| 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 September 30, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | | | | Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis as of September 30, 2026 Using | | Fair value as of September 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 | $ | 217,393 | | | $ | 185,838 | | | $ | 1,159 | | | $ | 30,396 | | | Partnership interests and other investments | 71,341 | | | — | | | — | | | 71,341 | | | Corporate bonds | 11,909 | | | — | | | 1,909 | | | 10,000 | | | Other fixed income securities | 4,845 | | | 2,717 | | | 2,128 | | | — | | | Total securities and other investments owned | 305,488 | | | 188,555 | | | 5,196 | | | 111,737 | | | Loans receivable, at fair value | 10,798 | | | — | | | — | | | 10,798 | | | Total assets measured at fair value | $ | 316,286 | | | $ | 188,555 | | | $ | 5,196 | | | $ | 122,535 | | | | | | | | | | | Liabilities: | | | | | | | | | Securities sold not yet purchased: | | | | | | | | | Equity securities | $ | 6,829 | | | $ | 6,829 | | | $ | — | | | $ | — | | | Corporate bonds | 241 | | | — | | | 241 | | | — | | | Other fixed income securities | 827 | | | — | | | 827 | | | — | | | Total securities sold not yet purchased | 7,897 | | | 6,829 | | | 1,068 | | | — | | | Embedded derivatives, included in accrued expenses and other liabilities | 190 | | | — | | | — | | | 190 | | | Total liabilities measured at fair value | $ | 8,087 | | | $ | 6,829 | | | $ | 1,068 | | | $ | 190 | |
| | | | | | | | | | | | | | | | | | | | | | | | | 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 September 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value at September 30,
2026 | | Valuation
Technique | | Unobservable
Input | | Range | | Weighted Average(1) | | Assets: | | | | | | | | | | | Equity securities | $ | 29,846 | | | Market approach | | Multiple of EBITDA and indexes | | 1.9x - 7.5x | | 4.5x | | | | | | Multiple of sales | | 0.7x - 8.6x | | 2.1x | | | | | | Market price of related security | | $0.10 - $12.01 | | $10.81 | | | | | | Discount for lack of marketability | | 12.7% | | 12.7% | | | | | | | | | | | | 550 | | | Option pricing model | | Annualized volatility | | 45% - 299% | | 45.0% | | | | | | | | | | | | Corporate bonds | 10,000 | | | Market approach | | Transaction price (% of par) | | 70.0% | | 70.0% | | | | | | | | | | | | Partnership interests and other investments | 71,341 | | | Market approach | | Carried interest sharing | | 15.0% - 46.3% | | 33.5% | | | | | | | | | | | | Loans receivable at fair value | 10,798 | | | Discounted cash flow | | Discount rate | | 6.8% - 93.7% | | 28.5% | | | | | | Recovery rate | | 35.9% | | 35.9% | | Total Level 3 assets measured at fair value | $ | 122,535 | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | Embedded derivatives, included in accrued expenses and other liabilities | $ | 190 | | | Hull-White lattice, with/without differential, probability-weighted | | Probability of scenario | | 20.0% | | 20.0% | | | | | | | | | | | | Total Level 3 liabilities measured at fair value | $ | 190 | | | | | | | | | |
| | | | | | (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 September 30, 2026 | | | | | | | Non-marketable equity securities measured using the measurement alternative | $ | 17,193 | | | $ | 17,193 | | | $ | — | | | | | | | | | 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 September 30, 2026 and 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity Securities | | Partnership Interests And Other Investments | | Loans Receivable at Fair Value | | Corporate Bonds | | Contingent Consideration | | Liability-Classified Warrants | | Embedded Derivatives | | Three Months Ended September 30, 2026 | | | | | | | | | | | | | | | Level 3 balance at beginning of period | $ | 109,048 | | | $ | 83,026 | | | $ | 38,802 | | | $ | — | | | $ | — | | | $ | — | | | $ | 797 | | Fair value adjustments(1) | (11,791) | | | — | | | 1,215 | | | (7,582) | | | — | | | — | | | 47 | | | Relating to undistributed earnings | — | | | (11,685) | | | 367 | | | — | | | — | | | — | | | — | | | Purchases/originations | 129,162 | | | — | | | 6,689 | | | — | | | — | | | — | | | 190 | | | Sales | — | | | — | | | — | | | (13,076) | | | — | | | — | | | — | | | Settlements/repayments | (196,023) | | | — | | | (36,275) | | | — | | | — | | | — | | | (844) | | Transfers in and/or out of Level 3(4) | — | | | — | | | — | | | 30,658 | | | — | | | — | | | — | | | Level 3 balance at end of period | $ | 30,396 | | | $ | 71,341 | | | $ | 10,798 | | | $ | 10,000 | | | $ | — | | | $ | — | | | $ | 190 | | | | | | | | | | | | | | | | Change in unrealized gains (losses)(2) | $ | (2,746) | | | $ | — | | | $ | (156) | | | $ | (5,444) | | | $ | — | | | $ | — | | | $ | (47) | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2025 | | | | | | | | | | | | | | | Level 3 balance at beginning of period | $ | 27,726 | | | $ | 1,029 | | | $ | 48,980 | | | $ | — | | | $ | 4,608 | | | $ | 4,160 | | | $ | — | | Fair value adjustments(3) | 645 | | | (1,029) | | | 1,299 | | | — | | | (4,560) | | | 4,340 | | | — | | | Purchases/originations | 175,599 | | | — | | | 47,580 | | | — | | | — | | | — | | | — | | | Settlements/repayments | (174,993) | | | — | | | (42,841) | | | — | | | (48) | | | — | | | — | | | Level 3 balance at end of period | $ | 28,977 | | | $ | — | | | $ | 55,018 | | | $ | — | | | $ | — | | | $ | 8,500 | | | $ | — | | | | | | | | | | | | | | | | Change in unrealized gains (losses)(2) | $ | 644 | | | $ | (1,029) | | | $ | 1,183 | | | — | | | $ | 4,560 | | | $ | (4,340) | | | $ | — | |
| | | | | | (1) | Fair value adjustments during the three months ended September 30, 2026 include the following: $(11,791) of realized and unrealized losses on equity securities, comprised of $(6,363) included in “Trading (losses) gains, net” and $(5,428) included in “Realized and unrealized (losses) gains on investments”, $1,215 of fair value adjustments on loans included in “Fair value adjustments on loans”, and $(7,582) of realized and unrealized losses related to corporate bonds, comprised of $(2,138) included in “Trading (losses) gains, net”, $(5,444) included in “Realized and unrealized (losses) gains on investments”, and $47 of unrealized losses 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. | (2) | For the three months ended September 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 September 30, 2025 include the following: $645 of realized and unrealized gains (losses) on equity securities, comprised of $(37) included in “Trading (losses) gains, net” and $682 included in “Realized and unrealized (losses) gains on investments”, $1,299 of fair value adjustments on loans included in “Fair value adjustments on loans”, $(1,029) of realized and unrealized losses related to other assets which is comprised of $(127) recorded to “Trading (losses) gains, net” and $(902) recorded to “Realized and unrealized (losses) gains on investments”, $4,560 of realized and unrealized gains related to contingent consideration included in “Selling, general and administrative expenses”, $(4,340) of unrealized losses related to liability-classified warrants included in “Change in fair value of financial instruments and other”. | (4) | Transfers into Level 3 during the three months ended September 30, 2026 include corporate bonds of $30,658. The transfer into Level 3 was due to an exchange of senior notes in August 2026, for which the exchanged notes received had no public market. |
