INVESTMENTS AND FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Components of the Company Investment

The following table presents the components of the Company’s investments:

(dollars in thousands)	December 31, 2022		December 31, 2021
Loans, at amortized cost (includes $252,225 and $— of investments in the Company’s products, respectively)	$	254,152	$	2,310
Equity investments in the Company's products, equity method	46,157		8,522
Equity investments in the Company's products, at fair value	14,079		—
Investments in the Company's CLOs, at fair value	2,843		—
Corporate bonds, at fair value	—		1,311
Total	$	317,231	$	12,143

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and December 31, 2021:

	December 31, 2022
(dollars in thousands)	Level I		Level II		Level III		Total
Investments, at Fair Value
Equity investments in the Company's products	$	—	$	14,079	$	—	$	14,079
CLOs	—		—		2,843		2,843
Total Assets, at Fair Value	$	—	$	14,079	$	2,843	$	16,922
Liabilities, at Fair Value
TRA liability	$	—	$	—	$	120,587	$	120,587
Warrant liability	—		—		8,550		8,550
Earnout liability	—		—		172,070		172,070
Total Liabilities, at Fair Value	$	—	$	—	$	301,207	$	301,207

	December 31, 2021
(dollars in thousands)	Level I		Level II		Level III		Total
Investments, at Fair Value
Corporate bonds	$	—	$	1,311	$	—	$	1,311
Liabilities, at Fair Value
TRA liability	$	—	$	—	$	111,325	$	111,325
Warrant liability	43,048		—		25,750		68,798
Earnout liability	—		—		143,800		143,800
Total Liabilities, at Fair Value	$	43,048	$	—	$	280,875	$	323,923

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a summary of changes in the fair value of the Level III measurements for the years ended December 31, 2022 and December 31, 2021:

Year Ended December 31, 2022	Level III Assets
(dollars in thousands)	Investment in CLOs
Beginning balance	$	—
Purchases	3,738
Net losses	(895)
Ending Balance	$	2,843
Change in net unrealized losses on assets still recognized at the reporting date	$	(895)

Year Ended December 31, 2022	Level III Liabilities
(dollars in thousands)	TRA Liability		Warrant Liability		Earnout Liability		Total
Beginning balance	$	111,325	$	25,750	$	143,800	$	280,875
Issuances	—		—		13,782		13,782
Net losses (gains)	9,262		(17,200)		14,488		6,550
Ending Balance	$	120,587	$	8,550	$	172,070	$	301,207
Change in net unrealized losses (gains) on liabilities still recognized at the reporting date	$	9,262	$	(17,200)	$	14,488	$	6,550

Year Ended December 31, 2021	Level III Liabilities
(dollars in thousands)	TRA Liability		Warrant Liability		Earnout Liability		Total
Beginning balance	$	—	$	—	$	—	$	—
Issuances	101,645		9,131		635,077		745,853
Settlement of Earnout Securities liability	—		—		(1,325,532)		(1,325,532)
Net losses	9,680		16,619		834,255		860,554
Ending Balance	$	111,325	$	25,750	$	143,800	$	280,875
Change in net unrealized losses on liabilities still recognized at the reporting date	$	9,680	$	16,619	$	—	$	26,299

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2022:

(dollars in thousands)	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range				Weighted Average		Impact to Valuation from an Increase in Input
Assets
CLOs	$	2,843	Discounted cash flow	Yield	16	%	-	19%	17	%	Decrease
Liabilities
TRA liability	$	120,587	Discounted cash flow	Discount Rate	11	%	-	11%	11	%	Decrease
Warrant liability	8,550		Monte Carlo Simulation	Volatility	34	%	-	34%	34	%	Increase
Earnout liability:
Oak Street Earnouts	158,497		Monte Carlo Simulation	Revenue Volatility	50	%	-	50%	50	%	Increase
				Discount Rate	17	%		17%	17	%	Decrease
Wellfleet Earnouts	13,573		Discounted cash flow	Discount Rate	6	%	-	6%	6	%	Decrease
	172,070
Total Liabilities, at Fair Value	$	301,207

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2021:

(dollars in thousands)	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range				Weighted Average		Impact to Valuation from an Increase in Input
TRA liability	$	111,325	Discounted cash flow	Discount rate	10	%	-	10%	10	%	Decrease
Warrant liability	25,750		Monte Carlo simulation	Volatility	26	%	-	26%	26	%	Increase
Earnout liability:
Oak Street Earnouts	143,800		Monte Carlo simulation	Revenue volatility	38	%	-	38%	38	%	Increase
				Discount rate	15	%	-	15%	15	%	Decrease
Total Liabilities, at Fair Value	$	280,875