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Derivative Instruments | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | 7. DERIVATIVE INSTRUMENTS The following tables summarize the gross fair values of individual derivative instruments and the impact of legal rights of offset as reported in the Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024
| Gross Amounts of Recognized Assets / Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet |  | Gross Amount of Collateral Received / Pledged Not Offset in the Consolidated Balance Sheet |  | Net Amount |  | Gross Amounts of Recognized Assets / Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet |  | Gross Amount of Collateral Received / Pledged Not Offset in the Consolidated Balance Sheet |  | Net Amount
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX forwards | 210 |  |  | — |  |  | 210 |  |  | — |  |  | 210 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total derivative assets | $ | 210 |  |  | $ | — |  |  | $ | 210 |  |  | $ | — |  |  | $ | 210 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX forwards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 317 |  |  | — |  |  | 317 |  |  | — |  |  | 317 |
Total derivative liabilities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 317 |  |  | $ | — |  |  | $ | 317 |  |  | $ | — |  |  | $ | 317 |
The following tables summarize the location and amount of gains and losses of derivative contracts in the Unaudited Consolidated Statements of Total Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024:
| Location of Gain (Loss) Recognized in Consolidated Statements of Total Comprehensive Income (Loss) |  | Amount of Gain (Loss) Recognized in Consolidated Statement of Total Comprehensive Income (Loss)
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |
Warrants | Net gains (losses) on derivative contracts |  | — |  |  | (48) |  |  |  |  |
FX forwards | Net gains (losses) on derivative contracts |  | 427 |  |  | — |  |  |  |  |
Total derivatives |  |  | $ | 427 |  |  | $ | (48) |  |  |  |  |
Ambac holds warrants to purchase equity shares of a development stage company and US dollar/British pound sterling foreign exchange (FX) forward contracts. Beat utilizes foreign exchange forward contracts to partially hedge its foreign currency exposure. Beat’s functional currency is the British Pound, but a significant portion of its revenues are generated in currencies other then the British Pound, particularly the US Dollar. Beat, therefore, typically enters into forward contracts to partially hedge its exposure to fluctuations in exchange rates relative to the British Pound. In connection with our acquisition of Beat and the growth profile of its business, we will be re-evaluating our exposure to foreign currency exchange rates and related hedging strategy. Information about FX forward contracts as of March 31, 2025 and December 31, 2024, is summarized below:
Derivative Type |  | Weighted Average Remaining Term (years) |  | Face Amount (Buy) |  | Face Amount (Sell) |  | Fair Value Asset (Liability)
March 31, 2025 |  |  |  |  |  |  |  |
FX Forwards-Buy GBP/Sell USD |  | 0.56 |  | 11,784 |  |  | 15,000 |  |  | 200 |
FX Forwards-Buy GBP/Sell CAD |  | 0.74 |  | 2,457 |  |  | 4,500 |  |  | 10 |
December 31, 2024 |  |  |  |  |  |  |  |
FX Forwards-Buy GBP/Sell USD |  | 0.61 |  | 15,720 |  |  | 20,000 |  |  | (317) |
FX Forwards-Buy USD/Sell GBP |  | 0.00 |  | — |  |  | — |  |  | — |
FX Forwards-Buy GBP/Sell CAD |  | 0.00 |  | — |  | — |  | —

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