| Schedule of Financial Assets and Liabilities Measured on Recurring Basis |
The following tables present information on the financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | | | | Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis as of June 30, 2026 Using | | Fair value as of June 30, 2026 | | Quoted prices in active markets
for identical assets
(Level 1) | | Other observable inputs
(Level 2) | | Significant unobservable inputs
(Level 3) | | Assets: | | | | | | | | | Securities and other investments owned: | | | | | | | | | Equity securities | $ | 541,444 | | | $ | 432,120 | | | $ | 276 | | | $ | 109,048 | | | Partnership interests and other investments | 83,026 | | | — | | | — | | | 83,026 | | | Corporate bonds | 28,166 | | | — | | | 28,166 | | | — | | | Other fixed income securities | 5,175 | | | 4,973 | | | 202 | | | — | | | Total securities and other investments owned | 657,811 | | | 437,093 | | | 28,644 | | | 192,074 | | | Loans receivable, at fair value | 38,802 | | | — | | | — | | | 38,802 | | | Total assets measured at fair value | $ | 696,613 | | | $ | 437,093 | | | $ | 28,644 | | | $ | 230,876 | | | | | | | | | | | Liabilities: | | | | | | | | | Securities sold not yet purchased: | | | | | | | | | Equity securities | $ | 8,894 | | | $ | 8,593 | | | $ | 301 | | | $ | — | | | Corporate bonds | 593 | | | — | | | 593 | | | — | | | Total securities sold not yet purchased | 9,487 | | | 8,593 | | | 894 | | | — | | | Embedded derivatives, included in accrued expenses and other liabilities | 797 | | | — | | | — | | | 797 | | | Total liabilities measured at fair value | $ | 10,284 | | | $ | 8,593 | | | $ | 894 | | | $ | 797 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2025 Using | | Fair value at December 31, 2025 | | Quoted prices in active markets
for identical assets
(Level 1) | | Other observable inputs
(Level 2) | | Significant unobservable inputs
(Level 3) | | Assets: | | | | | | | | | Securities and other investments owned: | | | | | | | | | Equity securities | $ | 304,422 | | | $ | 233,199 | | | $ | — | | | $ | 71,223 | | | Partnership interests and other investments | 40,082 | | | — | | | — | | | 40,082 | | | Corporate bonds | 31,751 | | | — | | | 31,751 | | | — | | | Other fixed income securities | 4,373 | | | 2,957 | | | 1,416 | | | — | | | Total securities and other investments owned | 380,628 | | | 236,156 | | | 33,167 | | | 111,305 | | | Loans receivable, at fair value | 26,303 | | | — | | | — | | | 26,303 | | | Total assets measured at fair value | $ | 406,931 | | | $ | 236,156 | | | $ | 33,167 | | | $ | 137,608 | | | | | | | | | | | Liabilities: | | | | | | | | | Securities sold not yet purchased: | | | | | | | | | Equity securities | $ | 9,342 | | | $ | 9,342 | | | $ | — | | | $ | — | | | Corporate bonds | 467 | | | — | | | 467 | | | — | | | Total securities sold not yet purchased | 9,809 | | | 9,342 | | | 467 | | | — | | | Liability-classified warrants | 6,400 | | | — | | | — | | | 6,400 | | | Total liabilities measured at fair value | $ | 16,209 | | | $ | 9,342 | | | $ | 467 | | | $ | 6,400 | |
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following tables summarize the significant unobservable inputs in the fair value measurement of Level 3 financial assets and liabilities by category of investment and valuation technique as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value at June 30,
2026 | | Valuation
Technique | | Unobservable
