represent interests that do not trade in an active market and are valued using the NAV of each investment company as reported and without adjustment. The Company does not have any commitments to the Affiliated Funds and redemptions are permitted on a monthly basis and require 30 days’ notice. The strategies of the Affiliated Funds primarily focus on near-dated, hard catalyst events that typically involve hostile deals, proposals, minority interest buy-ins, leverage buyouts, activism, spin-offs, recapitalizations, and agreed upon deals. The investments held in the Affiliated Funds are primarily highly liquid and marketable securities. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Condensed Consolidated Statements of Financial Position.

(2) The Company carries a portion of its TRA liability at fair value equal to the expected future payments under the TRA.

Schedule of Changes In Fair Value of Liability Level 3 Measurements

The following table sets forth a summary of changes in the fair value of Level 3 financial instruments during the three months ended March 31, 2026 and December 31, 2025:


	As of March 31, 2026
(Dollars in Thousands)	Beginning balance		Issuances	Settlements	Net (gains) losses (1)	Other comprehensive loss	Ending balance
Assets:
Investments – External Strategic Managers	$	142,976	—	—	5,592	—	$	148,568



Liabilities:
Preferred stock tranche liability	$	2,410	—	—	(1,000)	—	$	1,410
Business combination earn-out liability	$	15,268	—	—	(10,193)	—	$	5,075
EEA earn-out liability	$	25,259	—	—	1,067	—	$	26,326
Envoi earn-out consideration liability	$	8,220	—	—	(420)	—	$	7,800
Envoi earn-out growth consideration liability	$	1,620	—	—	(170)	—	$	1,450
Kontora earn-out liability	$	7,044	—	—	135	(155)	$	7,024
TRA liability	$	8,785	—	—	(201)	—	$	8,584


	As of December 31, 2025
(Dollars in Thousands)	Beginning balance		Issuances	Settlements	Net (gains) losses (1)	Other comprehensive income	Ending balance
Assets:
Investments – External Strategic Managers	$	147,568	—	—	(4,592)	—	$	142,976




Liabilities:
Preferred stock tranche liability	$	3,940	—	—	(1,530)	—	$	2,410
Business combination earn-out liability	$	23,848	—	—	(8,580)	—	$	15,268
EEA earn-out liability	$	29,871	—	(7,387)	2,775	—	$	25,259
Envoi earn-out consideration liability	$	9,600	—	(2,953)	1,573	—	$	8,220
Envoi earn-out growth consideration liability	$	1,320	—	—	300	—	$	1,620
Kontora earn-out liability	$	—	5,743	—	1,059	242	$	7,044
TRA liability	$	9,378	—	—	(593)	—	$	8,785

(1) Realized and unrealized gains/(losses) on Investments - External Strategic Managers, Preferred stock tranche liability, earn-out liabilities and TRA liability are recorded in Gain (loss) on investments, Gain (loss) on preferred stock tranche liability, Gain (loss) on earnout liabilities, and Gain (loss) on TRA, respectively, in the Condensed Consolidated Statements of Operations.

Schedule of Valuation Methodologies

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of March 31, 2026


(Dollars in Thousands)	Fair Value		Valuation Techniques	Unobservable Inputs	Ranges		Impact to Valuation from an Increase in Input
Level 3 Assets:
Investments – External Strategic Managers	$	148,568	Discounted Cash Flow	Discount rate	17.0% -30.0%		Lower
				Long-term growth rate	4.0	%	Higher



Level 3 Liabilities:
TRA liability	$	8,584	Monte Carlo	Volatility	60.0	%	Lower
				Correlation	22.5	%	Higher
				Cost of debt range	11.6% - 12.8%		Lower
				Equity risk premium	5.5% - 13.2%		Lower
Business Combination earn-out liability	$	5,075	Monte Carlo	Volatility	60.0	%	Higher
				Risk-free rate	3.8	%	Higher




EEA earn-out liability	$	26,326	Discounted Cash Flow	EBITDA Discount Rate	14.3	%	Lower
				Risk-free rate	3.8	%	Lower
				Credit spread	10.4	%	Lower
Envoi earn-out consideration liability	$	7,800	Discounted Cash Flow	Revenue risk-adjusted discount rate	11.5	%	Lower

				Risk-free rate	3.7	%	Lower
				Credit spread	10.1	%	Lower
Envoi earn-out growth consideration liability	$	1,450	Monte Carlo	Metric volatility	39.0	%	Lower
				Risk-free rate	3.7	%	Lower
				Revenue discount rate	11.5	%	Lower
				Credit Risk Adjusted Discount Rate	13.8	%	Lower
Kontora earn-out liability	$	7,024	Discounted Cash Flow	Discount rate	11.0	%	Lower



Preferred stock tranche liability	$	1,410	Binomial lattice model	Volatility	52.5	%	Lower
				Probability of option exercise	50.0	%	Higher
				Risk-free rate	4.9	%	Lower
				Credit spread	10.4	%	Lower

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 2025


(Dollars in Thousands)	Fair Value		Valuation Techniques	Unobservable Inputs	Ranges		Impact to Valuation from an Increase in Input
Level 3 Assets:
Investments – External Strategic Managers	$	142,976	Discounted Cash Flow	Discount rate	17.0% -30%		Lower
				Long-term growth rate	4.0	%	Higher



Level 3 Liabilities:
TRA liability	$	8,785	Monte Carlo	Volatility	55.0	%	Lower
				Correlation	22.5	%	Higher
				Cost of debt range	10.6% - 11.9%		Lower
				Equity risk premium	5.8% - 13.2%		Lower
Business Combination earn-out liability	$	15,268	Monte Carlo	Volatility	65.0	%	Higher
				Risk-free rate	3.5	%	Higher




EEA earn-out liability	$	25,259	Discounted Cash Flow	EBITDA Discount Rate	14.6	%	Lower
				Risk-free rate	3.5	%	Lower
				Credit spread	9.3	%	Lower
Envoi earn-out consideration liability	$	8,220	Discounted Cash Flow	Revenue risk-adjusted discount rate	11.0	%	Lower
				Risk-free rate	3.4	%	Lower
				Credit spread	9.1	%	Lower
Envoi earn-out growth consideration liability	$	1,620	Monte Carlo	Metric volatility	29.0	%	Lower
				Risk-free rate	3.4	%	Lower
				Revenue discount rate	11.0	%	Lower
				Credit Risk Adjusted Discount Rate	12.5	%	Lower
Kontora earn-out liability	$	7,044	Discounted Cash Flow	Discount rate	11.7	%	Lower

Preferred stock tranche liability	$	2,410	Binomial lattice model	Volatility	47.5	%	Lower
				Probability of option exercise	50.0	%	Higher
				Risk-free rate	4.8	%	Lower
				Credit spread	9.3	%	Lower