The changes in Level 3 fair value hierarchy during the nine months ended September 30, 2026 and 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity Securities | | Partnership Interests And Other Investments | | Loans Receivable at Fair Value | | Corporate Bonds | | Contingent Consideration | | Liability-Classified Warrants(5) | | Embedded Derivatives | | Nine Months Ended September 30, 2026 | | | | | | | | | | | | | | | Level 3 balance at beginning of period | $ | 71,223 | | | $ | 40,082 | | | $ | 26,303 | | | $ | — | | | $ | — | | | $ | 6,400 | | | $ | — | | Fair value adjustments(1) | (5,822) | | | — | | | 12,005 | | | (7,582) | | | — | | | 9,410 | | | 844 | | | Relating to undistributed earnings | — | | | 31,259 | | | 1,084 | | | — | | | — | | | — | | | — | | | Purchases/originations | 504,913 | | | — | | | 50,886 | | | — | | | — | | | — | | | 190 | | | Sales | — | | | — | | | — | | | (13,076) | | | — | | | — | | | — | | | Settlements/repayments | (539,918) | | | — | | | (79,480) | | | — | | | — | | | (15,810) | | | (844) | | Transfers in and/or out of Level 3(4) | — | | | — | | | — | | | 30,658 | | | — | | | — | | | — | | | Level 3 balance at end of period | $ | 30,396 | | | $ | 71,341 | | | $ | 10,798 | | | $ | 10,000 | | | $ | — | | | $ | — | | | $ | 190 | | | | | | | | | | | | | | | | Change in unrealized gains (losses)(2) | $ | (2,171) | | | $ | — | | | $ | 301 | | | $ | (5,444) | | | $ | — | | | $ | — | | | $ | 844 | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2025 | | | | | | | | | | | | | | | Level 3 balance at beginning of period | $ | 40,516 | | | $ | — | | | $ | 90,103 | | | $ | — | | | $ | 4,538 | | | $ | — | | | $ | — | | Fair value adjustments(3) | (3,003) | | | — | | | (5,997) | | | — | | | (4,394) | | | 640 | | | (8,119) | | | Purchases/originations | 201,466 | | | — | | | 106,212 | | | — | | | — | | | 7,860 | | | 11,244 | | | Sales | (10,000) | | | — | | | (10,415) | | | — | | | — | | | — | | | — | | | Settlements/repayments | (200,002) | | | — | | | (124,885) | | | — | | | (144) | | | — | | | (3,125) | | | Level 3 balance at end of period | $ | 28,977 | | | $ | — | | | $ | 55,018 | | | $ | — | | | $ | — | | | $ | 8,500 | | | $ | — | | | | | | | | | | | | | | | | Change in unrealized gains (losses)(2) | $ | (3,655) | | | $ | — | | | $ | (8,834) | | | $ | — | | | $ | 4,394 | | | $ | (640) | | | $ | 8,119 | |
| | | | | | (1) | Fair value adjustments during the nine months ended September 30, 2026 include the following: $(5,822) of realized and unrealized losses on equity securities, comprised of $(2,342) included in “Trading (losses) gains, net” and $(3,480) included in “Realized and unrealized (losses) gains on investments”, $12,005 of fair value adjustments on loans included in “Fair value adjustments on loans”, $(7,582) of realized and unrealized losses related to corporate bonds, comprised of $(2,138) included in “Trading (losses) gains, net” and $(5,444) included in “Realized and unrealized (losses) gains on investments”, $9,410 of realized losses related to liability-classified warrants included in “Change in fair value of financial instruments and other”, and $844 of unrealized losses 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. | (2) | For the nine months ended September 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 nine months ended September 30, 2025 include the following: $(3,003) of realized and unrealized losses on equity securities comprised of $(1,212) included in “Trading (losses) gains, net” and $(1,791) included in “Realized and unrealized (losses) gains on investments”, $(5,997) of fair value adjustments on loans included in “Fair value adjustments on loans”, $4,394 of realized and unrealized gains related to contingent consideration included in “Selling, general and administrative expenses”, $(640) of unrealized losses 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. | (4) | Transfers into Level 3 during the nine months ended September 30, 2026 include corporate bonds of $30,658. The transfer into Level 3 was due to an exchange of senior notes in August 2026, for which the exchanged notes received had no public market. | (5) | On May 28, 2026, immediately prior to exercise and settlement, the Oaktree Warrants were remeasured to fair value, resulting in a fair value of $15,810 (see Note 23 - Stockholders’ Equity). |
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