Input | | Range | | Weighted Average(1) | | Assets: | | | | | | | | | | | Equity securities | $ | 28,087 | | | Market approach | | Multiple of EBITDA and indexes | | 1.8x - 7.3x | | 4.3x | | | | | | Multiple of sales | | 0.7x - 8.5x | | 2.2x | | | | | | Market price of related security | | $10.32 - $12.01 | | $10.70 | | 80,040 | | | Monte Carlo simulation | | Annualized volatility | | 120.0% | | 120.0% | | 921 | | | Option pricing model | | Annualized volatility | | 50.0% - 110.0% | | 52.0% | | Partnership interests and other investments | 83,026 | | | Market approach | | Carried interest sharing | | 15.0% - 46.3% | | 33.1% | | | | | | | | | | | | Loans receivable at fair value | 38,802 | | | Discounted cash flow | | Discount rate | | 6.8% - 93.7% | | 36.0% | | | | | | Recovery rate | | 35.9% | | 35.9% | | Total level 3 assets measured at fair value | $ | 230,876 | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | Embedded derivatives, included in accrued expenses and other liabilities | $ | 797 | | | Discounted cash flow | | Discount rate | | 15.9% | | 15.9% | | | | Monte Carlo simulation | | Annualized volatility | | 95.0% - 100.0% | | 97.5% | | Total level 3 liabilities measured at fair value | $ | 797 | | | | | | | | | |
(1) Unobservable inputs were weighted by the relative fair value of the financial instruments. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value at December 31,
2025 | | Valuation Technique | | Unobservable Input | | Range | | Weighted Average(1) | | Assets: | | | | | | | | | | | Equity securities | $ | 25,572 | | | Market approach | | Multiple of sales | | 0.7x - 6.0x | | 2.3x | | | | | | Market price of related security | | $2.14 - $12.01 | | $10.97 | | 43,101 | | Monte Carlo simulation | | Annualized volatility | | 120.0% - 148.0% | | 121.0% | | 2,550 | | | Option pricing model | | Annualized volatility | | 46.0% - 115.0% | | 57.0% | | Partnership interests and other investments | 40,082 | | Market approach | | Discount rate | | —% - 3.5% | | 0.5% | | | | | | Market price of related security | | $421.00 | | $421.00 | | Loans receivable at fair value | 24,468 | | | Discounted cash flow | | Discount rate | | 6.8% - 56.5% | | 21.0% | | 1,835 | | | Market approach | | Market price of related security | | $8.56 | | $8.56 | | Total Level 3 assets measured at fair value | $ | 137,608 | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | Liability-classified warrants | $ | 6,400 | | | Monte Carlo simulation and Black-Scholes option pricing model | | Annualized volatility | | 85.0% | | 85.0% | | | | | | Discount for lack of marketability | | 14.7% | | 14.7% | | Total Level 3 liabilities measured at fair value | $ | 6,400 | | | | | | | | | |
(1) Unobservable inputs were weighted by the relative fair value of the financial instruments. The following table presents the carrying amounts of equity securities valued under the measurement alternative that were still held as of the balance sheet date for which a nonrecurring fair value measurement was recorded during the period: | | | | | | | | | | | | | | | | | | | Fair Value | | Level 2 | | Level 3 | | As of June 30, 2026 | | | | | | | Non-marketable equity securities measured using the measurement alternative | $ | 17,284 | | | $ | 17,284 | | | $ | — | | | | | | | | | As of December 31, 2025 | | | | | | | Non-marketable equity securities measured using the measurement alternative | $ | 13,867 | | | $ | 13,739 | | | $ | 128 | |
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| Schedule of Fair Value Measurement of Level 3 Financial Assets and Liabilities |
The changes in Level 3 fair value hierarchy during the three months ended June 30, 2026 and 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity Securities | | Partnership Interests And Other Investments | | Loans Receivable at Fair Value | | Contingent Consideration | | Liability-Classified Warrants(4) | | Embedded Derivatives | | Three Months Ended June 30, 2026 | | | | | | | | | | | | | Level 3 balance at beginning of period | $ | 30,455 | | | $ | 52,650 | | | $ | 24,927 | | | $ | — | | | $ | 11,080 | | | $ | — | | Fair value adjustments(1) | 8,018 | | | — | | | 4,245 | | | — | | | 4,730 | | | 797 | | | Relating to undistributed earnings | — | | | 30,376 | | | 233 | | | — | | | — | | | — | | | Purchases/originations | 225,749 | | | — | | | 24,097 | | | — | | | — | | | — | | | Settlements/repayments | (155,174) | | | — | | | (14,700) | | | — | | | (15,810) | | | — | | | Level 3 balance at end of period | $ | 109,048 | | | $ | 83,026 | | | $ | 38,802 | | | $ | — | | | $ | — | | | $ | 797 | | | | | | | | | | | | | | Change in unrealized gains (losses)(2) | $ | 8,552 | | | $ | — | | | $ | 2,315 | | | $ | — | | | $ | — | | | $ | (797) | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | | | | | | | | | | | | Level 3 balance at beginning of period | $ | 27,530 | | | $ | — | | | $ | 98,596 | | | $ | 4,593 | | | $ | 5,160 | | | $ | 14,593 | | Fair value adjustments(3) | 197 | | | 1,029 | | | 799 | | | 63 | | | (1,000) | | | (11,468) | | | Purchases/originations | 24,998 | | | — | | | 624 | | | — | | | — | | | — | | | Sales | — | | | — | | | (3,575) | | | — | | | — | | | — | | | Settlements/repayments | (24,999) | | | — | | | (47,464) | | | (48) | | | — | | | (3,125) | | | Level 3 balance at end of period | $ | 27,726 | | | $ | 1,029 | | | $ | 48,980 | | | $ | 4,608 | | | $ | 4,160 | | | $ | — | | | | | | | | | | | | | | Change in unrealized gains (losses)(2) | $ | 197 | | | $ | 1,029 | | | $ | 799 | | | $ | (63) | | | $ | 1,000 | | | $ | 11,468 | |
| | | | | | (1) | Fair value adjustments during the three months ended June 30, 2026 include the following: $8,018 of realized and unrealized gains (losses) on equity securities is comprised of $4,946 included in “Trading gains, net” and $3,072 included in “Realized and unrealized gains (losses) on investments”, $30,376 of fees from investment income that has not yet been distributed from investment funds, $4,245 of fair value adjustments on loans included in “Fair value adjustments on loans”, $4,730 of realized losses related to liability-classified warrants included in “Change in fair value of financial instruments and other” line items in the accompanying unaudited condensed consolidated statements of operations. | (2) | For the three months ended June 30, 2026 and 2025, the change in unrealized gains (losses) is related to financial instruments held at the end of each respective reporting period. | (3) | Fair value adjustments during the three months ended June 30, 2025 include the following: $197 of realized and unrealized gains (losses) on equity securities comprised of $(92) included in “Trading gains, net” and $289 included in “Realized and unrealized gains (losses) on investments”, $799 of fair value adjustments on loans included in “Fair value adjustments on loans”, $1,029 of realized and unrealized gains related to other assets which is comprised of $902 recorded to “Trading gains, net” and $127 recorded to “Realized and unrealized gains (losses) on investments”, $(63) of realized and unrealized losses related to contingent consideration included in “Selling, general and administrative expenses”, $1,000 of unrealized gains related to liability-classified warrants included in “Change in fair value of financial instruments and other”, and $11,468 of unrealized gains related to embedded derivatives included in “Change in fair value of financial instruments and other” line items in the accompanying unaudited condensed consolidated statements of operations. | (4) | On May 28, 2026, immediately prior to exercise, the Oaktree Warrants were remeasured to fair value, resulting in a fair value of $15,810. This fair value represents the final measurement of the warrant liability immediately prior to settlement and does not reflect the subsequent gain recognized upon settlement of the Oaktree Warrants (see Note 22 – Stockholders’ Equity). |
