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Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Assets and Liabilities Measured At Fair Value

The following is a summary categorization of the Company’s financial instruments based on the inputs utilized in determining the value of such financial instruments. Investments at fair value as of September 30, 2025, and December 31, 2024 are presented below:


	As of September 30, 2025
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	42	$	—	$	—	$	42
Exchange-traded funds and BDC funds	34		—		—		34
Investments – External Strategic Managers	—		—		149,867		149,867
Investments – Affiliated Funds (1)	—		—		—		2,255
Contingent consideration receivable	—		—		—		—
Other	6		50		—		56
Total	$	82	$	50	$	149,867	$	152,254

Liabilities:

Preferred stock tranche liability	$	—	$	—	$	1,650	$	1,650
Earn-out liabilities	—		—		50,745		50,745

TRA liability (2)	—		—		10,767		10,767


Total	$	—	$	—	$	63,162	$	63,162

(1) Investments in Affiliated Funds are measured at fair value using the NAV (or its equivalent) practical expedient. The Company’s investments in Affiliated Funds represent interests that do not trade in an active market and are valued using the NAV of each investment company as reported and without adjustment. The Company does not have any commitments to the Affiliated Funds and redemptions are permitted on a monthly basis and require 30 days’ notice. The strategies of the Affiliated Funds primarily focus on near-dated, hard catalyst events that typically involve hostile deals, proposals, minority interest buy-ins, leverage buyouts, activism, spin-offs, recapitalizations, and agreed upon deals. The investments held in the Affiliated Funds are primarily highly liquid and marketable securities. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Condensed Consolidated Statement of Financial Position.

(2) The Company carries a portion of its TRA liability at fair value equal to the expected future payments under the TRA.


	As of December 31, 2024
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	105	$	—	$	—	$	105
Exchange-traded funds and BDC funds	118		—		—		118
Investments – External Strategic Managers	—		—		147,568		147,568
Investments – Affiliated Funds (1)	—		—		—		883
Contingent consideration receivable	—		—		—		—
Total	$	223	$	—	$	147,568	$	148,674

Liabilities:

Preferred stock tranche liability	$	—	$	—	$	3,940	$	3,940
Earn-out liabilities	—		—		64,639		64,639
TRA liability (2)	—		—		9,378		9,378
Earn-in consideration payable	932		—		—		932

Total	$	932	$	—	$	77,957	$	78,889

(2) The Company carries a portion of its TRA liability at fair value equal to the expected future payments under the TRA.

Schedule of Changes In Fair Value of Liability Level 3 Measurements

The following table sets forth a summary of changes in the fair value of Level 3 measurements as of September 30, 2025 and December 31, 2024:


	Level 3 Liabilities as of September 30, 2025
(Dollars in Thousands)	TRA liability		Earn-out liability		EEA earn-out liability		Envoi earn-out consideration liability		Envoi earn-out growth consideration liability		Kontora earn-out liability	Preferred stock tranche liability		Total
Beginning balance	$	9,378	$	23,848	$	29,871	$	9,600	$	1,320	—	$	3,940	$	77,957
Issuances	—		—		—		—		—		5,743	—		5,743
Settlements	—		—		(7,387)		(2,953)		—		—	—		(10,340)
Net (gains) losses	1,389		(12,447)		1,741		613		(250)		1,046	(2,290)		(10,198)
Transfers out of Level 3	$	—	$	—	—		—		—		—	$	—	$	—
Ending balance	$	10,767	$	11,401	$	24,225	$	7,260	$	1,070	6,789	$	1,650	$	63,162


	Level 3 Liabilities as of December 31, 2024
(Dollars in Thousands)	TRA liability		Earn-out liability		AWMS earn-out liability		EEA earn-out liability		Envoi earn-out consideration liability		Envoi earn-out growth consideration liability		Preferred stock tranche liability		Total
Beginning balance	$	13,233	$	62,380	$	1,064	$	—	$	—	$	—	$	—	$	76,677
Issuances	—		—		—		23,308		7,980		1,020		4,540		36,848
Settlements	—		—		—		—		—		—		—		—
Net (gains) losses	(3,855)		(38,532)		39		6,563		1,620		300		(600)		(34,465)
Transfers out of Level 3	$	—	$	—	(1,103)		—		—		—		—		(1,103)
Ending balance	$	9,378	$	23,848	$	—	$	29,871	$	9,600	$	1,320	$	3,940	$	77,957

