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Derivative Instruments | 9 Months Ended
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Sep. 30, 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 September 30, 2025, and December 31, 2024:
| September 30, 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 | 378 |  |  | — |  |  | 378 |  |  | — |  |  | 378 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total derivative assets | $ | 378 |  |  | $ | — |  |  | $ | 378 |  |  | $ | — |  |  | $ | 378 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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 and nine months ended September 30, 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 September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Derivatives: |  |  |  |  |  |  |  |  |
Warrants | Net gains (losses) on derivative contracts |  | — |  |  | (2) |  |  | — |  |  | (110) |
FX forwards | Net gains (losses) on derivative contracts |  | 21 |  |  | 6,547 |  |  | 1,128 |  |  | 6,143 |
Total derivatives |  |  | $ | 21 |  |  | $ | 6,545 |  |  | 1,128 |  |  | 6,033 |
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. AFG used FX forward contracts to mitigate British Pound to US Dollar exchange risk leading up to its purchase of Beat in August 2024. Ambac also holds warrants to purchase equity shares of a development stage company and was party to foreign exchange (FX) forward contracts in 2024. Information about FX forward contracts as of September 30, 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)
September 30, 2025 |  |  |  |  |  |  |  |
FX Forwards-Buy GBP/Sell USD |  | 0.22 |  | 3,925 |  |  | 5,000 |  |  | 378 |
December 31, 2024 |  |  |  |  |  |  |  |
FX Forwards-Buy GBP/Sell USD |  | 0.61 |  | 15,720 |  |  | 20,000 |  |  | (317) |

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