v3.25.2
Fair Value Measurement
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement
5. Fair Value Measurement
The following tables summarize the valuation of the Company’s financial assets and liabilities that fall within the fair value hierarchy (in thousands):

June 30, 2025
Level ILevel IILevel IIITotal
Assets
Investments held for sale and other(a)
$— $— $178,023 $178,023 
Total assets$— $— $178,023 $178,023 
Liabilities
Aggregate Annual Cash Holdback Amount$— $— $91,717 $91,717 
Earnout Payment— — 40,902 40,902 
Total liabilities$— $— $132,619 $132,619 
_______________
(a)Investments held for sale and other are held primarily for the purpose of selling in the near term as described in Note 2 to the Condensed Consolidated Financial Statements.

December 31, 2024
Level ILevel IILevel IIITotal
Assets
Investments held for sale and other(a)
$— $— $121,995 $121,995 
Equity investments128 — — 128 
Total assets$128 $— $121,995 $122,123 
Liabilities
Aggregate Annual Cash Holdback Amount$— $— $107,991 $107,991 
Earnout Payment— — 32,769 32,769 
Total liabilities$— $— $140,760 $140,760 
_______________
(a)Investments held for sale and other are held primarily for the purpose of selling in the near term as described in Note 2 to the Condensed Consolidated Financial Statements.
The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Investments held for sale and other
Balance, beginning of period$179,263 $— $121,995 $— 
Purchases5,625 39,761 60,762 39,761 
Proceeds(10,625)— (10,625)— 
Change in unrealized value3,760 408 5,891 408 
Balance, end of period$178,023 $40,169 $178,023 $40,169 
Financial liabilities
Balance, beginning of period$145,740 $155,542 $140,760 $156,299 
Unrealized losses, net
5,525 3,765 10,505 3,008 
Payments(18,646)— (18,646)— 
Balance, end of period$132,619 $159,307 $132,619 $159,307 
Total realized and unrealized gains and losses recorded for Level III investments held for sale and other are reported in net gains (losses) from investment activities in the Condensed Consolidated Statements of Operations. Total realized and unrealized gains and losses recorded for Level III financial liabilities are reported in interest, dividends and other in the Condensed Consolidated Statements of Operations.
The following tables provide qualitative information about instruments categorized in Level III of the fair value hierarchy as of June 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the table below, in accordance with the valuation policy, other valuation techniques and methodologies are used when determining fair value measurements. The below table is not intended to be all-inclusive, but rather provides information on the significant Level III inputs as they relate to the Company’s fair value measurements (fair value measurements in thousands):

Fair Value as of June 30, 2025Valuation Technique(s)
Unobservable Input(s)(a)
Range (Weighted Average)(b)
Assets
Investments held for sale and other$178,023 Discounted cash flowYield
18.3% - 24.7% (20.7%)
Market comparableAdjusted EBITDA multiple
9.25x - 10.50x (9.32x)
Market comparableLTM EBITDA multiple
34.00x
$178,023 
Liabilities
Aggregate Annual Cash Holdback Amount$91,717 Present valueDiscount rate8.0%
Earnout Payment40,902 Multiple probability simulationEstimated revenue volatility24.9%
$132,619 
_______________
(a)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the instruments.
(b)Inputs weighted based on fair value of instruments in range.
Fair Value as of December 31, 2024Valuation Technique(s)
Unobservable Input(s)(a)
Range (Weighted Average)(b)
Assets
Investments held for sale and other$121,995 Discounted cash flowYield
18.6% - 24.7% (20.8%)
Market comparableAdjusted EBITDA multiple
9.25x - 10.00x (9.30x)
$121,995 
Liabilities
Aggregate Annual Cash Holdback Amount$107,991 Present valueDiscount rate8.0%
Earnout Payment32,769 Multiple probability simulationEstimated revenue volatility20.8%
$140,760 
______________
(a)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the instruments.
(b)Inputs weighted based on fair value of instruments in range.