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Investments | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The Company’s investments include Investments at fair value and Equity method investments. Investments at fair value consist of investments for which the fair value option has been elected. The primary reasons for electing the fair value option are to: •reflect economic events in earnings on a timely basis; •mitigate volatility in earnings from using different measurement attributes; and •address simplification and cost-benefit considerations Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition or at other eligible election dates. Changes in the fair value of such instruments are recognized in Loss on investments in the Consolidated Statement of Operations. The Cost and Fair Value of Investments as of December 31, 2024 and December 31, 2023 are presented below:
| As of December 31, 2024 |  |  | As of December 31, 2023
(Dollars in Thousands) | Cost |  | Fair Value |  |  | Cost |  | Fair Value
Investments at Fair Value: |  |  |  |  |  |  |  |
Mutual funds | $ | 122 |  |  | $ | 105 |  |  |  | $ | 93 |  |  | $ | 75 |
Exchange-traded funds | 101 |  |  | 112 |  |  |  | 105 |  |  | 108 |
TIG Arbitrage Associates Master Fund | 482 |  |  | 515 |  |  |  | 482 |  |  | 500 |
TIG Arbitrage Enhanced Master Fund | 179 |  |  | 229 |  |  |  | 179 |  |  | 231 |
TIG Arbitrage Enhanced | — |  |  | — |  |  |  | 682 |  |  | 776 |
Arkkan Opportunities Feeder Fund | 111 |  |  | 139 |  |  |  | 111 |  |  | 119 |
Arkkan Capital Management Limited | 20,062 |  |  | 21,181 |  |  |  | 20,062 |  |  | 24,822 |
Zebedee Asset Management | 68,913 |  |  | 80,127 |  |  |  | 68,913 |  |  | 69,454 |
Romspen Investment Corporation (1) | 72,523 |  |  | 46,260 |  |  |  | 72,523 |  |  | 69,802 |
Other | 6 |  |  | 6 |  |  |  | 7 |  |  | 7 |
Total Investments at fair value | $ | 162,499 |  |  | $ | 148,674 |  |  |  | $ | 163,157 |  |  | $ | 165,894 |
Equity method investments: |  |  |  |  |  |  |  |
Real estate equity method investments | $ | 5,863 |  |  | $ | 5,863 |  |  |  | $ | 9,311 |  |  | $ | 9,311 |
Wealth management - investment advisory | $ | 20,404 |  |  | $ | 20,404 |  |  |  | $ | 2,505 |  |  | $ | 2,505 |
Carried interest vehicles | $ | 1,250 |  |  | $ | 1,250 |  |  |  | $ | 2,378 |  |  | $ | 2,378 |
Total Equity method investments | 27,517 |  |  | 27,517 |  |  |  | 14,194 |  |  | 14,194 |
Total | $ | 190,016 |  |  | $ | 176,191 |  |  |  | $ | 177,351 |  |  | $ | 180,088 |
(1) The fair value of this investment is reported on a one-month lag from the fund financial statements due to timing of the information provided by the fund and third-party entity unless information is available on a more timely basis. As a result, any changes in the markets in which our managed funds operate, and the impact market conditions have on underlying asset valuations, may not yet be reflected in reported amounts. The Company’s Investments at fair value include unrealized gains (losses) and realized gains (losses) in the Consolidated Statement of Financial Position. The breakdown of unrealized gains (losses) and realized gains (losses) on Investments at fair value for the relevant periods are as follows:
|  |  | For the Year Ended
(Dollars in Thousands) |  |  |  |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022 (Predecessor)
Gains (Losses) on Investments at fair value: |  |  |  |  |  |  |  |  |
Realized gains (losses) |  |  |  |  | $ | (15) |  |  | $ | 1 |  |  | $ | (68) |
Unrealized gains (losses) |  |  |  |  | (16,491) |  |  | 2,749 |  |  | 247 |
Total gains (losses) on Investments at fair value |  |  |  |  | $ | (16,506) |  |  | $ | 2,750 |  |  | $ | 179 |

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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