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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024:
| Fair Value as of March 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Money market funds | $ | 55,201 |  |  | $ | — |  |  | $ | — |  |  | $ | 55,201 |
Other investments | — |  |  | — |  |  | 12,341 |  |  | 12,341 |
Total assets | $ | 55,201 |  |  | $ | — |  |  | $ | 12,341 |  |  | $ | 67,542 |
Liabilities |  |  |  |  |  |  |
Public warrants | $ | 28,788 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,788 |
Private warrants | — |  |  | — |  |  | 1,879 |  |  | 1,879 |
Interest rate derivatives | — |  |  | 8,800 |  |  | — |  |  | 8,800 |
Total liabilities | $ | 28,788 |  |  | $ | 8,800 |  |  | $ | 1,879 |  |  | $ | 39,467 |
| Fair Value as of December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
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 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The position was classified as Level 3 as of March 31, 2025 and December 31, 2024 because of the use of significant unobservable inputs in the Cash Flow Analysis as follows:
|  | March 31, 2025 |  | December 31, 2024 | Impact to Valuation from an Increase in Input(2) |  |
Significant Unobservable Inputs(1) |  | Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |
Discount rate(3) |  | 25.5% – 27.5% |  | 26.5 | % |  | 25.8% - 27.8% |  | 26.8 | % |  | Decrease |  |
Expected remaining term (years) |  | 8 – 12 |  | N/A |  | 8 – 12 |  | N/A |  | Decrease |  |
Expected total value to paid in capital – private assets(4) |  | 1.55x – 2.10x |  | 1.87x |  | 1.55x – 2.13x |  | 1.87x |  | 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 three months ended March 31, 2025 and 2024:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Balance at beginning of period | $ | 11,993 |  |  | $ | 11,192 |  |  |  |  |
Change in fair value | 348 |  |  | 429 |  |  |  |  |
Balance at end of period | $ | 12,341 |  |  | $ | 11,621 |  |  |  |  |
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 three months ended March 31, 2025 and 2024:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Balance at beginning of period | $ | 1,361 |  |  | $ | 389 |  |  |  |  |
Change in fair value | 518 |  |  | 129 |  |  |  |  |
Balance at end of period | $ | 1,879 |  |  | $ | 518 |  |  |  |  |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: 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 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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