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SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED
 6 Months Ended
Jun. 30, 2026
Securities And Other Investments Owned And Securities Sold Not Yet Purchased [Abstract]  
SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED
The Company’s securities and other investments owned and securities sold not yet purchased consisted of the following as of June 30, 2026 and December 31, 2025:
June 30,
2026		December 31,
2025
Securities and other investments owned:
Securities and other investments owned at fair value:
Equity securities$541,444 $304,422 
Partnership interests and other investments83,026 40,082 
Corporate bonds28,166 31,751 
Other fixed income securities5,175 4,373 
Total securities and other investments owned at fair value657,811 380,628 
Partnership interests and other investments at net asset value2,374 1,833 
Equity securities valued under the measurement alternative63,530 64,382 
Total securities and other investments owned$723,715 $446,843 
Securities sold not yet purchased, at fair value:
Equity securities$8,894 $9,342 
Corporate bonds593 467 
Total securities sold not yet purchased, at fair value$9,487 $9,809 
Unrealized gains (losses) on equity securities held at June 30, 2026 include unrealized gains of $2,404 and $2,855 for the three months ended June 30, 2026 and 2025 respectively, and unrealized gains (losses) of $98,394 and $(13,127) for the six months ended June 30, 2026 and 2025, respectively, which is included in the “Realized and unrealized gains (losses) on investments” line item on the accompanying unaudited condensed consolidated statements of operations.
The following table presents the related adjustments recorded during the three and six months ended June 30, 2026 and 2025 for equity securities measured under the measurement alternative and for those securities with observable price changes:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Upward carrying value changes(1)
$1,415 — $1,415 1,732 
Downward carrying value changes/impairment(2)
$(1,400)— $(2,268)(592)

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(1)The cumulative upward carrying value changes between September 6, 2019 and June 30, 2026 were $12,533.
(2)The cumulative downward carrying value changes/impairment between September 6, 2019 and June 30, 2026 were $(13,553).
Certain equity securities investments in public and private companies are accounted for under the fair value option where the Company would otherwise use the equity method of accounting. The Company accounts for these equity investments at fair value to provide management with a more relevant representation for evaluating risk, performance reporting, market conditions and economic events in earnings on a more timely basis and to provide reporting of the current value of those assets in the accompanying unaudited condensed consolidated balance sheets. The related summarized financial information included below for purposes of disclosure are presented a quarter in arrears where balance sheet amounts as of March 31, 2026 and September 30, 2025 correspond to amounts as of June 30, 2026 and December 31, 2025, respectively, and income statement amounts for the three and six months ended March 31, 2026 and 2025 correspond to amounts for the three and six months ended June 30, 2026 and 2025 of the Company, respectively.
Babcock and Wilcox Enterprises, Inc, Equity Investment
The Company owned a 19% and 25% voting interest in Babcock & Wilcox Enterprises, Inc. (“B&W”) as of June 30, 2026 and December 31, 2025, respectively, whereby the Company has elected to account for this investment under the fair value option. The following tables contain summarized financial information with respect to B&W:

March 31, 2026September 30, 2025
Current assets$491,272 $479,733 
Noncurrent assets$266,573 $178,151 
Current liabilities$494,519 $400,985 
Noncurrent liabilities$435,421 $489,106 
Deficit attributable to investee$(172,095)$(232,207)

Three Months Ended March 31,Six Months Ended March 31,
2026202520262025
Revenues$214,414 $181,194 $327,831 $247,470 
Cost of revenues$170,957 $141,133 $260,968 $183,176 
Loss from continuing operations$(79,622)$(7,763)$(96,313)$(79,081)
Net loss$(76,945)$(21,989)$(67,715)$(85,010)
Net loss attributable to investees$(76,945)$(22,007)$(67,715)$(85,072)
As of June 30, 2026 and December 31, 2025, the fair value of the investment in B&W totaled $386,996 and $174,011, respectively, and is included in the “Securities and other investments owned, at fair value” line item in the accompanying unaudited condensed consolidated balance sheets.
Other Equity Investments
As of June 30, 2026, the Company had other equity investments where the Company is considered to have the ability to exercise influence since the Company has representation on the board of directors or the Company is presumed to have the ability to exercise significant influence since the investment is more than minor, and the limited liability company is required to maintain specific ownership accounts for each member. The Company has elected to account for these equity investments under the fair value option. These equity investments are comprised of equity investments in four private companies as of June 30, 2026 and December 31, 2025, respectively.
The following table contains summarized financial information for these companies:
March 31, 2026September 30, 2025
Current assets$25,801 $23,491 
Noncurrent assets$149,585 $140,981 
Current liabilities$15,863 $22,988 
Noncurrent liabilities$81,680 $66,509 
Equity attributable to investee$77,843 $74,975 
For the Three Months Ended March 31,For the Six Months Ended March 31,
2026202520262025
Revenues$20,039 $18,500 $35,576 $30,223 
Cost of revenues$2,847 $2,003 $6,003 $4,797 
Net income attributable to investees$1,391 $6,323 $3,698 $4,009 
As of June 30, 2026 and December 31, 2025, the fair value of these investments totaled $19,903 and $19,835, respectively, and is included in the “Securities and other investments owned, at fair value” line item in the accompanying unaudited condensed consolidated balance sheets.