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SECURITIES AND OTHER INVESTMENTS OWNED AND SECURITIES SOLD NOT YET PURCHASED (Tables)
 9 Months Ended
Sep. 30, 2026
Securities And Other Investments Owned And Securities Sold Not Yet Purchased [Abstract]  
Schedule of Securities and Other Investments Owned and Securities Sold not Yet Purchased at Fair Value
The Company’s securities and other investments owned and securities sold not yet purchased consisted of the following as of September 30, 2026 and December 31, 2025:
September 30,
2026		December 31,
2025
Securities and other investments owned:
Securities and other investments owned at fair value:
Equity securities$217,393 $304,422 
Partnership interests and other investments71,341 40,082 
Corporate bonds11,909 31,751 
Other fixed income securities4,845 4,373 
Total securities and other investments owned at fair value305,488 380,628 
Partnership interests and other investments at net asset value2,342 1,833 
Equity securities valued under the measurement alternative61,988 64,382 
Total securities and other investments owned$369,818 $446,843 
Securities sold not yet purchased, at fair value:
Equity securities$6,829 $9,342 
Corporate bonds241 467 
Other fixed income securities827 — 
Total securities sold not yet purchased, at fair value$7,897 $9,809 
Schedule of Equity Securities Without Readily Determinable Fair Value
The following table presents the related adjustments recorded during the three and nine months ended September 30, 2026 and 2025 for equity securities measured under the measurement alternative and for those securities with observable price changes:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Upward carrying value changes(1)
$48 — $1,463 1,732 
Downward carrying value changes/impairment(2)
$(145)(227)$(2,413)(819)
(1)
The cumulative upward carrying value changes between September 6, 2019 and September 30, 2026 were $12,601.
(2)
The cumulative downward carrying value changes/impairment between September 6, 2019 and September 30, 2026 were $(13,698).
Schedule of Equity Method Investments The following tables contain summarized financial information with respect to B&W:
June 30, 2026September 30, 2025
Current assets$725,441 $479,733 
Noncurrent assets$274,162 $178,151 
Current liabilities$500,297 $400,985 
Noncurrent liabilities$441,937 $489,106 
Equity (Deficit) attributable to investee$57,369 $(232,207)

Three Months Ended June 30,Nine Months Ended June 30,
2026202520262025
Revenues$319,716 $144,054 $647,547 $391,524 
Cost of revenues$273,080 $100,812 $534,048 $283,988 
Income (loss) from continuing operations$14,255 $(6,052)$(82,058)$(85,133)
Net income (loss)$14,255 $(58,492)$(53,460)$(143,502)
Net income (loss) attributable to investees$14,255 $(58,492)$(53,460)$(143,564)
The following table contains summarized financial information for these companies:
June 30, 2026September 30, 2025
Current assets$48,669 $23,491 
Noncurrent assets$161,936 $140,981 
Current liabilities$13,145 $22,988 
Noncurrent liabilities$98,374 $66,509 
Equity attributable to investee$99,086 $74,975 
Three Months Ended June 30,Nine Months Ended June 30,
2026202520262025
Revenues$19,332 $16,709 $54,980 $46,932 
Cost of revenues$4,657 $2,928 $10,660 $7,725 
Net income attributable to investees$5,496 $872 $9,167 $4,881 
Equity investments accounted for under the equity method of accounting consist of the following:
September 30, 2026December 31, 2025
Percentage OwnershipInvestment BalancePercentage OwnershipInvestment Balance
Investments accounted for under the equity method:
Great American Holdings, LLC38.5 %$62,250 38.4 %$83,349 
SW-B. Riley Retail Opportunity Fund22.6 %5,809 22.6 %7,084 
Total equity method investments$68,059 $90,433 
The following tables contain summarized financial information with respect to GA Holdings:
June 30, 2026September 30, 2025
Current assets$55,294 $58,177 
Noncurrent assets$378,719 $283,238 
Current liabilities$87,481 $51,024 
Noncurrent liabilities$16,881 $518 
Mezzanine equity - preferred units$279,097 $279,097 
Equity attributable to investee$50,554 $10,776 
For the Three Months Ended June 30,Nine Months Ended June 30, 2026Period from November 15, 2024 to June 30, 2025
20262025
Revenue$64,854 $55,947 $157,442 $114,683 
Cost of revenue and expenses$58,629 $54,203 $145,178 $105,431 
Net income attributable to investee$6,225 $1,744 $12,264 $9,252 
The following tables contain summarized financial information with respect to Joann Retail:
June 30, 2026September 30, 2025
Current assets$14,089 $27,415 
Current liabilities$14,089 $27,415 
Equity attributable to investee$— $— 
For the Three Months Ended June 30,Nine Months EndedPeriod from February 27, 2025 to June 30, 2025
20262025June 30, 2026
Revenue$1,240 $158,990 $10,494 $158,990 
Cost of revenue and expenses649 94,825 3,080 98,440 
Net income attributed to investee$591 $64,165 $7,414 $60,550