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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2022

Cash, cash equivalents and restricted cash consist of the following:


	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	213,584	$	278,933
Restricted cash	928		927
Total cash, cash equivalents and restricted cash	$	214,512	$	279,860

Restrictions on cash and cash equivalents

Cash, cash equivalents and restricted cash consist of the following:


	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	213,584	$	278,933
Restricted cash	928		927
Total cash, cash equivalents and restricted cash	$	214,512	$	279,860

Schedule of securities and other investments owned and securities sold not yet purchased at fair value

As of March 31, 2022 and December 31, 2021, the Company’s securities and other investments owned and securities sold not yet purchased at fair value consisted of the following securities:


	March 31, 2022		December 31, 2021
Securities and other investments owned:
Equity securities	$	1,228,690	$	1,444,474
Corporate bonds	10,508		7,632
Other fixed income securities	3,681		2,606
Partnership interests and other	74,222		77,383
	$	1,317,101	$	1,532,095

Securities sold not yet purchased:
Equity securities	$	1,118	$	20,302
Corporate bonds	6,046		6,327
Other fixed income securities	334		1,994
	$	7,498	$	28,623

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 March 31, 2022 and December 31, 2021.


	Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2022 Using
	Fair value as of March 31, 2022		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Funds held in trust account	$	345,057	$	345,057	$	—	$	—
Securities and other investments owned:
Equity securities	1,155,685		767,021		—		388,664
Corporate bonds	10,508		—		10,508		—
Other fixed income securities	3,680		—		3,680		—
Total securities and other investments owned	1,169,873		767,021		14,188		388,664
Loans receivable, at fair value	882,391		—		—		882,391
Total assets measured at fair value	$	2,397,321	$	1,112,078	$	14,188	$	1,271,055

Liabilities:
Securities sold not yet purchased:
Equity securities	$	1,118	$	1,118	$	—	$	—
Corporate bonds	6,046		—		6,046		—
Other fixed income securities	334		—		334		—
Total securities sold not yet purchased	7,498		1,118		6,380		—

Mandatorily redeemable noncontrolling interests issued after November 5, 2003	4,502		—		—		4,502
Warrant liabilities	8,059		8,059		—		—
Contingent earnout	22,464		—		—		22,464
Total liabilities measured at fair value	$	42,523	$	9,177	$	6,380	$	26,966


	Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2021 Using
	Fair value at December 31, 2021		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Funds held in trust account	$	345,024	$	345,024	$	—	$	—
Securities and other investments owned:
Equity securities	1,384,729		1,007,180		—		377,549
Corporate bonds	7,632		—		7,632		—
Other fixed income securities	2,606		—		2,606		—
Total securities and other investments owned	1,394,967		1,007,180		10,238		377,549
Loans receivable, at fair value	873,186		—		—		873,186
Total assets measured at fair value	$	2,613,177	$	1,352,204	$	10,238	$	1,250,735

Liabilities:
Securities sold not yet purchased:
Equity securities	$	20,302	$	20,302	$	—	$	—
Corporate bonds	6,327		—		6,327		—
Other fixed income securities	1,994		—		1,994		—
Total securities sold not yet purchased	28,623		20,302		8,321		—
Mandatorily redeemable noncontrolling interests issued after November 5, 2003	4,506		—		—		4,506
Warrant liabilities	12,938		12,938		—		—
Total liabilities measured at fair value	$	46,067	$	33,240	$	8,321	$	4,506

Schedule of fair value measurement inputs and valuation techniques

The following table summarizes 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 March 31, 2022:

Fair value at

March 31, 2022

Valuation
Technique

Unobservable
Input

Range

Weighted
Average

Assets:

Equity securities

311,960

Market approach

Multiple of EBITDA

3.75x - 17.50x

6.85x

Multiple of PV-10

0.32x - 0.70x

0.64x

Multiple of Sales

1.22x - 1.25x

1.23x

Market price of related security

$9.91 - $64.51

$36.78

72,290

Discounted cash flow

Market interest rate

15.8%

4,414

Option pricing model

Annualized volatility

30.0% - 484.0%

82.0%

Loans receivable at fair value

849,558

Discounted cash flow

Market interest rate

6.0% - 40.0%

26.2%

32,833

Market approach

Multiple of EBITDA

5.00x

Total level 3 assets measured at fair value

1,271,055

Liabilities:

Mandatorily redeemable noncontrolling interests issued after November 5, 2003

4,502

Market approach

Operating income multiple

6.0x

Contingent earnout

22,464

Discounted cash flow

EBITDA volatility

75%

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 March 31, 2022 and 2021 were as follows:


	Level 3 Balance at Beginning of Year			Level 3 Changes During the Period								Level 3 Balance at End of Period
				Fair Value Adjustments		Relating to Undistributed Earnings		Purchases, Sales and Settlements		Transfer in and/or out of Level 3
Three Months Ended March 31, 2022
Equity securities	$	377,549		$	(4,543)	$	—	$	19,912	$	(4,254)	$	388,664
Loans receivable at fair value	873,186			10,937		3,238		(4,970)		—		882,391
Mandatorily redeemable noncontrolling interests issued after November 5, 2003	4,506			—		247		(251)		—		4,502
Contingent earnout	—		—	—		—		22,464		—		22,464


Three Months Ended March 31, 2021
Equity securities	$	149,292		$	21,600	$	—	$	6,473	$	(5,395)	$	171,970
Loans receivable at fair value	390,689			10,726		2,082		(109,412)		—		294,085
Mandatorily redeemable noncontrolling interests issued after November 5, 2003	4,700			—		(186)		—		—		4,514

Schedule of financial assets measured on nonrecurring basis

The following table presents information on the assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of March 31, 2022 and December 31, 2021. These investments were measured due to an observable price change or impairment during the three months ended March 31, 2022.


	Fair Value Measurement Using
	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of March 31, 2022
Investments in nonpublic entities that do not report NAV	$	16,011	$	—	$	15,511	$	500
As of December 31, 2021
Investments in nonpublic entities that do not report NAV	$	—	$	—	$	—	$	—

Schedule of investments in the VIE

The carrying value of the Company’s investments in the VIEs that were not consolidated is shown below.


	March 31, 2022		December 31, 2021
Securities and other investments owned, at fair value	$	30,373	$	27,445
Loans receivable, at fair value	163,780		205,265
Other assets	8,573		4,956
Maximum exposure to loss	$	202,726	$	237,666

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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