The changes in Level 3 fair value hierarchy during the six months ended June 30, 2026 and 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity Securities | | Partnership Interests And Other Investments | | Loans Receivable at Fair Value | | Contingent Consideration | | Liability-Classified Warrants | | Embedded Derivatives | | Six Months Ended June 30, 2026 | | | | | | | | | | | | | Level 3 balance at beginning of period | $ | 71,223 | | | $ | 40,082 | | | $ | 26,303 | | | $ | — | | | $ | 6,400 | | | $ | — | | Fair value adjustments(1) | 5,969 | | | — | | | 10,790 | | | — | | | 9,410 | | | 797 | | | Relating to undistributed earnings | — | | | 42,944 | | | 717 | | | — | | | — | | | — | | | Purchases/originations | 375,751 | | | — | | | 44,197 | | | — | | | — | | | — | | | Settlements/repayments | (343,895) | | | — | | | (43,205) | | | — | | | (15,810) | | | — | | | Level 3 balance at end of period | $ | 109,048 | | | $ | 83,026 | | | $ | 38,802 | | | $ | — | | | $ | — | | | $ | 797 | | | | | | | | | | | | | | Change in unrealized gains (losses)(2) | $ | 6,552 | | | $ | — | | | $ | 2,170 | | | $ | — | | | $ | — | | | $ | (797) | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | | | | | | | | | | | Level 3 balance at beginning of period | $ | 40,516 | | | $ | — | | | $ | 90,103 | | | $ | 4,538 | | | $ | — | | | $ | — | | Fair value adjustments(3) | (3,648) | | | 1,029 | | | (7,296) | | | 166 | | | (3,700) | | | (8,119) | | | Purchases/originations | 25,867 | | | — | | | 58,632 | | | — | | | 7,860 | | | 11,244 | | | Sales | (10,000) | | | — | | | (10,415) | | | — | | | — | | | — | | | Settlements/repayments | (25,009) | | | — | | | (82,044) | | | (96) | | | — | | | (3,125) | | | Level 3 balance at end of period | $ | 27,726 | | | $ | 1,029 | | | $ | 48,980 | | | $ | 4,608 | | | $ | 4,160 | | | $ | — | | | | | | | | | | | | | | Change in unrealized gains (losses)(2) | $ | (3,648) | | | $ | 1,029 | | | $ | (8,834) | | | $ | (166) | | | $ | 3,700 | | | $ | 8,119 | |
| | | | | | (1) | Fair value adjustments during the six months ended June 30, 2026 include the following: $5,969 of realized and unrealized gains (losses) on equity securities comprised of $4,021 included in “Trading gains, net” and $1,948 of “Realized and unrealized gains (losses) on investments”, $42,944 of fees from investment income that has not yet been distributed from investment funds, $2,170 of fair value adjustments on loans included in “Fair value adjustments on loans”, $9,410 of realized losses related to liability-classified warrants included in “Change in fair value of financial instruments and other” line items in the accompanying unaudited condensed consolidated statements of operations. | (2) | For the six months ended June 30, 2026 and 2025, the change in unrealized gains (losses) is related to financial instruments held at the end of each respective reporting period. | (3) | Fair value adjustments during the six months ended June 30, 2025 include the following: $(3,648) of realized and unrealized gains (losses) on equity securities comprised of $(1,174) included in “Trading gains, net” and $(2,474) of “Realized and unrealized gains (losses) on investments”, $(7,296) of fair value adjustments on loans included in “Fair value adjustments on loans”, $1,029 of realized and unrealized gains related to other assets which is comprised of $902 recorded to “Trading gains (losses), net” and $127 recorded to “Realized and unrealized gains (losses) on investments”, $(166) of realized and unrealized losses related to contingent consideration included in “Selling, general and administrative expenses”, $3,700 of unrealized gains related to liability-classified warrants included in “Change in fair value of financial instruments and other”, and $8,119 of unrealized gains related to embedded derivatives included in “Change in fair value of financial instruments and other” line items in the accompanying unaudited condensed consolidated statements of operations. |
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