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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Valuation of Financial Assets and Liabilities

The following tables summarize the valuation of the Company’s financial assets and liabilities that fall within the fair value hierarchy (in thousands):

			March 31, 2025
			Level I						Level II						Level III						Total
Assets
Investments held for sale and other(a)			$	—					$	—					$	179,263					$	179,263
Equity investments			139						—						—						139
Total assets			$	139					$	—					$	179,263					$	179,402
Liabilities
Aggregate Annual Cash Holdback Amount			$	—					$	—					$	109,616					$	109,616
Earnout Payment			—						—						36,124						36,124
Total liabilities			$	—					$	—					$	145,740					$	145,740

_______________

(a)Investments held for sale and other are held primarily for the purpose of selling in the near term as described in Note 2 to the Condensed Consolidated Financial Statements.

			December 31, 2024
			Level I						Level II						Level III						Total
Assets
Investments held for sale and other(a)			$	—					$	—					$	121,995					$	121,995
Equity investments			128						—						—						128
Total assets			$	128					$	—					$	121,995					$	122,123
Liabilities
Aggregate Annual Cash Holdback Amount			$	—					$	—					$	107,991					$	107,991
Earnout Payment			—						—						32,769						32,769
Total liabilities			$	—					$	—					$	140,760					$	140,760

_______________

(a)Investments held for sale and other are held primarily for the purpose of selling in the near term as described in Note 2 to the Condensed Consolidated Financial Statements.

Schedule of Changes in Fair Value of Financial Instruments

The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands):

									Three Months Ended March 31,
															2025						2024
Investments held for sale and other
Balance, beginning of period															$	121,995					$	—
Purchases															55,137						—
Unrealized gains, net															2,131						—
Balance, end of period															$	179,263					$	—
Financial liabilities
Balance, beginning of period															$	140,760					$	156,299
Unrealized losses (gains), net															4,980						(757)
Balance, end of period															$	145,740					$	155,542

Schedule of Changes in Fair Value of Financial Instruments

The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands):

									Three Months Ended March 31,
															2025						2024
Investments held for sale and other
Balance, beginning of period															$	121,995					$	—
Purchases															55,137						—
Unrealized gains, net															2,131						—
Balance, end of period															$	179,263					$	—
Financial liabilities
Balance, beginning of period															$	140,760					$	156,299
Unrealized losses (gains), net															4,980						(757)
Balance, end of period															$	145,740					$	155,542

Schedule of Significant Level 3 Inputs

The below table is not intended to be all-inclusive, but rather provides information on the significant Level III inputs as they relate to the Company’s fair value measurements (fair value measurements in thousands):

Fair Value as of March 31, 2025

Valuation Technique(s)

Unobservable Input(s)(a)

Range (Weighted Average)(b)

Assets

Investments held for sale and other

$

179,263

Discounted cash flow

Yield

18.6% - 24.7% (21.1%)

Market comparable

Adjusted EBITDA multiple

9.25x - 10.50x (9.33x)

Market comparable

LTM EBITDA multiple

34.00x

$

179,263

Liabilities

Aggregate Annual Cash Holdback Amount

$

109,616

Present value

Discount rate

8.0%

Earnout Payment

36,124

Multiple probability simulation

Estimated revenue volatility

21.8%

$

145,740

_______________

(a)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the instruments.

(b)Inputs weighted based on fair value of instruments in range.

			Fair Value as of December 31, 2024						Valuation Technique(s)						Unobservable Input(s)(a)						Range (Weighted Average)(b)
Assets
Investments held for sale and other			$	121,995					Discounted cash flow						Yield						18.6% - 24.7% (20.8%)
									Market comparable						Adjusted EBITDA multiple						9.25x - 10.00x (9.30x)
			$	121,995
Liabilities
Aggregate Annual Cash Holdback Amount			$	107,991					Present value						Discount rate						8.0%
Earnout Payment			32,769						Multiple probability simulation						Estimated revenue volatility						20.8%
			$	140,760

______________

(a)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the instruments.

(b)Inputs weighted based on fair value of instruments in range.

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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