XML 109 R12.htm IDEA: XBRL DOCUMENT
v3.26.1

Fair Value Measurement | 6 Months Ended
--- | ---
Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Fair Value Measurement | 5. Fair Value Measurement The following tables summarize the valuation of the Company’s assets and liabilities that fall within the fair value hierarchy (in thousands):
| June 30, 2026
| Level I |  | Level II |  | Level III |  | Total
Assets, at fair value |  |  |  |  |  |  |
Equity investments | $ | 489,219 |  |  | $ | — |  |  | $ | — |  |  | $ | 489,219 |
Total assets, at fair value | $ | 489,219 |  |  | $ | — |  |  | $ | — |  |  | $ | 489,219 |
Liabilities, at fair value |  |  |  |  |  |  |
Aggregate Annual Cash Holdback Amount | $ | — |  |  | $ | — |  |  | $ | 47,602 |  |  | $ | 47,602 |
Earnout Payment | — |  |  | — |  |  | 6,208 |  |  | 6,208 |
Total liabilities, at fair value | $ | — |  |  | $ | — |  |  | $ | 53,810 |  |  | $ | 53,810 |
| December 31, 2025
| Level I |  | Level II |  | Level III |  | Total
Liabilities, at fair value |  |  |  |  |  |  |
Aggregate Annual Cash Holdback Amount | $ | — |  |  | $ | — |  |  | $ | 70,875 |  |  | $ | 70,875 |
Earnout Payment | — |  |  | — |  |  | 13,727 |  |  | 13,727 |
Total liabilities, at fair value | $ | — |  |  | $ | — |  |  | $ | 84,602 |  |  | $ | 84,602 |
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 June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Assets, at fair value |  |  |  |  |  |  |
Balance, beginning of period | $ | 250,000 |  |  | $ | 179,263 |  |  | $ | — |  |  | $ | 121,995 |
Purchases | — |  |  | 5,625 |  |  | 252,988 |  |  | 60,762 |
Proceeds | — |  |  | (10,625) |  |  | — |  |  | (10,625) |
Change in unrealized value | — |  |  | 3,760 |  |  | (2,988) |  |  | 5,891 |
Deconsolidation | (250,000) |  |  | — |  |  | (250,000) |  |  | — |
Balance, end of period | $ | — |  |  | $ | 178,023 |  |  | $ | — |  |  | $ | 178,023 |
Liabilities, at fair value |  |  |  |  |  |  |
Balance, beginning of period | $ | 88,092 |  |  | $ | 145,740 |  |  | $ | 84,602 |  |  | $ | 140,760 |
Change in unrealized value | (9,128) |  |  | 5,525 |  |  | (5,638) |  |  | 10,505 |
Payments | (25,154) |  |  | (18,646) |  |  | (25,154) |  |  | (18,646) |
Balance, end of period | $ | 53,810 |  |  | $ | 132,619 |  |  | $ | 53,810 |  |  | $ | 132,619 |
Total realized and unrealized gains and losses recorded for Level III assets carried at fair value are reported in net gains (losses) from investment activities in the Condensed Consolidated Statements of Operations. Total realized and unrealized gains and losses recorded for Level III liabilities carried at fair value are reported in interest, dividends and other in the Condensed Consolidated Statements of Operations. The following tables provide qualitative information about instruments categorized in Level III of the fair value hierarchy as of June 30, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the table below, in accordance with the valuation policy, other valuation techniques and methodologies are used when determining fair value measurements. 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 June 30, 2026 |  | Valuation Technique(s) |  | Unobservable Input(s)(a) |  | Range (Weighted Average)(b)
Liabilities, at fair value |  |  |  |  |  |  |
Aggregate Annual Cash Holdback Amount | $ | 47,602 |  |  | Present value |  | Discount rate |  | 8.0%
Earnout Payment | 6,208 |  |  | Multiple probability simulation |  | Estimated revenue volatility |  | 26.2%
| $ | 53,810 |  |  |  |  |  |  |
_________________ (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, 2025 |  | Valuation Technique(s) |  | Unobservable Input(s)(a) |  | Range (Weighted Average)(b)
Liabilities, at fair value |  |  |  |  |  |  |
Aggregate Annual Cash Holdback Amount | $ | 70,875 |  |  | Present value |  | Discount rate |  | 8.0%
Earnout Payment | 13,727 |  |  | Multiple probability simulation |  | Estimated revenue volatility |  | 20.1%
| $ | 84,602 |  |  |  |  |  |  |
______________ (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
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration