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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities, Measured at Fair Value
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis and level of inputs used for such measurements as of December 31, 2024 and 2023:
Fair Value as of December 31, 2024
Level 1Level 2Level 3Total
Assets
Money market funds
$43,804 $— $— $43,804 
Other investments— — 11,993 11,993 
Total assets$43,804 $— $11,993 $55,797 
Liabilities
Public warrants$21,149 $— $— $21,149 
Private warrants— — 1,361 1,361 
Interest rate derivatives— 3,532 — 3,532 
Total liabilities$21,149 $3,532 $1,361 $26,042 
Fair Value as of December 31, 2023
Level 1Level 2Level 3Total
Assets
Money market funds
$10,282 $— $— $10,282 
Other investments— — 11,192 11,192 
Total assets$10,282 $— $11,192 $21,474 
Liabilities
Public warrants$6,042 $— $— $6,042 
Private warrants— — 389 389 
Interest rate derivatives— 7,469 — 7,469 
Total liabilities$6,042 $7,469 $389 $13,900 
Schedule of Fair Value Measurement Inputs and Valuation Techniques The position was classified as Level 3 as of December 31, 2024 and 2023 because of the use of significant unobservable inputs in the Cash Flow Analysis as follows:
December 31, 2024December 31, 2023
Impact to Valuation from an Increase in Input(2)
Significant Unobservable Inputs(1)
RangeWeighted Average RangeWeighted Average
Discount rate(3)
25.8% - 27.8%
26.8 %
26.5% - 27.5%
27.0 %Decrease
Expected remaining term (years)
8 – 12
N/A
8 – 12
N/ADecrease
Expected total value to paid in capital – private assets(4)
1.55x – 2.13x
1.87x
1.55x – 2.05x
1.87x
5
Increase
____________
(1)In determining these inputs, management considers the following factors including, but not limited to: liquidity, estimated yield, capital deployment, diversified multi-strategy appreciation, expected net multiple of investment capital across private assets investments, annual operating expenses, as well as investment guidelines such as concentration limits, position size, and investment periods.
(2)Unless otherwise noted, this column represents the directional change in fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.
(3)The discount rate was based on the relevant benchmark rate, spread, and yield migrations on related securitized assets.
(4)Inputs were weighted based on actual and estimated commitments to the respective private asset investments included in the range.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents changes in Level 3 assets measured at fair value for the years ended December 31, 2024 and 2023.
Year Ended December 31,
20242023
Balance at beginning of period$11,192 $10,007 
Change in fair value801 1,185 
Balance at end of period$11,993 $11,192 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents changes in Level 3 liabilities measured at fair value for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
Balance at beginning of period$389 $475 
Change in fair value972 (86)
Balance at end of period$1,361 $389