Schedule of Changes In Fair Value of Assets Level 3 Measurements


	Level 3 Assets as of September 30, 2025
(Dollars in Thousands)	Investments – External Strategic Managers		Total
Beginning balance	$	147,568	$	147,568
Realized and Unrealized Gains (Losses)	2,299		2,299


Ending balance	$	149,867	$	149,867


	Level 3 Assets as of December 31, 2024
(Dollars in Thousands)	Investments – External Strategic Managers		Total
Beginning balance	$	164,077	$	164,077
Realized and Unrealized Gains (Losses)	(16,509)		(16,509)
Purchases	—

Ending balance	$	147,568	$	147,568

Schedule of Valuation Methodologies

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of September 30, 2025


(Dollars in Thousands)	Fair Value		Valuation Techniques	Unobservable Inputs	Ranges		Impact to Valuation from an Increase in Input
Level 3 Assets:
Investments – External Strategic Managers	$	149,867	Discounted Cash Flow	Discount rate	17.5% -30.0%		Lower
				Long-term growth rate	4.0	%	Higher



Level 3 Liabilities:
TRA liability	$	10,767	Monte Carlo	Volatility	55.0	%	Lower
				Correlation	22.5	%	Higher
				Cost of debt range	10.2% - 11.2%		Lower
				Equity risk premium	6.0% - 13.0%		Lower
Business Combination earn-out liability	$	11,401	Monte Carlo	Volatility	70.0	%	Higher
				Risk-free rate	3.6	%	Higher




EEA earn-out liability	$	24,225	Discounted Cash Flow	EBITDA Discount Rate	14.6	%	Lower
				Risk-free rate	3.6	%	Lower
				Credit spread	8.5	%	Lower
Envoi earn-out consideration liability	$	7,260	Discounted Cash Flow	Revenue risk-adjusted discount rate	11.5	%	Lower

				Risk-free rate	3.6	%	Lower
				Credit spread	8.3	%	Lower
Envoi earn-out growth consideration liability	$	1,070	Monte Carlo	Metric volatility	28.0	%	Lower
				Risk-free rate	3.6	%	Lower
				Revenue discount rate	11.5	%	Lower
				Credit Risk Adjusted Discount Rate	11.8	%	Lower
Kontora earn-out liability	$	6,789	Discounted Cash Flow	Discount rate	11.0	%	Lower



Preferred stock tranche liability	$	1,650	Binomial lattice model	Volatility	47.5	%	Lower
				Probability of option exercise	50.0	%	Higher
				Risk-free rate	4.7	%	Lower
				Credit spread	8.5	%	Lower

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 2024


(Dollars in Thousands)	Fair Value		Valuation Techniques	Unobservable Inputs	Ranges		Impact to Valuation from an Increase in Input
Level 3 Assets:
Investments – External Strategic Managers	$	147,568	Discounted Cash Flow	Discount rate	18.0% -33%		Lower
				Long-term growth rate	4.0	%	Higher




Level 3 Liabilities:
TRA liability	$	9,378	Monte Carlo	Volatility	55.0	%	Lower
				Correlation	22.5	%	Higher
				Cost of debt range	10.2% - 10.9%		Lower
				Equity risk premium	6.1% - 13.2%		Lower
Business Combination earn-out liability	$	23,848	Monte Carlo	Volatility	70.0	%	Higher
				Risk-free rate	4.3	%	Higher




EEA earn-out liability	$	29,871	Discounted Cash Flow	EBITDA Discount Rate	16.3	%	Lower
				Risk-free rate	4.3	%	Lower
				Credit spread	7.9	%	Lower
Envoi earn-out consideration liability	$	9,600	Discounted Cash Flow	Growth rate	10.9	%	Higher
				Revenue risk-adjusted discount rate	12.5	%	Lower
				Risk-free rate	4.2	%	Lower
				Credit spread	7.7	%	Lower
Envoi earn-out growth consideration liability	$	1,320	Monte Carlo	Metric volatility	33.0	%	Lower
				Risk-free rate	4.3	%	Lower
				Revenue discount rate	12.5	%	Lower
				Credit Risk Adjusted Discount Rate	11.9	%	Lower


Preferred stock tranche liability	$	3,940	Binomial lattice model	Volatility	50.0	%	Higher
				Probability of option exercise	50.0	%	Higher
				Risk-free rate	4.8	%	Lower
				Credit spread	7.9	%	Lower

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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