Note 22 - Supplemental Cash Flow Disclosure

6 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

22. SUPPLEMENTAL CASH FLOW DISCLOSURE

Cash flows from investments (including derivatives) classified as investments-trading or trading securities sold, not yet purchased are presented on a net basis as a component of cash flows from operations. Cash flows from investments (including derivatives) classified as other investments, at fair value or other investments sold, not yet purchased are presented on a gross basis as a component of cash flows from investing.

Interest paid by the Company on its debt was $2,425 and $2,800 for the six months ended June 30, 2026 and 2025, respectively.

The Company paid income taxes of $1,432 and $201 for the six months ended June 30, 2026 and 2025, respectively. The Company received no income tax refunds for the six months ended June 30, 2026 and 2025.

For the six months ended June 30, 2026, the Company had the following significant non-cash transactions that are not reflected on the statement of cash flows:

	●	The Company net received LLC Units. The Company recognized a net increase in additional paid-in capital of $7,187, a net decrease in AOCI of $120, and a decrease in non-controlling interest of $7,067. See note 16.
	●	The Company recorded a decrease in equity method affiliates of $1,352 and an increase in other investments, at fair value of $1,352 resulting from an in-kind distribution from equity method affiliates.
	●	The Company recorded a decrease in cash flow from operations for non-cash investment banking and new issue revenue of $25,210. Of this amount, $24,219 resulted in an increase in other investments, at fair value and $991 resulted in an increase in investments in equity method affiliates.
	●	The Company recorded an increase in Common Stock of $6 and decrease of $6 in additional paid in capital resulting from the redemption of LLC Units. See note 16.

For the six months ended June 30, 2025, the Company had the following significant non-cash transactions that are not reflected on the statement of cash flows:

	●	The Company net received LLC Units. The Company recognized a net increase in additional paid-in capital of $512, a net decrease in AOCI of $13, and a decrease in non-controlling interest of $499. See note 16.
	●	The Company recorded a decrease in investments in equity method affiliates of $1,885 and an increase in other investments, at fair value of $1,885, resulting from an in-kind distribution from equity method affiliates.
	●	The Company recorded a decrease of $505 in other investments, at fair value and a decrease of $505 in other investments sold, not yet purchased due to the payment of shares to a former SPAC sponsor entity.
	●	The Company recorded a decrease of $392 in other investments, at fair value resulting from an in-kind distribution to the non-convertible controlling interest.
	●	The Company recorded a decrease in cash flow from operations for non-cash investment banking and new issue revenue of $31,326. Of this amount, $30,534 resulted in an increase in other investments, at fair value and $792 resulted in an increase in investments in equity method affiliates.
	●	The Company recorded a decrease in other receivables of $19, a decrease in due from broker of $1,120, a decrease in other investments, at fair value of $1,299, a decrease of other investments sold, not yet purchased, at fair value of $344, and a decrease in non-controlling interest of $1,691 resulting from the sale of the Company's interest in Vellar GP.