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Investments (Tables)

9 Months Ended

Sep. 30, 2024

The following table summarizes the Company's investments:


(in thousands)	September 30, 2024		December 31, 2023
Equity investments at fair value	$	134,711	$	180,958
Trading	186,158		77,996
Equity method	14		16
Total investments	$	320,883	$	258,970

Gain (Loss) on Investments

The following table summarizes gain (loss) from investments—net, including derivative financial instruments (see Note 6, Derivatives) and gain (loss) attributable to noncontrolling interests:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Net realized gains (losses) during the period	$	(840)	$	(600)	$	(3,213)	$	(3,691)
Net unrealized gains (losses) during the period on investments still held at the end of the period	19,815		(9,456)		21,154		(6,317)
Gain (loss) from investments—net	$	18,975	$	(10,056)	$	17,941	$	(10,008)

Schedule of Variable Interest Entities

The following table summarizes the statements of financial condition attributable to the Company's consolidated VIEs:



(in thousands)	September 30, 2024		December 31, 2023
Assets (1)
Investments	$	68,244	$	159,931
Due from brokers	101		13
Other assets	76		644
Total assets	68,421		160,588

Liabilities (1)
Due to brokers	$	102	$	119
Other liabilities and accrued expenses	347		449
Total liabilities	449		568

Net assets	$	67,972	$	160,020

Attributable to the Company	$	46,429	$	48,601
Attributable to noncontrolling interests	21,543		111,419
Net assets	$	67,972	$	160,020

_________________________

(1) The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.

- 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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