v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 21,153 $ 49,406
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss on repurchase of convertible notes 68,925
Advisory and license fees paid in gold, other precious metals and cryptocurrency (47,838) (32,532)
Stock-based compensation 16,205 11,765
Depreciation and amortization 5,511 1,120
Increase in fair value of contingent consideration 3,922
Amortization of issuance costs—convertible notes 2,417 1,252
Gains on financial instruments owned, at fair value (1,950) (844)
Amortization of right of use asset 987 662
Imputed interest on payable to GBH 477 923
Losses/(gains) on investments 437 (920)
Deferred income taxes 118 4,206
Changes in operating assets and liabilities:    
Accounts receivable (5,367) 3,562
Income taxes payable (3,166) (4,770)
Prepaid expenses (4,892) (5,000)
Gold and other precious metals 48,787 31,543
Other assets 21 (143)
Fund management and administration payable (3,200) 1,272
Compensation and benefits payable (17,729) (18,273)
Operating lease liabilities (943) (655)
Accounts payable and other liabilities 9,587 2,602
Net cash provided by operating activities 93,462 45,176
Cash flows from investing activities:    
Cash paid—Atlantic House acquisition, net of cash acquired (197,488)
Purchase of financial instruments owned, at fair value (12,906) (15,756)
Cash paid—software development (1,913) (1,323)
Purchase of fixed assets (216) (117)
Purchase of investments (4,000)
Proceeds from the sale of financial instruments owned, at fair value 83,085 4,478
Proceeds from held-to-maturity securities maturing or called prior to maturity 6
Net cash used in investing activities (129,438) (16,712)
Cash flows from financing activities:    
Repurchase of convertible notes (510,188)
Common stock repurchased (50,890) (12,714)
Dividends paid (9,023) (8,923)
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 21,056 (23,505)
(Decrease)/increase in cash flow due to changes in foreign exchange rate (1,998) 7,523
Net (decrease)/increase in cash, cash equivalents and restricted cash (16,918) 12,482
Cash, cash equivalents and restricted cash—beginning of year 311,732 181,191
Cash, cash equivalents and restricted cash—end of period 294,814 193,673
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 24,303 13,468
Cash paid for interest $ 20,164 $ 8,850