v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net (loss) income [1] $ (3,936) $ 219,985
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Depreciation and amortization [1] 22,505 27,232
Provision for losses on accounts receivable [1] 1,223 2,589
Share-based compensation [1] 7,250 11,018
Fair value and remeasurement adjustments ($(106) and $3,186 from related parties) [1] (7,628) (8,621)
Non-cash interest and other (includes $— and $(268) from related parties) [1] 5,288 9,203
Depreciation of rental merchandise [1] 9,174 9,898
Net foreign currency losses (gains) [1] 18 (470)
Loss (income) from equity investments [1] 4,073 (34,244)
Dividends from equity investments [1] 273 189
Impairment of equity investment [1] 14,552 0
Deferred income taxes [1] 270 9,164
Impairment of tradename [1] 5,200 1,500
Loss (gain) on disposal of discontinued operations [1] 2,401 (66,795)
Loss (gain) on sale or disposal of fixed assets and other [1] 154 (1,298)
Gain on sale and deconsolidation of businesses [1] 0 (86,213)
(Gain) loss on extinguishment of debt [1] (1,607) 21,643
Gain on senior note exchange [1] 0 (67,208)
Change in operating assets and liabilities:    
Amounts due to/from clearing brokers [1] 31,598 (117,578)
Securities and other investments owned [1] 75,295 (33,989)
Securities borrowed [1] (120,072) (63,755)
Accounts receivable [1] (4,810) 238
Prepaid expenses and other assets ($— and $3,331 from related parties) [1] (1,538) 9,528
Accounts payable, accrued expenses and other liabilities [1] (28,810) 1,409
Amounts due to/from related parties and partners [1] 0 (910)
Securities sold not yet purchased [1] (1,912) 16,700
Deferred revenue [1] (4,877) (6,126)
Securities loaned [1] 119,804 60,979
Net cash provided by (used in) operating activities [1] 123,888 (85,932)
Cash flows from investing activities:    
Purchases of loans receivable ($— and $75,853 from related parties) [1] (50,852) (114,255)
Repayments of loans receivable ($1,855 and $90,556 by related parties) [1] 80,676 137,744
Proceeds from sale of loans receivable ($— and $6,611 from related parties) [1] 0 10,415
Proceeds from loan participations sold [1] 0 4,475
Proceeds from sale of business, net of cash sold and other [1] 0 94,938
Purchases of property, equipment, and intangible assets [1] (3,877) (10,283)
Proceeds from sale of property, equipment, intangible assets, and other [1] 0 7,587
Distributions from equity investments [1] 3,477 37,536
Purchases of equity and other investments [1] 0 (6,621)
Consolidation of VIE [1] 0 359
Proceeds from sale of discontinued operations, net of $— and $3,344 cash sold [1] 0 114,032
Net cash provided by investing activities [1] 29,424 275,927
Cash flows from financing activities:    
Proceeds from revolving lines of credit [1] 147,224 86,065
Repayment of revolving lines of credit [1] (121,577) (92,227)
Proceeds from note payable [1] 0 850
Repayment of notes payable and other [1] (893) (13,437)
Repayment of term loans [1] (8,500) (314,253)
Proceeds from term loans [1] 0 235,550
Redemption of senior notes, net [1] (232,731) (145,302)
Repurchases and payments on senior notes [1] (13,122) 0
Payment of debt issuance and offering costs [1] (1,195) (13,207)
Payment of contingent consideration [1] 0 (1,424)
Payment of employment taxes on vesting of restricted stock [1] (2,831) 0
Distributions to noncontrolling interests [1] (1,358) (3,604)
Net cash used in financing activities [1] (234,983) (260,989)
Decrease in cash, cash equivalents and restricted cash [1] (81,671) (70,994)
Effect of foreign currency on cash, cash equivalents and restricted cash [1] (1,883) (183)
Net decrease in cash, cash equivalents and restricted cash [1] (83,554) (71,177)
Cash, cash equivalents and restricted cash from continuing operations, beginning of period 229,277 248,651
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period 0 8,025
Cash, cash equivalents and restricted cash, total 145,723 185,499
Cash, cash equivalents and restricted cash from continuing operations, end of period 145,723 185,499
Cash, cash equivalents and restricted cash from discontinued operations, end of period 0 0
Reconciliation of cash, cash equivalents and restricted cash to amounts reported in the condensed consolidated balance sheets:    
Cash and cash equivalents 144,072 [2] 184,225
Restricted cash 1,651 1,274
Total cash, cash equivalents and restricted cash 145,723 185,499
Supplemental disclosure of cash flow information:    
Interest paid 56,289 75,961
Taxes paid 1,485 2,888
Supplemental disclosure of non-cash investing and financing activities:    
Transfer of loans to held for sale from loans receivable at fair value 0 8,876
Issuance of common stock in equity of subsidiary 0 1,575
Issuance of warrants for term loan 0 7,860
Recombination of derivative liability for term loan springing maturity with its debt host 844 0
Recognition of derivative liability for term loan mandatory prepayment 190 0
Recognition of derivative liability for term loan exit fee 0 11,244
Exchange of term loan exit fee for payment-in-kind amendment fee 3,125 0
Disposition of noncontrolling interests through sale and deconsolidation of businesses 0 2,918
Capital from noncontrolling interest upon initial consolidation of VIE 0 12,494
Reclassification of restricted stock units from liability to equity 2,589 0
Reclassification of restricted stock units from equity to liability 0 2,138
Issuance of common stock in connection with redemption of senior notes 67,785 0
Issuance of warrants for senior notes 0 1,848
Settlement of warrant liability upon cashless exercise 9,400 0
Exchange of preferred stock investment for loan receivable $ 1,198 $ 0
[1] Amounts presented contain results from both continuing and discontinued operations. Refer to Note 5 - Discontinued Operations and Assets Held for Sale for additional information regarding cash flow associated with the results of discontinued operations.
[2]
(1) At September 30, 2026 and December 31, 2025, the balance sheet includes cash of $1,046 and $446, securities and other investments owned, at fair value of $671 and $682, prepaid and other expenses of $3,064 and $3,737, accrued expenses and other liabilities of $28 and $28, and noncontrolling interest of $4,119 and $4,192, respectively, of consolidated variable interest entities (see Note 3 - Variable Interest Entities).