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Fair Value Measurements (Tables)
 3 Months Ended
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 1Level 2Level 3Total
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 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 
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, 2025December 31, 2024
Impact to Valuation from an Increase in Input(2)
Significant Unobservable Inputs(1)
RangeWeighted Average RangeWeighted 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/ADecrease
Expected total value to paid in capital – private assets(4)
1.55x – 2.10x
1.87x
1.55x – 2.13x
1.87xIncrease
____________
(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,
20252024
Balance at beginning of period$11,993 $11,192 
Change in fair value348 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,
20252024
Balance at beginning of period$1,361 $389 
Change in fair value518 129 
Balance at end of period$1,879 $518